The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1889-12-05
THE. MESSAGE
Continued from First Page,

as our shops. These duties necasso i" M. y
have relation TO other things besides ny
public revenues. We cannot limit th .ns
efects py n4lng our eyes on the pnbI;c
2 treasury alone. They have a direct rala
ton to home production, to work ~ ,,. iela-
and tothe commercial independence Of e'ss
country, and the wise and patriotic leeSia ~
should enlarge the field of his vision 10 ~
clude all of these. The necessary In ~ m
lion in our public revenues can. am S,'l,
be made without making the smaller bmr
den more onerous than the larger hv raa
son of the disabilities and limitations which
the process of reduction push mon haeil
capt. u and labor. The free list can UOsn
safe i be extended by placing the raw 'e a
ticles that do not offer injurious comne,,
ton to our domestic products. The remoyal
of the tax of spirits used in the arts ond
manufactures would offer an unoh;ec,; a.o
able method of reducing the surplus.
ABOUT THE CIRCULATION.
A table presented by the secretary of tbe
Z lteasury showing the amount of money ~
all kinds in circulation each wear from,
1878 to the present time is of interest n
appears that the amount of national hant'
+, notes in circulation has decreased dnr;n :
that period STA, 100, 729, of which s37 700 !
800 is chargeable to the last wear. The
withdrawal of bank circulation will neces.
sarily continue under existing conditions
at is probable the adoptions of the sn@'
L;{aestions made by the comptroller of the
.S&lrrency that the minimum deposit M
.e&Nds for the establishment of the banks
PlElH ,duced and that an issue of notes to the
VHW value of the bonds be allowed would
Wylp to maintain the bank circulation bna
IpR%hile this withdrawal of bank notes has
A been going on there has been a large in
crease in the amount of gold and Silver
coin in circulation and tbe
issues of gold and silver certificates
The total amount of money of all kinds in
circulation on March 1, 1878, was $SO5. 793.
9O7, while on October l, 1889, the total was
81 405O18,OOO. There was an increase O
1898, ALI, 533 in gold coin, of $57,554 100 in
standard silver dollars, of $725l1 90 in
gold certificates, of $276 619 7l5 in silver GER
tificetes and of $14, 073787 in United States
notes, making total of $713,976, 403 There
was during the same period q decrease Of
$114, l09,728 in bank circulation and of
$642,481 IN subsidiary silver. The net in
crease was $3.50 224, 1913. The circulation Der
capita has increased about So during the
term covered by the table.
The total coinage of silver dollars was on
November l, 1889, $343, 63S, 00l, of which
1888, 539, 251 were in the treasury vaults.
The law requiring the purchase by the
treasury of ~, 0OO, 900 worth of silver bullion
each month to be coined into silver dollars
of 412H grains has been observed by the
department, but neither the present secre-
tary nor any OF his predecessor have deem
ed it safe to exercise the discretion
purchases to $4,0000O0. When the law was
enacted February %, 1878, the price of sill
yer In the market was such as to make the
bullion value of the dollar SO cents. Since
that time The price has fallen as low as 81 2
cents per ounce, reducing the bullion value
of the dollar to 70.6 cents. Within the last
few months the market price has some
what advanced, and on the first day of
November last the bullion value of the sill
u, @r dollar was Y cents. The evil anticipa-
Hons which have accompanied the coinage
and use of the silver dollar have not been
realized. AS coin it has not had general
| use, and the public treasury has been
\ compelled to store it, but this is manifestly
having to the fact that its paper representa-
fbe is more convenient. The general &C
ceptance and use of the silver certificate
shows silver has not been otherwise dis
credited. Some favorable conditions
have contributed to maintain this practical
equality in their commercial use between
thegold and silver dollars, but some of
these are trade conditions that statutory
4 enactments do not control and the con-
\ Tinuance of which we cannot be certain. l
think it clear that if we should make
coinage of silver at the. present rate free
we must expect the difference in the bull
lion of the gold and silver dollars will be
taken account of in commercial transac-
tons, and | fear the same result would
follow any considerable increase Of the
present rate of coinage. Such a result
would be discreditable to our financial
management and disastrous to all busln ess
interests. We should not treat with in
difference the dangerous edge OF
, such peril and indeed nothing more
harmful could happen to the silver inter
ests. ANY safe legislation on this subject
must consider the quality of the
have always been an advocate of the use
of silver in our currency. We are large
producers of that metal and should not
discredit it. As to the plan which will be
presented by the secretary OF the treasury
for the issuance of notes or certificates
upon the deposit of silver bullion at It's
market value, / have been able to give
only a hasty examination owing 10 the
\, press of other matters.
The assault made by David s. Terry on
THE person of Justice Field of the supreme
court of the United States at Lathrop,. Cal,
| n August last, and the killing OF the
' Ssailant by a deputy United States mar
ial who had been deputed to accompany
Justice Field and to protect him from an
ticipated violence at the hands OF Terry, III
connection with the legal proceedings
which have followed, suggest questions
which in my judgment are worthy OF the
attention of congress. ! recommend tnat
more definite provisions be maze e
by the law, not only 1or
lie protection of federal officers
Tut for a full trial of such cases In the
Omitted States courts. In recommending
such legislation | do not at all imperll
either the general adequacy OF the provision
) made by the state laws for the protectionr
of all citizens on the general deposition OF
these charged with the execution OF sucn
laws to give protection to officers OF tne
United States. The duty of protecting JUS
officers as such and of Furnishing those WING
assault them on account of their ofnclal
acts should not be devolved expressly OF
by acuuiescence upon the local authorltles'
Vents which has been brought to my az.
IGNITION, happening in other parts Oh Ine
country, have also suggested the proprlety
HT extending by legislation fullerproteclon
those who may be called as witnesses III
alrts of the United States. The law COM
is those who are supposed to have knowi-
T., b. of public offenses to attend on our
arts and grand iuries and to give EVIL
dance There is a manifest feeling that
these witnesses should be protected on ac-
connt of their testimony. me lnveStlga5l
tion of criminal offenses are often renueleu
f1tile ard the punishment OF CRIME llnpos-
sihIe NV the intimidations OF witnesses.
re necessity of providing some naol os