The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1891-12-17

bullion at an average cost Of eI.0i5 Der ounce.
The highest price paid during the year was
81 oO,5 and the lowest 70 1885 In exchange for
this silver bullion have been issued - BIZ ,49o
OF the treasury notes authorized by the act.
fiscal wear was 90. 1895 on April %, 1891 bu, on
November ] the market price was only
% vs. which would give TO the silver dollar Q
bullion value OF TN cents.
Before the influence OF the prospective silver
legislation was felt In the market silver was
worth In New York about o aa5 per ounce. The
abest advocates OF free coinage In the last
congress were most confident In their predic-
tion that the purchases by the government re-
qnired by the law should at once bring the
price Of silver TO 1913 per ounce, which would
make the bullion value OF dollar 100 cents and
hold IL there. The prophecies OF the anti .sil-
yer men Of disasters 10 result from the coinage
OF R0U.000 per month were not wider OF the
mark. The friends OF free silver are not agreed
think. as TO the causes that brought their
hopeful predictions to naught. Some facts are
known. The exports OF silver from London TO
India during the first nine months OF this cal
endar year fell of $I7.2G 30 compared with
the same months OF the preceding year The
exports OF domestic silver bullion for this coun
try which had averaged for the last ten years
over &l50O,0UO fell In the las. fiscal year to
Ga, 7g7, 39l: while. for the first time In recent
years the imports OF silver into this country
exceeded the exports by the sum Of s2,745 361
from the United States amounted To sa,5i, 49,
The production Of the United States increased
from 50 OO.U0 ounces In 1889 toaa.jO DOO In 1890
The government Is now buying and putting
aside annually 5i.wb0D ounces which. allow
ing for 1.I4D 90 ounces OF new bullion used In
the arts. Is $4,000 more than our domestic
product available for coinage.
hope the depression IN the price Of silver Is
temporary and that further trial OF this legis
lation will more favorably affec. IL. That the
increased volume OF currency thus supplied for
the use OF the tcople was needed and that ben
cfical results upon trade and prices have fol-
lowed this legislation / think must be very
clear to everyone. nor should 1t be forgotten
that for every dollar o! these notes issued
full dollars worth OF silver bullion is NJ the
time deposited in the treasury as security for
its redemption.
Upon this subject. as upon the tariff. my rec.
ommendation is that the existing laws be given
. full trial and that our business interests be
spared the distressing influence which threats
OF radical Changes always impart. Under ex-
listing legislation IL is In the power Of the treas
ury department to maintain that essential
condition of national fuance as well as of com.
mercial prospcrity-thep party in use Of the coin
dollars aud their paper representatives. The
and unhestatingiy used has done much to pro.
due and sustain the present favorable bust
ness conditions.
Views on Free Coinage.
am still of the opinion that the free coinage
OF silver under existing conditions would dis
aStrousiy Affect our business interests at home
and abroad. We could not hope To maintain
an equality in the purchasing power OF the
gold ard silver dollar In our own markets, and
in foreign trade the stamp gives no added value
to the bullion contained in coins. The producers
OF the tointry, its farmers and laborers,
have the highest interest that every
government, shall be us good a. any
other. III there Is one less valuable than an.
other its sure and constant errand will be to
pay them Tor their toll and for their crops. The
M Sti n
ting for payment in gold. Tut the laboier has
never been able to do that. To place business
upon a silver basis would mean a sudden and
severe contraction Of the currency. b. the
withdrawal of gold and gold notes, and such an
unsettling OF all values as would produce a
commercial panic. cannot believe that a
people so strong AMI prosperous AS ours Will
promote such policy.
Movement Of Gold Abroad.
The exports OF gold to Europe. which began
IN February last and continued until the las,
OF July, aggregated over $7o.0O)0oO. The ne,
loss Of gold during the fiscal year was nearly
$6s O0O0OO That no serious monetary disturb.
ance resulted was most gratifying aud gave &c
Europe fresh evidence of the strength and
stability OF our financial institutions With
the movement OF crops this outflow Of gold was
speedily stopped and . return set in. Up tt
December We had recovered Of our gold loss
at the port OF New York &.7,84.0J0 and il Ii
confdently believed that during the winter ant
spring this aggregate will be steadily ant
largely increased
Reducing tho surplus.
The presence OF . large cash surplus in the
OF much unfavorabie criticism and has fur
nished 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
an embarrassment to the business O.
the country and made necessary the in
PREVENTION OF the department at frequent
intervals to relieve threatened monetary
panics. The surplus on March l. 1889, was
liS3.s2., 100 g. The policy OF applying this sur
plus to the redemption OF the interest bearint
securities Of the United States was thought I,
be preferable to that Of depositing it withou
| interest in selected national banks. Their
have been redeemed since the date last men
toned of interest bearing securities Ss59O7a.
351, resulting in a reduction OF the annual in
terest charge OF Gil .64 675. The money which
had been deposited I'm banks without interes
has been gradually withdrawn and used In tn,
redemption Of bonds
Increased Circulation.
The result OF this roicy, Of the silver legisla
tion and Of the refundlng OF the A. per cent
bonds has been Q large increase OF III, none,
IN circulation. At the date last med th,
capita; while on the first day OF December. 1891
II had increased to M,57, 26s,01D. or S34.38 pc
capita. The ofIe: OF the secretary OF thetreasur,
to the no ders OF the ~ per cent. bonds to ex
tend the time OF redemption. at the option 0
the government a. an interest Of per cent
was accepted by the holoers OF about one hal
| ing redeemed on presentation.
The War Department.
| The report OF the secretary OF war exhibit
the results OF an intelligent. progressive ant
4 business-like administration OF q department
| which has been too much regarded as one o
| mere routine. The separation OF Secretar
| Proctor from the department by reason OF hi
| appointment as senator from the state O
/ 10 his colleagues in the cabinet, as am sure i
/ will be to all those who have had business witt
the department while under his charge.
The project Of enlisting Indians, and organic
| Ing them into separate companies upon tn
4 same basis as other soldiers. was made tn
subject OF very careful study by the secretary
| The Law Department.
| / concur in the recommendation OF the al
torney general that the right in felony cases I
| q review BY the supreme court be limited. l
| would seem that personal liberty would hav
safe guaranty II the right OF review i
cases involving only fine and Imprisonment
| was limited to the circuit court Of appeals, VI
| less constitutional question should in som
| way he involved. The judges Of the court q
! private land claims provided for by the act G
March 3. 1891, have been appointed and tn
court organized. 1t is now possible to Civ
early relief TO communities long repressed /
their development by unsettled land titles an
| to establish the possession and right OF sci
tiers whose lands have been rendered yalaeles
| by adverse and unfounded claims.
| Exclusion Of Chinese.
The enforcement by the treasury department
| OF the law prohibiting the coming Of Chinese
the United States has been effective as To sue
i as seek to land from vessels entering our ports
| The result has been to divert travel to vessel
ente ring the ports II British Columbia. whenc
passage into the United States at obscur
points along the dominion boundary Is easy
| A very considerable number Of Chinese laborer
have during the past year entered the Unite
States from Canada and Mexico. The officer
| OF the treasury department and OF the depart
ment Of justice have used every mean
at their command to intercept thi
| immigration; but the impossiblity q
perfectly guarding our extended frontier
apparent. The dominion government collect
| a head lax OF $50 from every Chnaman enter
| ing Canada and thus derives . considerable
revenue from those who only use its ports I
reach position OF advantage to evade our ea
clusion laws. There seems to be satistactor
evidence that the business OF passing China
men through Canada to the United States l