Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1889-12-07


terest both upon the bonds and their pro
,ceetls. No fun .her use should be made of
this method OF getting the surplus into cir
cnlatiQn, and the deposits nov outstanding
should be gradually withdrawn and applied
to TIE purchase of bonds. 1t is fortunate
that such use can be made of the existing
surplus, and for some time to come of any
casual ,ssrplus that may exist after congress
has taken the necessary steps for q reduction
of the revenue. Such legislation should be
promptly but very CONSIDERABLY enacted
! II recoelmend revision of our tariff lazy,
both Units administrative features and initho
schedules The need of the former is gen
erally'coneeded. and an agreement upon the
evils and inconvenienccs to / . remeaied, and
the best methods for their correction will
probably not bo diffult. Uniformity of val
datlon at all our ports is essential and eff
fective measures should be taken TO secure
IT, 1t is equally desirable that questions af-
feeling rates and cassications should be
promptly decided.
"Tbe preparation of new schedule of Gus.
toms duties is matter of great delicacy, be-
cause Of its effect upon the business 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 consideration of the subject by
congress, but this temporary ill effect will be
reduced to mjnimum by prompt action and
assurance which the country 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 adj
Justed but the protective principle should be
maintained and fairly applied to the pro-
ducts of our farms as well as our shops.
These duties necessarily hayc relation to
other things besides the public revenues We
cannot limit their effects by fixing our eyes
ep the public treasury alone. They have a
direct relation to home production. to work,
to wages, aud to the commercial independ-
enee Of our country, and the wise and pa
triotie legislator should enlarge the field of
his vision to include all of these. The nee
essaPy reduction in our public revenue can,
am sure, be made without making the
smaller buyden more onerous than the larger
by reason Of the disabilities and limitations
which the process of reduction puts upon
both capital apd labor.
'The free list can very safely be extended
by placing thereon articles that do not offer
injurious competition to such domestic pro-
ducts as our home labor can supply. The
removal of the External tax upon tobacco
would relieve an important agricultural
product from burden, which was imposed
! only because our revenue from customs du-
ties was insufficient for the public needs.
IF safe provision against fraud can be
devised, the reYoval of the tax upon spirits
used in the arts and in manufactures, would
also offer an unobjectionable method Of re-
ducng the surplus
"A table presented by the secretary of the
| treasury, showing the amount of money of
all kinds in circulation each year, from 1878
to the present time, is of interest 1t APP
pears that the amount of National bank
notes in circulation has decreased during
/ that period STA, l09,729, of which S37, 709,-
22o is chargeable to the last year.
"The withdrawal of bank circulation will
] necessarily continue under existing condi-
tions. 1t is probable the adoption of the
suggestions made by the comptroller of the
, currency. viz; That the minimum deposit
! cf bonds for the establishment of banks be
reduced, ard that an issue of notes to the
par value of the bonds be allowed, would
help to maintain the bank circulation.
From March 1, 1878 to Oct, l, 1899, the net
/ Increase III the total amount of money in
/ circulation was $500, 224 ,s,3. The circlla-
lation per capita has increased about SIS
during the time referred to-
! The president discussing the coinage of
silver explains that the large surplus in the
treasury vaults is lowing to the fact that its
] paper representative is more convenient.
! The general acceptance and use of the silver
| certificate show that silver has not been
otherwise discredited. Some favorable con-
ditions have contributed to maintain this
practical equality in their commercial use
| between the gold and silver dollars. But
! some of these are trade conditions that stat
utory enactments do not control, and of the
| continuance of which we cannot be certain.
II think it is clear that if we should
make coinage of silver at present rates free
we must expect the difference in bullion
values of the gold and silver dollars will be
taken account of in commercial transactions
and fear the same result would follow any
considerable increase OF present rate of COIN
nge such a result would be discreditable to
our financial management and disastrous to
, MI business interest, We should not tread
the dangerous edge of such peril, and in
deed nothing more harmful could happen
to the silver interests. Any safe legislation
upon this subject must secure the equality of
| the two coins in their commercial uses.
81 have always been an advocate of the
use of silver in our currency. We are large
producers of that metal and should not dis
credit it. TO the plan which will be pre-
Bented by the secretary of the treasury Tor
! the issuance of notes or certificates upon the
deposit of silver bullion at its market value,
Ihave been able to give only hasty exami-
nation, owius 70 the 80: CO. OF other matters
md to the fact that it has been so recently
formulated. TIE details of such q law re-
uuire careful consideration, but the general
plan suggested by him seems to satisfy the
purpose-to continue the use Of silver in
connection with our currency, and at the
same time to obviate the danger OF
which have spoken. AT later day | may
communicates further with congress upon this
subject"
The Chinese exclusive act is briefly referred
to and the difficulty of keeping the Mongol-
ians out explained as being due to the vast
boundary line to be guarded III the north
west and the scarcity of officers. The state
ment is made that additional officers Will be
l,,1, ,,tx in tbot cnptiOn
Concerning our coast defenses the presi-
dent said:
Judged by modern standards we are
practically without coast defenses. Many OF
the structures we have would enhance
rather than diminish the perils of their
garrisons, if subjected to the fire OF I'M
proved guns; and very few are SO located as
to give full effect to the greater range of
such guns as we are now making for coast
defense uses. This general subject has had
consideration in congress for some years. and
the appropriation for the construction OF
large riied guns, made one year ago, was, l
am sure, the expression of purpose to pro
vide suitable works in which these guns
might be mounted. An appropriation now
made for that purpose would not advance
the completion of the works beyond our
ability to supply them with fairly effective
, guns. ~,
"The sec lrity of our coast cities against
foreign attack should not rest altogether II
the friendly disposition of other nations
There should be second line wholly IN oul
own keeping. | very urgently recommend