Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-12-02

| "'"aoie surplus OF only 56.217. 32l .25. Tn
amount of the bank note redemption fund the,
In the treasury. which had been transferred I,
lne available funds by the act Of July IA. 1880
was So4, 600. being substantially the amour
9l the available surplus on September 10. 1890
MS bank note fund had been in the treasur,
1897, 1t was S105, s73, 095.60. which had beer
gradually reduced by disbursements to tn,
amount above named Ii is apparent. there
lore, that the financial stringency under dis
eussion was not produced by the absorption O
| money by the treasury but by causes wholly
outside of treasury operations At the
! time when the financial pressure in Sep
TENDER reached its climax the extra
| ordinary disbursements for bond pur
chases had substantially exhausted the entire
| ordinary treasury Accommodations. and but fol-
the fact that Congress had wisely transferred
the bank-note redemption fund to the avail
able cash, there would have been no money al
command, In the treasury, by which the
| strained financial conditions could have been
| relieved. and threatened panic and disaster
averted. Had this fund been in the banks in
stead of the treasury the business of the
| country would have been adjusted to the in
creased supply. and when the strain came il
would have been impossible for the banks to
/ meet It. The government could not have with
drawn it from the banks without compelling
a contraction of their loans. and thus diminish
ing their ability to give relief to their custom
| ers.
The more recent financial stringency in
| November. Immediately after the disbursement
Of over 800, coo, 900 for the purchase and re-
| demPtion of bonds within the preceding four
| months. furnishes another forcible illustration
| that such stringencies are due to other causes
than treasury operations.
| THE NEW TARIFF ELL.
| Of the tariff the Secretary makes some i'm.
portant remarks. He says: The purpose of the
| tariff act of October last was to effect needed
reduction of revenue and such an adjustment
| of duties rs would adequately foster and en-
| courage home industries while maintaining the
| standard of American wages. This end. ii il
believed. has been accomplished. More arti-
| cles than ever before have been placed upon the
! free list, rates have been reduced on many 9TH
| ers and increased duties have been imposed
when deemed necessary TO the adequate pro-
| lection of our agricultural and manufacturing
! interests
! The area of population, the accumulated
wealth and characteristic resources of the
| United States render it certain that for MANY
! wears to come. the home market will be bet
! ter one for our own products than all Others
| combined This very superiority of the United
states as market IL an inducement to foreign
producers everywhere to seek access to and
control of it. To permit our own producers to
be driven ont by foreign competition would be
| to eNpel them from their best and most natural
market and compel them to seek inferior COM
| petitiye markets elsewhere. Free trade can
| never be successfully established or perpetu-
| atcd in any country whose home market for its
own products exceeds its aggregate markets
! abroad.
RECIPROCITY IN HARMONY WITH PROTECTION.
The provisions for the advancement of re-
| ciprocal trade with other countries. as contem-
plated by the law, are not hostile to the prin-
eiple of protection, but are believed to be in
harmony with it.
The law has been too short a time in opera
ton to warrant discussion herein of its many
details. 1t is believed that the measure is
sound in principle and that its several classifi-
cations. rates and other provisions have been
adjusted upon comprehensive view of the
vast interests OF the whole country The law
embraces so many anu such complex intere sts
that 1t Is quite possible practical test NAV
disclose the necessity for some notifications
and corrections. but stability and certainty in
the revenue laws are so essential to our finan-
clal anu Industrial prosperity that it is earnestly
hoped this law may have a fair trial before any
radical and sweeping changes shall be at
tempted. The new industries which il was
confidently expected would spring up under its
fostering care. and the new home markets
which would thereby be opened for American
labor and products. will certainly fail OF rcali-
cation. If any well-grounded fear shall be
aroused as to the stability of the law, or of the
principle of protection which it embodies. Es-
specially Will this be the fact if the continued ag-
hension that the protective principle is to be dis
carded. and a tariff for revenue ONLY is to be
adopted. whereby our home market is to be ex-
changed for an uncertain and vastly inferior
foreign one. and the country is to be depleted
of its gold and silver to pay for foreign labor
and material which should be supplied by our
own people.
The continuing controversy between the
American system of wiselyadjusted protection
and the opposite system of unchecked indus
trial competition with all the world il the inev-
liable contest between two irrecOnciEable stand
ards of civilization. The conditions under
which We are enabled to make the contest for
the higher standard of living for all classes of
our citizens are peculiarly favorable. The
United States with absolute freedom of trade
and perfectly untrammeled industrial competi-
ton among 63.O00,O0G people. unsurpassed in
energy. industry and inventive genius and
with the widest possible range of climate and
natural products. are by these conditions as
sured the lowest range of prices compatible
with reasonable return to producers and the
maintenance of higher standard of civilza-
ton for the industrial classes.
EESEws HIS CUSTOMS AMENDMENTS REcoMMENDA-
TONS.
again urge certain amendments to the laws
relating to the customs service. which have
been heretofore recommended as essential to
economical and efficient administration.
First The increase OF the permanent apprO-
priation for the expense of collecting the reve-
nue. from customs.
Second. The compensation of all collectors of
custom, by fixed salaries and the abolishment
OF all fees, commissions, perquisi:es and emol-
ument-.
Third. The consolidation Of customs districts.
demanded alike for reasons Of economy and the
changed condition Of commerce and trans
portation.
Fourth. The abolishnent Of oaths TO monthly
accounts of customs employees az unnecessary
and as subjecting these officers to useless eX-
pense.
Fifth. The repeal of the law requiring bonds
to be given by individual importers upon the
entry Of merchandise for ware house and for
the return of packages not designated for X
animation and delivered 10 importers in adj
vance Of appraisement and liquidation of
duties.
Sixth. The revision and codifcation OF the
customs laws.
Seventh. Legislation to secure railway Sta
| tistlcs of foreign commerce.
The Secretary further suggests that the
number of general appraisers be increased.
inasmuch as the business at the port of New
York is alone sufficient to require the whole
number Of these officers now allowed by law
PUBLIC MONEYS
Under the head Of Public Moneys the Sec.
rotary saws:
The amount Of public moneys held by ma
tional bank depOsitaries, including those to
credit Of the treasurers general account and
discussing officers balances. ON March l. 1899
Was sis.5lS, 33l s. which. being largely in ex-
! cess OF the needs Of the public service. have
endeavored. as far practicable to reduce ia
amount In Inc hon Will r,.l, 10