The record-union., 1894-12-05
ROYAL BAKING POWDER.

coins is larger in proportion to the stock
OF gold than in any of the countries
named except Holland, Belgium and
Spain, and yet We continue 10 obStruct
their circulation by the issue of small
United States notes and bank notes,
which serve the purpose of the people in
their daily Transactions no better than the
COINS or certificates based on them.
iHe experience OF this country under
the Act OF February S, 1874, which limited
silver certificates TO denominations of $40.
and under the Act of August +, 1886,
which removed that restriction. iustities
the Deilet that the change now proposed
VIII result III the greater use of silver
certificates, and that they would be much
less likely TO return and remain in the
treasury than at present.
At the time OF the passage Of the Act
last referred TO, permitting the use of
silver dollars not represented by certifi-
Gates IN denominations of one, two and
1--WE dollars, standard silver dollars had
accumulated in the treasury TO the
amount OF $50, 959, $50, although the total
coinage up to that date was S235. 643 2Sj.
Within four months alter that date al
though IN the meantime the coinage was
produced at the usual rate, the amount of
Tree silver held in the treasury was re-
uuced to SI ,2JJ0GS, and IL continued TO
decrease on account Of the demand Tor
small certificates until it became so re-
duced that further issues of certificates
had TO be limited practically to the cur
rent coinage OF the dollars"
REVENUE REFORM.
On the subject of revenue reform. the
Secretary continues: AZ this country is
10 utilize 10 the fullest extent the oDDor-
tunities offered by its geographical posi-
tlon, natural resources, and the mechan-
zeal skill anu commercial onterDrise Of its
people, 1t must adhere TO the revenue pol
Icy lnaugurateu by the present Congress
at Its last session. The reduction OF tax
alton TO the lowest point compatible with
the collection OF q revenue sufficient TO
maintain an efficient public service is q
duty which, upon the piainest principles
OF justice, every Government owes 10 it's
citizens under all circumstances: but.
when the taxation Is imposed in such
form and at such rates as TO increase the
cost of living and to obstruct the progress
OF industry ana trade, this duty becomes
still more imperative, and failure TO dis
charge 1t when the power exists is gross
violation oil public trust and confidence,
FOR many years our tariff laws
have been framed on the theory
that the wealth Of the country
could be increased by imposing bur-
dens upon the people, and that the
prosperity of our industries could be pro-
moted by increasing the cost of produce
ton, and the result has been that the net
profits of labor and capital constantly
diminished until they reached a point
which made further development of
our resources almost impossible But
little opportunity was afforded for the
extension OF our manufacturing and me-
chanlcal industries, or tor the growth of
our trade at nome or abroad, and thus
the farmer and other producers of the
country were confronted by situation
which compelled them to receive dimin-
lshed rewards for Increased prod uctlon
y change was demanded by every con-
slderatlon OF public duty and private in
terest, and although the recent legislation
dld not accomplish all that was expected
or desired, it lnaugirated policy which
1t is to hoped and believed will ultimately
result IN great Improvement in our in
dustrlal condition, and a CORES pondiup
enlargement OF our international and in
ternaI commerce.
I'm the prosecution Of this policy, no
temporary character or apparent diver
sion OF the public mind to other subjects
should be permitted TO diminish our con-
ndence in our financial SUCCESS or
weaken our determination to maintain
consistent advocacy OF it's claims to the
favorable consideration of the people. On
the contrary, reVerseS should stimulate
increased efforts, and every movement
hereafter made should be a step forward
In the direction OF freer trade and a more
equal distribution Of the rewards of in
duStry. Inc raw material used in the
production OF commodities for the use of
the people IN their homes and in their
various individual pursuits should he free
from taxation, in order that the burdens
OF labor may be lightened, the opportuni-
lleS OF employment increased and the
necessarleS OF lie made more abundant
ana less expensive. If ourindustries are to
De prohtably conducted. reduced cost OF
production must precede Or accompany
tne reduced price OF the finished product.
ana as cheap commodities increase con-
sumption, the interests of all classes will
De promoted by removing the obStruc-
tlonS which deny our skilled laborers and
artisans access to the worlds store of raw
materials. The late Act, while it places
upon the free list considerable part of
the most important raw materials used in
the manufactures, left iron and iron ore
bltumlnous coal, together with several
other articles OF less consequence, still
dutlable. thus not only failing to put in
1orce consistent system of revenue re-
form, but leaving some Of our most valu-
able industries at a great disadvantage. as
compared with their rivals differently To-
Gated.
" There are other defects, consisting of
ambiguous phraseology in some of the
paragraphs, and inconsistent and excess
I've rates OF duty in some of The sched-
uIes, correction of which would be in
harmony with policy of progressive reg
lorm upon basis Of equal justice to pro-
ducers and consumers, and would not
ahect the revenue to any considerable eX-
tent. Advantage should be promptly
taken of every opportunity to remove
these Objectionable features from the
Act, so that our legislation may be made
to conform as speedily as possible to the
demands "a h nd tn ha hi
sentiment on this subject.
John q. CARLISLE,
Secretary of the Treasury"