The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1891-12-23

revenue legislltion beaFs oppressively upon the
y. 0RIe Vr resA. as tne comAlIrcIai Development
t.on would DO better II our Iar.n iegisiaIloo
were upoa = Tree tradb ,basis Dut lt oaa noL De
denieu tnat al tne condit .ons OF prosperity AID
OF Henerul cOntent.Dent are present IN q larger
degree tnnn ever Oefore In our hisL Lvry, aud Lnst
too' yust wnen ~ was prophesied they wouid DO
tnina there are conclusive evidences that
tne new tarlh mas Crea,ed soyorai treaL inuus
tr.es waicn Wli.. wttnla y few years ave om.
pioyinvhttO soyerai nunurod Thousand Ameri
CA WvrAaisinea and sOmeG. IN view Of Lne
somewhat owe. Gro wded condit.on OF Lne laDOI
ms..Aet OF tne u.IlIed otates eve.y paJriosB
oilizoh snvuiu fesVicS at sucn q result
k-cAlrrS AND DIsBURs.a@sTs.
Tne report OF the secrel4ry o. tho trsasur
SHOWS Ia. tne tVtal re.elrts Of tno govern
sune ~ le,i, wers S,.o,sAz,o, wnI.e Lns or
Pe-eilures Tor the same period were s..L SI.,4iJ
Leaving surplus Of 0 :, ,.,s,f.1J,. The receipts
oI Ins nscai Jesr ending June ". los., sctl.l
anu os.illasSd re .s,,vV ,vvO and the o. psidi-
tues sJ1,1.1oJO For the nscsl year oa.iing
Ju.iv y, ~, tns esJlms.ed rvoe.pss are sasI',
sS'ssc ana tne expenditures si,OJ,,vsS. 'f
fak sii.vEa cvIAAas Oh AsTIuN.
unaer tne Law OF July A. ioSJ, the sec. etary OF
me treasury has purchased Binse August II,
during to nscai year, tooJ ,Il> ounces VI SILVER
puiiion ~ an average Cost OF slo.J per ounce.
Issued s~.S,D'iss ~, OF tne treasury 40 yes autnvr.
h1u W tne Act The price OF saver on lsOv
was oh.y ~ 20 Tnich wOuid gIve ~ tne sliyer
oo.iar = Duliion vaiue OF 30 /. .enLs
Doiofo tne inhusace o. the protective silver
leBisiasion was e.t ll tho mar. ..vL IG ne or was
Wvf-n an .seH FORK abOy5 W per ounce. Inc
.Diest advocates o, ireo coinage IN the sast CON
gross were coLAdent IN sci. pred.c.lOL that
tne pdrcnases " Tue g0vernment required BY
.uo 20" rVulu ~ oh- Dring tac price OF Bliyer
10 La asa sha
vaiue VI dOiI4r IJJ GEMS anu .Ioia lL snerv.
Tue prOpnecIos VI the dntI-siIyer Inea Of
DISASTERS 70 result irom tne coin.ge OF
s-vO,0O yer Inonth were not wiuer OF tue
mara mara fhends of iree saver are no. agreed, 4
tnlnA, as 70 inc cause mat Drought Lneir nopelul
yredicti0ns " nausn Mt 5O.le IAcLs are kaONn.
Inc uxy,ofsS or saver IRON LOndoI " india
uuring lie nrst nine months OF this calendar
year iol. on over % yer cent or sl7, ~ 7SU CON.
pared Witn the same months OF toe preceding
year me exports VI dUmestlc silver DulIlon
from TINS country. ~nIcn nad averaged los ne
iast Ten years over sH,JU1,U1J lea IN tne las
hscai year 70 siJ,DISyl; whle, for the first
ti.ie Ia recent yeafs, the imports OF silver into
tnls Country sxcceued Inc imports y ~, IA Jda.
IN tno pfevIous ye-r mo net exports o. SILVER
Lom tno Unised states aluountcd Lo .A5s541l
In prvauetion OF Tue Uni.eu states increased
fr0.l o1vJNUJO ounces In loJs W Jl,UDvUUJ
IN iosv Tne government Is now buy.
Ing and putting aside annually o4,0yU.J
ounces waIca, anowInx for 7'I4I,vvU
OUNCES OF new Duilion ussd In the arts, Ii
oobIvD more snan our domestic pro~ncts avail
aO.e Tor eviHAse. nope tue dep essIOn In toe
price o. niver - Iemporary anu tnat further
ulai Of tnis iesisa6on VIII more lavorAo.y
eaoct ia Tnst the increased volume OF cur.
rency thus sdpplied for toe use OF the peOpie
was ncoaed AMI tazt beucno.al results upvn
Trade anu priccs nave followed tnis lesislHIion
l snins must be Wy Gear 70 every one; nor
should u Do forgotten that Ior every doilar OF
Lllemd u0IGn full u var
buiiion 10 ~ tho time deposited in toe treasury
- security Tor It's red5uptiun- UDon this sub
loct - upon the taria, my reoommendstion 10
ln.t the exis.ins laws DO givsn fuli trlAl and
!n.t our business Interest. be spared tho dis.
tresslns innuence winch threats OF radical
changes always Impart
an Btiii OF the opln.on that the free coinage
OF sAver under existing conditions would disas-
trously anect our BUSINESS interests OF hume
equally 70 tho purchasing power OF the Roid
and silver dollar IN our MARKETS and In foreign
trade inc stamp gives no added value 70 the
Dniiion contained IN CONS. Tne producers OF
toe country. lis farmers and laOorers have the
coin. issnsd by the government shall be a. good
a. any other II there is one less valuable
than anotner It's sure and constant errznd
VIII % 70 pay them for their toll
ann Tor tneir cropA The money lender will
@ project himself ey stlpulstlns for payment IN
tnst. TO place business upon . silver basis
would mean sudden and severe contraction
OF tho currency By the withdrawal OF gold and
gold notca. and such an unsettling OF ali values
a. would produce commercial panic. l can
not oeiiGve that apeople % strong and prosper
Gus ~ ours viii promot5 such policy.
The producers OF silver arc entitled 70
Just oons.derztion. but they should not forget
thab the government IL now buying ana putting
out on tae market what u the oquivaient OF the
nuIIrW ur0lunll n afluar nj d
more than tney themselves thought Of asldng
$40 YEAS aGo. believe 10 Is the earnest de
sire OF great majority Of the people, a. it Is
mine, that full coin use shall bs made OF sill
yer lust as soon as me 60 operation Of the
other nations can DO secured and n ratio hIed
taat viii give circulation equally 10 god and
silver. Toe business OF the world requires the
use OF both metals; but 40 not see any pros
pe tof gam, but much Of loss, By giving up the
present system 10 which fun use is made Of
ons IN viii silver alone will cir
cuiate. Such IN event would be At
once fatal 70 the further progress Of the silver
ijlrDetalism Is the desired end and
the true friends OF silver viii oe careful not 70
oy run The good aud bring In silver monomet
Allism, with lis nece ssary attendants, the loss
Of our goid - Europe and the relief OF tne
p.essure thore for lager currency. ! endeay
pred 70 keep a close observation OF the state ~
public sentiment In europe upon lhis question.
IS 70 justly me In proposing
m internafional conference There lS, however.
am snre. q growing seatlmeat In Europe In
ayor Of . larssr use OF SILVER, and know Of no
more efectual way OF promoting this sentiment
han W accumuinting gold here A scarcity Of
Jold IN tho European reserves will be the most
persuasive argument for the use OF silver
THE TREAsURY SURPLUS.
The presence Of q large cash surplus In the
feasnry has ior many years been IN subject OF
much unfayorable criticism and has furnished
" argument 70 those Who have desired 70 place
he tarin upon purely revenue basis. II was
greed By All thai The Withdrawal from circula
Ion OF 80 large an amount Of money was an en-
'arasamtnt aofhe business OF the country ana
nado necessary the Intervention Of the
epartment at frequent intervals 10 70
urplns on March / iso5 was sl3aasf.. |
q ~. Ihe policy Of applying this surplus 70 |
10 redemption OF the interest bearing securi
les VI the United States was thought 20 be |
referabie % that OF depositing 10 without in |
crest In national banks. There nave been 70 |
eemed since the date last mentioned Of inter. |
81 bearing securities s-5gO7gasl resulting IN a |
cduction Of the annul Interest charge OF tii,. |
5lf7a The money which had been deposited |
Tlthdraun and used in the redemption Of bonds |
The result OF this policy. Of the silver legisla |
lon, and VI The refundlng Of the az Dor cent /
ond5 has been largo increase of The money /
uiaiion vas g.. Di sbsoI or esJs per capita:
nile on December J. 1891. it had increased 70 |
!, I,577,x107s, or tsi-3s per capita Ths oner Of |
he secretary OF the treasury 70 hoiders OF the /
Z per cent bonds 70 exioud tho time Of re Temp
on. - the option Of The government. at an IN /
srest Of per cent, was accepted by the /
olders OF about one bali the. pmount and the |
nettsnded bonds arp beng redsemed on pre-
ThE WAR DEPARTMENT.
The report Of the SECRETARY OF var EXHIBITS |
70 results Of IN intsdigent progressive and I
administrator of department. |
hioh has been too mnen regarded a Que o. |
Iere routine some especially good work has
lry 70 reduce the percentage a. desorti0ns by /
rowing the causes that producrd 10 have been |
suoeeBsful as 70 enable him 70 report for III, |