Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-02

Office Department, being equal, are not in
cluded in this statement on either side.
The act directing the purchase OF silver
bullion and the issue of treasury notes
thereon" approved July IA. 1890, has been
administered by the Secretary of the Treas
ury with an earnest purpose to get into cir
culation at the earliest possible dates the
full monthly amounts of treasury notes
contemplated by its provisions and at the
same time to give to the market for silver
bullion such support as the law contem-
plates. The recent depreciation in the
price of silver has been observed with
regret.
The Result of Speculation.
The rapid rise in price which anticipated
and followed the passage of the act was in
fuenced in some degree by speculation, and
the recent reaction is in part the result ofthe
same cause and in part of the recent monetary
disturbances. Some months of further trial
will be necessary to determine the perma-
nent effect OF the recent legislation upon
silver values, but it is gratifying to know
that the increased circulaticns secured by
the act exerted will continue to exert
most beneficial influence upon business and
upon general values.
While il has not been thought best to fo.-
low the suggestion of an international con-
the full use of silver Tor coinage at a uni
form ratio care has been taken to observe
closely any change in the situation abroad,
and no favorable opportunity Will be lost TO
promote a result which it is confidently be-
lieved would confer very large benefits upon
the commerce of the world.
A Warning Against mpulsive Legislation.
The recent monetary disturbances in Eng
land are not unlikely to suggest re-exam-
ination OF opinions upon this subject Our
very large supply of gold will, il not lost
by impulsive legislation in supposed inter-
est of silver, give us position of advantage
in promoting 4 permanent and safe inter-
national agreement for the free use Of silver
as coin metal.
The efforts of the Secretary to increase the
volume OF money in circulation by keeping
down the Treasury surplus to the lowest
practicable limits have been unremitting
and in a verv high degree successful. The
tables presented by him, showing the in
crease of money in circulation during the
last two decades, and especially the table
showing the increase during the 10 months
ne has administered the affairs of the depart
ment, are interesting and instructive.
The increase of money in circulation dur
ing the 10 months has been in the aggregate
S93, ,S66, ,S13. or about 81 so per capita, and
of this increase only s., 100, 900 was due TO
the recen: silver legislation. That this sub
stantial and needed aid given to commerce
resulted in an enormous reduction OF the
public debt and of the annual interest charge
is matter of increased satisfaction. There
have been purchased and redeemed since
March 4, 1889, and AZ per cent bonds to
the amount OF $2l1 ,832, 450, at cost of S246,-
$40, 741, resulting in the reduction of the an
nual interest charge of SIS, 967 500. and to-
tai saving of interest of S51, SIC, 706.
Increase of Internal Revenue.
notice with great pleasure the statement
of the Secretary that the receipts from in
ternal revenue have increased during the
last fiscal year nearly S12,0000 600 and that
the cost ofcollecting this larger revenue
WAS less by S90,617 than for the same pur-
pose in the preceding year. The percentage
of collection of the customs revenue was less
for the last fiscal year than ever before.
The Customs Administration Board pro-
vided for by the act of June 10, 1890, was
selected with great care, and is composed, in
part, of men whose previous experience in
the administration of the old customs regu-
latons had made them familiar with the
evils to be remedied, and. in part, of men
whose legal and judicial requirements and
experience seemed to fit them for the work
of interpreting and applying the new statute.
The chief aim of the law is to secure honest
valuations of all 6utiable merchandise, and
to make these valuations uniform at all our
ports of entry.
1t has been made manifest by a congress
sional investigation that system of under
valuation has been long in use by certain
classes of importers, resulting not only in a
great loss of revenue, but in a most intoler-
able discrimination against honesty. 1t is
IL. l.. Il "a
derstood, can be regarded by the citizens of
any country having commercial dealings
with us as unfriendly. If any duty is sup
posed to be excessive let the complaint be
lodged there. 1t will surely not be claimed
by any we'll disposed people that remedy
may be sought and allowed in a system of
quasI-smuggling.