The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1891-12-16

harsh measures towards che Hebrew nonii.
lation of Russia and their Punishment ffI2g9o
that Empire.
THE TARIFF LAW.
The general interest in the operations of
the Treasury Department has been much
augmented during the last year by reason of
the conflicting predictions which accompa-
MED and followed the tariff and other legis-
lation OF the last Congress affecting the rev
enues, as TO the results of this legislation
upon the Treasury and upon the country.
There is certainly nothing in the condition
Of trade, foreigu or domestic, there is GER
tainly nothing In the condition of otir people
of any class TO suggest that the existing
tariff and revenue legislation bears oppres-
sively upon the people or retards the com
mercial development of the nation. 1t may
be argued that our condition would be better
If our tariff legislation were upon q free
trade basis: but it cannot be denied that all
the conditions of prosperity and of general
contentment are present in a larger degree
than ever before in our history, and that, too
just when il was prophesie1 they would be
in the worse state. Agitation for radical
changes in tariff and financial legislation
cUnnot help, but may seriously impede, bust
ness, TO the prosperity of which some degree
Of stability in legislation is essential.
think there are conclusive evidences that
the new tariff has created several great in
dustries which will, within few years; give
employment to several hundred thousand
American working men and women In
view Of the somewhat overcrowded condition
Of the labor market of the United States,
every patriotic citizen should rejoice at such
result
FREE COINAGE WOULD MEAN DISASTER.
1 am still of the opinion that the free coin
age of silver under existing conditions would
disastrously affect our business interests at
home and abroad. We could not hope to
MAINTAIN an equality in the purchasing power
of the gold and silver dollar in our own mar
kets, and in foreign trade the stamp gives no
added value to the bullion contained in
coins, The producers of the country, its
farmers and laborers have the highest in-
terest that every dollar, paper or coin, is
sued by the Government shall be as good
as any other. If there is one less valuable
than another its sure aud constant
errand will be to pay them for their toll and
| for their crops. The money lender will pro-
tect himself by stipulating for payment in
gold, but the laborer has never been able to
do that. To place business upon silver
| basis would mean a sudden and severe con.
| traction of the currency, by the withdraw
of gold and gold notes. and such an unset
tling of all values as would produce a COM
mercial panic. cannot believe that peo-
pie so strong and prosperous as ours will
promote such policy.
| BIMETALLISM THE OBJECT.
The producers of silver are entitled to Just
consideration, but they should not forget
that tbe Government Is now buying and put
| ting out of the market what is the equivalent
| of the entire product of our silver mines.
This is more than they themselves thought
of asking two years ago. believe it is the
| earnest desire of great majority of the peo-
pie, as it is mine that full coin use shall be
made of silver just as soon as the cooperation
of other nations can be secured and a
ratio fixed that will give circulation equally
to gold and silver The business OF the
world requires the use of both metals; but
l do not see any prospect of gain, but much
OF loss, by giving up the present system, in
which n 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 Bimetallismis is the desire
end, and the true friends of silver will be
careful not to overruu the goal and bring in
| silver monometallism, with its necessary at
ten1ants, the loss of our gold TO Europe and
the relief OF the pressure there for a larger
currency. 1 have endeavorel, by the use of
official and unofic, al agencies to keep close
observation Of the state of public sentiment
in Europe upon this question, and have not
| found it to be such as to justify me in pro
posing an international conference. There
is, however, | am sure, a growing sentiment
in Europe in favor of larger use of silver,
and know of no mora eff sctual way of pro-
noting this sentiment than by accumulating
gold here. A scarcity of gold in the Euro
pean reserves will be the most persuasive
argument for the use of silver.
DISPOSAL OF THE SURPLUS.
The presence of a large cash surplus in
the Treasury has for many years been the
subject Of much unfavorable criticism AMI
has FURNISHED an argument TO those who
have desired to place the tariff upon purely
revenue basis. 1t was agreed by all that the
withdrawal from circulation of so large an
amount Of money was all embarrassment to
| the business OF the country and made nee.
essary the intervention of the Department at
frequent intervals to relieve threatened
monetary panics. The surplus on March /,
1889, was Sls3, S27, 1929. The policy of ap-
plying this surplus to the redemption
| of the interest-bearing securities of the
United States was thought TO be preferable
to that of deposting it without interest in
selected National banks There have been
redeemed since the date last mentioned OF
interest bearing securities $3.50, 079, $50, re
sulting in a reduction of the annual interest
of Sli,GSL675 The money which had beer
deposited in banks without interest has been
gradually withdrawn and used in the re
demption of bonds
The result of this policy, of the silver legis-
: a bon, and of the refunding of the AZ PEI
ceue.-bondS has been large increase OF thi
money in circulation. AT the date las
named the circulation was 81, 404, eos, ,S9j, or
S23. .O3 per capita, while on the 1st day OF
December, 1891, it had increased to Sl,57I
262, ,010, or 2i.3S per capita. Ths offer of the
Secretary of the Treasury to the holders of
the ~ per cent. bonds to extend the tina
of redemption, at the option of the Govern.
ment, at an interest of 2 per cent was
accepted by the holders of about one-halt
the amount and the unextandei bonds are
being redeemed on presentation.
THE WAR DEPARTMENT..
Progress has been ma le in securing site.
for harbor defenses and in the manufacture
of guns for their armament. The Secre
tary's Recommendation for a three-battaliou
formation of infantry regiments is concurrsl
in, as is that for the adoption of smokeles:
powder Seven companies of Indians hav
been enlisted, aud seven more are beinl
formed.
THE POSTAL SERVICE.
Revenues of the Posoffice Department hav
increased over S5,OOO,00l Estimates 70
1898 show an anticipated surplus of receipts
over expenses.
OUR NEW NAVY.
Four vessels, aggregatlng II 900 tons, hav,
been placed in commission during the year
Twenty-tour more are in course of cor
struction.
THE INDIAN QUESTION.
Solution Of the problem Of Governmental
dealings with the Indians sought in legsla-
tionrecommended, which shall have in view
the making Of the Indian into a citizen.
The Sioux outbreak will be made tn,
subject OF a special message.
THE PUBLIC DOMAIN INCREASED.