Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1889-12-04

THE PRIZE TARIFF sTRADDLE.
I recommend a revision Of our tariff law,
both in its administrative features and IN
the schedules. The need Of the former is
generally conceded, and agreement upon
the evils and inconviences 10 be remedisd
and the best methods for their correction
will probably not be difficult. Uniformity
Of values at all our ports is essential, and
effective measures should be taken to Sc
cure It. 1t is equally desirable
that conflicting rates and class
i6cations should be promptly decided.
Tie preparation CT new schedule OF Gus
toms duties is 9 matter Of great delicacy,
because Of its direct effect upon the
business Of the country, and OF
great difficulty by reason Of the wide d.
VeTgsnce Of opinion 81 to the objects that
may properly be promoted by such legisla-
tion. Some disturbance Of business may
uerhaps result from the consideration of
this subject by Congress, but this tempo
rary in effect will be reduced to the min
imum by prompt action and by the assur-
ance which the country already enjoys that
any necessary changes will be SO made as
not 70 impsir the just and reasonable pro-
lection Of our home Industries. The IN
equaGties OF the law should be adjusted,
bat
THE PROTECTIVE PRINCIPLE SHOULD BE
MAINTAINED
and fairly applied to the products Of our
farm az well 80 of our shops. These duties
necessarily have relation TO other things
hss.das the public revenues. We canuot
imi, their effects by fixing cur eyes on
Tire public treasury alone. They have a
dilect relation TO home production, to
work, 10 wages, and 20 the commercial In
dependence Of our country, and the wise
and patriotic legislator should enlarge the
field o. his vision to include all of these.
The necessary reduction in Our public rev
eIues Can, I an sure, De made without
making the smaller burden more Onerous
ihsn the larger By reason Of the disabilities
and limitations which the process Of pc
duc.iOn pats upon both capital aad labor.
The free list Can very safely be extended
by placing thereon articles that DO not
of injurious competition to such domes-
tic products as our home labor can supply.
The removal Of the internal tax upon to-
bacco would relieve an important sgrlcul'
tural product from q burden which was
imposed only because our revenue from
customs duties was insufficient for public
needs II safe provision against fraud can
be devised, the removal OF the tax upon
spirits used in the arts and in manu-
lectures WOuld also offsr an unobjsction-
able method Of reducing the surplus.
THE CURRENCY QUESTION.
A table presented by the Secretary OF
the Treasury, showing the amount OF
morey of all kinds in circulation each year
FROM 1873 70 the present time, is of inter-
sat. Itappears that the amount Of national
bank notes in circulation has decreased
duIiag that period S114, 100, 729, OF which
S37. 799. 300 IS chargeable 20 the last year.
The withdra val Of bank circulation will
necessarily continue under existing condi-
tious. IL is probable that the adoption
Of the suggestions made by the C,mptrOl-
Ter Of the Currency, viz; that the mini
mum deposit Of bonds for the establish
ment of banks he 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 Oh,
there has been a large increase in the
smcuDt of gold and silver coin IN
circulation and in the issues Of gold
ard silver certificates. The total
amount Of money of all kinds in ciroula-
ion on March 1, 1873. WAS sos, 1913 8O7,
while on October /, 1889 the total was
81. 405 O1S COO There was an increase Of
1898 Az. 552 in gold coin, Of S57, 554. Ice
ip standard silver dollars of S72 81 249
10 gold certificates, OF S276, 619 SIS in ell
YER certificates, and Of Sl4, 073, 7S9 in Z. S.
notes, making a fatal of $7l3 976, 403.
There was during the same period q de-
crease Of Sl14,109 729 in tauk circulation,
aud of S642 49, in subsidiary silver The
net increase was $500. 224, 1913. The cir
c1iatiou per capita increased ebOut five
dollars during the time covered by the
table referred to.
A REBUFF TO THE sILyERITEs.
The total coinage of silver collars was,
On November I, 1889, $343, 63S DOL, Of
which 1888, $50 57l were in the treasury
vaults snd $50 O98, 43O we're in circulation
OF the amount in the vaults, 1917, 513 ga
were represented BY outstanding silver
certificates leaving S6 219,57 not in cir
collation., end not represented by certlh-
cafes. The law requiring the purcbasa,
bv the treasury, OF two million dollars
worth Of silver bullion each month, TO be
coined into silver dollars Of four hundred
and twelve ana one-half grains, has been
observed by the department; but neither
the present Secretary nor any Of his prede-
csssors has deemed il safe to exercise the
discretion given by law TO Increase the
monthly purchases 20 four million
dollars When the law was enacted
lFehrusry %, 1873 the price
of silver in the market was 81 20, 40 per
ounce, making the bullion value OF the
dollar 90 cents. Since that time the price
hiss fallen as low as 9l.2 cents per ounce,
reducing the bullion value o. the dollar TO
20 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 y
cents The evil anticipations which have
accompanied the coinage and use OF the
silve- dollar nave not been realized. As
a coin IL
HAS NOT GENERAL USE
and TIE public Treasury has been com
pslled 70 destroy IT, But this IS manifest
iy owing % the fact that its paper repre-
sentative is more c1rvenint. The general
acceptance aud use of the silver certificates
shows that silver has not bsan otherwise
discredited. Some favorable conditions
have contributed 10 maintain this practi-
cal equality in their commercial use be-
tween the gold and silver dollars. Bat
some Of these are trade conditions
that statutory enactments do not con.
troll ana Of the continuance of which
We cannot be certain. think
itis clear that If we should make the
coinage Of silver et the present rate free,
ne must exDec, that the difference il the
lilo, .,1r,,- Of Hra Gold o,T pffvo~ dol