The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1889-12-05

4
eial independence Of our country. and the
| vine and patriotic legislator should enlarge
1 the Held OF his vision to include all OF these
| The necessary reduction in our public rev.
| enues can, am sure, be made without max
| ing the smaller burden more onerous than
| the larger by reason OF the DISABILITIES 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 q
burden which was Imposed only because our
/ revenue from custom duties was insufficient
i for the public needs.
II safe provision can be devised, the re.
4 moval of the tax upon spirits used In the
arts and manufactures would offer an un-
Questionable method OF reducing the sur
| plus.
THE CIRCULATION.
table presented by the Secretary of the
| Treasury showing the amount of money OF
! all kinds IN circulation each year from 1875 to
the present time Is OF interest. nAppears
that the amount OF National bank notes in
circulation has decreased during that period
gl4te97z9, of which So, 7se 22S is ehargeable to
| the last year
The withdrawal of bank circulation win
necessarily continue under existing condI-
tIons. It is probable the adoption of the
suggestions made by the Comptroller, viz,
that the minimum deposit of bonds for the
| establishments of banks be reduced, and that
an issue of notes to the par value of the
bonds be allowed, wiA help to maintain the
bank circulation. But while this withdrawal
of bank notes has been going there has
been large increase in the amount of gold
and silver coin in circulation and in the Is
sues of gold and silver certificates.
The total amount of money of all kinds In
circulation on March i, 1878, SsO5, 793, s07,
while on october l, 1889, the total was 81, 4O5.
ois,O00 There was an increase of $293, All $50
in gold coip, of $S7 554 100 in standard silver
dollars, of 81, 3fl ,249 in gold certificates, of
$276.6I9715 in silver certificates, and of S14,
O73,7s7 in United States notes, making total
of S713,976, 403. There was during the same
period a decrease of STA .IO9.729 in bank cir
cuiation and of $S42 ,4S1 in subsidiary
silver. The net Increase was $3.50,
224,l9S. The circulation per capita has
increased about five dollars during the time
covered by the table referred to. The total
coinage of silver dollars was on November y
1889, 1858 6S9 OOl, OF which $2S3 52I were In
the treasury vaults and $50, O9S 40 were IN cir
culatipn. OF the amount in the vaults $277,-
3l9, "a were represented by outstanding sill
yer certificates, leaving $6,291,577 not In cir
culation and not represented by certificates.
SILVER COINAGE.
The law requiring the purchase by the
treasury of 81 600, 900 worth OF silver bullion
each month to be coined into silver dollars
of 4l2l2 grains has been observed by the de-
partment, but neither the present Secretary
nor any of his predecessors has deemed It
safe to exercise the discretion given by law
to increase the monthly purchase to S4,OOO,-
900.
When the law was enacted February o.
1878, the price of silver in the market was
$l.2Q 40 per ounce, making the bullion value
of the dollar 80 cents. Since that time the
price has fallen as low as 9l.2 cents per ounce,
reducing the bullion value of the dollar to
706 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 ~ cents.
The evil anticipations which have accom-
p anied the coinage and use of the silver dol
lar have not been realized. As q coin it has
not had general use, and the public treas
ury has been compelled to store 1t. But this
is manifestly owing to the fact that its paper
representative is more convenient. The gen
eral acceptance and use of silver certificates
shows that silver has not otherwise been dis
credited. Some favorable conditions have
contributed to maintain this practical equal
ity in their commercial uses between gold
and silver dollars But some of these are
trade conditions that statutory enactments
do not control, and of the continuance of
which we can not be certain.
think 1t is clear that IL 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 1
fear the same result would follow any con-
siderable increase of the present rate of
coinage. Such a result would be dfseredit-
able to our financial management and dis
astrous to all business interests. We should
not tread the dangerous edge of such a
could happen to the silver interests. Any
safe legislation upon this subject must Sc
cure the equality of the two coins In their
commercial uses I have always been an
advocate of the use of silver in our curI ency.
We are large producers of that metal and
should not discredit it. To the plan which
Will be presented by the Secretary of the
Treasury for the issuance of notes certif-
Gates upon the deposit of silver bullion
at its market value, have been
IN n
ton owing to the press of other
matters, and to the fact that
It has been SO recently formulated The
details OF such q law require careful con-
sideration, but the general plan suggested
by him seems to satisfy the purpose to con-
tinue the use of silver in connection with
our currency and at the same time to ooViate
the danger OF which have spoken. At a
later day may communicate further with
Congress on this subject.
THE CHINESE.
The enforcement of the Chinese Exclusion
act has been found to be very difficult on the
Northwest frontier. Chinese landing at Vic
toria ind 1t easy to pass our border owing to
the impossibility, with the force at command,
of the customs officers of guarding so long
an inland line The Secretary of the Treas
ury has authorized the employment of addi-
tional officers, who will be assigned to this
duty, and every effort will be made to enforce
the law. The Dominion exacts a head tax OF
$50 for each Chlnaman landing, and when
these persons in fraud of our law cross into
our territory and are appFehended our OIL
GERS do not know what to do with them, as
the Dominion authorities will not suffer
them to be sent back without q second pay
ment of the tax. An effort Will be made to
reach an understanding that will remove
this difficulty.
COAST DEFENsEs
Judged by modern standards We are prac-
tically without coast defenses. Many OF the
structures we have would enhance rather
than diminish the perils of their garrisons II
subjected imDrOVeu
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 ap-
preparation for the construction of
large rifed guns made one year ago
was, 1 sure, the expression of a
purpose to provide suitable works in which
these guns might be mounted. An appropri-
alton now made for that purpose would not
advance the works beyond our ability to
| supply them with fairly effective guns
The security OF our coast cities against for
eign attack should not rest altogether in the
friendly disposition of other Nations. There
should be a second line wholly In our own
keeping. 1 very earnestly recommend an
appropriation at this session for the con-
struction of such works in our most exposed
| harbora.
The Improvement of our important rivers
and harbors should be promoted by the nee
essary appropriations Care should be taken
| that the Government Is not committed 70 the
prosecution of works not of public and gen.
eral advantage and that the relative useful
ness of works of that class Is not overlooked.
| So far as this work can ever be said to be
completed do not doubt that the END would
be sooner and more economically reached il
| fewer separate works were undertaken at
the same time and those selected for their
greater general interest were more rapidly
pushed to completion.
PROTECTION OF OFFICERS
| The assault made by David 8. Terry upon
| the person OF Justice Field, of the Supreme
Court Of the United States. in Lathrop, Cal,
| in August last, and the killing of the
/ assailant by deputy United States marshal,
who had been deputed to accompany Justice
| Field and to protect him from anticipated
| violence at the hands of Terry, in connection
| with the legal proceedings which have fol-
| lowed, suggest questions which in my tudg-
/ ment are worthy of the attention OF Con-
/ gress- recommend that more definite pro-
| visions be made by law, not only for the pro-
u -. -.