The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1894-12-13


Great Britain, with S555, 100000 in gold
and only $112000,000 in silver, none of
which is full legal tender, authorizs the
issue of no note of less denomination
than f5, equal TO $24.33; France, Belgium
and Italy, with $976,000.000 in gold and
$51S, 100000 in legal tender silver. issues
no notes of less denomination than 20
francs. 1886; Holland, with $27, 600 900
in gold and SOC, 100000 in legal tender
equal to $10.5; Spain, with $4,000, 900
in gold and $126.000, 900 in legal tender
silver, issues nothing below % perattas,
or S4.12; Denmark, Sweden and Norway,
with 100000 in gold and $12,100,00O
in legal tender silver, have no paper under
10 crowns, or $2.6S; and Austria-Hun-
gary, with $130,000,000 in gold and
$S1, 100000 in legal tender silver, is grad
ually retiring all notes under 10 crowns,
or $4.04. None of these countries have
any help, based exclusively upon silver as
we have, and consequently all payments
made in sums less than the denominations
of notes mentioned must be made in act
| tual coin, which would not be the case
| here if the recommendation now made
should be complied with. Our stock of full
| legal tender silver coins is larger in pro-
portion to the stock of gold than in
any of the countries named except Hol-
land, Belgium and Spain, and vet we con-
| tinue to 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
| upon them.
| The experience of this country under
the act of Feb. s, 1874, which limited sill
yer certificates to denominations of $40
and over and under the act of Aug. 4,
1856, which removed that restric-
ton, justiies the belief that the change
now proposed would result in greatly
increased use of silver coins and certih-
Gates, and they would be much less likely
10 return to and remain in the treasury
than Mt present At the time of the pas
sage of the act last referred to, permitting
the issue of silver dollars not represented
in denominations of 81, 81 and So, stan
dard silver dollars had accumulated in
the treasury to the amount of SS6,959,-
$50, although the total coinage up to that
date was only $235, 643, 2S6. Within four
months after that date, although in the
meantime the coinage was progressing
Mt the usual rate, the amount of free sill
YER held in the treasury was reduced to
ST., 121 ,256, and it continued to decrease
on account of the demand for small GER
| tificates until it became so reduced that
further issues of certificates had to be
| limited practically to the current coinage
of the dollars.
APPLAUDING TARIFF REFORM.
| On the subject of revenue reform the
secretary continues: If this country is
to utilize to the fullest extent the opportu-
nifty offered by its geographical position,
| natural resources and the mechanical
skill and commercial enterprise of its peo-
pie, it must adhere steadfastly and ag-
excessively to the revenue policy inaugu-
rated by the present congress at its last
session. The reduction of taxation to the
lowest point compatible with the collec-
ton of revenue sufficient to maintain an
efficient public service, is a duty which,
upon the plainest principles of justice,
every government owes to its citizens
under all circumstances, but when the
taXtion is imposed in such forms or at
such rates as to increase the cost of liv-
ing and obstruct the process of industry
and trade this subject becomes still more
imperative and a failure to discharge it
when the power exists is a gross viola
ton of the public trust and confidence.
For many years our tariff laws have been
framed upon the theory that the wealth
of the country should be increased by
imposing the burdens on the people and
the prosperity of our industries could be
promoted by increasing the cost of pro-
duction and the result has been that the
net profits of labor and capital constantly
diminished until they reached point
which made further development of our
resources almost impossible.
But little opportunity was afforded for
the extension of our manufacturing and
mechanical industries or for the growth
of our trade at home or abroad and thus
the farmers and other producers of the
country were confronted by a situation
which compelled them to receive dimin-
| shed rewards for increased production.
A change was demanded by every con-
sideration of public duty and private in
terest and although the recent legislation
did not accomplish all that was expected
or desired, it inaugurated a policy which
| it is hoped and believed will ultimately
result in a general improvement in our
industrial condition and corresponding
enlargement of our international and in
ternal commerce. In the prosecution Of
this policy no temporary check or apparent
diversion of the public mind to other sub
.ects should ne permitted to diminish
our confidence in our final success or
weaken our determination to maintain
a consistent advocacy of its claims to
| the favorable consideration of the peo-
pie. On the contrary reverses should
| stimulate increased efforts and every
movement hereafter made should be
step forward in the direction of freer
trade and n more equal distribution
of the reward of industry. The raw ma
terials used in the production of com
mOdities for the use of the people in
their homes and in their various in
dustrial pursuits should be free from tax
alton in order that the burdens of labor
may be lightened, the opportunities for
| employment increased and the neces-
saries of life made more abundant and
less expensive. If our industries are TO
be profitably conducted, reduced cost of
production must precede or accompany
reduced prices Of the finished product,
and as cheap commodities increase con-
sumption the interests of all classes
will be promoted by removing the OBJ
structiOns which deny our skilled la
borers and artisans access to the worlds
store of raw materials.
The late law, while it places upon the
| free list considerable part of most
import raw materials used in our man
ufactures, left iron together with sew
eral other articles of less consequence
still dutiable, thus not only failing to
put in force consistent system of rev.
enue reform, but leaving some of our
most valuable Industries at great dis
advantage as compared with their rivals
differently located.
Prof. Albeit Il. Menke Of the Kentucky
State Agricultural college writse: Il
| have found on examination Dr. Prices
Baking Powder to be the strongest and
In, nthlio ~