Middlebury register. (Middlebury, Vt.) 1886-1937, 1889-12-13

affects hy fixing our eyes on the public treas
ury alone
they have direct relation TO home pro-
duction, to work, to wages, and TO the com
mercial independence of our country and
the wise and patriotic legislation should en-
large the fold of his version to include all
these
The necessary reduction in our public
revenues can, | am sure, be made without
making the smaller burden more onerous
than the larger by reason of the disabilities
and limitations which the process of reduc-
ton puts upon both capital and labor.
The Free List
can very safely be extended by placing
thereon articles that do not offer injurious
competition to such domestic products as
our home labor can supply. The removal
of the internal tax upon tobacco would re-
lieve an important agricultural product from
burden which was imposed only because
our revenue from customs duties was INSULT
Gent for the public needs.
table presented by the secretary of the
treasury, showing the amount of money of
all kinds in circulation each year from 1873
to the present time is of interest. 1t appears
that the amount of national bank notes in
circulation has decreased during that period
Sll4, lO, I'D, of which S3T, 100, 229 is charge
able to the last year,
The Withdrawal of Bank Circulation
will necessarily continue under existing con-
the suggestions made by the comptroller of
the currency, viz, that the minimum deposit
of bonds for the establishment of banks be
reduced, and that an issue of notes TO the par
value of the bonds be allowed would help to
maintain the bank circulation. But while
this withdrawal of bonds has been gong on,
there has been large increase in the amount
of gold and silver coin in circulation and in
the issue of gold and silver certificates
The total amount of money of all lands in
circulation on March l, 1873, was SS05, 1885,
S07, while on Oct /, 1889, the total was
.405,01s,OOO. There was an increase of
S293, AZ ,552 in gold coin, Of s57,554, 100 in
standard silver dollars, of S12,3l ,249 in gold
certificates, of S216619,1l4 in silver certii
Gates, and of S14.O13,isi in United States
notes, making a total of S1l3,9I6 4O3 There
was during the same period decrease of
S114, 109 i29 in bank circulation, and of S642,-
4S1 in subsidiary coin.
The net increase was $500 224, 1893 The
circulation per capita has increased about
81 during the time covered b. the bond re-
ferred to.
The total coinage of silver dollars WIS on
Nov. 1, 1889. S343, 63s, OOl, of which S2S3, 49,
52l were in the treasury vaults.
The law requiring the purchase by the
treasury of 1000, 900 worth of silver bullion
each month to be coined into silver dollars of
four hundred and twelve and one-half grains
has been observed by the department, but
neither the present secretary nor any other
of his predecessors has deemed it safe to ex-
ercise the discretion given by law to increase
the monthly purchase to -, 100000.
When the law was enacted Feb. %,
1873 the price of silver in the market was
81: 400. per ounce, making the bullion
value of the dollar % cents Since that time
the price has fallen as low as 81 3 cents per
ounce, reducing the bullion value of the
months the market price has somewhat adj
vanced and on the LIST day of November last
the bullion value of the silver dollar was ~
cents.
think it is clear that we should make the
coinage of silver at the present ratio free.
We must expect that the difference in the
bullion values of the gold and silver dollars
/ will be taken account of in commercial
transactions, and l fear the same result
would follow any considerable increase of
the present rate of coinage. Such a result
would he discredtable to our financial man.
agement and disastrous to all business in
terests.
We should not tread the dangerous verge
of such peril. And, indeed nothing more
harmful could happen to the silver interests.
ANY safe legs. alton upon this subject must
secure the equality of the two coins in their
commercial uses / have always been an adj
vocate of the use of silver in our currency.
We are large producers of that metal and
should not discredit it. So the plan which
will be presented by the secretary of the
treasury for the issuance of notes or certif-
Gates upon the deposit of silver bullion at
its market value, | have been able to
give only a hasty examination, owing
to the press of other matters, and
to the fact that it has been so recently for
mulated. The details of such a law require
careful consideration, but the general plan
suggested by him seems to satisfy the pur-
pose-to continue the use of silver in connec-
ton with our currency and at the same time
to obviate the danger of which | have
mob n Lot. laxr / mn 1ifsat
further with congress upon this subject.
The enforcement of
The Chinese Exclusion Act
has been found to he very difficult on the
northwestern frontier Cinnamon landing
at Victoria find it easy to pass our borders,
owing to the impossiblity, with the force at
the command of the customs officers, of
guarding so long an inland line. The secre-
tary of the treasury has authorized the EN-
ployment of additional officers, who will be
assigned To this duty, and every effort will
be made to enforce the law. The Dominion
exacts a head tax of $50 for each Chinaman
landed, and when these persons in fraud OF
our law cross into our territory and are APP
pretended our officers do not know what tC
do with them the Dominion authorities
will not suffer them to be sent back without
a second payment of the tax. An effort will
be made to reach an understanding that will
remove the difficulty.
The proclamation required by section 8 Of
the act of March 2, 1889,
Relating to the Killing of Seals
and other fur-bearing animals was issued by
me ON the 27th day of March, and a revenue
vessel was despatched to enforce the laws anG
protect the interests of the United States
The establishment of refuge station al
Point Barrow, as directed by congress, wa
successfully accomplished.
Our Coast Defense.
Judged by modern standards, we are prac
tically without coast defenses. Many of the
structures we have would enhance rather
than diminish the perils of their garrisons il
subjected to the fire of improved guns; and
very few are SO located as to give full effect
/ to the greater range of such guns as we ar,
, now making for coast defense uses.
The Military.
approve the suggestion of the secretary o.
, war, that provision be made for encampinl
.. companies of the national guard in our coas
marks for a specified time each year. and fol
their training in the use of heavy guns. Hi
suggestion that an increase of the artillery
force OF the army is desirable, is also in thi
! connection commended to the consideration
! of congress.