Audubon County Republican. [volume] (Audubon, Audubon Co., Iowa) 1885-1894, 1889-12-05

terest, upon the security OF government
bonds, L regard as an unauthorized
and dangerous expedient. 1t results In n tenn
porary and unnatural Increase of the banking
capital OF favored localities and compcls a
cautions and gradual recall of tine deposits TO
avoid injury 4 the commercial interests. Ii Is
not to be expected that the banks having
deposits will sell their bonds 10 tho treasury
SO long as the present highly beneficial ar
rangement 10 continued. They now practl-
cally get interest both upon their bonds and
their proceeds and no further use should be
made OF this method of getting the surplus
into circulation and the deposits now out
standing should be gradually withdrawn and
applied to the purchase Of bonds. 1t Is fortu-
nate that such use can be made of the exist
ing surplus and for some time to come OF any
casual surplus that may exist after congress
has taken the necessary steps for q reduction
OF the revenue. Such legislation should BIO
promptly, but very CONSIDERABLY enacted.
recommend q revision of our tariff law,
both In its administrative features and in the
schedules. The need OF the former Is gener-
ally conceded, and an agreement upon the
evils and Inconvenience to be remedied and
the best methods for their correction will
probably not be difficult. Uniformity of val
uation at all our ports is essential, and ef-
fective measures should be taken to secure 1t.
1t Is equally desirable that questions affecting
rates and classificatons should be promptly
decided. The preparation Of a new schedule
OF customs duties Is n matter OF great deli
cacy because of it's effect upon the business OF
the country. or great difficulty by reason Of
the wide divergence Of opinion as to the oh
tests that may be promoted by such legisla
lation. Some disturbance of business may
perhaps result from consideration of this
subject by congress, but this temporary Ill
effect will be reduced to minimum
by prompt action and assurance which
the country enjoys that any necessary
changes will be so made as not to impair tho
just and reasonable protection of our home
industries. The inequalities of the law should
be adjusted but the protective 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 the public revenues. We can.
not limit their effects by fixing our eyes on
the public treasury alone. They have a
direct relation to home production, to work,
to wages and TO the commercial independence
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 reve-
nues can, / am sure. be made without max
the smaller burden more enormous than the
larger by reason of the disabilities and limi-
tations which the process of reduction puts
upon both capital and labor. The free list
can very safely DO extended by placing there
on articles that do not offer injurious compe-
tition TO such domestic production as our
home can supply. The removal of the inter.
nal tax on tobacco would relieve an import
ant agricultural product from a burden
which was imposed only because our revenue
from custom duties was insufficient for the
public needs. If safe provision against fraud
can be devised the removal of the tax upon
spirits used in the arts aud In manufactures
would also offer an unobjectionable method
of reducing the surplus. -..
A table presented by the secretary of the
treasury, showing tho amount OF money of
al kind In circulation, of each
year, from 1878 10 the present
time Is of interest. II appears that the
amount of national bank notes in circulation
has decreased during that period $ll4, 100, 500,
of which S37, 10g,2 29 is cnarpeable TO the last
year. Tho Withdrawal of bank circulation
will necessary continue under existing condi-
lions. 1t is probable the adoption of the
suggestions made by the comptroller of tho
currency, viz: that the minimum deposit of
bonds for the establishment of banks be de-
creased and that an issue Of notes to the par
amount of bonds be allowed would help to
maintain the bank circulation. But while
this withdrawal OF bank notes has been going
on there has been q large increase in amount
OF gold and silver coin in circulation and In
the issue OF gold and silver certificates. ~
The total amount of money Of all kinds in
circulation on March J, 1878, was $685., 795, 1907,
while on October 1, 1889, the total amount
was Sl,405, 10000. There was an increase OF
S2e3, All ,552 In gold, and of S5T,55i 100 In
standard silver dollars, of S72,31l,2i9 in gold
certificates, of S276,6lo,7I5 in silver certi1.
Gates, aud OF Slt,073,7S7 in United States
notes, making total of S7l3.9T6, 400. There
WAS during the same period, decrease of
in ri Mt Of :
4Sl in subsidiary silver. The net increase was
$500, 1873. 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 T,
1880, S3i3, 63s, 001, of which $3.50, $50 52l were
in the treasury vaults, and S60,00S,4S0 were
In circulation. or the amount In the vaults
S2T ,3l9.9i4 were represented by outstanding
silver certificates, leaving S6,2l9,51T not in
circulation aud not represented by certif.
Gates.
The law requiring the purchase by the
treasury of two million dollars worth of sill.
yer bullion each month to be coined into sill
yer dollars of 4I2% grains, has been observed
by the Department., but neither the present
secretary nor any of his predecessors has
deemed 1t safe to exercise the discretion given
by law to increase the monthly purchases to
four million dollars. When the law was enact
ed February Is, 1879, the price OF silver
bullion in the market was Sl,20t per ounce,
making the bullion value of the dollar 90
cents. Since that time the price has fallen as
low as 49, cents per ounce, reducing the bull.
lion value of the dollar to 20 8 cents. Within
the last few months the market price has
somewhat advanced, and on the first day OF
last November the bullion value Of the silver
dollar was ~ cents. The evil apticipations
which have accompanied the coinage and use
of the silver dollar has not been
realized. As u coin 1t has not
had general use and the public treasury has
been compelled TO store it, but this is mani
testify owing to the fact that its paper repre-
sentative Is more convenient. The general
acceptance and use OF the silver certificate
shows that silver had not been otherwise dis
credited, some favorable conditions having
contributed to maintain this practical equal
ity In their commercial use between the gold
and silver dol ars. nut some of these are
trade conditions that statutory enactments
do not control, and OF the continuance OF
which we cannot be certain. ] think II Is
clear that IL we should make coinage of sill
yer at the present ratio free, we must expect
the difference in bullion values OF the gold
aud silver dollars will be taken account of in
commercial transactions, and fear the same
result would follow any considerable increase
of the present rate Of coinage. Such result
would be discreditable to our financial man
agement and disastrous TO all business inter
ests. We should not tread the dam
gerouS edge of such peril,
and indeed nothing more harmful
could happen to tho silver interests. Any
safe legislation upon this subject must secure
the equality of the two coins in the CONNER
clal 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 it. To the plan which will be pre-
scented by the secretary of the treasury for
the issuance of notes of certificates upon the
deposit of silver bullion at its market value,
L have been able to give only hasty exam
fnation owing to the press of other matters
and to the fact that it has been so recently
formulated. The details of such q law re-
quirc careful consideration, but the general
plan suggested by him seems TO satisfy tho
purpose to continue the use of silver in con-
nection with our currency and at the same
time to obviate the danger of which l have
spoken. AT later day may communicate
further with congress upon this subject
The enforcement of the Chinese exclusion
act has been found TO be very difficult. On
the northwestern frontier, Cinnamon landing
owing to the impossibility, with the force at
command, of the customs officers guarding so
long an inland line. The secretary of the
additional officers, who will be assigned to
enforce the law. The dominion exacts ahead
tax of $50 for each Chinaman landed, and
when these persons, in fraud OF our law,
apprchended, our officers do not
In, att.n