The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1889-12-12
WINDOWS REPORT.

WINDOWS REPORT.
Iosesnnsndati0ns Of tho Secretary Of the
Treasury Regarding the Taiin; surplus,
National Banks, Ete.-His Plan tor the
Solution Of tho silver Problem.
WASHINGTON. Dec 5.-The Secretary Of tho
Treasury In his annual report submitted to
Congress- yesterday shows that the total ordina-
q revenues Of the Government from ali sources
tor the fiscal year ended June 50, 1889, wero
"a. O6O, b&A, and tho expenditures e281 .0o6.
$500, leaving surplus Of sl06, 0os, 443.94
OF this there was used for the redemption of
notes and fractional cufrency and purchase of
bonds o47bsS 1885. leaving net surplus OF
o67, 40, 1880 for the year. For the present
year tho revenues, actual and estimated, arc
eseb, 10000 and the expenditures ee9a 100000
Tho estimated amount required for the sinking
fund is e4s, Ss1, 1862, leaving net surplus Of
q, 678;88S.01. :"
During the fiscal year 1880 there was applied
to the redemption Of the public debt go g7o, A.
for the fiscal year 1889, as shown by the books
of the Treasury, we're $3.50, 86l, b13.o9, being an
increase over the year 1888 OF e6 5S4,o4l,94
During thestwelvo months ended October 81.
1859, there were purchased under the circular
Of April H., 1888, United States bonds to the
amount of see0, 2aS, $50. OF these, ssss7o, 400
were obtained prior to March 1, 1859, and e66,.
o54, $50 after that date.
THE SURPLUS.
The Secretary thinks a 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 it is worth to them, perhaps, three times
as much In their business. 1t is rather through
. reduction Of customs receipts and internal
taxes that an unnecessary accumulation of
money in the Treasury should be avoided.
THE TAX ON TOBACCO.
A table is given showing that the total tax
on tobacco was 81 $3.50, $685. Mr.. Window
adds: "Whatever may be said of the moral or
physical effects and influence Of tobacco it
has come to be regarded as q necessity by tho
poor as well as the rich. It is now the only
product Of agriculture that is directly taxed by
tho Government. The repeal Of this tax would
reduce the surplus about $4,000 00."
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 of Is 100000 more.
TARIFF REVISION.
There Is general agreement" says the
Secretary, that a revision of the tariff and
customs laws is urgently needed. believe it to
be the dominant sentiment Of the country that
In the adjustment Of duties on imports protec-
ton to homo industry should be q 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
Is to result in the protection Of labor employed
In domestic industries from destructive foreign
competition.
t.
eQuallttes, conflicting provisions and ambigui-
ties in the present law be corrected, and that
uniformity of assessment at the various ports
be secured If possible.
SILVER COINAGE.
On the question Of silver coinage the Secre-
tary says: 1.-The continued coinage of the silver
dollar at a 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-tender dollars are an un.
precedented anomaly and have proved fu-
t1le not only IN restoring the value Of silver,
but even in staying the downward price
of that metal. Since the passage Of the act
Of February 90, 1873 to November l.
1889, there have been purchased 299, $780,
4lol1 standard ounces Of silver, at a cost
Of e286, $50, e3964, from which there have
been coined 33, 638OO1 standard silver dollars
There were in circulation on November of the
present year 60,09S $50 silver dollars, less than
II per capita, the remainder, 283 $50, 521, being
stored away In Government vaults, of which
e277, GA were covered by outstanding certif1-
Gates"
No proper effort has been spared by the
Treasury Department. says the Secretary, to
IN cir fho6 Nl1 <1,se
law, but without success, and the point has
been or soon will be, reached where the further
coinage of silver will become a waste of public
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 pow
er The problem Is, therefore, says Mr.. Win.
dom, how we shall use both gold 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 ut the market price Of silver when
deposited, payable on demand in such quaint
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 and open
the way to its free coinage; gold would be re.
Heved 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.
Mr.. Window gives at great length his answers
II advance to possible criticisms and claims
that the danger of further depreciation of silver
bullion is remote. He deals also with the CUES
tton Of depositing public moneys with National
ranks, which he considers a 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 be
least likely to injuriously affect the business in.
terests OF the country, and, unless Congress
shall otherwise direct, toinvest the money in the
purchase Of bonds, in case they can be obtained
at fair price," Mr.. Window gives review of
the National bank system, which he, on the
whole, approves, and directs the attention of
Congress to hardships arising under the alien
contract labor law and to alleged evasions Of
the Chinese exclusion act.
THREE MEN KILLED.
Fatal AnN1f1nMk A.