Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1889-12-05
REDUCE THE WAR TAX
SECRETARY WINDOW COMPELLED TO MAXI
THE RECOMMENDATION.
The Surplus Danger Continues, and BurtsnWms
Taxation Should bs Rsmovsd-Ths Silver
Q1sstion-A Remedy for Present Evils.
National Bank Deposits.

WASHINGTON, December An his an
nusl report Secretary of the Treasury Win
dom says: For the fiscal year of 1880 the
estimated receipts are 1886, 900, 600 and ex-
penditures 1898, 100000; the estimated
surplus applicable TO the purchase of bonds
being $92, OOO, 600; the estimated amount
required for sinking fond, S4s, 32l, ll6 SO;
leaving net surplus for the war of S43,-
676, SS3 OF.
As compared with SOB 22O, 464 II at the
close of the fiscal year 1ssS, the cash bal
ance in the Treasury over and above all &C.
crued liabilities at the close Of 1859 was
81. Asa, 042 39. II TO this balance there
be added the estimated surplus for the
fiscal year the amount that may be ap-
piled to the purchase Of bonds TO June 30,
1890, will be $l63, 4S4,0i2 80 Bonds and
other obligations of the United States
have already been purchased and re-
deemed 10 the extent Of $50, 465, 4s5 49,
leaving the available cash on hand Noyem-
ber l, 1889, S45, 1886, 762 40.
REDUCE THE TAXES.
In the presence of such conditions, il isa
MANIFEST duty TO wisely guard against
future needless accumulation with its
fruitful trail Of evils. II o portion Of the
surplus revenue can be ussd to enlarge our
foreign markets, and thereby advance our
commercial and productive interests IL is
the part of wisdom TO 20 apply il. The
Strengthening OF our coast deienses, and
the building up of our navy, subjects OF
nationsl concern, ofler further opportunity
for wise expenditures that would return
the money directly to the people.
A tariff for revenue only contemplates
such an adjustment of duty a. will yitli
the largest amount Of revenue 81 the low
est rates. 1t means the largest possible
quantity of impJrtations consistent with
the amount Of customs revenue required
to defray the expenses Of the Government.
Whatever differences Of opinion there
may be with regard to the best method Of
disposine of the surplus revenue, and pre-
venting the accumulation of money in the
Treasury beyond the proper needs Of the
Government, and however diverse may be
opinions as to the abstract question OF
taxation for revenue purposes, customs and
internal, there ia general agreement that
u revision of the tariff and customs laws is
urgently needed.
THE SILVER DOLLAR.
The continued coinage OF the silver dol
lar, at a constantly increasing monthly
quota, is a disturbing element in the
otherwise excellent financial condition OF
the country, and a positive hindersnce 20
any international agreement looking TO the
free coinage Of both metals at fixed
ratio. Since the passage Of the &C. Of
Februsry %, 1878, to November /, 1889.
there have been purchased 299 $50 ll6 II
standard ounces OF silver, st a cost OF
1886, $50 633,64. from which there have
been coined 343, 63S, 001 standard silver
dollars. There were in circulation on No
vember l Of the present year 60,O9s 4s0
silver dollars, lees than 81 per capita, the
remainder, 1888, 539. 52l, beiug stored
away in Government vaults, Of which
$277, 319, 944 were covered by outstanding
certificates.
The price of silver, on March /, 1878,
was 81 10 l6 pence, equal TO 81 2O329 per
ounce fine. At thia price 81, 600, 600 wonld
puiCUdct 4 .bObi 80 uuncth 0i uut hiiNtF,
which would coin 9. l47. POS standard sill
yer dollars. Starting in 1878 with no
stock OF silver dollars, this country, stand
ing alone of sll important nations, in its
efforts to restore the former equilibrium
between gold and silver, has, in the brief
period OF IL years, added to its OF foil
legal-tender money 343, 63S, OO1 dollars of
q deprecated and stead y depreciatiug
metal.
WINDOWS REMEDY.
Issue Treasury notes against deposits Of
silver bullion at the market price Of silver
when deposited, payable on demand ia
such quantities oil silver bullion ~ will
equal in value, at the date Of presenta-
tioD, the Bumber of dollars expressed
on the face Of the notes az the market
price of silver, or in gold, Ut the op-
tiOn of the holder. Repeal the COM
pulsory feature OF the present COMA act.
The Secretary desires TO call special atten-
tiOn to this proposition, believing that in
the application OF i,s principles will be
found ihe safest and most satisfactory
solution Of the silver problem az Is now
presented for the action Of this country.
The remainder OF the report is given up to
routine matters. The Secretary, however,
iiscredts the policy Of deposi.ing govern
ment monies in national banks.