The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1891-12-17

tn1S silver bullion have been issued t5),57I ,4SS
! OF the treasury notes authorized by the act
The lowest price Of silver reached during the
fiscal year was 1855 on April g. 1891; but on
Nsoyem6er ~ " I the market price was only
bullion value OF 74A cents.
Before the influence of the prospective silver
legislation was felt in the market silver was
worth in New York about q. 1916 per ounce. The
ablest advocates Of free coinage in the last
congress we're most confident In their predic-
tion that the purchases by the government re-
price Of silver to 1899 per ounce, which would
make the bullion value OF dollar 100 cents and
hold it there. The prophecies Of the anti sill.
yer men Of disasters to result from the coinage
OF S2. 100000 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 off s17.2o2 73o. 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 81, N,0O0 fell in the last fiscal year to
$13 797, SOL; while. for the first time in recent
years the imports OF silver into this country
exceeded the exports by the I'm Of ~, 745 365
In the previous year the net exports Of silver
from the United States amounted to SS,545, 455
The production OF the United States increased
from So 100000 ounces in 1889 to 500 900 in 1890
The government is now buying and putting
aside annually 54,Ooo.0 ounces which, allow
ing for 2, 14O, 900 ounces Of new bullion used in
the arts, is 6,640,OOO 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 affect it. That the
inc .eaSed volume of currency thus supplied for
the use Of the people was needed and that ben
etcal 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 of these notes issued q
full dollars worth of silver bullion is at the
time deposited in the treasury as security for
it's 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 it Is In the power Of the treas
ury department to maintain that essential
condition OF national finance we'll as Of COM
mercial lprosperity-thep party in use OF the coin
dollars and their paper representatives. The
assurances that these powers would be freely
AID unheSltatingly used has done much to pro-
du' c and sustain the present favorable buSi.
ness co ditions.
Views on Free Coinage.
am Still of the opinion that the free coinage
of silver under existing conditions would dis
aStrouSly 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
have the highest interest that every
government shall be as good as any
other If there is one less valuable than an
other its sure and constant errand will be to
pay themdor their toll and for their crops The
money lender will protect himself hy stipula-
ting for payment in gold, Tut the laborer has
never been able to do that. To place business
upon a silver basis would mean a sudden and
severe contraction Of the currency, by the
withdrawal Of gold and gold notes, and such an
unsettling Of all values as would produce q
commercial panic. l cannot believe that u
acrola co ct n vut1
promote such policy.
Movement of Gold Abroad.
The exports Of gold to Europe which began
IN February last and continued until the last
of July, aggregated over So 600. TIE net
loss Of gold during the fiscal year was nearly
$6S 600 900. That no serious monetary disturb.
ance resulted was most gratifying and gave to
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 to
December we had recovered Of our gold loss
ut the port of Now York $27,8 D. 900 and it Is
confidently believed that during the winter and
spring this aggregate will be steadily and
largely increased.
Reducing the Surplus.
The presence of large cash surplus in the
treasury has for many years been the subject
of much unfavorable criticism and has fur
nished an argument to those who have desired
1t was agreed by all that the withdrawal from
circulation of so large an amount Of money was
an embarrassment to the business of
the country and made necessary the in
tervention of the department at frequent
intervals to relieve threatened monetary
panics The surplus on March /, 1899, was
plus to the redemption Of the interest bearing
securities of the United States was thought to
be preferable to that Of depositing it without
interest in selected national banks There
have been redeemed since the date last men
toned of nterest-bearng securities &259, 07o.-
$50 resulting in reduction Of the annual in
tercst charge Of Sl1, ,6A,6 A,67'. The money which
had been deposited in banks without interest
has been gradually withdrawn and used in the
redemption OF bonds.
Increased Circulation.
The result OF this o icy, Of the silver legisla-
ton and OF the refundins OF the Az per cent
bonds has been large increase Of thu money
in circulation At the date last nj med the
circulation was 81. 4O4, 205, 1885, or s23O3 per
capita; while on the first day of December, 1891,
it had incre ased to $1,577 262 O7U or S24 3S per
capita. The Offer OF the secretary Of thetreasury
to the no derS Of the A. per cent bonds to ex-
tend the time OF redemption, at the option OF
was accepted by the holoers Of about one.half
the amount and the uncxtended bonds are be-
ing redeemed on presentati n
The War Department.
The report Of the secretary Of war exhibits
the results OF an intelligent progressive and
business-like admnis ration OF department
which has been too much regarded as one OF
mere routine. The separation Of Secretary
frOCGOT ITUIH lLc Impairment ny TcaSOu OI his
appointment as senator from the state of
Vermont is source of great regret to me and
to his colleagues in the cabinet, as am sure it
will be to ali those who have had business with
the department while under his charge.
The project of enisting Indians and organiZ-
ing them into separate companies upon the
| same basis as other soldiers, was made the
subject OF very careful study by the secretary.
The Law Department.
I concur in the recommendation Of the at
torney general that the right In felony cases to
q review by the supreme court be limited. 1t
would seem that personal liberty would have
cases involving only fine and Imprisonment
was limited to the circuit court Of appeals un-
less a constitutional question should in some
way be, involved. The judges of the court of
private land claims pr vided for by the act of
March 3, 1891, have been appointed and the
court organized 1t is now possible to give
early relief to communities long repressed in
their development by unsettled land titles and
to establish the possession and right OF set
tiers whose lands have been rendered valaeless
| by adverse and unfounded claims.
Exclusion of Chinese.
The enforcement by the treasury department
OF the law prohibiting the coming OF Chinese to
| the United States has been effective as to such
as seek to land from vessels entering our ports.
The result has en- to divert travel to vessels
ente ring the ports Of British Columbia whence
passage into the United States at obscure
points along the dominion boundary is easy.
, very considerable number Of Chinese laborers
have during the past year entered the United
States from Canada and Mexico. The officers
of the treasury department and Of the depart
ment Of justice have used every means
at their command to intercept this
| immigration; but the impossibility Of
perfectly guarding our extended frontier is
apparent. The dominion government collects
head tax Of $50 from every Chinaman enter.
ing Canada and thus derives a considerable
revenue from those who only use its ports to
| reach a position OF advantage to evade our ex-
| cusion laws. There seems to be satisfactory
! evidence that the business Of passing China
! men through Canada to the United States Is
| organized and quite active. The department
| of justice has construed the laws to require
the return Of any Chinaman found to be unlaw.
| fully in this country to China as the
| country from which he came, notwithstand-
| ing the fact that he came by way
| OF Canada but several OF the district courts
| have, in cases brought before them, overruled
this view Of the law and decided that such
| persons must be returned to Canada. This
construction robs the law of all effectiveness,
even il the decrees could be executed, Tor the
| men returned can the next day recross our
border. But the only appropriation made Is
| for sending them back to China, and the Cana
dian officials refuse to allow them to reenter
Canada without the payment Of the $50 he ad
tax. I recommend such legislation which will
remedy these defects in the law.
The Postal Service.
In the report OF the postmaster general some
very gratifying results are exhibited and many
| betterments Of the service suggested. A pc.
I Nt1cr n l<oA 1l lav1n