Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1889-12-13

lazy both in its administrative features
and In the schedule. The need of the
former is generally conceded, and an
agreement upon the evils and incOnven1-
ences to be remedied and the best meth
eds for their correction viii probably not
be difficult Uniformity of valuation at
all our ports is essential and effective
measures should be taken to Sc
cure It, 1T is equally desirable
that questions affecting rates and
classifcatiOns should be promptly decided.
The preparation OF a new schedule Of
custom duties is 8 matter of great deli
cacy because of its effects upon the busi-
ness 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
business may perhaps result from 8 con
sideration of this subject by congress, but
this temporary i'll effect VIII be reduced
to a minimum by prompt action
and assurance which the eOun-
try enjoys that any necessary
changes viii be so made as not to impair
the just and reasonable protection Of our
home industries The inequalities of the
law should be adjusted but the prOtec-
ton principle should be maintained and
fairly applied to the products of our
farms as well as our shops. These duties
necessarily have relation to other things
besides public revenues. We cannot
limit their effects by fixing our eyes on
the public treasury alone. They have a
direct relation to home production, to
work, to wages and to the commercial in
dependence of our country and the wise
and patriotic legislator should enlarge
the field Of his vision to include all Of
these.
G. The necessary reduction In our public
II n
making the smaller burden more OnerOus
than the larger, by reason of the durabih-
ties and limitations 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 a burden which
was imposed only because our revenue
from custom duties was insufficient for
I the public needs. If safe provision can be
+ devised the removal of the tax upon
! spirits used in the arts and of manufac-
lures would also offer an Objectionable
method Of reducing the surplus.
CIRCULATING MEDIUMS.
A table presented by the secretary of the
treasury showing the amount Of all money
! Of all kinds in circulation each year from
| 1878 to the present time is of interest 1t
/ appears that the amount of national bank
notes in circulation has decreased during
that period $114, los, 729, of which $751;
| 1929 is chargeable to last year.
The withdrawal of bank circulation
will necessarily continue under existing
! conditions. 1t is probable the adoption
/ of the suggestions made by the comp
[ troller Of the currency viz: That the
minimum deposit of bonds for the estab-
! lishment of banks be reduced, 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 with
| draWal of bank notes has been going on
| there has been large increase IN the
amount of gold and silver coin in circula-
ton and in the issues of gold and silver
/ certificates.
The total amount Of money of all kinds
/ in circulation on March 1, 1878, was $685.
+ 1913 907, while on October 1, 1889, the to-
/ tai was 81, 405, 018,O00. There was an in
crease of $293, 417,5 in gold coin, of
! S57, 554, 100 in standard silver dol
lars, of $72, 81, 249 in gold certificates,
! of $276, 619,71 in silver certificates and
/ of S14,073, 1877 in United States notes,
making total Of 713,976, 403. There was
/ during the same period a decrease Of S114,-
| 100, 729 in bank circulation and of $642, 481
! in subsidiary silver. The net increase was
! 1888, 224, 1913. 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 No
! Vember 1, 1885, $343, 638, 0G1, of which
/ S283, 539, 521 were in the treasury vaults,
/ and $60O98, 480 were in circulation. Of
! the amount in the vaults $277, 319, 944
! were represented by outstanding silver
/ certificates, leaving $6,298, 597 not in cir
/ culatiOn and not represented by certif-
Gates.
SILVER COINAGE
The law requiring the purchase by the
treasury of two million dollars worth Of
! silver bullion each month to be coined in
to silver dollars of 41215 grains has been
observed by the department, but neither
the present secretary nor any of his pred
ecessOrs has deemed it safe to exercise
the discretion given by law to increase
/ the monthly purchase to four million
dollars. When the law was en-
acted, February 28th. 1878, the price
/ of silver in the market was S1SO.4 per
/ ounce, making the bullion value of the
dollar SO cents. Since that time the price
has fallen as low as 91.2 cents per ounce,
reducing the bullion value OF the dollar
TO 70.6 cents. Within the last few months
the market price has somewhat advanced
! and on the first day Of November last the
/ bullion value of the silver dollar was 70
cents. The evil anticipatiOns which have
accompanied the coinage and use of the
silver dollar have not yet been
/ realized. 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 convenient.
The general acceptance and use Of silver
certificates shows that silver has not been
otherwise discredited. Some favorable
conditions have contributed to maintain
this practical equality in their CONNER
cial use between the gold and silver dol
lars. But some of these are trade condl-
tons that statutory enactments do not
control and of the continuance of which