The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1889-12-12

ly beneficial arrangement Is continued. They nov
practically get interest both upon the bonds and
their proceeds No further use should be made
OF this method Of getting the surplus into circula
tion and the deposits now outstanding should be
gradually Withdrawn and applied to the purchase
of bonds. 1t is fortunate that such a use can be
made of the existing surplus and for some time
tn come OF any casual surplus that may exist
after congress has taken the necessary steps for
reduction Of the revenue. Such legislation should
he promptly but very considerably enacted.
Tariff Revision Recommended.
recommend revision of our tariff law, both in
its administrative features and in the schedules
The need Of the former is generally conceded,
and an agreement upon the evils and inconven.
fences to be remedied and the best methods for
their correction will probably not be diffcult
Uniformity of valuation at all our ports is essen.
tial, and effective measures should be taken to
secure it. 1t is equally desirable that questions
affecting rates and classifcations should be
promptly decided.
The pr eparation Of new schedule Of customs
duties is matter Of great delicacy because Of its
direct Ell .ct upon the business of the country and
of grea' difficulty by reason Of the wide diver
gence Of opinion az to the objects that may prop
erly be promoted by such legislation. Some dis
hirbance Of business may perhaps result from the
consideration OF this subject by congress, but this
temporary i'll effect will be reduced to the mini
mum by prompt action and by the assurance which
changes viii 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 applied to the products Of farms as
well of shops. These duties necessarily
have relation to other things besides the public
revenues We can not limit their effects by fixing
our eyes on the public treasury alone. They have
direct relation to home production, to work, to
wages and to the commercial independence of our
country, and the wise and patriotic legislator
should enlarge the field Of his vision to include all
OF these.
Removal of the Tobacco Tax.
The necessary reduction in our public revenues
can l am sure, be made without making the
smaller burden more onerols than the larger by
reason Of the disabilities and limitations which
the process OF reduction puts upon both capital
! and labor. The free list be very safely ex-
! tended by placing thereon articles that do not
offer injurious competition to such domestic pro-
ducts as or 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 cur revenue
from customs duties was Insufficient for the pub
lie needs Ii safe prOvi ion a,;ti.ist fraud be
devised the removal oi tle tax upon Spirits used
; in the arts and in manufactures would also offer
all unobjectionaDie method OF reIucin, the SUI
| plus.
| (The president here refers to tn. amount of
THE law requiring the purchase, by the treas
| ury, of two million dollars wort. Of silver bul-
lion each month, to be coi,.! into silver dollars
| OF four hundred and twelve and one-half grains,
has been observed by the department.; but neither
| the present secretary any OF his predecessor
has deemed it safe to exercise the discretion given
by law to increase the monthly purchases to four
| riiiion dollars When the law was enacted QFeb.
Is 1879 the price of silver in the market was
81. .2U 41O per ounce, making the bullion value OF
the dollar 93 cents Sine" that time the price has
f.siien iow 912 cents per ounce, reducing the
| bullion value OF the dollar to 7O.6 cents Within
t.. last few months the market price has some
| what advanced, and on the 1st day OF November
! la; bui!ion value OF the silver dollar was Z.
The Silver Dollar.
The evil anticipations which have accompanied
the coinage and of the silver dollar have not
been realiz d. AS coin it has not had general
Use, and the public treasury has been compelled
to store it But this is manifestly owing to the
fact that Its paper representative is more con
! reuieat The general acceptance and use of the
| silver certificate show that silver has not been
| otherwise discredited. Some favorable conditions
| have contributed to maintain this practical
| equality, in their commercial use. between the
| gold aud silver dollars. But some IF these are
trade conditions that statutory enactments dc
not control, and OF the Continuance of which We
cannot be certain.
l think it is clear that, If 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 taker
account Of i'll commercial transactions, and
fear the same result would follow any consider
able increase of the present rate of coinage
Such result would be disci e,iitable to our finan
cial management and disastrous to all bushes!
interests. We should not tread the dangerou,
edge of such peril. And, indeed, nothing more
harmful could happen to the silver interests
Any safe legislation upon this subject must Sc
| cure the equality Of the two coins in their com
nercal uses.
L have always been all advocate Of the use O
silver in our currency We are large producers O
that metal and should not discredit it. To tn,
| plan which will be presented by the secretary D.
the treasury for the issuance of notes or certifi
Gates upon the deposit Of silver bullion at it's mar
ket value, have been able to give only hasty
examination, owing to the press Of other matter
and to the fact that it has been recently formu
lated. The details of such law require careful
consideration, but the general plan suggested b.
him seems to satisfy the purpoSe-tO continue tn
use of silver in connection with currency, ant
at the same time to obviate the danger of which
have spoken At . later day may communicate
further with congress upon this subject
president Harrison hcSe makes brief ref
erence to the Chimes. Exclusion act and tn
Behring Sea proclamation.)
Coast Defenscs.
Judged by modern standards. we are practlca
b without coast defenses. Many of the structure
we have would enhance rather than diminish tn
perilS of their garriSons if subjected to the fire
improved guns; and very few located as t
give full effect to the greater range of such gun
are now making for coast defense uses
This general sub feet has had consideration in cor
gress for some years, and the appropriation 70
the construction Of large rifled guns, made on
year ago. was, l am sure, the expression of pul
pose to provide suitable works in which thes
guns might be mounted. An appropriation no,
made for that purpose would not advance tn
completion of the works beyond our ability t
supply them with fairly effective guns.
The security of coast cities against foreig
attack should not rest altogether In the frendl
disposition Of other nations. There should be
. second line wholly in our own keeping. l yer
urgently recommend an appropriation at this Sc
sion for the construction of such works in ou
most exposed harbors.
approve the suggestion of the secretary
war that provision be made for encamping con
panies of the National Guard in our coast worl
for a specified time each year, and for their trail
ing in the use Of heavy guns. His suggestion thu
an increase of the artillery force Of the army
desirable is also in this connection commended
the consideration OF congress.
The improvement of our important rivers an
: harborS should be promoted by the necessary a.
preparations. Care should be taken that the go
er,lment is not committed to the prosecution
works not Of public and general advantage, an
that the relative usefulness of works of that cla
is not overlooked. So far this work can evt
I be said to be completed do not doubt that tt
end would be sooner and more economical
reached il fewer separate works were undertake
! at the same time, and those selected for the
greater general interest were more rapidly pushs
I to completion work once considerably begu
should not be subjected to the risks and deterior
r ton which interrupted or insufficient appropri