Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1903-12-14

csAszz.Elx.zkzEs-n
treasury 20 redeem United States
notes and treasury notes n gold on
demand, and to maintain ali forms Of
money issued or coined by the gov
eminent at a parity OF value. Evil
IDENTIFY the people have understood.
as they are justified in doing. that
this salute authorizes the redemption
of silver and silver certificates in
gold whenever necessary for the
maintenance of parity. Nothing short
of this assurance would have carried
US through the period to which I have
referred.
One well-recOgniZed weakness, how
ever, has been strongly emphasize
our currency system IN nOnelastic.
1t does not respond 10 the varying
needs of seasons. or of localities, or
OF changing conditions of business
This admitted defect should be
remSdied. But in remedying il no
measure should be considered that
will in anywise weaken that which is
now stable, and no element should be
injected that viii cause distrust or
doubt. Fortunately, at the present
time no recipient of any Of our several
forms of money stops TO examine its
character. It is all known TO be as
good as gold, fer the credit OF the
government is pledged 10 maintain its
parity with gold. No act should be
passed authorizing the issuance OF
anything less safe and secure.
National-bank Circulation.
During the fiscal year ended June
80, 1903, national-bank circulation in
creased, in round numbers, 81
millions, only II millions of which
was due 10 new organizations. Man
ifestly this rate of increase can not
be continued unless additional United
States bonds are provided. OF some
other plan Is devised. In his last an
nual report the secretary called atten-
ton to the fact that the act Of June
IS, 1902, which authorized the score
taTy to borrow $50 millions for the
construction of the proposed istnmian
canal does not permit the use of these
bonds as security for natiOnal-bank
circulation at a less rate of taxation
than l per cent per annum. He re-
peats the recommendation that these
bonds be made available as the LASTS
of circulation.
Subsidiary Coinage.
There is now available for coinage
into subsidiary coin less than 5,O00,-
900 ounces of silver. This will be ex-
hausted approximately at the close
of the current fiscal year. Authority
should be given to recon existing
silver dollars into subsidiary coin,
or to purchase additional silver with
which to supply the ever-increasing
needs OF the country. The present
volume of silver stored in the vaults
of the treasury is equivalent TO nearly
500 carloads of 80 tons each II
would cost $4,000 to recount it. This
enormous amount is worth in bullion
less than half of its coinage value,
but it is all redeemable. at the dis
erection of the secretary, in gold.
Manifestly it must always be stored
or other uses provided. Whether it
be wiser TO continue this burden and
purchase additional bullion for sub
sidiary coinage, or to authorize the
conversion of a portion of these
dollars into more available forms of
money, is for the congress to de-
termine In any event, some pro-
vision should be made for an increase
of subsidiary coin. There is also a
scarcity of paper currency of small de-
nominations. That this demand may
be supplied, l recommend that
national banks be permitted to issue
a larger proportion of their authorized
circulation in denominations of five
dollars.
other Recommendations
l desire to emphasize the following
recommendations, the reasons for
which are more fully set forth in the
preceding pages or in my last annual
report:
The mint at New Orleans is both
inconvenient and expensive. It
should be reduced to an assay office.
The assay Office at New York is in
convenient in construction, in
adequate in size, unfortunately located,
and should be sold and new one
uAA@A- NuIdAE4gs NA~ EA~1~AN S~N~
can be sold for enough TO buy one
more eligible, erect a suitable build
ing thereon, and have a respectable
balance left.
The tax on natiOnal-bank circula-
ton, based upon bonds hereafter
issued, should be fixed at one-half of
1 per cent. per annum.
Many customs districts should be
abolished and others consolidated.
No little criticism OF the customs
service has arisen from fictitious
and exorbitant charges, as well as
other acts of misconduct of those en-
gagged in representing importers be
fore the department. Some of the
worst frauds upon the revenues Of the
government have been accomplished
through the same agencies. The
arguments which have led all states
to place limitations upon those VINO