Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1889-12-11
WIND M,s REPORT.


Recommendations of the Secretary Of the
Treasury Regarding the Tariff, Surplus,
@ National Banks, Etc. His Plan for tho
Solution of the silver Problem.
z4E WAsHINGToN, Dec. b--The Secretary OF the
Treasury In his annual report submitted to
Congress yesterday shows that the total ordina-
~ revenues OF the Government from all sources
for the fiscal year ended June 90, 1889, were
x3s7 ,O6S.84, and the expenditures &281 $685.
443.6O, leaving o surplus Of Sl05, 0b3, 44324.
OF this there was used for the redemption OF
notes and fractional currency and purchase Of
bonds al, $50, 3.05, leaving net surplus OF
vi, 47O, 1890 for the year. For the present
year the revenues actual and estimated are
1887, 100000 and the expenditures a2t3, O0O eco.
The estimated amount required for the sinking
fund is @Ba2l 1869, leaving o net surplus OF
a., 1878, $500.
During the fiscal year 1889 there was applied
to the redemption of the public debt S9O, g79 4S7
The total net receipts from internal revenue
for the fiscal year 1889, as shown by the books
Of the Treasury, were Six, S8l 1882, being an
increase over the year 1888 of &6. So, 641.84
During the twelve months ended October 81,
1889, there were purchased under the circular
OF April II, 1880, United States bonds to the
amount OF S99@33,950. OF these, &32, 279, 400
were obtained prior to March 4, 1889, and $685.
954,550 after that date.
THE SURPLUS.
The Secretary thinks o part Of the surplus
might be used in enlarging our foreign markets,
Strengthening the coast defenses, and building
up the navy. The expedient Of purchasing
bonds is Of doubtful wisdom, he says, be.
cause it is manifestly wrong to take money
from the people for the cancellation OF bonds
to the saving OF only about per cent. interest,"
when 1t is worth to them, perhaps, three times
as much in their business. 1t is rather through
a ra1uHtinu nf 0nc roo firfc nd ip<nr NJ
taxes that an unnecessary accumulation OF
money in the Treasury should be avoided.
THE TAX ON TOBACCO
table is given showing that the total tax
on tobacco was 81, 1856, S37. So Mr.. Window
adds: Whatever may be said of the moral or
physical effects and influence of tobacco it
has come to be regarded as necessity by the
poor as well as the rich. 1t is now the only
product OF agriculture that is directly taxed by
the Government The repeal Of this tax would
reduce the surplus about So, 100000"
The exemption of alcohol used in the arts, the
tax on which is an onerous burden for which
there seems neither necessity nor excuse would
strike OIL Is, GOO more.
TARIFF REVISION.
'SThere Is general agreement" SAYS the
Secretary, that revision OF the tariff and
Glstoms laws is urgently needed. believe it to
be the dominant sentiment Of the country that
in the adjustment Of duties on imports protec-
tion TO home industry should be governing
consideration. While there is a wide divergence
OF judgment on this proposition it can not well
be denied that it is the settled policy OF this
Government that such duties shall be so levied
as to result in the protection OF labor employed
IN domestic industries from destructive foreign
competition.
The Secretary recommends that the MANY a.
eQualities conflicting provisions and ambigli-
ties IN the present law be corrected. and that
uniformity OF assessment at the various POI IS
be secured if possible.
SILVER COINAGE
On the question OF silver coinage the Secre-
.tary says: The continued coinage of the silver
dollar, at constantly increasing monthly quota,
Is disturbing element in the otherwise excel
lent financial condition OF the country and q
positive hindrance TO any International agree
ment looking to the free coinage OF both metals
at fixed ratio. Mandatory purchases by the
Government OF stated quantities of silver
and mandatory coinage of the same
into full legal-teader dollars are an ua-
precedented anomaly and have proved fu-
tile, not only in restoring the value OF silver,
but even in staying the downward price
OF that metal. Since the passage Of the AIT
OF February 28 1873, to November 1,
1883. there have been purchased 2s9, SSs,
4lo.ll standard ounces of silver, at cost
OF &286, $50, 633.64, from which there have
been coined 343,638.OOl standard silver dollars
There were in circulation on November OF the
present year eOOss.4sO silver dollars, less than
u per capita, the remainder, 2s3, $50 SCI, being
stored away In Government vaults of which
e277 .3le. sA were covered by outstanding certif-
oates.''
No proper effort has been spared by the
Treasury Department.. says the Secretary, to
put In circulation the dollars coined under this
law, but without success, and the point has
been, or soon will be, reached where the further
mi rN%r 81, ~
money.
After specifying the various causes of the
depreciation Of silver the Secretary says it
Is unQuestionably true that public sentiment
and commercial and Industrial necessity de-
mand the joint use of both gold and silver as
money Neither can be discarded without the
most serious consequences, but the great
change IN the market value OF the two metals
and the steady depreciation Of silver arouse
grave apprehensions. The faith and power OF
the Government are pledged to make the silver
dollars equal to their face value and so long as
their number is kept within proper limits they
Will be maintained at par with gold but the
laws OF trade will eventually assert their DOW.
er. The problem Is, therefore, says Mr.. Win
dom, how We shall use both sold and silver,
He briefly considers the various solutions Of
fered and points out objections to them. The
Secretary then makes the following important
recommendation:
issue treasury notes against deposits OF sill
yer bullion at the market price Of silver when
deposited, payable on demand in such quanti-
ties of silver bullion as will equal in value, at
the date of presentation, the number Of dollars
expressed on the face Of the notes at the mar.
ket price of silver or in gold, at the option of
the Government, or in silver dollars at the op-
ton of the holder. Repeal the compulsory feat
ure Of the present coinage act" ~ ~
Among the advantages which the Secretary
claims for the measure are that it would bring
into use all the money metal Of the country: it
would give paper currency not subject to un.
due or arbitrary imitation or contraction; it
would enhance the value Of silver aud open
the way to its free coinage; gold would be re-
Aeved Of part Of the work required of it; it
would meet the wants OF those desiring
. larger volume OF circulation, and it
would be advantageous to silver producers.
The Secretary gives many facts and figures
tending to support the position taken by him.
NATIONAL BANKS.
MT Window gives at great length his answers
IN advance to possible criticisms and claims
that the danger OF further depreciation of silver
bullion Is remote. Hedeals also with the CUES.
t1on OF depositing public moneys with National
banks, which he considers source of danger
and he says: 1T is my purpose, at the earliest
moment deemed practicable, to commence the
withdrawal OF these funds in such limited
amounts and under such conditions as will ba
least likely to injuriously affect the business in
tereStS of the country and unless fonoro.a