Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1889-12-05

year 1879 Wa P7e,, III .S2. an tncrsnse q
~. - over the prscedfng year. of vhics
h TIE sahse u frs uaerchandiss and y. 1se,-
% the incrsa~ In the ysisss n dutisbis nner'
sAaodfsr
The Bssess 81 Navigation
rspnrsS tbs eussrs Tonnage IT tbs United
6aAtss b. BE- A. follows:
D1asn,enf~d vsa<ek. 10. fona,
ksss;lss 80 ie-s.d iss "a IL = =
Total .............-..........A 61 Lsf 81 ~
"kHwister@ir vessels tpiy can o age Ia
forsign trade hut they may a.sp carry on
cuasfinx trade Our total foreign tonnage.
~ Ineluding those engaged in the whale
nnhsrtes " .gIs, q which 10 isrs tans ere
Asasn and ~, az tons sailing vsss-ts "En-
ro,tsf and iicsnssi' vessels may carry On
cAsting trade, including trade with Cana
d, On the lakes. The csAsting trade includes
trade along ttss 80 edast and on the nevigAr
BIZ rivers and iaks,s of the United statss On
our total tOnnngs, I.7S16i tons are ~sam
and 2, 5ti ,gks tons are other than steam. he
Registered tonnsgs u the Cnit~t States hAa
increased prs2 tons In the list two years.
whiLe the enrolled and iiesnsd tonnage has
10 the same period Increased igo, As tons.
Our .Aiiing tnnsgs has decreased Sb,IT2
tons, sad oar steam tounag" has Increased
III ~ Ions during thu last year. Our DO
msstsr tounase s thirtSsn times greater than
our rslist.'red In nufnbsr ~ vs-~'is And
three tmes greater In tonnage.
The secretary details the d,-crsa~sd proper
zion Of our exports and imports carrisd In
American bttops In isss Il was u ~ and
in lttD IL 10 frr cent TIL. refnsiy for this
dscline bs thinks, cannot tss found In = re-
sGartusnt u the isgisiatin ri l'sS. unIs~-
Ing dis,rtainstiv- tonnage duties against
forsign vessels, fscstfs. Treaties stand In the
way. AMI II would not nov be cIps-iisnt,
even IL had No treaties On the subJss,t
Granting American registers To foreign built
shlta for foreign tiads. would have but lit
IL sGpt, AMI G.~i1 - would not b. in har-
moay viii. the principle II protection 70
American industries The difficulty IL not
% much la the cost II buiIdipg shit~ a. In
running them In competition with cheap FOR
stgn labor, supplemented by Immense Foreign
bounties NJ far - materials Tor shipping
ere concerned. no nation has any natural ad-
vantaRt~ over us
Oar N~ehsaie. ave Unsurpassed 1" skiii.
and the matehIes- grnin- Of our inventors 10
.bs admiration II the world II 1t costs
suuswhat mors ~ build ship in this evun-
try than Ia Eurote bssnu-s American lator
n bstter Jnid, fol, hou.sst and clothed, II Is
Gauss for rejoicing rath than regrst.
Finally Mr. Window says; FIRMLY convinced
that American Steamship builders and own
srs eAnnpt unnii'i coInp-'t- with t.ie govern
and -neourageus from the l uitssi States
~ shall not only fail a. regain our lost for
elxn carrying trade, hut even To retain much
longer the small remnant that remains, and
that thu restoration OF our merchant ma
rins is ESSENTIAL h the extension II our
foreign trade. do not hs->itat" to recommend
that liberal AMI juiicious AID and eneour-
axsmeBt te given for tn" construction Of
steam merchant vesss- IL, snitabb' for Use
cruisers and transports la time 81 war that
fair aud liberal rates les paid 10 American
steamers for transportation of mails to FOR
etgn count rir., AMI that special aid, either
In the form at mail pay pr for mirage run,
In made for the s-ts blishmsnt al direct con
nsctIon by American steamer lines with
Mexico, Central and South America, and
with China and Ja,@n
The silver Problem.
Tho CONTINUED coinage Of the silver dollar,
he says. at a constantly increasing monthly
quota, In q disturbing element IN the other
Wl.e excellent financial condition Of the
country, and n T. ~itive hndranc. 10 any in
t~rnat ipnal agt ,..niant looking tu til. fr..
coinage Of both metals al a fixed rata. he
considers the canss, of the depreciation Of
silver aud various solutions OF the problem
which have iren proposed, Offering as his
own recommendation this.
Issue treasury notes against deposits of
silver bullion ut the marsst price Of silver
Wntn utstsNltsl, InNafIF 'n attuthffi Ill stltn
quantities ~ silver bullion as will rquAl In
value, at tbe dat. II prs -'utation. the mum
h.r ii doilsrs eSpres-sl IN the face Of the
uots-s at the market price of silysr. in gold,
at III. option ~ the government or ia silver
dollars. at u" option Of the holder Rels@l
the conipnis ny feature Of the Ir.s'nt coinage
AFT
rbe secretary desires to call special atten
ton "a this prop ~tion, ts,iiavlng that In the
application ~ it, principles will bc found the
safest, sure I AMI most satisfactory solution
II the silver problem AS IT Is now presented
for the action ri this country In explaining
the prop i-,.'i measure, at this time. IL Is in
tended tn heal only with It's general features,
but, II desired. bill embracing the details
tc'isv.sl e., b. necessary Ia It's satisfactory
operation viii be prepared and submitted for
the cons,ita iun 81 congress,
The proposition l. briefly this To open the
mints ~ III. United States to the free deposit
ii silver, the market value Of the same mot
10 ex,vs.d 81 fur AZ grains Of standard sill
VAR at the time ot jcIsst 10 be paid in
TREASURY notes said notes To h. redeeu.d in
the quantity Of silver which could be pur-
chasssi by the number oi dollars expressed on
tho face Of the notes at the time presented for
payment, or In gold at the option IT the
government md TO la receivable for Gus
toms, taxes aud al public dues. and when ~
reseivsi they may te reissnssi. and such
nots%, when held by any national banking
association, shall be count@i as part OF its
lawful reserve
The ssr.,tary of the treasury shou ID have
discretionary power to suspend temporarily
the receipt nf silver bullion for payment In
notes when necessary Ia protest tn. govern
tncnt against combinations furm.I for the
purp~, OF giving IA arbitrary aud fictitious
prev To silver II the price of silver should
esivsnee bet tween the date Of the issue of
note and Its payment, the holder Of the note
would recaive less quantity Of silver than
- Deposited. but the exact quantity which
coald h. bought in the market with the num-
bsr Of gold dollars called for by his note, at
the date OF payment. II the price should do
cline he would receive more silver than he
Deposited, but the quantity which could be
p1rchAsed with the Rumbcr OF gold dollars
called for by his note at the time presented
for % yment
The secretary notes and answers some OF
the obiections which might he made TO the
proposition. He holds that the danger Of
Ion TO the government by further depreci-
alton in the value Of sill, or bullion is exceed
tngiy remote. To the objection that tho
proposition would degrade silver from its
position A. money. and reduce it Ia the level
u . mere commodity. and that instead Of
degrading silver the plan would tend TO ~
store Il 70 It's former ratio with gold. Final
y, TO the suggestion that unless the amount
" ouhflu w hHiitSi may not tine tpucy UNI
duly initiate the volume OF our currency and
dood us with the worlds excess of silver, he
answers that fears OF too large u volume Of
absolutely sound currency are not enter
tained TO any considerable extent by our
people. The dangers from such snexpansion
are not apparent. nor are they serious II il
only imitation from over-issue OF doubtful or
deprSciAtei dollars that affords substantial
grounds for apprehension.
The secretary regards this last objection
- u vital Importance. and presents n large
amount of statistics to sustain his position.
maintaining that iuasnuch as there 10 no
known accumulation Of silver bullion any.
where In the world. it is plain that there Is
no danger that the silver products OF the
past years will b. poured into our mints.
unle. new STEPS Ire taken for characterization
and for this improbable contingency ample
sAfsxuarls can he provided Nor need there
b. any serious apprehension that any CON
siderable part Of the stock Of silver coin Of
Europe would he shippd to the United
StAtss for deposits for treasury notes He is
. dull observer II the condition aud trend OF
publbc sentiment, in this country. who does
not rvalire that the continued u.s. Of silver