The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-12-04

interest both upon the bonds and their pro
cseds. No further use should be made OF
TINS method Of getting the surplus
into circulation, and the deposits now outstand-
ing should be gradually withdrawn and applied
10 the purchase of bonds. IL is fortunate that
such use can be made Of the existing surplus.
aud for some time to come of any casual sur
Plus tnat may exist after congress has taken
the necessary steps for a reduction of the
revenue. such legislation should be promptly,
but very CONSIDERABLY enacted.
REVISION OF THE TARIFF
recommend revision of our tariff law, both
IN its administrative features aud in the sched-
ules. The need of the former il generally con
ce1ed, and an agreement upon the evils and in
conyeniences 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
ne taken to secure 1t; 1t is especially desirable
that questions affecting rates and classifcations
should be promptly decided.
The preparation of a new schedule of customs
duties is matter of great delcacy, because Of
its direct effect upon the business of the couu-
try and OF the great difficulty by reason of the
wide divergence of opinion as to the objects
that may properly be promoted by such iegs-
latlon. Some disturbance of business may, per-
maps. result from the consideration of this sub
Ject by congress, but this temporary ill-effect
will be reduced to the minimum by prompt &C
ton and by the assurance which the country
already enjoys that any necessary changes will
be so made as not TO impair the just and reason
able protection OF our home industries.
STANDS UP FOR PROTECTION.
The inequalities of the law should be ad-
Justeu, Out The protective principle should be
maintained and fairly applied to the products
duties necessarily have relation TO other things
besides tho public revenues We cannot limit
their efforts by fixing our eyes on the public
treasury alone. They have direct relation TO
nome 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.
The necessary reduction in our public reve-
nues can am sure, be made without making
the smaller burden more onerous than the
larger by reason of the disabilities and hmita-
tons which the process Of reduction puts upon
Doth capital and labor. The fires list can very
safely be extended by placing thereon articles
that DO not offer injurious competition TO such
domestic products as our home labor can sup
ply. The removal of the internal tax upon
tobacco would relieve an important agricultural
product from a burden which was imposed only
because our revenue from customs duties was
insufficient for the public needs. If safe prov
sion against fraud can be devised, the removal
of the tax upon spirits used in the arts and in
manufactures would also offer an unobjection-
able method Of reducing the surplus.
WITHDRAWAL OF BANK CIRCULATION.
a table presented by the Secretary of the
Treasury. showing the amount Of money of all
KINDS In circulation each year from 1873 to the
present time, is of interest. 1t appears that
the amount of national bank notes in circula-
ton has decreased during that period STA, 109-
72g, of which S37, 799, 229 is chargeable to the
last year. The withdrawal OF bank circulation
will necessarily continue under the existing
conditions. 1t is probable that the adoption of
the suggestions made by the controller of the
currency, viz, that the minimum deposit of
bonds for the establishment of banks be re-
duced, and that an issue of notes to the par
value OF the bonds be allowed, would help to
maintain the bank circulation But, while this
withdrawal of bank notes has been going on
there has been large increase in the amount
OF gold and silver coin in circulation and in the
issues of gold and silver certificates.
THE MONEY IN CIRCULATION.
The total amount of money of all kinds in cir
culation on March /. 1878, was sos, .93, S07,
while on October 1. 1899 the total was ST. 4O5
0l6,OO0. There was an increase of 1898, All, $50
10 gold coin, of So, 554, 100 in standard silver
dollars, $72, 249 in gold certificates, of S276.
619,715 in silver certificates and of $14 ora 7S7 in
United States notes. making a total of $713, &c.
403. There was, during the same period a de-
crease Of STA, 1902 729 in bank circulation, and
of $642 48l in subsidiary silver The net increase
was $500 224, 1893. The circulation per capita has
increased about SIS during the time covered by
the table referred to.
The total coinage of silver dollars was, on Nov
H. 1889, $S43 63s co., of which S2e3, $50 SCI were
in the treasury vaults, and $50, OBS. 4s0 were in
circulation. or the amounts in the vaults, $277.-
3l9,946 were represented by outstanding silver
certificates, leaving 5U not in circulation
and not represented by certificates.
MONTHLY PURCHASES OF SILVER.
The law requiring the purchase by the treas
ury of $2000,000 worth of silver bullion each
month, to be coined into silver dollars of 4l2l%
grains, has been observed by the department,
his predecessors has deemed it safe to exercise
the discretion given by law to increase the
monthly purchases to $4,000,o00. When the law
of silver in the market was ST. 20 40 per ounce,
making the bullion value of the dollar 90 cents
Since that time the price has fallen as low as
9l.2 cents per ounce, reducing the bullion value
of the dollar to 700 cents Within the last few
months the market price has somewhat ad-
vanced. On Nov. last, the bullion value of
the silver dollar was ~ cents. The evil antici-
and use of the silver dollar have not been real
lied.
NOT IN GENERAL CIRCULATION.
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 conven-
lent. The general acceptance and use of the
silver certificate, shows that silver has not been
otherwise discreditable. Some favorable condi-
lions have contributed to maintain this practi-
cal equality In their commercial use between the
gold and silver dollars. But some of these are
trade conditions that statutory enactments do
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
taken account of in commercial transactions,
and fear the same result would follow any
considerable increase of the present rate of
coinage Such a result would be discredtable
to our financial management, and disastrous to
all business interests. We should not
tread the dangerous edge OF such
peril, and, indeed nothing more harmful
could happen to the silver interests. Any safe
legislation upon this subject must secure the
equality of the two coins in their commercial
uses. have always been an advocate of the
use of silver in our currency. We are large
producers of that metal and should not dis
credit it To the plan which will be presented
by the Secretary of the Treasury for the issu-
ance of notes or certificates upon the deposit of
silver bullion at its market value, | have been
able to give only hasty examination, owing to
the press of other matters and to the fact that
it has been so recently formulated. The de-
tails of such law require careful consideration,
but the general plan suggested by him seems to
in connection with our currency. and at the
same time to obviate the danger Of which l
have spoken. At a later day | may communi-
cate further with congress upon this subject.
EXCLUSION OF CHINESE.
The enforcement of the Chinese exclus sion act
has been found to be very difficult on the north
western frontier. Cinnamon, landing at Vic
toria, find it easy to pass our border, owing to
the impoSslbility with the force at the com
mand Of the the customs officers of guarding
SO long an inland line. The Secretary of the
Treasury has authorized the employment of
additional officers, who will be assigned to this
duty and every effort will be made to enforce
the law The dominion exacts a head tax of
$50 for each Chinaman landed, and when these
persons, in fraud of our law, cross into our ter
ritory and are apprehended, our officers do not