Los Angeles daily herald. [microfilm reel] (Los Angeles [Calif.]) 1884-1890, 1889-12-04

to come of any casual surplus that may
exist after Congress has taken the neces-
sary steps for reduction of the revenue.
Such legislation should be promptly but
very considerably enacted.
THE TARIFF DELICATELY TREATED.
l recommend revision of our tariff
law, both in it's administration features
and in the schedules. The need of the
former is generally conceded, and an
agreement upon the evils and incon.
veniences to DO remeded, and the best
methods for their correction will prob.
ably not be- difficult. A uniformity of
valuation at all our ports is essential, and
the most effective measures should be
taken to secure it. Il is equally desir-
able that questions affecting rates and
classifcations should be promptly de-
cided.
The preparation Of a new schedule of
custom duties is matter Of great deli
cacy because of its effect upon the bust
ness Of the country, and of great diff
Guilty by reason of the wide divergence
of opinion as to the objects that may be
promoted by such legislation. Some
disturbance oil business may perhaps re-
suit from the consideration of this sub
ject by Congress, but this temporary i'll
effect will be reduced to the minimum
by prompt action, and the assurance
which the country enjoys that any neces-
sary changes will ba 30 made as not to
impair the just and reasonable protection
of our home industries. The inequali-
ties of the law should be adjusted, but
the protective principle should be main
tanned and fairly applied to the products
Of our farms as we'll as our shops. These
duties necessarily have relation to other
things besides the public revenues. We
cannot limit their effects by fixing our
eyes on the public treasury alone. They
have direct relation to homo produc-
ton, to work, to wages, aud to the COM
mercial 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
revenues can, am sure, be made with
out making the smaller burden more
onerous than the larger, by reason of the
disabilities and limitations which the
process of reductions puts upon both
capital and labor. The free list can very
safely be extended by placing thereon
articles that do not offer injurious coupe
tition to such domestic products as our
home labor can supply.
INTERNAL REVENUE.
The removal of the internal tax upon
tobacco would relieve an important agri-
cultural product from burden which was
imposed only because our revenue from
customs was insufficient for the public
nnodu TT oofn nrnytafnYn oDaspot fro nd
can be devised, the removal of the tax
upon spirits used in the arts and manu-.
features would also offer an unobjection-
able method of reducing the surplus.
MONETARY MATTERS.
A table presented by the Secretary oil
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 am cunt of
national bank notes in circulation has
decreased during that pariod $114, l09, 729,
of which $37, 799, 229 is chargeable to the
last year. The withdrawal of the bank
circulation will necessarily continue
under the existing condition. It is prob
able that the adoption of the suggestion
made by the Comptroller of the Cur
rency, viz: that the minimum deposit
of bonds for the establishment of banks
be reduced, and that an issue of notes to
the par value of the bond be allowed
would help to maintain the bank circula.
ton and the Issues of gold and silver
certificates.
The total amount Of money of all
kinds in circulation on March /, 1878
was $685., 793. S07, while ON October l,
| 1889, the total amount was $145, 018 600
There was an increase of 1926, 517 ,552 in
gold, and of $57 554 100 in standard sill.
yer dollars; $72,3l1, 249 in gold certi6.
Gates; 1919 ,6l9 7l5 in silver certificates,
and $14,073, 7S7 in United States notes
making total of $713, 1910, 403. There
was during the same period decrease
of $114, 100, 729 in bank circulation, and
Of $642, 1881 in subsidiary silver. The mel
increase was $599, 224 1893. The circula
ton per capita has increased about SC
during the time covered by the table re-.
| ferred to.
SILVER COINAGE.
The total coinage of silver dollars wat
on November J., 1889, $343, 638, DOL, o.
which 1888 $50 .521 was in the Treasury
vaults, and $50, 098, $50 was in circula
ton. Or the amount in the vaults $277..
319, 944 was represented by outstanding
silver certificates, leaving $6,219,577 moi
in circulation and not represented by
certificates.
The law requiring the purchase by the
Treasury of two million dollars worth oil
silver bullion each month to be coined
into silver dollars OF 4121s grains, has
been observed by the Department; Blu.
neither the present Secretary nor any OF
his predecessors has deemed it safe to
exercise the discretion given by law to
increase the monthly purchases to four
million dollars. When the law was en-
acted February %, 1879 the price of
silver in the market was $1.20 4.10 per
ounce, making the bullion value Of the
dollar 90 cents. Since that time the
price has fallen as low as 91.2 cents per
ounce, reducing the bullion value of the
dollar to 1919 cents. Within the last few
months the market price has somewhat
advanced, and On the LIST day of Novem-
Der last the bullion value of the silver dol
lar was II cents.
The evil anticipations which have &C.
companied the coinage and use Of silver
dollars, have not been realized. As a
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 accept
ance and use of the silver certificate
shows that silver has not been otherwise
discredited. Some favorable conditions
have contributed to the maintenance of
this practical eUualitv in their conmar.