San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1889-12-04

| for putting it into circulation of very
ques tionable propriety. We should
not collect revenue for the purpose OF
anticipa6 ding our bonds beyond the
requirement for funds, but any unap'
propriated surplus in the treasury
should be so used, as this is the law
| full way of returning the money to Cir
culation and the profit realized by
the government offers substantial
advantage. The loanipg of the public
funds to the banks, without interest,
upon the security of government
bonds, L regard as an unauthorized
and dangerous expedient. 1t results
In temporary and unnatural in
crease of the banking capital of fav-
| ored localities, and compels a caution
and gradual recall of the deposits to
| avoid injury to the commercial inter-
ests. 1t is not to be expected that
the banks having these deposits will
sell their bonds to the treasury, so
long as the present highly beneficial
arrangement is continued. They
now practically get interest on the
bonds and their proceeds. No further
use should he made of this method of
getting the surplus into circulation,
and the deposits now outstanding
should be gradually withdrawn and
applied to the purchase of the bonds.
1t Is fortunate that such a use can be
made of the existing surplus and for
some time to come of any casual sur
plus that may exist after congress has
taken the necessary steps for reduce
ton of the revenue. Such legislation
should be promptly but very consid-
erateiy enacted.
THE TARIFF.
The president recommends revis-
ion of the tariff law:
II recommend rev ision of our tar
lit law, both in its administrative
features and the schedule. The need
of the former is generally conceded,
and an agreement on the evils and in
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 ques-
tions affecting rates and classifi-
cations should be promptly decided.
The preparation of a new schedule of
customs duties is matter of great
delicacy because of it's effect upon the
business of the country, and of great
by reason of the wide diver
gence of opinion as to the objects that
may be promoted by such legislation.
Some disturbance of business may
perhaps result from consideration of
this subject by congress, but this will
be temporary. All evil effect will be
reduced to q minimum by prompt
action and assurance which the
country enjoys that any necessary
changes will be so made as not TO
impair the just and reasonable pro-
lection of our home industries. The
Inequalities of the law should be ad-
iusted, but the protection principle
should be main tanned and fairly ap-
piled to the products of our farms as
we'll as our shops. These duties
have relation to other
things besides the public revenue
We cannot 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 Inde-
pendence of our country. The wise
and patriotic legislator should en-
large the field of his vision to include
all of these.
The necessary reduction in our pub
lie revenue can, am sure, be made
making the smaller burden
more than the larger. BY reason of
the disabilities and limitations which
the process Of reduction imposes upon
capital and labor, the free list can
very safely be extended by placing
thereon articles that do not offer in
furious competition to such domestic
products as our home labor can sup
ply. The removal of the internal tax
upon tobacco would relieve an import
ant agricultural product from bur-
den which was imposed only because
our revenue from customs duties was
for the public needs. If
safe provision against fraud can be
made and devised, the removal of the
tax on spirits used in the arts and
would offer an uDOb-
jectional method of reducing the sur
plus.
ON THE SILVER QUESTION.
The president does not favor the
free coinage of silver dollars, and ia
vors the plan suggested by the secre-
tary of the treasury. He says: II
have always been an advocate of the
use of silver in our currency. We
are large producers of this metal and
should not destroy it, To the plan
which Will be presented by the Sec
rotary for the Issuance OF notes or GER
tificates upon the deposit of silver
bullion at its market value.n
GENERAL SUBJECTS.