Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1889-12-03

propriety. We should not collect rev
enue for the purpose of anticipating
our bonds beyond the requirements of
the sinking fund, but any inappropri-
ate surplus in the treasury should be
so used, as there is no other lawful way
of returning the money to circulation,
and the profit realized by the govern
ment offers substantial advantage.
BANKS AND PUBLIC FUNDS.
The loanlng of public funds to the
banks without interest upon the Sc
curity of government bonds, regard
as an unauthorized and dangerous eY-
pedient. 1t results In temporary and
unnatural increase of the banking cap
ital of favored localities and compels
the cautious and gradual recall of the
deposits to avoid injury to the CONNER
clal interests. 1t is not to he expected
that the banks having these deposits
Will sell their bonds to the treasury so
long as the present highly bene-
fetal arrangement is continued.
They now practically get inter
est both upon the bonds and
their proceeds. No further use should
be made of this method of getting the
surplus into circulation, and the depos-
Its now outstanding should be gradual
ly Withdrawn and applied to the pur-
chase OF bonds. 1t is fortunate that
such a use can be made of the existing
surplus and for some time to come of
every casual surplus that may exist al
ter congress has taken the necessary
steps for reduction of a revenue, such
legislation should be promptly but very
considerably enacted.
| recommend revision of our tariff
law, both in its administrative features
| ana the schedule. The need OF the
| former is generally conceded and an
agreement upon the evils and.inconven-
fences to be remedied ana the best
methods for their correction will prob
| ably 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 cIas-
| siicatlonS should be promptly decid-
ed. The preparation of new schedule
| OF customs duties Is d matter of great
| delicacy because of its effect upon the
business of the country; of great diff
| Guilty by reason of the wide divergence
| of opinion as to the objects that may
be promoted by such legislation. Some
disturbances of business may perhaps
result from consideration of this SUD
| iect by congress, but this temporary
lll-effect will be reduced to the mini
mum by prompt action and the assur-
ance 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 principle
should be maintained and fairly APP
| piled to the product of our farms AS
| well as our shops. These duties neces-
| SdrIiy have relation to other things be.
sides the public revenues. We cannot
limit the effect by fixing our eyes OH
| the puollc treasury alone. They have
a direct relation to home production,
| to work, to wages, and to the CONNER
ciai independence of our country, and
the wise and patriotic legislator should
enlarge the field OF his vision to include
| all of these.
| INTERNAL TAXATION.
The necessary reduction in our pub,
lie revenues can, and arestsure1 to be
| made without making the smaller bur.
| den more onerous than the larger by
reason of the disabilities and liabilities
which the process of reduction puts
upon both capital and labor. The free
list can very sa ely be extended by
placing thereon articles that do not
offer injurious competition to such do
nestle products as our home labor can
supply. The removal of the internal
tax upon tobacco would relieve an i'm
poTtant agricultural product from d
burden which was imposed only be
cause our revenue from custom duties
Were insufficient for the public need
If safe provision against frauds can bt
Lar cad tlnkr nj sNf
spirits used in the arts and in manufac
lures, would also offer an unobjectIon
aOie method of reducing the surplus.
MONEY IN CIRCULATION.
\ table presented by the secretary o.
tue treasury showing the amount o.
money of all kinds in circulation eacl
year from 1873 to the present time i:
OF interest. 1t appears that tn,
amount of national bank notes in cir
culatlon has decreased during thai
period Sli4, 100, 80, OF which So, 799.
22S is chargeable TO the last year Tn,
Withdrawal of bank circulation vii
necessarily continue under the existing
condition. 1t is probable the adoption
of the suggestions made by t'..;onap
trolier of the currency that the amoun
| of the deposit of bonds for the estab
lishment of banks be reduced and tina
an issue of notes to the par value o
the bonds be allowed, would help t,
a malntniuFtbe bank iccrlatiap, Rai
| while this TTtfHfdGal OF Daiik 49,
: has been going on, there has been
: large increase in the amount of gol
2 | and silver coin in circulation and in tn
] ! issues OF gold and silver certificates.
THE CIRCULATION PER CAPITA.
The total amount of money of a
!. kinds in circulation on March |, 1877
WAS $500, O13, 500, while on Oct, /. ISs!
the total was 81 ,405, 0lS,0O0. There wa
an increase of S2g3, Az ,o52 in gold an
of S0l ,0o4, 100 in standard silver dollars
of S72,3ll ,249 i'll gold certificates; @
S2t6,6ly,1l5 in silver certificates. an
of Sl4,Ol3, 7S1 in United States notes
: making toSal of S7I3,976,403. Their
was during the same period decreas
! of Sll4, l09, 729 in bank circulation an
! of S6i2, Ash in subsidiary silver. TIL
net increase was S599, 224 1893. The Gil
culation per capita has increased abou
i've dollars during the time covered b
the table referred to.
THE COINAGE or SILVER.
1 Total coinage of silver dollars was Of
. | Nov. l, 1889, S343, 63S,00l, of whic
2S3.o39,o21 were in the treasury vault
D and $6O,O9S, 4S0 were in circulation. o
the amount in the vaults S277, BIS, "a
: were represented by outstanding silve
| certificates, leaving ST, 2l9, 567 not in Gil
S culation and not represented by certifi
ates. The law requiring the purchas
by the treasury of two million dollar:
: worth of silver bullion each month t
e be coined into silver dollars of 4I2I
, grains has been observed by the de
e Dartment but neither the present secre
tary nor any of his predecessors ha
= deemed it safe to exercise the discre
tion given by law to increase the month