The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1897-01-01


.nces ia our favor He refers 10 his recon-
nondatlon OF last year. that the secretary OF
he treasury be authorized 10 issue, from tlhe
10 time bonds payable In gold aud To exchange
them for United States notes and treasury
notes. Concerning this he says;
While an act conferring express ana plehary
authority upon the secretary 10 issue bonds
and use them OF the proceeds Of their sales Tor
the purpose Of retiring certain amount OF
notes each year, would IN my oplhioh' oe
the most ereclual and economical way 10 ae-
compllsh that object IL may be that SO raaieAi
a measure would not receive the assent OF con-
gress In the present state OF the public mind on
the subject. and II SO. IL is submitted that, ~
the very least authority should be given 10 re-
tire and cancel maximum amount OF notes
each year which are voluntarily presented Oy
the holders and redeemed ia gold. and IL the
ma xlmum amount nned by congress should %
retired and cancelled In any year by reeenip-
tlOn out uf the gold reserve. the secretary Of
the treasury should be clothed Win authority
10 apply the surplus funds ia The treasury aud
In addition. II necessary, 20 issue the character
OF bonds above described % a suinclent @mouAs
to comply with The provisions OF me
law. The adoption OF such
policy would be the giving o, Immediate
assurance o. a purpose 10 fetarn within z fe~-
sOn4ble period lo y Sale and ciastst currency
system ANA would remove much OF the DOUBT
and uncertainty which have for many years
disturbed tLc public mind ana embarrassed
the business VI the people and the operations
OF the government No sudden o. .arse con-
traction OK the active currency would result
from The execution Of such plan, because the
redemptlons would be made troLi tine ~ uAo
with money already withdrawa from The CIR
culaton and hcil ia the treasury except IN
cases were Il might become necessary 10 issue
and sell bonds IN order TO make the reaeinp-
lions corresponding - the amount required or
authorized: and in all such cases contraction
| could be easily prevented by selling the oohas
abroad ana thus adding their proceeds TO cur
domestic stock OF money"
Continuing, he says: Whatever pas may be
finally adopted for the retirement g Inliea
States notes and treasury notes, II Will fall 10
| afford complete protection TO the government
| against demands for gold in the future. unless
| 1t includes q provision relieving The treasury
| from the obligation TO redeem NATIONAL pank
| notes, except such as are worn, musulateu OF
| defaced. and the notes OF failed banks, or re-
quires these institutions 10 keep their fedemp-
tion fund in gold and to deposit gold coin Tor
| the withdrawal OF bonds when circulation Is
10 be surrendered or reduced In View OF the
provisions Of the existing law, IL Is
| clear that in case the United States notes
should be withdrawn from circulation, some
other method Of redteming the national bank
currency must be adopted and. In my opinion
the obligation should Dc imposed directly upon
the banks themselves, or they should be re-
quired u keep the redemption fund on deposit
with the treasurer, Ia gold coin
Mr.. Carlisle rrnews hi~ recommendations for
such ameudm- Lt> 10 the national banking laws
as would permit the issue " circulating notes
equal in amount TO the face value Of the
bonds dcpos ted and reduce the tx on notes
| TO one-fuurth Of one per cent pei
annum. ald that authority be given 10 cstab-
. lish branch banks for the Transaction Of all
kinds 81 business now allowed kept the Is
sue OF circulating notes. No good 'cason now
| Is perceived he says. why this Limitation upon
the required amount ~ capital should not be
reduced TO seftVJ without reg ard TO population
lie again refers TO and renews his fggestlor
that the issue OF United States notes treasury
. notes and national bank notes Of liver de-
nominations than $40 be prohibited in order e
! secure a large ana more permanent tAe OF th'
silver coin and certificates
Taking up the quest on OF the revesue ant
4 quoting figures and the yearly deficiency, TIL
A secretary says. But unless our annual re
4 | ceipts are increased by improved business con
i ditions, or our annual expenditures are re
: duced. a time will arrive when provision mus
Il | be made for additional revenue; and II the ex
: penditures OF the government shall be In
n | creased by acts Of congress the necessity TO
Y | such a measure will arise earlier than tn
: / present situation seems to indicate. In view
= OF this possible contingency, IL will not be In
! ! appropriate TO submit few suggestions con
: | corning the general pollFA 10 ot atAItti AZ
!. making the provision to meet future necessi
b ties Of the K ycrumeut
d For more than century our tariff legisla
n ton has been designed. 20 a great extent, a
y least. TO accomplish objects other Than IN
~ raising 81 revenue fer public purposes. IN
H. protection Of capital Invested in our native In
l. dustr.eS ana The protection OF labor cmp!oye
in the United tates against the competluo
3 Of the products Of foreign Industries and foi
IS clgn labor have been alleged as the paramour
a. objects In many cases. and urged as Justihc;
&c tion for the progressive Increases Of tart
~ taxes and Commercial restriction. whe
% revenue not needed or nhs
cf the rates imposed were made 50 high as 20 r.
as dnce the revenue. In other Instances. revenI
Il. duties have been abolished IN order that pr
Ct tcctive duties might be retained or increase
no and the necessities OF the government and ju
L principles OF taxation have been suOCrdlnat,
~ to the demands Of special interests.
IS 80 long rs the income Of the govcrnme
= from customs and internal taxes exceeded
81 expenditures, the fact that protective duti
Us were destructive OF revenue. although clear
ey apparent to all who observed the practical o
al GRAFTON OF the system, did not attract tie a
IA tentiou OF the public generally, but the 81
e uation has been materially changed sin
"a 1899 and hereafter II viii not be poss,t
es to sacrifice revenue 10 protection without sci
no ously embarrassing the fiscal affairs OF t
an government by depriving 1t OF any incor
OF sufficient to defray its necessary expenditure
ca II the usual proportion OF this Income is her
re after to be derived from taxes on import
re- goods, the protective theory must be aba
a. doned Is the tasis OF our legislation upon I
IT. subject. aud a well-considered and consiste
re- revenue system must be substituted In
place. and, Ia my opinion. this can be dc
OF without material injury TO any trade or ind
rye try now existing IN this country.
~ ~ I'm view OF the comparatively small a
'us constantly decreasing part Of our labor
" population that would be effected even By
~ ~ repeal OF duties. movement for the impo
"a 20 tion OF higher duties upon imported goods
80 not be regarded as justhable upon any OF
~ grounds usually urged in support OF such me
49, ures by the advocates Of protective theory.
.cia "Of all the great manufacturing nations. o
"a is the only one which annually produces a $
, n plus OF food and raw materials, and unless
ana fail TO utilize our resources. We must beco
mai the great exporting country OF the VOL
4, IN | While revival OF business and
mis- return OF more prosperous conditions wo
40 increase the income Of the government II
~ n customs, under the existing rates OF duty
! NV manufactured articles. II is reasonably cert
, In that the quantities and values 81 such art