Dodge City times., 1889-12-05

law both in its administrative features
and in the schedule. The need of the
former is generally conceded, and an
agreement upon the evils and inconveni-
ences to be remedied and the best meth
ods for their correction will probably not
be difficult. Uniformity of valuation at
all our ports is essential and effective
measures should be taken to Sc
cure it. 1t is equally desirable
that questions affecting rates and
classifications should be promptly decided.
The preparation of a new schedule of
custom duties is a matter of great deli
cacy because of its effects upon the bust
ness 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 a con-
sideration of this subject by congress, but
this temporary ill effect will be reduced
to a minimum by prompt action
and assurance which the coun-
try enjoys that any necessary
changes will be so made as not to impair
the just and reasonable protection OF our
home industries. The inequalities of the
law should be adjusted but the protec-
ton principle should be maintained and
fairly applied to the products of our
farms as well as our shops. These duties
necessarily have relation to other things
besides public revenues. We cannot
limit their effects by fixing our eyes on
the public treasury alone. They have
direct relation to home production, to
work, to wages and to the commercial in
dependence 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
revenue car, l am sure, be made without
making the smaller burden more Onerous
than the larger, by reason of the durabili
ties and limitations which the process of
reduction puts upon both capital and
labor. The 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 relieve an important
agricultural product from burden which
was imposed only because our revenue
from custom duties was insufficient for
the public needs. If safe provision can be
spirits used in the arts and of manufac-
lures would also offer an Objectionable
method of reducing the surplus.
CIRCULATING MEDIUMS.
A table presented by the secretary Of the
treasury showing the amount of all 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 circulation has decreased during
that period $114, 4,1O9, ,729, of which $751;
799, ,229 is chargeable to last year.
The withdrawal of bank circulation
will necessarily continue under existing
conditions. It is probable the adoption
of the suggestions made by the comp
trOller of the currency viz: That the
minimum deposit of bonds for the estab
lishment of banks be 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 on
there has been a large increase in the
amount of gold and silver coin in circula-
ton and in the issues of gold and silver
certificates.
The total amount of money of all kinds
in circulation on March 1, 1878, was $685.
793, ,SO7, while on October 1, 1899, the to-
tai was s., ,4O5, ,O1S,OO There was an in
crease of $293, 3,417, ,552 in gold coin, of
s57, So, 100 in standard silver dol
lars, of $72,311 ,249 in gold certificates,
Df $276,619,715 in silver certificates and
Of $14,O73,7S7 in United States notes,
making total of 1896, ,4O3 There was
Turing the same period decrease of $114,
lO9, ,729 in bank circulation and of $642, ,4S1
in subsidiary silver. The net increase was
$685., 224 ,193 The circulation per capita has
increased about five dollars during the |
lime covered by the table referred to the |
total coinage of silver dollars was on No
vember 1, 1889, $343.63S, ,0O1, of which |
f2S3, ,539, ,521 were in the treasury vaults, |
md $6O,09S, ,4S0 were in circulation. Of |
he amount in the vaults $277, ,319, ,944 |
we're represented by outstanding silver |
certificates, leaving $6,29S. .597 not in cir
:ulation and not represented by certifi |
.ates.
SILVER COINAGE.
The law requiring the purchase by the |
of two million dollars worth of |
iilver bullion each month to be coined in
o silver dollars of 4121a grains has been
observed by the department, but neither
he present secretary nor any of his pred
,cessors haA Adeemed it safe to exercise
he discretion given by law to increase
he monthly purchase to four million
lollars. When the law was en-
cted, February 2Sth. 1878, the price
# silver in the market was $1204 per
'unce, making the bullion value Of the
lOllar 90 cents. Since that time the price
las fallen as low as 91.2 cents per ounce,
the bullion value of the dollar
o 7O.6 cents Within the last few months
he market price has somewhat advanced
nd on the first day of November last the
ullion value of the silver dollar was 72
ents. The evil anticipations which have
the coinage and use of the
liver dollar have not yet been
ealized. As coin, it has not
ad general use, and the public treasury
as been compelled to store it. But this
, manifestly owing to the fact that its
aper representative is more convenient.
he general acceptance and use of silver
ertificates shows that silver has not been
therwise discredited. Some favorable
onditions have contributed to maintain
his practical equality in their CONNER
ial use between the gold and silver dol
irs But some of these are trade condi
Ons that statutory enactments do not
ontrol and of the continuance of which
re cannot be certain.
I think it is clear that if we should
,ake coinage of silver at present rates
rec, we must expect the difference in
ullion values of the gold and silver dol