Daily independent. [volume] (Elko, Nev.) 188?-1915, 1893-12-21

radical change in the currency policy
OF the Government that until it's ef-
tects are more fully developed he
does not consider it advisable TO rec
onmend further specific legislation
on that subject. He suYs the great
increase ia bunk reserves IN the
monetary centers Of the country
shows concluslvely that the amount
OF money in the country is greater
than is required for the transaction
OF business. He finds one OF the
principal difficulties of the treasury
to result from the indisposition of the
public to retain silver dollars aud ell
YER certificates in circulation. He
says he cannot understand why this
should be the case, and has sought to
remedy it by increasing tho number
OF silver certigcaqes of determinations
OF less than $40. thus retiring the
larger ones and substituting for them
larger notes Of other kinns of cur
rency."
GA the subject of tariff, the SEQ
retary argues in favor Of nd valorem
duties and urges strongly the desira-
billy of free raw materials. lie also
recommends IN Increase of ten cents
per gallon On distilled spirits and
additional taxes on cigars and cgur-
cites, aud new taxes on playing cards,
cosmetics, perfumeries, legacies, sue
cessiOns, and incomes from stocks
and bonds of corporations and joint
stock companies
The Secretary calls attention to
the difficulties encountered in the
enforcement of the Chinese Exclusion
laws and says: II am Of the opinion
that as long as our laws prohibit the
lHnding of Chinese Iaborers, the priv
ilege of passing through our territory
cannot be safely granted, and it
should mt once be revoked. If this
privilege continues it Will be impoB .
slble TO SECURE the efficient execution
OF la rs passed by Congress for the
exclusion of Chinese laborers."
On the subject Of Pacific railroads
tho Secretary says there ARE now out,
standing S64, 623,5l2 of six per cent
United Slales boEds issued in aid of
Pacific railroads On january IL,
1895, S2,362.0JO Of these bonds ma
ture and the others at various dates
up to 1889. He adds: "lhese bonds
are absolutely payable 90 the rerprc-
tive dates Of their maturity, differing
in this regard from other outstand-
ing interest bearing bonds Of the
United States, which are redeemable
at The pleasure Of the government
after certain dates. In view If this
fact, il is important that Congress
should take action at this session
with respect to the Payment at least
Of the S2:}62,tW bonds which will
matule within The fiscal year Of l8. s."
The report closes with the fellow
ing reco lamentations:
ION account Ut the approaching
maturity of bonds OK This class and
the magnitude of the interests in
volved, l respectfully suggest they re-
ceive tho early and earnest consider
alton OF Congress-, with the view of
the loptioD OF some plan which will
more certainly secure the ultimate
payment Of tie Indebtedness 10 the
government and at the same tire
permit tie companies 10 condu cC the
business for which they were created
but under such limitations and re-
strictlOns as TO the ma nagement and
expenditures, as may be- considered
necessary to protect the rights OF al
parties Interested IN the property
1t would be very unfortunate, in my
opinion, il the government. should be
forced by any combination Of oircum.
stances to take possession of and op-
erate these lines OF railway, aud
every reasonable effort should b.
made 10y all parties to avoid such q
rapnli -