The times. [volume] (Richmond, Va.) 1890-1903, 1893-11-15
STANDARD SILVER DOLLAR,
10 Change In His Announced Intention
as 10 Their Coinage.
BIG REVENUE FROM AN INCOME TAX
Ways and Means Committee VIII Also
Strike a Blow at the Sugar Trust.
Other Changes.

tention as to the coinage Of standard sill
yer dollars. The original announcement
made by direction Of the Secretary. stated
that while the actual coinage OF standard
silver dollars had not been commenced, or
ders had been issued TO the mints at New
Orleans and San Francisco to prepare the
ingots and blanks so as 70 be ready for
coinage at a moments notice. The mints
are now in readiness and await only the
explicit orders TO begin. When these VIII
be given Secretary Carlisle does not care
to say. They may be given any day. He
will be guided, as he expresses it. by the
emergency Of the situation. lie simply
wants to be prepared The object Of the
| proposed coinage, as was stated at the
time, was TO utilize the seigniorage aris-
ing from the coinage This seigniorage,
with The mintage facilities available,
| would not amount 70 more than $4,000
| month az present. IL was hoped by in
| creaSing the coinage 10 run the seigniOr-
| age up 10 81 100000 q month. The coinage
| OF seigniorage thus obtained is no innova-
ti0l. IL has been going On under this adj
ministration, as under former ones. AS
a matter oi fact, the $4,000 the pront or
subsidiary silver coin was last week put
| into the Treasury assets, as has been done
| from time 10 time for years
! AT no time has it been the inten-
! ton Of Secretary Carlisle, nor Is il his
/ intention now, % toll off the seignoirage
and coin it. He is convinced that the
] Secretary Of the Treasury has no such
authority to do so and that it can only
/ De done by an act Of Congress
! Mill d
! VIII engage the early attention Of Con-
/ gress in December. AS the subject IS
understood at the Treasury, Congress
VIII be asked to give the Secretary Of
| the Treasury this power 10 toll of the
| seignoirage and coin IL. as he may. i'm lis
/ discretion, decide. Compulsory coinage
/ or the seignoirage is not desired BY
! coming this seignOirage the Treasury. il
| IS pointed out, would gain from 100000
! TO 100000 in silver per month. At pres
| eht lhe treasury net balances cover about
| the 800 10000 mark. and for the past ten
days or so has been one day above it
| and the next day below il.
Receipts continue Disappointing and
Tears are expressed that from now on
the net balance viii continue below si00.-
! $4,000 This balance is made up Of
$aoOOOOOO gold and $1,000, 600 currency. Il
is no longer question Of gold, but "a ques-
va A'AN+iN9s HI RihIpfAlDu 10 Aue net
balance the supply Of gold p rreater
than IL has been for some time and even
IT an the balance was in gold IL would
simply have to be paid out 10 meet eur
rent expenses. No uneae einess IS. how
ever felt in Treasury circles. as until the
net balance becomes so low as 10 destroy
pubic confidence no eVil effect can result |
A revenue of S50000O90 IS expected bv |
the members Of the Ways and Means |
committee from the moderate income tax /
when they propose 20 incorporate in the |
new revenue Dill The rate of the tax |
VIII probably be per cent and the ex- /
enpuons VIII be high enough TO exclude /
the great mass of labOring men and I
people on small salaries. The limit now |
under discussion is from $500 10 $4,000. \ /
sood many statistics have been prepared |
by the Treasury experts on the incomes |
on the country and the rates Of revenue |
obtained under different plans. ana il is
believed that the per cent. rate Will |
Yield handsome sum. If the increase
IN the revenue should prove sufficient
after year or two TO meet the demands |
OF the country. the rate might be slightly
decreased or the limit OF exemption raised.
one Of the attractions Of income tax 10
those members Of the committee who are
advocating IL is that IL allows changes in
the rate TO meet the demands OF the
tries Of the country, as IN the case Of
changes in the tariff. If the income tax
Is adopted In the fern now under con-
sideration other changes in the Internal
revenue laws win not be necessary. There
viii be no increase in the beer tax. the
whisky tax, the tax on manufactured
tobacco or the tax on cigars. The ques-
tion Of duty on sugar is stIl an open one.
but IL is not unlikely that a duty viii be
oh
both raw and refined sugars. This viii
enable the committee TO abandon the
bounty now paid the Louisiana and Ne
bra5ka growers without leaving them abb
soiutely without protection against for
eign cOmpe ltion.
1t is also desired 90 strike a blow at
the sugar trust by making the duty on
refined sugar substantially the same as
on raw sugar The reciprocity section, !
which deals with sugar, hides and tea,
VIII probably be stricken out. The arti-
cles named will remain free from duty
from all countries, unless a small tax
Is Imposed on sugar, and II is not be-
leved that the countries now having
reciprocity arrangements will desire 20
abrogate them. because the retaliatory
duties against Venezula, Colombia and
Haiti. may be abandoned.
The treatment OF bituminous coal Is
|
Gratis. Coal was on the free list I'm the
original draft Of the bill. I'm accordance
with the pledge Of the Democratic Ma
tional platform TO modify the Mckinley
law in the direction of free raw mater
als. The protest from the coal districts
Of West Virginia. Pennsylvania, Tennes-
see and Alabama has been so strong,
however, that some Of the members
of the committee are weakening any may
vote 10 retain a small duty
Chairman Wilson hopes 20 present the
completed bill 10 the Republican mem I
'ers Of the Ways and Means Committee 5
~ the latter part Of next week so y
hat they can have their minority report
eady upCn the meeting Of Congress in
december. He is not in favor Of a party !
aucus 10 pass upon the bill, but believes
hat IL should be fairly considered by the
louise. as presented by the committee.
his was the course with the Mills bill.
nd no caucuses were held until debate
egan under the hye-minu'e rule on the
eparate schedules. Mr.. Wilson believes
hat the bill will be more symmetrical :
nd consistent II taken up as IL comes /
rom the committee, and that general /.
ebate in the House will solve some OF :
he problems which might cause an in : !
erninable discussion in a party caucus.