The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-12-04

| '','', t@ttrsi INV, uU& &kUtOitUN0
tionaBIs PROPHECY sSou, d not not collect di
revenue iof this, anticipating our bonds
oc."..d the requirements Of the sinking
fund, but any appropriated surplus In the
Treasury should be 80 used, Is there Is no
other lawful way Of returning the money 10
circulation, auu the pro0t recognized by the
government Offers d Substantial advantage.
| lha leaning OF public funds to the banks
without interest upon the security OF gov
eminent bonds, regard as an unauthorized
and dangerous expedient. 1t results 10 N
temporary and unnatural increase OF the
banking capital OF favored localities and
compels cautious and gradual recall OF
the deposits 10 avoid injury 10 the CONNER
cial interests. II is not 10 be expected that
the banks having these DEPOSITS will sell
their bonds TO the Treasury 50 long as the
present highly Beneficial arrangement is
conducted. T'hey5now practically get in
| terest both upon the bonds and their pro-
cceds. No further use should be made
Of this method OF getting the surplus
into circulation, and the deposits now out
standing should be gradually withdrawn
nd applied 10 the purchase OF bonds. Ii is
/ fortunate that such use can be made Of
the existing surplus, and for some time 10
come, Of any casual surplus that may exist
after Congress has taken the necessary steps
lation should promptly hut very consider
ately enacted.
TARIFF REVISION.
recommend revision Of cur tariff law
both in its administrative features and in
the schedules. The need OF the former is
generally conceded, and an agreement upon
the evils and Inconvenience 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 be taken 10
secure il. IL is equally desirable that ques-
tons reducing rates and classifications
should be promptly decided. The prepare
tiOns Of a
NEW SCHEDULE OF CUSTOMS DUTIES
is matter of great delicacy because Of its
direct effect upon the business OF the coun-
try, and of great difficulty by reason of the
wide divergence Of opinion as TO the objects
that may probably be promoted by such
legislation. Some disturbance OF business
may perhaps result from the consideration
Of this subject by Congress, but this tempo
rary i'll effect will be reduced TO the minimum
10y prompt action, and by the assurance which
the country already enjoys that any necessa-
~ changes will be SO made as not 10 impair
the just and reasonable protection Of our
home industries. The inequalities OF the
principle should be maintained and fairly
applied TO the products Of our farms as well
rs Of our shops. These duties NECESSARILY
have relation To other things besides the
public revenues. We cannot limit their ef
forts Dy fixing our eyes on the public treas
ury alone. They have direct relation 10
home production, TO work, 10 wages and to
the commercial independence of our coun-
try. and the wise and patriotic legislator
"A hot doll of OF
clude all Of these.
The necessary reduction in our public
revenues can, am sure, he made without
making the smaller burden more onerous
than the larger by reason OF the disabilities
and limitations which the process Of reduc-
ton puts upon both capital and labor.
THK 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 re-
lieye an important agricultural product
from burden which was imposed only be-
cause our revenue from customs duties
was insufficient for the public needs.
II safe provision against fraud can be
devised, the removal OF the tax upon spirits
used in the arts and in manufactures
Il
of reducing the surplus.
! A table presented by the Secretary Of the
Treasury showing the
AMOUNT or 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 circu-
IatOn has decreased during that period
SllI. 100. 100, Of which $31, 1G,22J Is charge
t able to the last year.
The withdrawal Of bank circulation will
necessarily continue under existing condi-
/ tiOns. II is probable that the adoption of
/ the suggestions made by the Comptroller OF
/ the Currency, viz: That the minimum depo-
sit of bonds for the establishment of banks
be reduced. and that an issue Of notes to
! tif par value OF the bonds he allowed,
would help to maintain the bank circula-
ton. hut 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 total amount Of money of all kinds
/ in circulation on March list, 1873, was $500
! 1g3. SO7. while ON October LIST, 1889, the total
was ST .lOJ, OlS, 900. There was an Increase
Of S23. Az 552 in gold coin, Of SjI ,5ji, 100 in
standard yerdOllars. of 372,3l1, 30 in gold
certificates, of $216,6I9,Il6 in silver GER
fifcates. and of Sl4.O13, 1s7 in United States
notes; making a total of SIl3,9IG,4OS. There
was during the same period decrease OF
/ Sl14IO9, 72y in bank circulation, and Of
/ :G42. 4Sl i'm subsidiary silver. The net in
crease was Sjv, 22i, 1913.
THE CIRCULATION PER CAPITA
has increased about five dollars during the
/ fime covered bv the table referred TO. The
total coinage Of silver dollars was, on No
yember II, 1889, $3l3,63s,0Ol, OF which s2S3,.
| $50. j2li were in the treasury vaults and
| S6O. 09S. 40 were in circulation. OF the
amount in the vaults, s2Il,3l9,9i6 were rep
resented by outstanding silver certificates,
leaving SG,2l9,j17 not in circulation and not
represented by certificates.
THE SILVER QUESTION.
The law requiring the purchase by the
Treasury Of two million dollars worth OF sill
yer bullion each month to be coined into sill
yer dollars Of four hundred and twelve ana
ono-half grains has been observed by the
department, but neither the present secre-
tary nor any of his predecessors has deemed
il safe TO exercise the discretion given by
law ia increase the monthly purchase 10
fonr million dollars. When the law
was enacted February s, 1851 the price
OF silver in the market was Sl.2O 40 per
ounce. making the bullion value of the dol
Ian. % cents. Since that time the prices
reducing the bullion value of the dollar to
700 cents. Within the last few months the
market price has somewhat advanced. On
The first dav Of November last the bullion
value of the silver dollar was - cents. The
evil anticipations which have accompa-
MED the coinage and use OF the
silver dollar have not been reali-
zed. A. coin il has not
had general use and the public Treasury
has been compelled TO store it, but this is
manifestly owing to the fact that It's paper
representative is more convenient. The
general acceptance and use Of the silver
certificates show that silver has not been
otherwise discrcditable. Some favorable
commissions have contributed TO maintain
this practical eqality in their commercial
use between the gold and silver dollars
But some of these are trade conditions that
statutory enactments do not control, and OF
the continuance of which we cannot be Ger
tain.
| think il is clear that il we should make
the coinage of silver at the present ratio
free. we must expect that the difference o.
the bullion values of the gold and silver dol
a ars.f