Roanoke daily times. (Roanoke, Va) 1886-1890, 1889-12-04

method of getting the surplus
into circulation, and the deposits nov
outstanding should be gradually with
drawn and applied to the purchase
of bonds. Its fortunate that such
use can be made of the existing sur
plus, and for some time to come o
any casual surplus that may exist
after congress has taken the necessary
steps for q reduction of the revenue
Such legislation should be promptly
but very considerably, enacted.
THE TARIFF LAWS.
recommend a revision of our tariff
laws, both in its administrative fea
lures and in the schedules The neee
of the former is generally conceded
and an agreement upon the evil,
anu inconvenlences to be remediec
and the best methods for their correc
ton will probably not be difficult.
The preparation of a new schedule
of customs duties is a matter OF grea'
delicacy, because Of its direct effect
upon the business of the country ana
of the great difficulty by reason of the
wide divergence of opinion as to the
objects that may properly be pro
NOTED and changes so made as not tt
impair the just and reasonable pro
lection of our home industries. The
inequalities of the law sh ,uld be ad
justed, but the protective principle
should be maintained and fairly APP
piled to the products OF our farms as
well as Of our shops.
The free list can very safely be ex-
tended by placing thereon articles
that do not offer injurious competi.
ton to such domestic products as oul
home labor can supply. The removal
of the internal tax upon tobacco
would relieve an important -agricul
tural product from burden which
was imposed only because our reye
nues from customs duties was INSULT
cient for the public needs. If safe
provision against fraud can be de-
vised, the removal of the tax upon
spirits used in the arts and in
manufacturing would also offer an
unobiectionable method of reducing
the surplus.
A table presented by the sec.
rotary of the treasury, showing
the amount of money of all kinds in
circulation each year from 1878 to the
present time, is of interest. 1t APP.
pears that the amonnt OF national
bank notes in circulation has decreas-
ed during that period, STA. 1O0, 729, OF
which $37, 100, 800 is chargeable to the
last year.
The total amount of money of al
kinds in circulation on March l, 1878,
was SS05, 793, S07, while on October l,
1889. the total was 81, 405, 01S, 600
There was an increase of $293, All, $50
in gold coin, of $57, 554, 100 in standard
silver dollars, of S72,311, 249 in gold
certificates, of S276,619.715 in silver
certificates and OF $14, 07S, 1877 in United
States notes, making total OF $713,-
97G, 4O3. There was during the same pc
riod a decrease of $114, 100, 729 in bank
circulation and Of $G42, 4S1 in subsid-
larry silver. The net increase was $780,
224, 1913. The circulation per capita has
increased about So during the time
covered by the table referred to. The
total coinage of silver dollars was, on
November II, 1889, S343, 63S, 001, OF
which 1888, $780, were in the treas
ury vaults, and $50. 09S, $50 were in cir
culation. OF the amount in the vaults,
S277, 319, GAG were represented by out,
standing silver certificates, leaving
S6,219, ST. not in circulation and not
represented by certificates. The law
requiring the purchase, by the treas
ury, of So, 00O,000 worth of silver bull
lion each month to be coined into
silver dollars of 412l grains has been
observed by the department, but
neither the present secretary nor anv
of his predecessors has deemed it safe
to exercise the discretion given
by law to increase the monthly
purchases to 81, 900, 900. When the law
was enacted. February %, 1878, the
prices of silver in the market was
S1.2O 40 per ounce, making the bull,
lion value of the dollar 90 cents.
Since that time the price has fallen
as low as 01.2 cents per ounce, reduc
ing the bullion value of the dollar to
7O.G cents. Within the last few months
the market price has somewhat adj
vanced. On the first day of Novem'
Der last the bullion value of the silver
dollar was 70 cents. The evil antici.
pations which have accompanied the
coinage and use of the silver
dollar have not been realized.
l have always been an advocate OF
the use of silver in our currency; we
are large producers of that metal and
should not discredit it.
The enforcement of the Chinese eI.
clusion act has been found to be very
difficult on the northern frontier.
Cinnamon landing at Victoria find ii
easy to pass our border, owing to the
| impossibility with the force at the
command of the customs officers OF
guarding so long an inland line.
The proclamation required by sec
ton 8 of the act of March 2, 1889,
relating to the killing of seals and
other fur bearing animals was is
sued by me on the 21st day of March
and a revenue vessel was dispatched
to enforce the laws and protect the
interests of the United States. The
establishment of a refugee station at
Point Barrow, as directed by congress,
was successfully accomplished.
Judged by modern standards we
are practically without coast defenses'
Many of the structures we have
would enhance rather than diminish
the perils of their garrisons if sub.
jected to the fire of improved guns,
and very few are so located as to give
full effect to the greater range OF such
guns as we are now making for coast
defense uses. The security of our coast
cities against foreign attack should
not rest altogether in the friendly
disposition of other nations. There
should be second line wholly in oul
own keeping. I very urgently recon-