Alpena argus. [volume] (Alpena, Mich.) 1893-1909, 1894-12-12

OF congress needs important amendments
II IL Is TO be executed effectively and with
certainty. In addition to such necessary
amendments as will not change rates OF
duty. l am still very decidedly In favor OF
putting coal and iron upon the free list.
So far as the sugar schedule Is con-
cerned, would be glad, under existing
aggravations, to sec livery particle OF DIFF
ferential duty In favor OF refined sugar
stricken out of our tariff law. II with all
the favor now accorded the sugar refining
interest In our tariff law, 1t still languishee
to the extent OF closing reineries and
thousands OF discharged workmen, 1t
would seem to present a hopeless case
for reasonable legislative aid.
Whatever else Is done or omitted, l
earnestly repeat here the recommendation
/ have made in another portion of this
communication that the additional duty
of one-tenth of a cent per pound laid up
on sugar imported from countries paying
bounty on It's export, be abrogated.--
1t seems to me that exceedingly import
ant considerations point to the propriety
Of this amendment.
With the advent of new tariff policy
not only calculated to relieve the con-
sumers OF our land in the cost OF their
daily life, but to invite better develop
ment Of American thrift and create for
US closer and more profitable CONNER
cial relations with the rest Of the world,
1t follows as a logical and imperative
necessity that we should at once remove
the chief II not the only obstacle which
has 80 long prevented our participation
In the foreign carrying trade OF the sea.
A tariff built upon the theory that IL Is
we'll to check imports and that a home
market should bound the industry and
effort OF American producers was fifty
supplemented by refusal to allow Amer
lean registry to vessels built abroad,
though owned and navigated by our people,
thus exhibiting willingness to abandon
all contest for the advantages Of American
trans-oceanic carriage. Our new tariff
policy, built upon the theory that 1t Is
we'll to encourage such impoI tations as
our people need and that our products
and manufactures should find market In
every part OF the habitable globe Is con-
sistently supplemented by the greatest
possible liberty to our citizens In the
| ownership and navigation Of ships in
which our Tproducts and manufactures
may be transported. The millions now
paid to foreigners for carrying American
passengers and products across the sea
| should be turned into American hands.
Shipbuilding, which has been protected
to strangulation should be revived by the
prospect Of profitable engagement for
ships when built and the American sailor
| should be resurrected and again take his
place-a sturdy and Industrious citizen in
| times Of peace and patriotic and safe
defender of American liberties In the day
of conflict.
The ancient provision of our law deny
Ing American registry to ships built
abroad and owned by Americans appears
| In the light OF present conditions not only
to be failure for good at every point,
but to be nearer relic Of barbarism than
anything that exists under permission of
the statute of the United States. | earn
estly recommend its prompt repeal.
THE CURRENCY QUESTION.
| During the last month the gold reserv-
ed In the treasury for the purpose OF re-
deeming the notes Of the government cir
culating as money in the hands of the
people became so reduced and its further
depletion in the near future seemed 80
certain that In the exercise Of proper care
for the public welfare 1t became necessary
to replenish the reserve and thus main
tain popular faith in the ability and de-
termination OF the government to meet,
as agreed, its pecuniary obligations.
| 1t would have been well IL in this emer-
| gency authority had existed to issue the
bonds OF the government bearing low
rate of interest and maturing within q
short period; but the congress having
failed to confer such authority, resort was
necessarily had to the resumption act Of
1875, and pursuant to Its provisions bonds
were issued, drawing interest at the rate
OF five per cent per annum, and maturing
ten years after their issue, that being the
shortest time authorized by the act. l
am glad to say, however, that on sale Of
the bonds, the premium received operated
to reduce the rate Of interest to be paid
by the government to less than three per
cent. Nothing could be worse or further
removed from. sensible finance, than the
relations existing between the currency
the government has issued, the gold held
for its redemption and the means which
must be resorted to for the purpose of re-
plenishing such redemption fund when
impaired. Even II the claims upon this
fund were confined to the obligations
originally intended, and IL the redemp-
ton Of these obligations meant their can
collation., the fund would be very small.
But these obligations when received and
redeemed in gold, are not cancelled, but
are re-issued and may do duty many times
by way Of drawing gold from the treas
ury. Thus we have an endless chain In
operation constantly depicting the treas
ury's gold, and never near final rest.
AS II this was not bad enough, we have,
by a statutory declaration that 1t is the
policy Of tho government to maintain the
parity between gold and silver, aided the
force and momentum OF this exhausting
process and added largely to the currency
obligations claiming this peculiar gold
redemption. Our small gold reserve Is
thus subject to drain from every side.
The demands that increase our danger al
so increase the necessity Of protecting
this reserve against depletion, and IL is
most unsatisfactory to know that the pro-
lection afforded Is only temporary pal
liation.
It Is perfectly and palpably plain that
the only way under present conditions by
which this reserve when dangerously de-
pleted can be replenished Is through the
issue and sale Of the bonds of the gov
eminent for gold, and yet congress has
not only thus far declined to authorize
the issue of bonds best suited to such a
purpose, and there seems O disposition In
some quarters to deny both the necessity
and power for the issue of bonds at all
cannot for moment believe that any Of
our citizens are deliberately willing that
their government should default In its
pecuniary obligations, or that its financial
operations should be reduced to silver
basis. At any rate should not feel that
my duty was done II omitted any effort
could make to avert any calamity. As
long, therefore, as no provision Is made
for the final redemption or the putting
aside of the currency obligation now used
to repeatedly and constantly draw from
the government its gold, and as long as
no better authority for bond issues is al
lowed than at present exists, such author
ity will be utilized whenever and as often
as 1t becomes necessary to maintain SUI
flcient gold reserve, and i'm abundant
time TO save the credit Of our country and
make good the financial declarations Of
our government
Questions relating To our banks and
currency are CLOSELY connected with the