The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1889-12-12

The existence Of so large an actual and an
t1cipated surplus should have the immediate
attention of Congress. with q view to re-
needs Of the Government as closely as may be.
The collection Of moneys not needed for public
uses imposes On unnecessary burden upon our
plus in the public vaults is disturbing ele-
ness. It has called into use expedients
TOR putting it into circulation Of very qucs.
revenue for the purpose of anticipating our
bonds beyond the requirements of the sinking
fund, but any unappropriated surplus in the
Treasury should be so used. Us there is no
other lawful way Of returning the money to
circulation, and the profit realized by the
Government offers q substantial advantage.
The loaning Of public funds to the banks
without interest upon the security Of Govern
ment bonds I regard as an unauthorized
and dangerous expedient. 1t results in tenn
porary and unnatural increase of the banking
tious and gradual recall Of the deposits to avoid
injury to the commercial interests. It is not to
be expected that the banks having these depos.
as the present highly beneficial arrangement Is
continued. They now practically get interest
both upon tho bonds and their proceeds. No
further use should be made OF this method OF
getting the surplus into circulation, and the de-
posits now outstanding should be gradually with
&rewn and applied to the purchase of bonds.
It Is fortunate that such q use can be made of
OF any casual surplus that may exist after Con-
greSs has taken the necessary steps for reduc.
ton OF the revenue. Such legislation should be
promptly but very considerably enacted
THE TARIFF.
recommend revision of our tarin law,
both In Its administrative features and in the
schedules. The need OF the former Is generally
conceded; and an agreement upon the evils and
inconveniences to be remedied and the best
methods for their correction will probably not
be dfhcult. Uniformity OF valuation at all our
be taken to secure it. 1t Is equally desirable
that questions affecting rates and classifica-
tions should be promptly decided.
The preparation OF new schedule OF customs
duties Is matter OF great delicaCy because of
It's 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 pro-
OF business may perhaps result from considera-
ton Of this subject by Congress, but this tenn
porary ill-ef1ect will be reduced to minimum
country enjoys that any necessary changes
will be SO made as not to impair. the just and
reasonable protection OF our home industries.
justed, but the protective principle should be
maintained and fairly applied to the products Of
our farms as we'll as our shops These duties
necessarily have relation to other things be-
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
u W,
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, BIO made without making
the smaller burden more onerous than the
larger by reason of the disabilities and limita-
tions which the process OF reduction puts upon
safely be extended by placing thereon articles
that do not offer injurious competition to such
domestic products as our home labor can sup
ply The removal Of the internal tax upon to-
a inn mt 0CriNS 1f,,vn
product from q burden which was imposed only
because our revenue from customs duties was
insufficient for the public needs II safe provis
the tax upon spirits used in the arts and in
would also offer an unobjection-
able method Of reducing the surplus.
NATIONAL BANK CIRCULATION.
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 appears that the
amount OF National Bank notes in circulation
has decreased during that period $114, 1O9, 729 OF
which 81, 799, 229 is chargeable to the last year.
The withdrawal Of bank circulation will neces-
sarily continue under existing conditions.
The total amount OF money of all kinds in
circulation on March !, 1878, was $sO5, 1913 sO7
While lie on October 1882 the total was
five dollars during this time
THE SILVER DOLLAR.
The law requiring the purchase by the Treas
Of no OF ; silver bullion
grains has been observed by the department.;
but neither the present Secretary, nor any Of
his predecessors; has deemed it safe to exercise
monthly purchases to 100000. When the
law was enacted February %, 1879, the
price OF silver in the market was $l.20 40
lar % cents. Since that time the price has sa.len
as low as 0l.2 cents per ounce reducing the bull
ion Value of the dollar to 7o.6 cents. Within the
last few months the market price has some
sd 10 lot 6cv ~
Der last the bullion value Of the silver dollar
was 7S cents. The evil anticipations which
have ACCOMPANIED the coinage and use Of the
use, and the public treasury has
been compelled to store it. But this is mani
sentative is more convenient. The general &C.
ceptance and use of the silver certificate show
that silver has not been otherwise dscredted.
maintain this PRACTICAL eeuality in their COM NJ
mercial use between the gold and silver dol
lars. But some Of these are trade conditions
that statutory enactments do not control and
OF the continuance Of which we can not be GER
tain.
think it is clear that if we should make
coinage OF silver at present rates free we must
the gold and silver dollars will be taken account
OF In commercial transactions and I fear the
same result would follow any considerable in
crease OF the present rate of coinage. Such q
management and disastrous TO all business in
a an5 indecd edge notS Of such perth
could happen to the silver interests. Any safe
legislation upon this subject must secure the
equality Of the two coins in their commercial
uses. have always been an advocate Of the
use Of silver in our currency. We are large pro
ducers of that metal and should not discredit it.
TO the plan which will be presented by the
Secretary c: the Treasury for issuance of notes
~ ofoop no oFS1,
at its market value I have been able to
give only Q hasty examination owing to the
press OF other matters and to the fact that
Of such a law require 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
have spoken. At later day may communi
cate further with Congress upon this subject
OUR COAST DEFENsEs.
Judged by modern standards we are Dracti-
cally without coast defenses. The security Of
our coast cities against foreign attack should
not rest altogether in the friendly disposition
Of other ma nations: There should be second
" recommend an appropriation at this session
for the construction Of such works in our most
exposed harbors as will afford ample protection
RIVERS AND HARBORS.
The improvement Of our important rivers and
harbOrs should be prompted by the necessary
appropriations. Care should be taken thai the
~ uOL CONlullIIcu 10 Guc prOS0Cu
ton OF works not of public and general advan-
tage, and that the relative usefulness OF
works Of that class is not overlooked. I do not
doubt the end would be sooner and more eco
nOmically reached if 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 FEDERAL OFFICERS.
Referring to the personal attack upon Justice
Field by David s. Terry in August last, and the
killing Of the latter by Deputy Marshal Maggie,
the President recommends that some definite
provision be made by law, not only for the pro-
lection of Federal officers, but for full trial of
such cases in the United States courts. The
duty Of protecting its officers as such and sf
Furnishing those who assault them on account
OF their official acts should not be devolved ex-
pressly or by acquiescence upon the local au-
thoritfes.
INTIMIDATION OF WITNESSES.
Events which have been brought to my at
tentiOn, happening in other parts OF the coun-
try, have also suggested the propriety of OK
tending by legislation fuller protectiont TO those
who may be called as witnesses in the courts of
the United States. The law compels those who
are supposed to have knowledge of public Of
lenses to attend upon our courts and grand
juries and to give evidence. There is ama2fest
resulting duty that these witnesses shall be
protected from injury on account Of their testi-
mony: The Investigations Of criminal onenses
are often rendered futile and the nunishmenf ~