Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1891-12-18

delav intervene. l will. by a spsciat mss5age
bring this matter again to the attention Of
Congress for such action az may be nece''
sary' The entire correspon ienc9 with tn9
Government of Chilli villa an e1rly data Do
submitted to Congress.
THE CHINESE QUESTIONS.
The late outbreak against foreigners In
various parts OF the Chinese E npire has been
cause OF deep concern in view OK the nu'
merous establishments of our citizens In
the interior of that country. This Govern
ment can do no less than insist upon con-
tinuance Of the protective and punltory
measures which the Chin sse Government has
heretofore applied. No effort will be omitted
to protect our citzans peac ably soJournins
in China. but recent unofficial information
indie ltes that what WAS At tirst regarde as
an outbreak OF mob violencs against foreign
ers has assumed the larger form OF an in'
surrectiou against public order.
The Chinese Govsrnm ent has dsclinel tO
receive Mr.. Blair as the Minister OF th9
United States on tle grounl that as par
ticipsnt, while Sen itor, in tn, enactment
Of ths existing legislation against the intro
ductioa Of Chinese lab0r5rs, he has bscons
untriendy AMI objecti)nabls to China. [
have felt constrained 10 point out to ths
Chiness Government tho untenableness OF
/ this position. wlich seems t. rest as much
on the uuaccepta5lity Of our legislation as
on that of the p,rs)n chosen, AMI which. il
admitted, would practically debar the sslsc-
tiol OF any representative 50 long as the
existing laws rsm ln in fOrcs.
\ SPANISH WORLDS PAIR.
The United States has been invitei 10 par.
ticipats in an Exposition at Mllrii to CO IL.
msmorate the 10th anniversary Of the dis.
covery Of America by Columbus. II will
open September f. 1872 and close Deem
Der 81.
RUSSIAN HARsHSEss TO HEBREWS.
This Government has protested in serious
ness but frieniliusss to tho Car against
harsh measures towards tbs He5rew po2u.
la.ion Of Russia an | theiy banisinsut from
that Empire
THE TARIFy LAW.
The general Interest in the operations OF
the Treasury Department. has besn much
augmented during the last year by re1s IN Of
the conf citing predictions which accOmpa-
niei and followed the tariff an other legis-
lation Of the last Con ,reS aft 1cting the rev.
enues. as TO the results Of this legislation
upon the Treasury and upon the country.
/ There is certainly nothing In tbs cou1ition
of trade, foreign or dom astc, there is car.
tainy nothing in the condition OF our people
Of any class TO suggest that the existing
tariff and revenue leyisli litiol bears oppres-
sively upon the poole or retardS the con-
mercial development Of the nation. 1t may
be argued that our condition would bo better
II our tariff legis alton were upol fire,
trade basis: bu. il cannot b9 deniel that all
the conditions Of prosperity and of general
coutentment are present in a larger degree
than eyer before in our history, AMI that, to-,
Just when it was prOphesiei they wOll bs
in the worse state Agitation for radical
/ changes IN tariff mi financial legislation
cUnnot help, but may seriously impeie, busI-
nes., TO tn, prosperity OK which so M degree
of stability in legislation Is essential.
think there are conclusive evidences that
the new tariff mas createl several great in
dustries which will. within a few years give
enployment to several hun lrst thOuslu1
American working men and w0nsn. In
view Of the somewhat Overcro gdel condition
of the labor market OF the Unite1 States,
every patriotic citizen should rej)ic9 at such
a result.
YREE COINAGE WOULD MEAN DISASTER.
| lam still OF the opinion that the free COIN
ave OF silver un1er existing conditions would
disas;rousIy affect our business interests at
home aud abroad. We could not hope to
MAINTAIN an eaua'ity in the purchasing power
7 of the gold apI silver dollar in our own mar
kets and in foreign trade the stamp gives no
added value 10 the bullion contained IN
coins The producers Of the country, its
farmers and lsborers have the highest in.
terest that every dollar, paper or coin, IS
sued by the Government shall be as gooi
as any other. IL there is one less valuabls
than another its sure and constant
errand will b3 to pay them for their toll and
for their crops The money-lenier will pro-
tect himself by stipulating for payment in
gold. but the laborer has never been able 70
do that. To place business upon a silver
basis woull mean Su11e1 an severe con.
traction OF the currency, By the withdraw
OF e AMI gold notes, and such an unset
Ting Of all values as woul produce a com
mercial panic | cannot belisye that peo
pie 50 strong au | prosperous as ours viii
promote such policy.
BrMETALIIsM THE OBJECT.
The producers Of silve- are entitlsl 10 juse
consideration, but they should nos forget
that TIE Government IS now buying and put
ting out Of the market what ia the equivalent
of the entire pru1uct Of our silver mines.
This is more than they themselves thou yht
of asking two years ago. 1 believe it is the
earnest desire Of great majority OF the peo-
pie. as it Is mine that full coin uss shall be
made OF silver just as soon as the cooperation
OF other nations can be secured and
ratio fixed that will give circulation equally
10 gold aud silver. The business OF the
world requires the use OF both metals: hut
do not 5 ie any prospect OF gain, but muc1
OF loss By giving up the present system, IN
which full use is made OF gold, and large
use OF silver for one in which silver alone
will circulate Such an event would be at
once fatal to the further progress Of the sill
yer movement Bimetallism is the desire
end. and the true friends Of silver will be
careful not TO overrun the goal and bring IN
silver monometallism with its necessary at
tendants, the loss Of our gold to Europe AMI
the l. .let Of the pressure there for large.
CURRENCY | have endeavored. by the use OF
official and u1ofic'a agencies, 10 keepa close
observation of the state Of public sentiment
IN Europe upon this question, aud hsve not
found it TO be such as 10 justify me in pre-
posing an international conference. There
is, however, an sure, a growing sentiment
in Europe in favor OF larger use Of silver,
and know OF no m)rs Ell sctual way OF pro-
noting this sentiment than by accunulatiuy
gold here. A Sc Ircity OF gold in tbs Euro
pelu reserves will b1 the most persuasive
rgum mt for the use Of silver
DISPOSAL OF THE SURPLUS.
The presence of large cash surplus in
Tue treasury nAS IOT In1uy years uSSu Jus
subject of muc1 uufavorable criticism AMI
has furnishe an argument to those who
have desired to place the tariff upon purely
revenue basis IL was agreed by all that the
Withdrawal from circulation Of so large an
amouuto of money was au embarrassment TO
the business OF the country aud made nee
essary the Intervention of the Department at
frequens intervals, to relieve threatened
monetary panics. The surplus on Marcia I,
1889, was Sls3 s27 %. The policy of ap-
plying this surplus to the redemption
of the interest-5slrng securities OF the
Unitei States was thought to be preferable
to t1at Of dsposting il without interest In
sci tie Nations. banks. There have been
redeemed since the date last mentioned OF
interest BEARING securities $3.50, 079 $50, re-
suting in a reduction OF the annual interest
OF Sll. .6Sl67j. The monsy which had been
deposit,t IN banks without interest has been
gradually wthirawn AMI usst In tue re-
dempton Of bonds.
The result OF this polcy,of ths silver leyis-
latio1, ani OF tbs refuntiny OF the ~ per
cent. bonds has bean large increase OF the
money ia circulation At tho date last
namsl the circulation was 81, 40L2ljeyj, or
So. .O3 per capita, wiils on ths lst day oe
Decsm6er 1891, II had increased 70 sl,5 ,5l,-
2j3. .07l, or 2t35 per capitl. The ODER OF the