The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1889-12-04

custom duties is matter of great delicacy
because 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 dis
turbance OF business may perhaps result from
the consideration of this subject by Congress-
but this temporary i'll effect will be reduced to q
minimum by prompt action and the assurance
which the country enjoys that any necessary
changes Will be so made as not to impair the
just and reasonable protection of our home in
dustrles. The irregularities Of the law should
re adjusted, but the protective principle should
be maintained and fairly applied to the products
of our farms as well as our shops. Thu.
duties have necessarily relatin- to other
tnlHes gestae pu'tio Lues. We cannot limit
thelf eii'i S Dy fixing our eyes on the public
treasury alone. They have direct relation &c
home production, to work. wages and the COM
mercial independence OF our country, and the
wise and patriotic legislator should enlarge Lis
vision to include all these.
The necessary reduction in our public rev
enues can. am sure, be made without making
the smaller burden more onerouS than the
larger by reason of the disabilities and limita-
tons which the process of reduction puts upon
both capital and labor. The free 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 supply.
The removal of the internal tax upon tobacco
would relieve an important agricultural product
from burden which Was imposed only because
our revenue from custom duties was insufficient
for the public leeds
II provision against fraud can be devised the
removal Of the tax upon spirits used in the arts
and In manufactures would also offer an unOb
lectienable method Of reducing the surplus.
TABLE PRESENTED
hJ the secretary OF the treasury showing the
amount of money of all kinds in circulation
each year from 1878 to the present time is Of IN:
terest. It appears that the amount OF national
bank notes in circulation has decreased dsrShg
4 hot naf.ind nf Oh
chargeable to the last year. The w1thdTawal OF
the natieaaa bank circulation will necessarily
contiEss Hinser the existing cqndftens. 1t is
the adoption Of the Suggestions
made by TIE COMPTROLLER OF the cirrency, viz,
that the pfhimum deposit 81 hoFdS for the eS-
tablishNent of national banks be reduced, and
that an issue OF notes TO BE par value of the
bond be allowed would help to maintain the
bank circulation But while this withdrawal OF
bank notes has been goiag on there has been a
large increase in the 8Enount of gold and silver
in circulation and in the issues Of gold and silver
certificates.
The tota! .sEaount of money of all kinds in
circulation on March /, OF 1878, was $685. 79S S7,
WHINE on October T. 1882 the total amount
was sl,405GIS,00c. There was an increase OF
500 Az 592 in gold, and of So Ssh 100 in standard
silver dollars OF ST2 ,249 in gold certificates
of S276, GIG ZIG, in silver certificates. and oil
si4,O737 S7 in United States notes. making a
total of s713, 976 403. There was during the same
period decrease of STA 100, 729 in bank cirtif
Gates, and OF S642, 4S1 in subsidiary silver The
net increase was s5g9, 224, 1893.
The circulation per capita has increased
about five dollars during the time covered by
the table referred to.
THE TOTAL COINAGE OF SILVER
dollars YVES on November 1, 1885, S343 63S COL, OF
which 1888, $50 52i were in the treasury vaults
and 60,O9S, 4SO were in circulation. OF the
amount in the vaults, S217, 3l9 944 were repre-
sented by outstanding silver certificates, leav-
ing S6,2l9,517 not in circulation and not repre-
sented by certificates.
The law requiring the purchase by the treas
ury Of 100000 worth of silver bullion each
month to be coined into silver dollars of 4l21a
grains has been observed by the department
but neither the present secretary nor any of his
predecessors has deemed it safe to exercise the
discretion given by the law to increase the
monthly purchases to 100000. When the law
was enacted February IS, 1879 the price of
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 dollar to 10.5 cents. Within the last few
months the market price has somewhat ad
vanced and on the first day of November last
the bullion value OF the silver dollar was q
cents.
THE EVIL AUTHORIZATIONS
which have accompanied the coinage and use Of
the silver dollar have not been realized. AS d
coin it has had no general use, and the treasury
has been compelled to store il. But this is man
ifestly owing to the fact that its paper repre-
sentative is more convenient. The general
acceptance and use of the silver certificate
show that silver has not been otherwise dis
credited Some favorable conditions have con-
tributed to the maintenance Of this practical
equality in their commercial use between the
gold and silver dollar, but some of these are
not control and of the continuance of which we
cannot be certain. l think it is clear that if we
should make the coinage of silver at the present
ratio full we must expect the difference in the
bullion values of the gold and silver dollars will
be taken notice of in commercial transactions
/ fear the same result would follow any conSid-
cradle increase in the present rate of coinage.
Such result would be discreditable to
our financial management and disastrous
to all business interests. We should
not tread the dangerous edge of such a
peril and indeed nothing more harmful
coul0 happen to the silver interests; and safe
legislation upon this subject must secure the
equality Of the two coins in the commercial
uses.
HAVE ALWAYS
been an advocate of the use of silver in our cur
rency. We are large producers of that metal
and should not discredit it. To the plan which
will be presented by the secretary of the
treasury for the issuance Of notes Of 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 details Of such law require
careful consideration but the general plan sug-
the use Of silver in connection with our currency
and at the same time to obviate the dangers OF
which 1 have spoken. AT later day l may
communicate further with Congress on this
subject.
THE ENFORCEMENT OF THE CHINESE
exclusion act has been found very difficult on
the northwestern frontier. At Victoria thew
find it easy to pass our border owing to the i'm
possibility OF the force at the command of the
customs officers guarding so long an inland line.
The secretary OF the treasury has authorized
the employment Of additional forces 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 territory and are apprehended, our
officers do not know what to do with them as
the Dominion authorities will not suffer them to
be sent back without second payment of the
tax. An effort will be made TO reach an under
that will remove this difficulty.
THE PROCLAMATION REQUIRED
by section 80 of the act of March 2 1885, relating
to the killing of seals and other fur-bearing
animals was issued by me on the 2lst day of
March and q revenue vessel was dispatched to
enforce the laws and protect the interests of the
United States
The establishment of a refuge station at Point
Barrow as directed by Congress was success
fully accomplished.
JUDGED BY MODERN STANDARD
we are practically without coast defenses. Many
of the structures we have would enhance rather
than diminish the perils Of their garrisons, if
subjected to the fire of improved guns, andlvery
few are located as TO give effect to the greater
range of such guns as we are now making for
coast defenses. This general subject has re
ceived consideration in Congress for years,
and the appropriations for the construction OF
large guns made one year ago was, am sure,
the expression OF purpose to provide suitable
works in which these guns might be mounted
An appropriation made for that purpose would
not advance the completion of the works be-
You'd our ability to supply them with effective
guns The security Of our coast cities against
foreighn attacks should not rest altogether in
the friendly disposition of other nations; there
should be a second line wholly in our own keep
urgently recommend an appropriation this SEES
sion for the construction of such works in our