Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1889-12-03

I
on articles that TO not offer Injurious
competition TO such domestic pro-
ducts rs our home labor en- supply.
The removal of the i:.ttgESl tax
upon tobacco would reiieVe an i'm
| pOrtant agricultural product from a
burden which was imposed only be-
ceuse our revenue from custom,
duties vas insnl.! Gent for The pub
JIG needs. Provision against frnud
can be devised. The removal OF the
tax upon spirits used in the arts ana
| in manufactures would also offer
an Objectionable method Of reducing
the surplus. t....
NrcNEy Is CALCULATIONS.
4 table presented by the Secre-
tary oftha Treasury, showing the
amount OF mUuey OF all kinds Ia
circulation, each year from 1873 TO
tic present time, is Of interest IL
appears that the amount Of natlcnai
bank NOTES In circulation has de-
creased during niat period Sll :, lO9,-
20, OF which So, 100 ,22s Is charge
able 10 the last year.
The Withdrawal OF bank circuIa-
I ton will necessarily continue under
existing conditions. IL is probable
that the adoption Of the suggestions
made by the Comptroller OF the
curroncy,. VIZ, that the minimum
! deposit OF bonis FOR the establish
ment Of banks be reduced and that
an issue OF mates to the par value Of
the eonI be allowed, would help TO
maintain the bank circulation; but
while this withdrawal OF bank notes
has been going pn 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 lst
Of 1875 was ss05,,seS. s0i, while on
October ist. 1889, the total amount
was Sl4l ,OlS, 600. There was an in
crease Of S2s3, III, l52 in gold, and Of
S57, 554,lOO In standard silver dol
lars, OF 81, 3lI, go in gold certifi-
Gates, of S2Te, Bfq.7I5 in silver eeE-
tificates and ofSi i,OT3, 7ST In United
States notes; making total Of s7l8,-
076, i02. There was during the
same period decrease Of SllI,-
iO9, 100 in hank certificates and
of S6i2, ISL in subsidiary sill
yer. The net increase was $685., 224,-
1873. The circulation per capita has
increased about five dollars during
the time covered by the table re-
fcrred 10. The total coinage Of sill
yer dollars was, on November LIST,
1859, s343, G3s. 10i, of which $685.
539, 59l were in the Treasury vaults
and $50, OBS, 80 were in circulation.
or the amJuntin the vaults, S277,-
1884 were represented by out
standing silver certificates, leaving
Sj,2l9, 577 not in circulation, and
not represented by certificates.
The law requiring the purchase
10y the Treasury of two million dol
lars worth of silver bullion each
month 20 tie coined into silver dol
lars Of 4.i2l grains has been OBJ
served by the department; but
neither the President, Secretary nor
any Of his predecessors has deemed
il safe 20 exercise the discretion
given by law 20 increase the month
ly purchases to four million dollars.
When the law was enacted
February 18Th, 1851, the price !
% silver in the market was I04.IO !
per ounce, making the bullion value !
Of the dOlinr % cents. Since that !
time the price has fallen rs low as
5i.2 cents per ounce, reducing the |
bullion value Of the dollar TO 70.j /
cents. Within the last few months 4
the market price has somewhat adj. !
vanced, and on the first day Of 4
November last the bullion value of 1
the silver dollar was ~ cents. The /
evil authorizations which have &C |
cOmpanied the coinage and use Of /
the silver dollar have not been /
realized. As coin il has /
had general use, and the public |
treasury has been compelled to store
it, but this j. nlanifestly owing 10
the fact that their paper representa-
tives arc more convenient. The
general acceptance and use Of the
silver certificate shows that silver
not otherwise discrellted under
some favorable circumstances, has
contributed TO the maintenance Of
the equality Of commercial relations
between gold and silver dollars; but
some Of these are trade conditions
that statutory euactments do not
control, and Of the continuance Of
which We cannot be certain.
/ think il Is clear that If we
should make the coinage Of silver al
the present ratio free, We must ex-
pect that differences I'm the bullion
values Of gold and silver dollars will
be taken advantage OF in commercial
transactions, and fear the same re-
suit would follow any considerable
increase Of The present rate Of coin
age. Such a result would lie dis
10 our financial manage.
mCnt and disastrous TO all business
interests. We should not tread the
edge CT such a peril, and
indeed nothing more harmful could
happen TO the silver interests. Safe !
legislation upon this subject must
secure che equality Of the two coins
in the commercial USES.
! have always been an advocate
Of the use Of silver in our currency.
We are large producers Of that
metal, and should not discredit il. ,
To the plan which win be presented
by the Secretary Of the Treasury
for the issuance Of notes Of certiti-
Gates upon the deposit Of silver bull
lion at its MARKET value l hate beeh
able to give only n hnsty examinl-
ton, owing 10 the press Of
other matters, md TO the fact
that Il has been SO recently formu-
lated. The details Of such a law
will require careful consideration,
but the general plan suggested seems
10 satisfy the purpose 10 continue
the use Of silver in connection with ,
our currency, and at the same time
TO Obviate the dangers Of which I
have spoken. At later day | may ,,
further with Con-
gress on this subject.
EXCLUSION or CHINESE.
The enforcement Of theC hinese ex-
slmgfnn not hos h.av fn.,uI ,-ar,. ,NsfNg I