Telegram-herald., 1891-12-10

IA - lsssiag . Surplus sf sss zss ssz 81.
o. isse aetna, Aaa estimated are tsS2 1eo 40.
sad tie expenditures ssl9.9lo. 10 fer TAT
a>cai year ea1iag Jees % Issa TIE esti1ratsd
.sss.e.s ara ~. ~sossse sad tas sIpss1-saEss
Traasaetisas In silver.
UEesr the i2v ~ Jaly IA. 1850, tas secretary
q ias treasury zss purchased since Aazust fs
during the nssss ysar $s sss - Saaees q silver
o9litoa ~ "a average cost of sos per ogace
Ihs sixness price psia erEteg ihs year las
o. o.. zad sns lswesi o. sa5o. In exeas8gs f5r
tass silver esiiioa have besa issued - 81. as
81 tie treasury aot.s aathorzee by tie act
tscal year as ~ Sc5s ca April 2. 1881; e1i oa
Soye1oes tne nSkst price vas oaiy
oso ~ateh you'd give 10 tbs SILVER dollar :
"a saoa 2.ue OF fsa eensa
Before lne lEzaeaee u tae pros sp>csixs silver
egiSl4tlcn S4s fell Ia the fnaTzet silver w&s
worth n New York about D 80 PER ouRss. fns
congress we're most conadeni IA their predlc-
tea that tne purchases 81 tA1 government re-
CURED - tss isv saouia ~ eacs bring tas
psiee oi silver 70 1 - . per ounce. whiea so1 4
max the bullion ya.ue u dollar iJo cents a 2,
held u there Toe prophecies Of tas anti -sii-
yer men Of disasters 10 result IRON the coinage
or fG3e.5o1 per monta were not wider OF tue
MARI 14e frlea1s VI free SILVER are Lot agree 1
1 t4lGS, as 10 Lhe causes Iast brought tEeis
hopeful predietioas 70 nadgaA Some fzets are
haosn- Tie eXYyFts cf silver fFou London 10
eadar year fsll OF sls sz T39 compared with
the same mcGtts OF the preceding year. Tue
exports OF domestic silver d. lion for this coan
try. wnieh bad averaged Tor tHe i.st ten Year,
over 81, ' 900 fell Ia the last fiscal year 70
81, 73, ssi; While, for tue rrst time In recent
years t1e imports Of silver into Iais eouatry
exceeded the exports by tae suE or p, 7i5 55o.
In the previous year The net exports CT silver
froEa tes United States amouatrd - ss.5i5 sss
ihe production OF tue Unisci States ineFcased
from % 10 1o ounces IA icss 10 81 500 co IN is0
aside annually 5iuo0o ounces which, allow
ing for 7.i&suo) ounces Of new bullion used in
The arts is 10000 more than cur domestic
product ayaiabls for coinage
] hope the depression lE the price Of silver 10
temporary and that further trial OF this legis-
lation Will more .zyoraosy affect IT. Tnat the
Increased volume Of currency thus supplied for
the use OF the people was needed and that ben
ercial results upon trade and prices lave fol.
lowed this legislation think must be very
clear 70 everyone, nor should II be forgotten
that for every dollar of these notes issued a
full dollars worth OF silver bullion 10 81 the
time deposited ia the treasury as security for
its redemption.
Upon tnis subject, IS upon the tariff, my rec
ommcndation Is thAt the existing laws be given
. fGli trial ani that our business interests be
spared the distressing ind ;ence which threats
OF radical caanges always impari. Under ex-
listing legislation IL Is Ia the power OF the treas
ury department % maintain that essential
condition Of national daanee rs well as OF com
mercial prosperity-the party in use of tie coin
dollars aud their paper representatives. The
sssurasss snau ,nese poweas ass you'd Se i'eely
du and sustain the present favorable busi-
ness cosditions.
Views on Free Coinage.
am stsll of the opinion that the free coinage
OF silver under existing conditions would dis
sst.ous.y aneft our business interests AT home
anu abroad We could not hope 10 maintain
an equality in the purchasing power OF the
gold and silver dollar In our own markets. and
In fy~A IA hA
TO the bullion contained in coins. The producers
OF the country, its farmers Srd laborers.
have the highest interest that every
government shall be as good as any any
other. II there Is one less valuable than an.
other its sure and constant errard will be to
pay them ior their Toll and for their crops. The
money lender will protect himself by stipula-
ting for payment in gold. bu, the laborcr has
never been able to do that. To place business
upon q silver basis would mean = sudden and
severe contraction OF the currency. by the
withdraw OF gold and gold notes. and such an
unSettling OF all values would produce q
commercial panic. l cannot believe that a
people so strong snl prosperous as ours viii
promote such policy
Movement or Gold Abroad.
The exports OF gold TO Europe which began
In February last and continued until the last
OF July. aggregated over 37000o,00 The net
loss OF gold during the iiscsl year was nearly
e6s 600. 600. That no serious monetary disturb.
sncc resulted was most gratifying and gave "a
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 1 we had recovered of our gold loss
at the por. of New York S2s.34.oO and is is
confidently believed that during the winter and
largely increased
Reducing tho Surplus.
The presence of . large cash surplus in the
treasury has for many years been the subject
OF much unfsvorable criticism and has fur
nished an argument TO those who have desired
to place the tariff upon purely revenue basis.
II was agreed by all that the withdrawal from
circulation OF 80 large On amount OF money was
the country and made necessary the in.
tervcntion OF tho department az frequent
intervals TO relieve threatened monetary
panics The surplus On sdareh |, 1889. was
t1s3 s2., 1922. The policy Of applying this sur.
flus 10 the redemption OF the interest be airing
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 interest bcafirg securities $3.50 07o
no. resulting In reduction OF the annual in
terest harge of Sill 6s4. 675. The money which
had been deposited in banks without interest
has been gradually Withdrawn and used in the
redemption Of bonds.
Iucreased Circulation.
The result Of this Io,icy. OF the silver legisla
tion and OF the refunding OF the a., per cent.
bonds has been large increase OF thr money
In circulation At the date last nam-d the
circulation was s,I04. s05, $50, or t&3 v3 per
capita; while on the first day OF December, 1891
II had increased to sI,5s7 26so o7o. or sst3s per
capita The offer OF the secretary OF the eireasury
to the holders OF the a. per cent. bonds TO ex
tend the time OF redemption. at tho option OF
VAS accepted ~ tie holders OF about one-hali
the amount and the unattended bonds ore be
Ing redeemed on presentation
The War Department
Tho report OF the secretary OF war exhibits
the results of an intelligent progressive and
busincss-like admins ration OF . department
which has been too much regarded as ono OF
mere routine. The separation OF Secretary
Proctor from the dspsrtIncnt.bT reason OF his
Vermont Is q source ~ great regret TO me and
10 bis colleagues in toe eaesnrt AZ am sure II
viii be 20 all those who bare had business with
the department while uhdcr his charge.
The project Of enlisting Indians, and orga9is'
Ing them into separate companies upon The
same basis IS other soldiers Was made the
subject Of q very careful study by the secretary.
The Law Department.
I concur In the accommodation OF the NJ
torney general that the right in felony cases 70
. review by the supreme court be limited III
goGld seem that personal liberty woald have
. safe guaranty The right OF review In
eases involving orv fine and Imprisonment
Wss limited to the circuit court OF appeals, IN
less . constitutional question should in sons
~ay be involved Tho judges Of the court Of
private land clains provided for By the act Of
March 4 1891. have been appointed sad ths
court organized IL IL now possible 10 give
early relief 20 conruaisies ioag represssa in
their development BY unsettled land titles sad
~ establish the possession aud right ~ set
tiers vhoss lands have bcea rendered valaeiesl
oy adverse sad unfounded clAins- 80
Eseississ Of Chinese.
TIE enforcement By thu treasury department
Of the Law prob biting ths coming OF Cainsse "a
the Uritcd states has been effective "a to such
- Geek 70 fasd from vessels entering our ports
The result ms been TO dfvsrt travel 10 vessel
cate ring the ports 81 Bri,isa Columbia whence
passage into the Usited States ~ obscars
points along the Aomiaioa boundary is easy
A very considerable aara Der Of Chinese issorsrs
have daring tbs past yeR entered the United
States from Canada aad Mexico The ofsicers
Of the treasury department. ana ef the depart
esns ~ Justice have used every neaa'