New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-21

the cost or the silver bullion ara me s,d in the
Treasury purchased BY such and %s yer
t Ssy eann D T. Re ressued but retired and
amount Of notes ouatsndng than the cost q the
bullion and coined dollars then held IN the 90 es
ss4 have been retired and cancelled since August
last. and standard silver dollars have taken tnelr
COIN the notes might be lawfully retired re-
issued in the discretion Of the Secretary but the
such that practically Nc dsereon Ns? server Cr and
the requirements of the coin reserve compel him
to reissue them in defrayng the expenditures OF
the Government or in procuring coin TO repieii's"
Zone OF the principal difficulties encountered by
hs cf y PSBc to Silver
lars and silver certificates in circuaton Il re-
Iry oicais to prevent the certificates especially
from accommodating in the TO TO- the o eN
be the case Is not easily understood. for. although
these esrcas are not Ter II the acts ga Of
1873 and 1856 made receivable i for 81 RToc b aqes
and by af oct o hold a Them as part Of their aw
full reserves. With the policy Of maintaining equal.
m IN as and Hauf
of silver bullion arrested. there Is no substantal
favoraby received and as literally treated by the
public as any other form of note in circulation; and
for the OF use ia the da OF
the people | have directed that as far as the law
forded the amount of such certificates Of denomina
tons less than so shall be increased by substtut.
ing them for larger ones to be retired ana mat
the small denominations of other kinds OF cur
rency shall be retired as they are received into me
places.
SILVER COINAGE.
"The Treasury now holds 40 1870 fine ounces
Of silver bullion purchased under the Act OF July
A. 1890 at a cost Of s26,75s2ls. and which at the
legal rate of 15 1883 to l. would make 1S9l4s9 silver
dollars The act provided that after the list day OF
July 1891. the Secretary OF the Treasury should
coin as much OF the bullion purchased under IL as
might be necessary to provide for the redemption
Of the notes. and that gain or seignorage
arising from such coinage should be accounted Tor
and paid into the Treasury. 1t Is plain from this
and other provisions OF the act that so much OF
the bullion as may be necessary when coined 10
provide for the redemption Of the entire amount
Of notes outstanding Is pledged o Tor n rna ober but
was decided by the late r ann
or segniorage resulting from the coinage as IL pro-
crossed constituted part OF ths general asses
legally issued upon 1t. notwiths landing the ACT OF
1890 is silent upon the latter subject ,,,, ,,,,or
''The coinage Of the whole amount OF TINS bullion.
which would employ our mints. with their present
capacities. for period OF about I'VE yearS M1Iu
ton during the time named $5ld66S from seignior-
age besides such additions as might De note
in standard silver dollars In order that tne u.-
Is with any increased demand tina, may be made
inon II bv the public for standard silver dollars
silver ceTSaSSs or opporuny That may occur to
put an additional amount OF such currency III CIT
culation without unduy. disturbing the moneiiary
situation have caused large amount OF bullion
to be prepared for coinage at New Orleans ana
nlaces To be In readiness to commence operations
any time when required
REVISION OF THE REVENUE LAWS.
The report discusses at considerable length the
topic OF revision Of the revenue laws. and the doc
lat tn ra-
asserted The Secretary argues deliberately In favor
OF the al valorem duty system. proposed In the
Wilson bill as opposed 10 specific duties A plea
for free raw materials follows; and then n de-
mand for the "cheapenng Of the necessaries OF
life for the masses OF the people
II Is estimated that the revenues for the fiscal
year 1896 will amount upon the basis OF existing
laws TO 1854 ~ 7is and that the expenditures ex
Guiding the sinking fund. will amour, TO H'S ,oS
7sq The estimated revenue from customs - sly'-
coVc, and the total estimated receipts rom All
sources viii exceed the sS'm pheee amounts
10 be approx tcy correct II will be necessary In
ANY e i prayd ina" for may rS~nr nSoa n from
customs alone or partly from customs ana partly
NAV see proper to include in our intennl-revenue
system. Tho Secretary believes that the proIossh
norfations and that. consequently. the revenue
viii not be diminished In the same proportion as
r., IL Reasonable. he thinks 80 conclude that
this cause together win the natural hc Ies, IN
much larger revenue from customs IN Two l.ai
IL Indicated by mgre COME Which the colrc.
tons made IN mo
INCREASING THE INTERNAL REVENUE.
II am OF the opinion that with proper economy
I'm public expenditures. which 1t is hoped VIII result
In A considerable reduction from the eaumateS an
increase Of sJDWOco 10 the revenue for the fiscal
year 1895. by the imposition Of additional taxes
under the internal revenue system. VIII supply SUM
cien, means for the support Of the Government
and that this sum can be raised without s'si"uSE
disturbing the business Of the country or do'hg
Injustice any part Of the people" Many hiliereht
methods OF providing this additional revenue nave
been suggested and discussed. and after careful
examination Of the whole subject have reached
the conclusion that It be most conveniently
and Justly raised by increasing the tax on distiea
sprits 10 cents per gallon. and by additional taxes
on cigars and cigarettes. and the Imposition OF
new taxes on playing cards. cosmetics ana per-
fumeriea legacies and SUGGESTIONS. and incomes de.
rived from Investments In stocks and bonds OF
corporations and Joint stock companies o,r,rs
and n crnTetirs should BE- imposed upon all such
article in ana at " Se me the act takes
effect but reasonable time should be allowed III
the cases OF the taxes in order tPat ne nee nee
tribgted, and d,oe the ona heG nTomilrated The
T nrSnTety under the circumstance OF in
creaslng taxes upon distilled spirit ,s yns a ana
reasonable rate upon playing CARDS ana c0siheues
and prrfumeries, VIII not, | thlnk De
,1ona,d cxcept by some OF the producers OF these
ariices who constitute comparatively a small
mari of the people. Taxes which directly or mol
rectlv increase the Of the actual necessafies
OF lie should be avoided whenever Il IS P9ssipie
IN do 40 but the consumers or such arucies az
are NOT essential 10 health and comfort ought NOT
10 complain when called upon to contribute Part
~ their voluntary expenditures TO the support or he
Government. Taxes upon lcgaces ana SUGGESTIONS
ari Incomes acquired from investments IN STOCKS
nd bonds of corporations and joint stock companies
are less objectionable in their nature ana IN me
methods OF collection than other excl SEES when
H. ia competent for the United States TO impose
ipon Incomes according 10 their actual value OF
1T is generally recogn ized fact that capltai
In the form OF money. bonds and other evidences
~ dabt does not usually by OF its ntangl-
bic and transtory nature. bear its due propora n
or tho burdens OF taxation under the revenue laws
~ The several States and municipalities. az COM
v,reJ with real estate and visible personal prop
rirnp afiD m