The Globe-republican. [volume] (Dodge City, Kan.) 1889-1910, 1889-12-11

ate attention of Congress with q view 10 70
ducing the receipts of the treasury to the
needs of the Government as closely As may
be. The collection of moneys not needed ior
public uses imposes an unnecessary burden
upon our people and the presence OF SO large
q surplus in the public vaults Is disturbing
element in the conduct OF private business
It has called into use expedients for putting
il into circulation OF very Questionably pro-
priety. We should not collect revenue for
the purpose of anticipating our bonds be-
yond the requirement Of the sinking fund,
but any unappropriated surplus in the treas
ury should be so used, as there 10 no other
lawful way OF returning the money to cir
culation, and the profit realized by the Gov
eminent offers q substantial advantage.
The loaning of public funds to the banks
without interest, upon the security OF GOV
eminent bonds, I regard as an unauthorized
and dangerous expedient. It results In q
Temporary and unnatural increase OF the
banking capital of favored localities ana
compels q cautious and gradual recal OF the
deposits to avoid injury to the commercial
interests. 1t is not to be expected that the
banks having these deposits will sell tneit
bonds to the treasury SO long as the present
highly beneficial arrangement is continued.
They now practically get interest both
upon the bonds and their proceeds
No further use should be made OF
this method Of getting the surplus
into circulation, and the deposits now out
standing should be gradually Withdrawn
and applied to the purchase OF bonds. 1t Is
fortunate that such use can be made OF
the existing surplus, and for some time to
come of any casual surplus that may exist
after Congress has taken the necessary steps
for q reduction of the revenue. Such legis-
lation should be promptly but very consid-
erately enacted.
THE TARIFF.
RECOMMEND q revision of our tariff law,
both in its administrative features and In
the schedule. The need Of the former Is
generally conceded, and an agreement upon
the evils and inconvenience to be remedied
and the best methods for their correction
will probably not be difficult. Uniformity
of valuation at all our ports is essential, and
effective measures should be taken to secure
it. 1t is equally desirable that questions
affecting rates and classifications should be
promptly decided.
The preparation Of a new schedule of Gus
tom duties is a matter Of great delicacy, be-
cause of its effect upon the business
Of the country; OF great difficulty, by
reason of the wide divergence OF opinion
as to the objects that may be promoted by
such legislation. Some disturbance OF bust
ness may perhaps result from consideration
of this subject by Congress, but this tempo
rary ill effect will be reduced to q minimum
by prompt action, and the assurance which
the country enjoys that any necessary
changes will be so made as not to impair
the just and reasonable protection OF our
home Industries. The inequalities OF the law
should be adjusted, but the protective prin-
ciple should be maintained and fairly ap-
piled to the products Of our farms as well as
Of our shops. These duties necessarily have
relation to other things besides public rev.
enues. We can not limit their effects by dx-
ing our eyes on the public treasury alone.
They have q direct relation to home produc-
ton, to work, to wages and to the CONNER
cial independence Of our country, and the
wise and patriotic legislator should enlarge
the field of his vision to include all Of these.
The necessary reduction in our public rev.
enues can, am sure, be made without max
ing the smaller burden more onerous than
the larger by reason of the DISABILITIES and
limitations which the process OF reduction
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 relieve
an important agricultural product from q
burden which was imposed only because our
revenue from custom duties was insufficient
for the public needs.
If safe provision can be devised, the re-
moval of the tax upon spirits used in the
arts and manufactures would offer an un-
Objectionable method Of reducing the sur
plus.
THE CIRCULATION.
A table presented by the Secretary Of the
Treasury showing the amount of money OF
all kinds in circulation each year from 1878 to
the present time is of interest 1t appears
that the amount of National bank notes in
circulation has decreased during that period
STA 49, of which $37 49,, 229 Is chargeable to
the last year.
The withdrawal of bank circulation will
necessarily continue under existing condi-
tions. It is probable the adoption Of the
suggestions made by the Comptroller, 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, will help to maintain the
bank circulation. But while this withdrawal
Of bank notes has been going on there has
been large increase in the amount of gold
and silver coin in circulation and in the is
sues of gold and silver certificates.
The total amount of money Of all kinds in
circulation on March 1, 1873 was sos, 793, SO7,
while on October l, 1889, the total was 81 ,AO5,
Ols OOO There was an increase Of S293, Az $50
in gold coin, of ST., 554 100 in standard silver
dollars of So, 311 ,249 in gold certificates, of
SIG, 6l9, lis in silver certificates, and of $14,
OT3, 1877 in United States notes, making a total
of $7I3, 1916, 4O3. There was during the same
period decrease Of STA 09,. 20 in bank cir
culation and of s642, 4s1 N subsidiary
silver. The net increase was $3.50,
"a, 1os. The circulation per capita has
increased about five dollars during the time
covered by the table referred to. The total
coinage of silver dollars was on November 1,
1889, 1868 6ss, OOl, Of which s2s3 5s9,521 were in
the treasury vaults and SEQ, O9s, $50 were in cir
culation. OF the amount in the vaults ST.
s19 944 were represented by outstanding sill
culation and not represented by certificates.
SILVER COINAGE.
The law requiring the purchase by the
treasury of s., 600, 900 worth of silver bullion
each month to be coined into silver dollars
of 412ls grains has been observed by the de-
partment, but neither the present Secretary
nor any Of his predecessors has deemed it
safe to exercise the discretion given by law
to increase the monthly purchase to $1,000, :
600.
When the law was enacted February D,
1873, the price Of silver in the market was
S1.2O 40 per ounce, making the bullion value
Of the dollar SO cents. Since that time the
price has fallen as low as 9l.2 cents per ounce,
reducing the bullion value of the dollar to
70.6 cents. Within the last few months the
market price has somewhat advanced and
on the first day of November last the bullion
value of the silver dollar was q cents.
The evil anticipations which have accom-
panied the coinage and use Of the silver dol
lar have not been realized. As a coin it has
not had general use, and the public treas
has % D,,A% Ia