Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1894-12-06

/ and iron upon the free list.
So far as the sugar schedule is con-
cerned, [ would be glad, under existing
aggravations, to see every particle of
d~1fferential duty in favor of refined
sugar stricken out of our tariff law. If
with all the favor now accorded the
sugar refining interest in our tariff laws
it still languishes to the extent of closed
~refineries and thousands of discharged
workmen, it would seem to present a
| hopeless case for reasonable legislative
aid. Whatever else is done or omitted
| earnestly repeat here the recommen-
dation l have made in another portion of
this communication, that the additional
duty of one-tenth of a cent per pound
laid upon sugar imported from coun-
tries paying a bounty IN it's export be
abrogated. 1t seems to me that ex-
c~eedlngly important considerations
point to the propriety of this amend
ment.
REGISTRY o VESSELS BUILT
ABROAD.
With h advent of a new tariff policy
not only calculated to relieve the con-
sumers of our land in the cost of their
daily life but to invite a better develop
ment of American thrift and create for
us closer and more profitable CONNER
cia1 relations with the rest of the world,
it follows as a logical imperative ecessi-
ty that we should at once remove the
chief, if not the only, obstacle which
has SO long prevented our participation
IN the foreign carrying trade of the sea.
A tariff built upon the theory that it is
we'll to check imports and that a home
market should bound the industry and
effort of American producers, was fifty
supplemented by a refusal to allow
American registry to vessels abroad,
though owned and navigated by our
people, thus exhibiting a willingness to
abandon all contest for the advantages
OF American tranS-oceanic carriage.
Our new tariff policy, built upon
the theory that it is well
to encourage such importations as
our people need, and that our products
and manufactures should find markets
in every part of the habitable globe, is
consistently supplemented by the great
est possible liberty to our citizens in
the ownership and navigation of ships
in which our products and manufac-
lures may be transported. The mil
lions now paid to foreigners for carry
ing American passengers and products
across the seas should be turned into
American hands. Ship-building, which
has been protected to s~trangulation,
should be revived by the prospect of
profitable employment of ships when
built, and the American sailor should
be resurrected and again take his place
as a sturdy and industrious citizen in
time of peace and a patriotic and safe
defender of American interests in the
day of conflict The ancient provision
of our law denying American registry
to ships built abroad and owned by
Americans appears in the light of pres
ent conditions not only to be a failure
for good at every point but to be nearer
a relic of barbarism than anything that
exists under the permission of a statute
of the United States. l earnestly rec
ommend it's prompt repeal.
THE BOND ISSUE JUSTIFIED.
During the last month the gold re-
| serve in the Treasury for the purpos of
| redeeming the notes of the government
circulating as money in the hands of
| the people became SO reduced, and it's
further depletion in the near future
| seemed so certain, that in the exercise
of proper care for the public welfare, it
became necessary to replenish this re-
| serve and thus maintain popular faith
in the ability and determination of the
government to meet, as agreed, pecuni-
airy obligations. 1t would have been
we'll, if, in this emergency, authority
| had existed to issue the bonds of the
government bearing a low rate of inter-
est, and maturing within a short period,
but the Congress having failed to con-
fer such authority, resort was necesSa-
rily had to the resumption act of 1875,
and pursuant to its provisions, bonds
were issued drawing interest at the rate
of 5 per cent per annum and maturing
ten years after their issue, that being
the shortest time authorized by the act.
| am glad to say, however, that on the
sale of these bonds, the premium re-
ceived operated to reduce the rate OF
interest to be paid by the government
to less than 3 per cent. Nothing could
be worse or further removed from SEN
sible finance than the relations existing
between the currency the government
has issued, the gold held fol-
it's redemption, and the means which
must be resorted to for the purpose OF
replenishing such redemption funds
when impaired. Even if the claims
upon this fund were confined to the OBJ
legations originally intended, and if the
redemption of these obligations meant
their cancellation, the fund would be
very small. But these obligations wher
received and redeemed in gold are not
cancelled but are re-isSued and may de
duty many times by drawing gold from
the Treasury, Thus we may have al
endless chain in operation constantly
depicting the Treasury's gold n nevel
near a final rest. AS if this were no
DdQ enough, we naVe, ny ii SIdluGOTy
declaration that it is the policy of the
government to maintain the parity be
tween gold and silver, aided the fore,
and momentum of this eXhausting pro
cess and added largely to the currenc.
obligations claiming this peculiar golt
redemption. Our small gold reserve i
thus subject to drain from every side
The demands hat increase our DANCE
also increase, the necessity of protect
ing this reserve against depletion, an
it is most unsatisfactory to now tina
the protection afforded is only a tenn
5 porary ~palliation, and it is perfectl.
and palpably plain that the only wa,
under present conditions by which thi
| reserve, when dangerously deplete
can be replenished, is through the issu
: and sale of the bonds of the govern
: ment for gold, and yet Congress has nc
I only thus far declined to authOize tn
issue of ponds best suited to such a pul
: pose, but there seems a disposition i
some quarters to deny both the nece:
sity and power for the issue of bonds
all.
Il [ cannot for a moment believe tina
any of our citizens are deliberately will
, ing that their government should d.
: fault in it's pecuniary obligations
: that it's financial operations should b
: : reduced to a silver basis. At any rat
, l should not feel that my duty was don
if [ omitted any effort l could make t
:. avert such a calamity. AS long ther'
= fore as no provision is madef for the fin;