Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1889-12-05
thaa reduced when the actual transactions
are written up.

The SURPLUS.
The existence of so large an actual ana an
ticipated surplus should have the immeoi-
ate attention of Congress with view 10 re-
ducing the receipts of the treasury 10 inc
needs of the Government as closely as may
be. The collection of moneys not neeoeo ior
public uses imposes an unnecessary Duruen
upon our people and the presence of so large
q surplus in the public vaults is disturbing
element in the conduct of private business
1t has called into use expedients for putting
it into circulation of very questionaDIy pro-
priety. We should not collect revenue Ior
the purpose of anticipating our bonds De-
yOnd the requirement. OF the SINKING iunu'
but any unappropriated surplus in the treas
ury should be so used, as there is no other
lawful way of returning the money 20 CIR
culation, and the profit realized by the Gov
eminent offers a substantial advantage.
The loaning of public funds to the banks
without interest, upon the security OF Gov
eminent bonds, regard as an unauthorized
and dangerous expedient 1t results IN
temporary and unnatural increase OF the
banking capital of favored localities and
compels cautious and gradual recall OF the
deposits to avoid injury to the commercial
interests. 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.
upon the bonds and their proceeds.
No further use should be made OF
this method OF getting the surplus
into circulation, and the deposits now out
standing should be gradually Withdrawn
and applied to the purchase OF bonds. IL is
fortunate that such use can be made OF
the existing surplus, and for some time to
come of any casual surplus that may exist
after Congress has taken the necessary steps
for a reduction of the revenue. Such legis-
latiOn should be promptly but very consid-
erately enacted.
THE TARIFF.
recommend revision of our tariff law,
both in its administrative features and IN
the schedule. The need of the former is
generally conceded, and an agreement upon
the evils and Inconvenience to be remedied
. and the 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 questions
affecting rates and clasSIfcatlons shoulo De
promptly decided.
The preparation of a new schedule of Gus
tom duties is Il matter of great dellcacy, be-
cause of its effect upon the business
of the country; of great difficulty, by
reason of the wide divergence of opinion
as to the objects that may be promoted by
such legislation. Some disturbance of bust
of this subject by Congress, but this tempo
rarv ill effect will be reduced to a minimum
by prompt action, and the assurance which
the country enjoys that any necessary
changes will he so made rs not to impair
the Just and reasonable protection OF our
home industries. The inequalities of the law
should be adjusted, but the protective prin-
ciple should be maintained and fairly APP
piled to the products of our farms as well as
of our shops. These duties necessarily have
relation to other things besides public rev.
cnues. We can not limit their effects by fix
ing our eyes on the public treasury alone.
They have Il direct relation to home produc-
tion to work. to wages and to the CONNER
cal independence of our country, and the
wise and patriotic legislator should enlarge
the field of his vision 10 include all of these.
The necessary reduction in our public rev
pnucs can, am sure, be made without max
ing the smaller burden more onerouS than
the larger by reason of the DISABILITIES and
limitations which the process of reduction
puts upon both capital and Labor. The free
| list can very safely he extended by placing
| thereon articles that do not offer injurious
competition to such domestic products as
| our home labor can supply. The removal of
the internal tax upon tobacco would relieve
an important agricultural product from a
| burden which w.ts imposed only because our
| revenue from custom duties was insufficient
| for the public needs.
If safe provision can be devised, the re-
| movai of the tux upon spirits used in the
| arts and manufactures would offer an I'M
| objection bile method of reducing the sur
! plus.
TIE CIRCULATION.
\ table presented by the Secretary of the
! Treasury shown" the amount of money of
| all kinds in circulation each year from 1873 to
! the present tiInr j. of interest. 1t appears
|
| circulltiuu has decreased during that period
sIllIu97gg al which So 7yJ, 2Z9 is chargeable to
| the last ycIr.
The witaJrtwtl of bank circulation will
| necessarily continue under existing condi-
! tiOns. II is probable the adoption of the
| suggestions made Ly the Comptroller, viz,
| that th, minimum deposit of bonds for the
| establishment of banks be reduced, and that
| an issue of notes to the par value of the
| bonds be allowed, will help to maintain the
| bank circulation. But while this withdrawal
| OF bank notes has been going on there has
| been a large increase in the amount of gold
| and silver rojg in circulation and in the is
| sues of gold and silver certificates.
| The total amount of money of all kinds in
circulation on March /. 1878, was $50, 49,, s07,
while October l, 1889, the total was 81 ,AOS, -
| OlSOOO. There was an increase of S293, All ,562
| in gold CON- of So, 554, 100 in standard silver
| dollars, of S72,3 2i9 in gold certificates, OF
| S2766l9,7l5 in silver certificates, and of $l4,
| O73,7s7 in United States notes, making total
| of s7I3, 976, 4OS. There was during the same
period decrease Of s1l4,1O9,729 in bank cir
| culation and of $642, 4S1 in subsidiary
| silver, The net increase was $500
! 224,I93. The circulation per capita has
| increased about five dollars during the time
| covered by the table referred to, The total
| coinage of silver dollars was on November l,
1889 1853 63S, OO1, of which S2s3, 539,j2l were in
the treasury vaults and $780, $50 were in cir
| culation. OF the amount in the vaults s277,-
| 1884 were represented by outstanding sill
yer certificates, leaving S6,291,57 not in cir
culation and not represented by certificates
| SILVER COINAGE.
The ias requiring the purchase by the
treasury of sl,t9e, 900 worth of silver bullion
each month to be rGiHSegd1 into silver dollars
| of 4l2L2 grains has been obseryed by the de-
| partment, but neither the prese4t Secretary
| nor any of his predecessors has deemed 4
| safe to exercise the discretion given by law
! ~ Increase the monthly purchase to $4,000
| O0G.
When the la.g was enacted February Is
| 1875. the price of slIySE in the market was
| 81 20 40 per ounce, making tte bullion value
| of the dollar 90 cents. Since that HIle the
price has fallen as low as 91.2 cents per ounce
reducing the BULLION value of the dollar to
| r06ceuts. Within the last few months the
market price has somewhat advanced ano