THE , OMAITA DAILY BEE : DJtt'llSDAY , DECEMBER 21 , 1803.
: - : : : 11 t 1 I I I - - - - :
nny of the rates of Interest authorized by
the law referred to , would have to be sol
nt n premium so great ns to provcnt largo
classes of our people , who might otherwise
Invest In them , from becoming purchasers.
The United Stulct 4 per cent bonds , payable
In 11K)7 ) , nro now selling at a rateiwhlch j lelds
investors less than ! J per cent upon tholr
cost And I nm confident thnt n bond bearing
interest nt the rate of 3 per cent , payable
quarterly nnd redeemable nt the option of
the government aftci- five years could be
readily sold nt par In our own country.
( looil IiivcKtiiirnt for tlin People.
If the authority now existing should bo so
modified ns to empower the secretary of the
treasury to Issue the bonds In denominations
or sums of VA'i and Its multiples they
could bo readily disposed of through the sub-
treasuries and pastotllccs without the inter
vention of brinks or other financial Institu
tions and without the payment of commis
sions , Such bonds would afford to the pco
plo at largo an opportunity to convert their
surplus earnings Into a form of security
which , while It would bo perfectly safe ,
would not only Increase In v.iluo by reason of
accumulating interest , but bo nr , all times
available as a meaim of prociiiing money
when needed , and the experience of this and
other countries Justifies tlio confident belief
that.such a plan would bo highly successful.
An Altpriuulvo .Moliume.
In case congress should not consider it ad
visable to aiithorl/.o the secretary to use for
the purpose of mipplylng deficiencies In the
revenues nny proceeds of the bonds herein
suggested , I recommend that he be empow
ered to execute from lime to tlmo ns may no
nccccssury the obligations of the govern
ment , not to exceed In the aggregate ? . " > 0-
( HNMXH ) , bearing a rate of interest not greater
than It per cent and payable after one year
from date , and that 1 o ho permitted to sell
thorn at not less than par or use them at not
less than par In Iho payment of public ex
penses to Much creditors as may bo willing
to receive I hem.
The condition of the treasury Is Mien mat
unless some nvallablo tno.iiis are promptly
provided by law for supplying tlin groivlm ;
delleicnej , the public service will bo seri
ously Impaired and pensioners and other
creditors no .subject to great delay and In
convenience Congress alouu has the power
to devlso such means as will relieve the
present situation and eiiiiblu the treasury to
continue the punctual payment of all legiti
mate demands irpon It , and J respectfully but
earnestly urge that Immediate attuutiou bo
given to the subject.
Must iNtmul lilt rn worn.
The necessity for the extension of the
power of the secretary to proi'titc nnd main
tain a larger reserve for tuo redemption of
United States currency will bo evident to
every one who has given gerloui thought to
the subject. At tlio date of the ivvimptioii
of speelo payments , .lanuary 1. IST'.i ' , iho only
form of currency except coin cortlllraics
which the government was required or au
thorized by law to redeem in coin on pres
entation was tin- old legal tender notes ,
then and now amounting to JlMfi.liSI.OHi , and
It was considered by the secretary of the
treasury that a coin reserve ot SIOO.OUO.OOO
would constitute'a sufficient basis for the
iimliileminco of that amount of currency at
par.
Correctness of this conclusion was shown
by tno fact that so long as there was no
material increase in the volume of paper
redeemable the government reserve re
mained unimpaired ami no serious disturb
ances occurred in our monetary system , but
uiiuer the act of .luly 14 , IS'.W , additional
treasury notes have been issued to the
amount of $ l.V > , lta.Ul ) : < ) . of which there are
outstanding Sl.Vt.illS. I , thus making the
direct government obligations in United
States currency amount to the Mini of Ml- ) )
IKKI.-MO , all of which the secretary of the
treasury is now required by law to redeem
in coin on presentation.
Woulil nt ItM'ir ( n | ilrn Onnllilence.
Besides this there have been coined under
authority of law fUi'.V ! " : ! : > 0 in legal tender
silver , upon which certificates have boon
' jHsucd to the amount of $ : ! : tli3"UI : ! , and , as
conjjross , in the nefot 'July 14 , Ib'.lO , ueclarcd
it to bo the established policy of the United
States to maintain the two metals on a
parity' with each otlcrupon ) the present
equality , or at such ra.tio us may bo provided
by law , an additional reason is given for
conferring upon the secretary unquestionable
authority to provide for such coiitiligencica
as may arise.
Under 'these circumstances it is. in my
opinion , necessary not only that he should bo
clothed with full authority to procure and
maintain an ample reserve in coin , but that
this ptirposts for which the reserve is to be
held and used should bo made as compre
hensive as the duty imposed upon him by
the law. The existence of such authority
in a constantly available foi-iu would of
itself inspire such coutlilcnce in the security
ami stability of our currency that its actual
exercise might never become necessary , but
the futility of declaring a specific policy
and withholding the means which may be
come necessary for Us execution is too ap
i parent for serious comment. .
( iiilil export mid tint Krricrvi- .
Largely on account of apprehensions as to
the ability of tlio government under the leg
islation then existing to continue the cur *
rent redemption of Its notes in com and
maintain the parity of the two metals , the
exnorts of gold from this country during the
fiscal year 181KI reached the unprecedented
amount of SHW.t'W.a41 ) , nearly all of which
was withdrawn from the public treasury by
the presentation of notes for redemption.
During the three months next preceding
thoTthdnyof March , IS'.KI , when a change
occurred in the administration of the
Treasury department , the withdrawals of
gold fi'oni the treasury for export amounted
tel > ,14it.HN ( ) , and during the eight months
which have clapsrd : < ! neo that tlmo such
withdrawals have amounted to gsiti.&U.O.'iO ,
orS'.lUl.G.'iO more than during the preceding
period of three months.
The amount of free gold In the treasury
on the 7th day of March , IMBI , was ? IOI,1 ) > SV
410 , or.i8..4t ' ! ) m excess of tlio lawful re
serve , but by making exchanges of currency
J'or goltt with the banks lit different purls of
the country the amount was Increased to
? H)7IGiJ.SS'Jon ) the nth of that month. Not
withstanding the most Htronnons oftorts nv
the department to maintain the fl < H > ,000OOQ
reserve Intact , the piTsentatlon of notes tor
redemption to procure god ! for shipment
abroad continued to Hiicb an extent that on
the'.M nay of April , for the llr. t time since
the fund started. It became necessary to use
n part of u ui.d it was reduced to $ lJ. > , . | ii > , : i.Tr ,
but It was aftonvimU Increased by oxcbango
of currency for gold so that on iho lOih of
Ausnst it had hcoii fully restored and thcro
was on baud fllKl.liSI.11 ! ) , ! In free gold , lly
October 111 , however , it hud been diminished
by redemptions of currency ami othiTwl.su to
the sum of $ ' .iWlns | : > . which Is the lowest
point it has over reached.
Triuitory n ; t II.ink ul IASUC.
So long au the irovcrnmont continues the
unwise policy of keeping its own notes out
standing to elrouliitu as currency and under
takes to nrovlde for thulr rednmiHion in coin
on pri'simtalion , It will be , in my opinion ,
essimtml for tlio suerotary of the treasury
to poKsi'ss the moans , or to Imvo the clear
nm ! undoubted authority to .secure the
means , which may from time to time bi > -
roino necessary to anihlo him to meet kuch
Sorlvjs2 of tli-j Art Portfolio can
now be liiul at tiic Business office
of the Ik-c.
SERIES THREE
DECEMBER 21. 1893.
0s H EX B EX El
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PORTFOLIO OEPT , ,
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emergencies as the one which lias recently
occurred In our financial affairs.
Under existing legislation the Treasury
department exercises , to n larger extent
than all the financial institutions o' ' the
coif n try combined , the functions of a b.inlt
of Issue , and while the credit of the govern
ment Is so strong that It may not bo
necessary to maintain at all times
the actual coin reserve which experi
ence lias shown to bo requisite
in the case of ordinary banking companies ,
still it would bo manifestly nrudont , to say
the least , to adopt such precautionary meas
ures a.s would enable the government , in
times of unusual monetary disturbances , to
keep its faith with the people who hold Us
notes and coins by protecting them against
the disastrous effects of an unredeemable
and depreciated currency.
Hut Without tllecrntloimry Power * .
While the laws have Imposed upon the
Treasury dnpartmont all the duties and
rrsponslbtlltlps of a bank of Issue , and to a
certain extent tlio functions of a bank of deposit -
posit , they have not conferred upon it any
pnrt of the discretionary powers usually
possessed by Iho executive heads of InstitU'
tlonseiigueod in conducting this character
of financial business. Ho is bound by
mandatory or prohibitory provisions in the
statutes to do or not to do certain thlucs
without regard to the circumstances which
may exist at the time ho Is required to act ,
and thus ho is allowed no opportunity to
take advantage of changes m the situation
favorable to interests of the government to
protect Its Interests from Injury when
threatened by aO versa events or influences.
Ho can neither ncRotlatn temporary loans to
moot casual deficiencies nor retire and can-
crl the notes of the government without
substituting othpr currency for them when
Iho revenues are redundant or the circula
tion excessive , nor can ho resort , except to a
very limited extent , to any of thu expedients
which In his judgment may bo absolutely
necessary ( o provcnt Injurious disturbances
of the financial situation ,
To Mtil i tlio lc ) | ) irl incut Independent.
Tlie-io considerations emphasize the neces
sity of siifb leplsHtlon as will mnkn this
department Independent of spectilallvo In-
tcrcstH and opor.itions and enable It to main
tain the credit , of the country on a secure
basis. Whatever objections may be urged
against the maintenance of a largo coin re
serve , procured by the rate of interest-bear
ing bonds , it must bo evident that IhB
course cannot bo .safely avoided unlMs the
government abindous the policy of issuing
Its own notes for circulation and limits the
functions of the Treasury department to the
collection and disbursement of the public
revenue for puvcly public purposes and to
the performance of such other admltilstr.i-
live unties as may bo appropriate to the
character of its organization as a branch of
the executive authority.
To the extent that It is required by law to
receive money on deposit and repay it or to
issue notes and redeem them on demand , It
is engaged in a business which cannot bo
conducted without having at all times the
ability to comply promptly with its obliga
tions. Its operations necessarily affect ,
beneficially or otherwise , private financial
affairs of the people , and they have the right
to be assured by appropriate legislation that
their confidence In the Integrity and power
of the government has not been misplaced.
811 VLT Legislation Dcformd.
The recent repeal of so much of the act of
July 14. 18UO , as required the secretary of
the treasury to purchase sll/nr bullion and
issue treasury notes in payment for It makes
such a radical etiaugo In the policy ot the
government respectlng.tho currency of the
country that until its benellta are fully
developed I do not consider it advisable to
recommend further specific legislation upon
that subject.
As already shown in this report the
amount of money in tlio country , outside of
the treasury , on the 1st day of December ,
Ib'JII ' , was $ liy,404.H7 greater than the
amount outstanding on the 1st day of No
vember. 181I- . This vast iti'iroaso In tlio
volume of outstanding currency , notwith
standing the enormous exports of gold dur
ing the year , is the result oCsevcral causes ,
amongwhieh may bo mentioned ' 'Ihc issue of
treasury notes for the purchasi ; ot silver
bullion ; the excess of public expenditures
over receipts in circulation , called for by the
uatioiml banns during the' latp financial
stringcnny ; and the large imports of gold
which amounted during the months of July ,
August , September and October , IStKJ , to the
sum uf STti.TSj.r&li ,
Amount o [ Moni'y In Circulation.
That the amount of money In the country
Is greater than is rc < | Hired for tjio transac
tion of the business of the people at this
time is conclusively shown by the" fact that
it lias accumulated and is still accumulating
in the financial centers to such an extent as
to constitute a serious embarrassment to the
bunks in which it is deposited , many of
which are holdlmr largo sums at a loss. Thh
excessive accumulation of currency at par
ticular points is caused by the fact that
there is no Mich demand for it elsowhcro as
will enable the banks and other institutions
to which it belongs to loan it to 'fho nnoulo
at remunerative rated and it will continue
until tlio business of the country has more
fully recovered from the depressing effects
of the recent financial disturbances.
Money docs not create business , but busi
ness creates a demand for money and until
there is aucli a revival ol industry and trade
as to require the use of the circulating
medium now outstanding , it would bo
ha/ardous to arbitrarily increase its volume
by law or to make material changes in its
character by disturbing in any manner the
relations which its different forms now bear
to each other.
in the meantime it will bo the duty of
those who have power ami Influence in tlio
course of events , to assist by legislation or
otherwise in the solution of tno grave ques
tions presented by the altered condition of
our monetary system , to carefully consider
tlio whole subject in all its aspects In order
that It mav bo permanently disposed of by
the adoption of. a simple and comprehensive
system , which will , as faras possiblo.relieve
thu government of the onerous obligations
now resting upon it and nt the same time
secure for the use of the people a currency
uniform In value and adequate in amount.
Too Mituy Kind * ol t'lilTunt'y ,
The unsatisfactory condition of the ctuv
retiey legislation has been for many years
the cause of much discussion and disquiet
among the people , and although one great
disturbing clement has been removedthere
still remain such inconsistencies in the laws
and such differences initwcon the forms and
qualities of the various Kinds of currency In
use that private business is sometimes ob
structed and the Treasury department Is
constantly embarrassed In conducting the
financial operations of the government.
' . ' 'here are now In circulation nine different
kinds of I'lHToncy , all except two being
dontMUlPtlt llllvctK' n. iMiliri.i.tli' ontm flu ,
coin of the United 'States.
The act of July 14 , IH'.Mi. provides that tlin
treasury notes Issued In payment for re
demption shall bo rodccmod in nllver or gold
coin at the discretion of the secretary. Hut
the Hamoiict aUo provides that no greater
or less amount of such notes shall bo out-
titaudliiirat one tlmo than the cost of the
silver bullion and the standard silver dollars
cnme.l therefrom then held in the treasury
purchased by such notes , and consequently
when these notes are redeemed with silver
coins from the bullion purchased under the
act , they cannot bo reissued , but must be re
tired and canceled , for otherwise there ,
would bo a greater amount of notes out
standing than the cost of the bullion and
coined dollars ' -then hold in the treasury , "
In this mannur notes to the amount of
fcMWu.'Jjil have bK-i ! retired and canceled
since August last , and standard silver
dollars Imvo t.ikcn tholr places In the circu
lation , 11 redeemed in iou ! coin the notes
might bo lawfully reduced or reU.v.iud In
the discretion of the tworotaryj but the con-
illllmv of the treasury has been ana IH now
| surli that practically no discretion exists
< and for iheTcawn that tin ) neoossliliss of
the puullo jervleo nnd the requirements of
vim < -oln reserve compel him to reissue them
lit defraying the evpetidlturos of the govern
ment nr m procuring gold replenish that
fund.
llooutliii ; Silver C'ortlllf Htri.
One of the principal dlftlcullles encoun
tered by the Treasury department results
from tbo disposition of tin ; publlolo raUin
standard silver dollars and . < tilvcrccr < ltlcates
In circulation. U required constant effort
on the partof the treasury officials to pre
vent tno certificates especially from nceunu- ;
latlng In the sutni-oasuricj to the oxclukion
of legal tender currency. Why this should
bo tin ) case Is not easily understood , for al
though these certificates are not legal ten
der in the payment of private ilehls , they
are by the nets of 1 7S and IS-M1 mudo receiv
able for all public dues , and by iho act of
May 1liiS'J. . national hank ; , are authorized
to hold tlicai as part of their lawful re
serves.
\\'Uh th < > | llcy of maintaining equality In
Iho oxchnnffoabto raluo of all our currency
llrmly established and the further accumu
lation of silver bullion arrested , there Is no
substantial reason why the silver certlflcato
should not bo as favorably received nnd as
libcrallv treated by the public as anyoher
form of note In circulation ; and for the pur-
| ioso of creating n greater demand for their
liormanont Use In the dally transactions of
tno people , 1 hive directed that , as fir ns
the law permits and as rapidly as the oppor
tunity Is afforded , the amount of such ccrtl-
llcatos of denominations less than 910 shall
lie Increased by substituting them for larger
ones , to bo retired , nnd that the small de
nominations of other kinds of currency shall
bo retired as they are received Into the
treasury and larger ones substituted In their
places.
Limitation * to Thl < Policy.
There are now outstanding United Stairs
legal tender notes to the nmountof $07U4I-
Dli in denominations less than $10 ; treasury
notes Issued under the act of IS'.K ) of denomi
nations less than $10 , Si)4.fr)3,4SU ) ; ami na-
tloual banknotes , $ fttUllltO. ! There Is ex
press authority , In the art ot August 4,1SSO ,
to substitute small silver certificates for
larger ones , and tlio secretary of the treas
ury also has power to nmlco such changes as
he may deem proper In the denominations of
the treasury notes Issued under the act of
July 11 , IS'JO ' , but the sundry civil appropria
tion act. approved March : i , 1VJ3 , provides
that no part of the money therein appropri
ated to defray the expanses of the bureau of
engraving ami printing should bo expended
for printing United States mites of larger de
nominations than those retired or canceled.
As the laws specifically designate the de
nominations in which national bank notes
shall bo issued , they cannot bo changed
without further legislation , and consequently
quently , during the present fiscal year at
least , the $ ) HOb .4S'.i ' in small treasury notes
are tlio only ones that can be lawfully re
tired to enlarge the use of small silver cer
tificates.
I am of the opinion that if this policy can
be carried out to the txtent of suliplvlnc the
country with small silver certlllcatos to an
amount sufiicient tu conduct the ordinary
casl1 transactions of the people , and If , dur
ing tlio same time , certificates of the largest
denominations are issued in place of others
retired , so ns to oucouraco the national
banks to hold them as parts"of their lawful
reserves , the existing dlfllcultles would bo
removed and ultiti.atciy a larger amount of
such currency than is now In circutatioti
could bo conveniently nnd safely used.
Sllvnr XIMV In Iho Tro.imiry.
The treasury now holds 140CW,7GO fine
ounces of sliver bullion , purchased under
act of .luly 14. IS'.tO. at a cost of Sl'JO.T.'S.yiS ,
and which , at the legal r.itto of Ifl.USS , make
ISl/Jll.V.l'.l silver dollars. The act provided
that after the 1st day of July , IS'.U ' , the secretary -
rotary of the treasury should coin as much
of the bullion purchased under it as mlcrht
bo necessary to provide for the redemption
jf tlio notes , and that any iraiti or seignior-
ago arising from such coinage should bo ac
counted for and paid into the treasury.
It Is plain fromthis , and other provisions
of the act that so much of the bullion as
may be necessary , which would provide for
the redemption of the notes outstand
ing , is pledged for that purpose and
cannot bo lawfully used for any other ;
but it was decided by Iho late attorney general
oral and my predecessor in oflico that
the so-called gain or selgnioragearisiug from
the coinage as It progressed constituted n
part of the general assets of the treasury ,
ami that certificates could bo legally Issued
upon it notwithstanding that the aeiof IS'.IU
is silent upon the latter subject. The coin
age of the whole amount of this bullion ,
which would employ our mints with their
present capacities fora period of about live
years , would at the existing ratio Increase
the silver circulation during the time named
$5r , ir > ll.C.'ll from seigniorage , besides such
additions ns might bo made in the meantime
by the redemption of the treasury notes in
standard silver dollars. In order that the
department mitrlit Do in n condition to com
ply promptly with an increased demand that
may be made upon it by the public for stand
ard silver dollars or silver certificates or
that it might take advantage of ai.y favora
ble "opportunity that"might , occur to put an
additional amount of'suoh currency , in cir
culation without unduly Disturbing the
monetary situation , I have < caused ii'largo
amount'of bulllon'to be prepared for coinage
at Now Orleans and San Francisco and have
ordered the mints at those places to bo kept
In readiness to commence operations at any
tiiuo when required.
1M i for Tut 10T ItoToriii.
Tlio necessity for a comprehensive reform
in our tariff laws in the interests of greater
industrial and commercial freedom need not
bo urged at gro.it length upon the present
congress , one branch of which lias been re
cently chosen by the people with that object
distinctly in view , nor woula it bo appropri
ate hero to discuss to any considerable
extent the particular alterations that ought
to be made in the free and dutiable schedule
in order to make the revision conform to tao
requirements of the situation because the
proper committco of the house of representa
tives is engaged in the preparation of a
measure which will probably bo presented
for thcconsideratiouof that body before this
report is made.
Hut It is not Improper , under the circum
stances , to submit some suggestions on the
general principles involved in such legisla
tion nnd the best methods of applying them
in order to secure , as far as possible , equality
in the distribution of the burdens of taxa
tion and avoid as far as possible the taxa
tion 9f one citi/.en for the benefit of another ,
or of one class f.ir the benefit of another.
The only proper course for which taxes'can
bo levied and collected by the United States
is to raise revenue for the support ot the
public service and the payment of public ob
ligations , and it follows as a plain matter of
justice that no citi/.on slfould be required to
contribute more than his equal share toward
the accomplishment of these ends , While
absolute equality is not attainable undci
any system of taxation that can bo devised ,
it is possible to correct the flagrant Ine
quality which cliaraeteri/.os our existing
legislation , and in doing so it is tlio Impera
tive duty of those who are charged with
the responsibility of making the revision to
select such subjects for taxation and pro
scribe tor such methods of assessment and
collection ns will sccurotho necessary means
for the support of the government with the
least possible Injury to any part of the pee
pie , but without regard to tlio groundless
apprehensions or unroasonabto opposition o
timid or selfish interests.
rrnpnr Husls for Duty.
The equal distribution of the burdens o
taxation depends not alone on the rates o
duty imposed upon the different articles , bu
largely upon the manner In wlucn the amount
of duty Is ascertained anil fixed by the law.
The basis of the duty must bo a unit In
some form and the miesLirm whether i
should ho computed upon the weight , quan
llty , number or upon its actual valua Is tlio
one which lies at the very foundation o
every proposition to impose taxes and UPOI
its determination depends the justice or in
Justice of every revenue measure.
The imposition of specific duties U so in
consistent with the true system of Just laxa
lion that nothing but the plainest necessity
can justify it in any case unless It bo in a
few exceptional instances where nil the
articles taxed at the same spccllio rate arose
so nearly of tlio ttamo value that the dangc
of unjust discrimination , la not greater thai
It would bo If any ofllclal valuation were ro
quired. U is manifestly unjust toronipo
oneciti/en to pay the same amount of taxa
lion on a yard of cloth worth ? l as nnolhc
citizen pays on a yard of cloth worth ? . " > . In
such u case it U evluenl that ono has bom
taxed too much for the support of the govern
inent or the other too little nnd the law 1m
not dealt fairly with them In a matte
which affects tlio quality of their rights nnd
duties nil cltUens.
lnJntUco of Sporlllii Dutiej.
A tariff Is a tax on the consumption nnd
the condition of those who are compelled oy
poverty of moans to puruhaso and use the
coarser and cheaper grades of goods should
iwtalaly protect them against unjust ills-
criminations , e-'eu if it does not entitle them
to some measure of exemption from the ex
actions of the government.
The ad valorem tnx does no Injustice to
anyone. It is distinctly the American sys
tem of taxation and U rccognl/.ed as just and
equitable by iho people In all the states ii |
their law * fur the c.siinont and collection
of local revenues upon the ad valorem basis.
U It not probable that anyother method will
bo tolerated in any state of the union where
the tax in imposed solely for the purpose of
raising revenue with no incidental or ulterior
object in "iew affecting the public health or
morals , and it would never have been lolor-
atedlnourtedgr.il election except In rare
intervals if Hit taxing ptwer had boon lim
ited to the real purposes * for which it was
delegated. As n demand coming from the
taxpayer , the tax was a charge upon his In
come , Tim objections urged atfalntt the ad
Morcm system of-th'o tariff taxation are
ot generally based upon the proposition
hat It lacks the olotfitflrt of Justtco or equal
ly , but usually upon 'tilt grounds that it is
Ifllcultof ndnilnUt AttOn and that It fur-
Ishos strong lndmtfn < ints for the commls-
lonsof frauds andiiiot-jurlertn order to so-
uro false valuationWiMmportcd goods.
Whllo there Is soWo 'force ' in this conton-
Ion I am not able to co how Unequal taxa-
Ion can bo JusMflc.t atlon the cround that
ho burdens upon thri "pftjplo ought to bo In-
roased In order th'at. 'tho labors of public
niemls may bo ( UmrnhMcd or that the lion-
steltlzcn should bVpunlshed ' " order to
irovcnt the dishonest ono from violating
he law , -id o
But the difficulties of1 administration have
Uvnys boon nxaggorated. So far as they
eally oxlstco in former times they have now
) oen much diminished by our increased facil-
ties for ascertaining market values In other
ountrlcs , and by this Improved service tlio
narkots of the world have been brought so
ear to each other by the use of steam and
lectrlclty that , ns to all staple articles cs-
eclally , It Is now not much more dilllcult to
ml their cost or value abroad than nt
mine , and If under those circumstances It
hall bo demonstrated that ofllclal Intelll-
'onco ami integrity cannot bo rolled upon
or an honest collection of the revenues uu-
er the existing system of indirect taxation
t will become necessary to consider whether
omo other method cannot bo devised to ro-
lizo money for the support of the Rovorn-
iient.
So far as the Inducements to commit
rauds and perjuries constitute objections ,
he sllchtcst examination of the subject will
how that they are much greater under the
ystom of compound rates , which is one ot
ho most prominent features of our existing
cgislatlon , than they could possibly bo un-
Icr n purely ad valorem arrangement ot
lutlcs.
Offers R I'roinlum Tor Fraud.
The tariff law now In force imposes com-
lound rates of duty upon a great many Itn-
lortant articles in common use among the
> eoplo and which , are largely Imported from
ibroad and In every case a tempting pro-
nlutn is offered for fraudulent undervalua
tion by the importer or consignor. For in
stance , on woolen or worsted cloths , shawls
ind certain other manufactures of wool ,
worsted or hair of the camel , goat , or other
inimals. valued at moro than 31) ) cents and
lot more than 40 cents per pound , the tax
) or pound is thrco and n half times tlio duty
mpoiiod upon a pound of unwashed wool of
, ho first class ( ! ! U ! $ cents ) ami In.addition a
40 per cent ad valorem ; but if the goods are
valued at moro than 40 cents per pound , the
tax is four times the duty imposed upon n
liouiid of uuwashed wool of thn first class
(41 ( cents ) and 50 per cent ad valorem. Upon
in importation of 100 pounds of such goods
under the law an undervaluation to the ex
tent of one-half of 1 cent per pound , so as
to reduce the appraisement below 40 cents
.t pound , would result In a clear gain to the
.mportcr and a loss to the revenue of S'.i.Ta.'i.
Whereas , if the compoundirato imposed upon
the first classification mentioned , exorbitant
as it Is , had been made purely ad valorem
and applied to all goods of like character
and description , such undervaluation would
Have resulted in a gain to the Importer and
a loss to the rovcnuo of only WIS. ) , bomg a
difference of over $ l.00d ) , or moro than 22 per
cent upon thn whole cost of importation.
I'liislsouly one provision out of a grout
number in the present law under which suo-
stantially the samo-result can bo accom
plished by a very amUl : undervaluation of
imported goods ; and it would seem dlfllcult
to do vise a scheme .liotler . , calculated to en
courage frauds uponliho revenue and make
their prevention or .Detection next to im
possible.- J
I'rotcctlou tlm't. Uopsu't Protect.
Uaw and partially raw materials consti
tute tlio basis of aliiouc manufacturing nnd
mechanical industries nnd , unless our in-
dustiial establishments' can procure them
upon substantially the same terms'tis their
competitors elsewhere , they must continue
to bo seriously impeded in their efforts to
supply the home market wltli their finished
products and wholly junablo to extend their
trade to other countries , except as to certain
commodities in tho-manufacture of which
they -peouliatwaptitudo or employ
superior machinery.-
Taxes upon materials uS&d in our shops
or factories are especially objectionable on
account of tlio fact that they multiply them
selves many times before the finished article
reaches the hands of the consumer , and thus
impose a burden altogether disproportionate
to the benefits supposed to bo conferred upon
the producer by the so-called protective sys
tem. A tax upon iron and wool necessitates
a still higher rate upon all forms of manufactured
'
factured iron and ste'el , and upon all kinds of
woolen poods , and. these progressive in
creases in rates are piled one UDOII another
at every stage of the manufacturing process
until completed articles are ready for sale
and consumption. Tim result is that the
cost of production is made so great that our
manufactuiers can neither exclude their for-
oicn competitors from our markets nor share
their trade in other countries , while the
American consumer is compelled to reim
burse the increased outlay caused by the lax
with a percentage of profit added.
I'ree Itnw Aliitcrhil Will lioom Labor.
If the world's store of raw materials were
as accessible to the American worKingman
as it is to his competitor in other manufac
turing countries his superior skill , sobriety
and industrious habits would ounblo him ,
without artificial aid , to supply many parts
of the world wnero bis products are now
never seen with machinery , implements and
various kinds of textile fabrics of such qual
ities and at such prices as , would exclude all
competition and create a demand for a largo
increase of our productive forces ,
With frco raw materials ns a permanent
feature of our revenue legislation the de
mand for labor would steadily grow with the
extension of trade , while enlarged oppor
tunities for the pl'olltable investment of cap
ital would stimulate tno spirit of enterprise
among the pcoploqtnl greatly diminish the
danger of periodical suspensions , lockouts
and strikes which- - have in recent years so
seriously Interrupted our industrial progress.
Nearly all concur that the policy of frco
raw materials has the effect of cheapening
the necessities of'life for the pusses of the
people. Legislation which unnecessarily in
creases the cost of living Is wholly without
justification or excuse , and In the revision of
our revenue policy cave should bo directed in
the Interest of both labor nnd capital.
N'l'cossltlc. * Miould Ho Exempted ,
So long as the government maintains n
system of taxation which affects the prices
of commodities it should bo so applied as to
exempt or bear as lightly as possible on those
articles which are essential to tlio health
and comfort of , the people , such as food ,
and shelter , and upon the tolls and
implements used by labor In earning the
means of subsistence.
The luxuries and articles of fashion , the
use of which is entirely voluntary , nro
proper subjects of taxation underany system
of raising revenue , * apft.ypon those the rates
may very properly ) > eplnf.ed nt the highest
revenue poiiit. 'SuClrta'JTes do" not ordinarily
Impose much hardship ujjrm those who pay
thorn , but taxes , whrijh'iliinlnl'jh.tho purchas
ing power of the KUh'W-ivs ' wuup.s In procur
ing the ncce.saarieaiiof' lllfo strike at the
foundations of the sttL't 'syftte-m bccauso the
material welfare of/jjl ) . ) pur communities de
pends In a largo measure upon the pros
perity and contentment pf those who labor
In some form fpithjg - own support.
Ultimate oUJui'lir KcctdpU.
It is estimated throvemiQs for the fiscal
year IS'Jo will amounv upon iho basis of the
existing laws , to | 'ilf'Jr,17S | , and that the
expenditures , including : the .sluicing fund ,
will amount to WW.Htttl.WU. The estimated
revenues from custtrtrisi.VSHKVJOO.OOU and tlio
total estimated' rocejiJCjijfroin all sources will
exceed thuostlniaiu * < f " .expenditures | 0,1'JO- ,
llt-U J1I "A
' flO I n
Assuming these amounts to bo approxi
mutely correct It wij ( ( bo ncceuiary , in any
elmiiL'os that way boif > aao In our revenue
laws , to provide for raising about $ ISlOOUOOU
from customs alpna or' purely from customs
and partly fro'in > uetro'tlK'r subjects of taxation
' "
tion as congress 'may teo" proper to include in
our internal revenue aystem.
Kecflptu lliuler tb Sew
If the amount nnd value of the importa
tions of the snmo character of dutiable mer
chandise should not , during the fiscal year ,
ISU'i , exceed Iho amount and value of such
importations during the Huc.il year , lb'ji. ; Hie
receipts under the measure now pending
woulil Iw about Sia-J.OOO.OOO , but there are
strong reasons for the opinion that the pro
posed reductions in the rates of duty will en
courage importations to a very convlcterubla
extent and that , consequently , the revenue
will not bo diminished in the samn proportions
tions as the rates are reduceJ ,
Moreover , experience has shown that
under all our tariff legislation I her * bat
boon ftn almost constant tendency toward
annual Increases In the amounts and values
of dutiable Imports , oven though the duty
remained the samo. The total value of
dutiable imports In 1 W was tn .i.oni.no-j ,
and tlio receipts wore $ lGiHu.fifti ( , nnd
although tea , cofTco nnd hides Important
revenue articles were all subsequently
placed upon the free list and some other
changes made In the law the value of dull-
nblo imports had increased to $ UU,8HlH3t In
18Si ; , and the receipts amounted to fJil.TOO-
4SH ) .
In the jcnr HiM. the fist nfter Iho interRO
of the tariff net of 18S:1. : the value ot dutiable
Imports was $450.M.ia4 : , and the receipts
* lU : > , OrtT.4 l , but In ISM the last fiscal year
under that act the value was jo07,571TOInnd
tile receipts , S > 2Uo63f > 84.
There have boon out two entire fiscal
years since the act of October f > , 18'JO. ' and
during the first ono , IS'.K ' ! , the value of
dutiable imports was $ JI.V > , r > 2 ( > ,741 , and the
receipts $177,457,1)1)1 ) , while In IS'.Kl the value
was UHVJ'W/il ! ) , and the receipts fWJ.)5 ! ) : , -
Olti , or tin iik-reaao of nearly 15 per cent.
li.trgor lluvrniin from Custom * ,
To what extent the Importations will bo
Increased solely on account of reductions in
rates of duty , It Is , of course , impossible to
foresee , but It Is reasonable to.concludu that
this cause , totrothor with the natural in
crease of our purchases from other countries ,
will result In n much larger revenue from
customs in 1S' ' ) . " > than is Indicated by a mere
comparison of the proposed reduced rates
with those under which the collections were
made in IS'.Ht. '
I am of the opinion that , with proper coon-
omv In public expenditureswhich it is hoped
will result In considerable reduction from
the estimates , an Inereaso of > 0,000OUO to
the rovcnuo of the fiscal year lbttr > by the
imposition of additional taxes under the In
ternal revenue system will supply sufficient
means for the support of the government ,
nnd that this sum can bo raised without
seriously disturbing the business of tlio
country.or doinir "inlustlco to nnv part of the
people. "
To Provide Additional llovcnuo.
Many different methods of providing this
additional rovcnuo has been suggested nnd
discussed and after a careful examination of
the whole subject I have reached the con
clusion it can bo most conveniently and
justly done by increasing the taxation on
distilled spirits 10 cents per gallon , and by
additional taxes on cigars and cigarettes ,
and the imposition of now taxes on playing
cards , cosmetics and perfumeries , legacies
and successions , ami Incomes derived from
investments in stocks and bonds of corpora
tions and Joint stock companies.
The increased tax on distilled spirits ,
cigars , etc , should bo imposed on all such
articles in existence and upon which the
rcvcnun has not been collected at the tlmo
the act takes effect , but a reasonable tlmo
should be allowed in the case of the new
taxes in order that the necessary stops may
bo propaicci and the necessary rules and
regulations made and promulgated.
The propriety uuder the circumstances of
Increasing thu tax upon distilled spirits ,
cigars and cigarettes and the imposition of
new taxes at a reasonable.ruta upon playing
cards and cosmetics and perfumes will not ,
I thlnlt , bo seriously questioned except by
some ot the producers of tticso articles , who
constitute comparatively a small part of the
pcoplo.
Taxes which do directly or Indirectly increase -
crease the cost of actual necessaries of lifo
should "bo avoided whenever it Is possible
to do so. but the consumers of such articles
as are not essential to health and comfort
ought not to complain when called upon to
contribute a part of thcii expenditures to
the support of the government.
KxcUo Tuxes.
Taxes upon legacies and successions and
incomes acquired from investments in stocks
and bonds of corporations and joint stock
companies arc less objectionable in their na
ture and in the methods of collection than
any other excises which it Is competent for
the United States to miposo upon incomes
according to their actual value or amount.
They are not inquisltory or liable to evasion
by fraudulent suppression of facts , because
tlio assessments or returns would not bo
based upon information extorted by the law
from persons charged with their payment ,
but upon the public records and tlio regular
and authentic accounts of the corporations
and companies in which the investments
have been made , and they have the addi
tional merit of being imposed entirely upon
that part of the citizen's income which is
not earned oy his labor or skill , but which ,
in the cases of legacies and successions , is
acquired by mere operation of law , or by
gratuitous bequest , a'nd , in the case of in
comes from investments in corporations and
Joint stock companies , by the simple earning
capacity of Ills capital as such without per
sonal effort upon his part.
Taxing the Unt.ixed Itlcti.
When the necessities of the government
compel it to resort to additional sources for
procuring "revenue it is but fair it should
make its reor.isilions mainlv unon those
whoso possessions are of such a character as
enables them to escape wholly or partially
the general burdens of taxation rather than
upon those wno are already taxed sub
stantially totha extent of their ability to
pay , and us incomes from the capital in
vested iii the stocks and securities of the
institutions mentioned are not now subject
to taxation under any law of the United
States or the laws of the several states
except in a few instances , it cannot bo con
sidered unjust to exact a small percentage
of tholr amount for the public use.
It-is a generally recognized fact that capi
tal , in the form of money , bonds nnd other
evidences of deut , does not usually , by
reason of its Intangible and transitory
nature , bear its duo proportion of the bur
dens of taxation under the rovcnuo laws of
the several stales and municipalities , as
compared with real estate nnd visible per
sonal property ; and while no discrimination
should be made against it , whether it bo
represented by corporate or other invest
ments , there appears to Do no good reason
why the contributions for tlio support of the
public service generally should not bo equal
ized as nearly as possible by including that
kind of property in the federal revenue sys
tem , lint if it shall bo said there
is not hotter reason for imposing a
tnx upon incomes derived from investments
of this kind than there would bo in taxing
incomes from other sources , iho answer is
that these Institutions are Invested by law
with valuable franchises , privileges and im
munities not enjoyed by the Individual citi
zen and that these frequently contribute
more largely to tholr earning capacity than
the character or value of their other prop
erty , The holders of tholr stocks nnd soour-
illes nro in this respect more favored than
their follow men generally , and the ex
changeable value of their shares nnd bonds ,
as u ell as the annual incomes derived from
them , tire greatly Increased because they are
so favored , The tax of 1 per cent upon un
Income of f,1,000dorlved from the investment
of $ .10,001) ) in n 0 per cent stock would amount
to { . ' 10 , iv sum so insignificant that the in
vestor could not reasonably claim the fran
chises and privileges granted to his debtor
bad not added fully that much to his ro-
eel nls.
Mr Id test i'.cononiy noiiiiuuleil ,
It is scarcely necessary to suggest to congress -
gross , in this connection , that iho present
and prospective condition of the treasury
and ttin general state of the country demand
u policy of the strictest economy In public
expenditure. * .
Uednotions of taxation cannot bo logically
insisted upon or bo made practically bimcfl-
elal without a corresponding reduction of ex
penditures ; but * ur.h n reduction cannot bo
permanently effected by merely withholding
appropriations required for ttio proper exo
cuiion ot existing Jaws which Impose duties
upon the heads of executive depart
ments nnd other oftlcials , Deficiencies are
not savings , but ns a ccnoral rule involve
larger expcnditura than would have bcon
made if adequate appropriations had been
granted In the first place. Cianuineeeonomy
und frugality can bo secured only by the repeal -
peal of statutes authorizing or requiring un.
necessary expenditures and Hid rei'uial to
enact new laws fronting charges against the
iron&urv for purpose * of doubtful utility ,
and , although suuli ii policy will probably bo
vigorously opposed by powurfui interest !
more or less dependant upon thn patronage
of the government for support and bylocal ,
Influence seeking executive favors , it Is evi
dent it must bo adopted and adhered to If
any substantial result Is to bo accomplished.
ItccKlptu und DUIjiiinrmrnti.
Koviowlng receipts nnd expenditure ! ! for
the fiscal year 1S 3 the secretary my * .
The government' * revenue * from nil nources
for iho vearwcro * 40lTltS.WiI.lH. of which
riO.'l.i.Vi.OI07 : ; ) was from customs nnrt tiOl-
UjT.iKU.ilTi from iutcrnal revenue. The total
expenditure was $4f.lt74,8sTIVi ! : , leaving ft
surplus of fSllt)74.1i'J. ) ' As compared with
leW , this shown in mi-reuse ID receipt * of
$ : W,3W..tOl.rJ nnd In expenditures of f.13-
4 , > I,0'WJl. .
On the basis of existing tnws the revenues
of the government for the present It sea I yo.\r
nro estimated nt * 4iOiaiio.YWnnd : ! : the total
expenditures at floS.l'Jl.iWhVno , br n delicti of
The principal Items In these estimated
revenues are : Troiii customs , # 175,000,000 ,
nnd from Internal revenue $150,000,000 , while
HM.OOO.OOO for pensions constitutes the
largest Item In the ostlmated expenditures.
It is ostlmated that on the basis ot the ex
isting laws the government , revenues for the
fiscal year ISM will Do $ ! 5l.42r,74S.44. The
estimates of appropriations 1 crotoforo sub
mitted for the yoarnggrogatol48,30rt,7S'U ' ! ; ! ,
or an estimated surplus of $00,120l > . " > S.ui3.
I'lgurcfi on I'orrlKii 'I'ruiln.
Discussing our foreign commerce the secre
tary gives the following tig u res :
Mill 1811'J. Imports. | KxpnriH.
Mi'ivliatidHf. . . . f.-.1' . I02.4H ! !
( .old
Sllvur
roil isoa.
Mnrcliamllii' ,
"old ' .M.17I.WI : 10-UWO.HIl
Silver . _ . _ . „ _ . . .JM.IIW.UTa 40,7ii7.iin :
The proiiilneut facts disclosed by these
figures , says the report , nro that the values
of Imports of merchandise attained the
highest point In the commercial history of
the country and that the exports of gold
reached a higher llguro than ever before In
a single year since the foundation ot the
eovernmcnt.
"
This outward stream of gold , occurring nt
a time of peace , will make IWM memorable
In commercial and tlnnnuial experience. The
Imports as well as tlio exports of silver coin
and bullion are greater in amount than U
recorded in nny ono year of the country's
history , exceeding oven the panic year of
l.STJ ) . The year 1SU3 also witnessed n further
decline in the relative importance of the
American merchant marine in tlio foreign
carrying trade , it falling from oven the low
percentage of ISM to the lowest on record.
.Method * of r.i'oiiiimtzlng.
Tlio secretary says economy In adminis
tration and collections from customs would
be promoted by routining customs duties in
the Interior to iho commercial centers. Ho
recommends that the law be so amended ns
to authorize him to reduce the customs dis
tricts whenever ho thinks it to bo to the in
terests of the service , and that ho ho author-
i/.ud , where congress authorizes It , to station
officers to enter ami clear vessels.
Speaking of the work of the bureau of en
graving and printing the secretary says It
now executes most of tlio engraving and
printing required by the government nnd
adds : The aost considerable work of this
Kind now executed outside the bureau is the
postaco stamps and postal notes required by
the I'ostofilco department. U might bo well
for congress to consider the advisability of
having this portion of Iho work of tlio gov
ernment also done by this bureau , as it has
all tlio facilities fordoing it and would afford
perfect security for the government. It
would seem to pivsent an anomalous condi
tion for the government to maintain a largo
establishment for tlio execution of tills kind
of work mid yet have part ot it done in
private establishments.
AH tn ChlncHO lixclnsloo.
The secretary says much trouble has been
experienced by officers charged with the
duty of assisting in the enforcement of the
Chinese exclusion laws by reason of certain
practices resorted to by Cnincso persons of
the coolie class. The law. lie says , requires
Chinese of the exempt class to unbuilt cer
tificates from the Chinese government and
attention is called to iho largo number of
Chinese claiming to bo merchants coming
from Havana who seek permission to pass
through the Lulled States cnroute to China.
Many laborers , it is staled , huvo come into
the United States ami ho adds : It is
not , of course , supposed that the
Chinese or the American consuls in
tentionally aid In iho violation
of our laws , but there is no doubt that many
Chinese have been admitted on merchant
certificates obtained by misrepresentations
and probably the corrupt use of monoy.
Once landed other officers have found It diffi
cult anil frequently impossible to secure the
conviction and deportation of tlio holders of
such fraudulent certificates , and 1 alii of the
opinion ttiat so long as our laws prohibit the
lauding of Chinese laborers tlio privilege of
passing through our territory cannot bo safely
granted and it should bo at once revolted. If
this privilege is continued it will bo impossi
ble to secure un efficient execution of the
laws passed by congress for the exclusion oi
ChinosoJaborers.
How ChnlcriiViia Shut Out.
The secretary says the marine hospital
service has $ ' , Ki.I > , IIG..4r ) available balance on
hand of the appropriation for the prevention
of epidemic diseases , and speaking of the
many cholera outbreaks during tlio past
year , he says i It is believed that never be
fore was tills disease prevalent in so many
different localities in Huropo and there was
gre.it danger of its coming to th1 ; United
Htates , oven it It bad been limited to a low
ports. To the care used by the medical offi
cers attached to the various consulates and
consular service , abroad may be properly
ascribed tlio total exclusion of the disease ,
r clllo Knllroail Hoods.
On the subject of Pacific railroads the
secretary says : There .ire now outstanding
$ G4.iXni ( ) ! ! of the 0 per cent bonds issued maid
aidof tlio I'ncilli ! roads. In .Ian-
nary , lij ! ) : $3aiWOOl ) of these bonds
mature , and others at various dates
to .lanuary I , IS'.lU. Ho adds : These
bonas are absolutely payable on the respect
ive dates of their maturity , differing in this
regard from the other outstanding Interest-
bearing bonds of the United States , which
are redeemable at the pleasure of the Gov
ernment after certain dates. In view of
this it is Important that congress should act
at this session with respect to the payment
at least of tlio fctV.,0K ! ! ! ( ) which will mature
within the fiscal yea.IMtt. .
The secretary then reviews the legislation
with regard to the 1'nrilio railroads , briefly
states the llnanuial affairs of lite companies
us heretofore published , and closes with the
following recommendation : On account of
the approaching maturity of both classes of
these bonds and tlio magnitude of the inter
ests Involved , 1 respectfully submit that the
suDject receive the earJy ami earnest con
sideration of congress with n view to the
adoption of some plan which will moro cer
tainly secure the ultimate payment of the
indebtedness to the govormoat and at the
same time enable the roads le conduct Iho
business for which they wore created under
such limitations a.s to management and ex-
pcndttures an may bo considered necessary
to protect the rights of the government , ft
would 1)0 ) very unfortunate , in my opinion , if
tlio government should bo forced to take
possession and operate these lines of railway ,
and there Is every reason that efforts should
bo made to avoid this.
The report also includes n report of the
work of the various bureaus of tlio depart
ment whoso work has already been sot forth
in the reports of the bureaus.
AT10VE AM OTHERS , j
Dr. Plcreo'ti UoMen Medical Uls-
covery is the inndtcliio for the
iblood. You'll bo willing to Iwllovo
this , iwrlmpa , if you think of the
way It's old to you. On Mul
that'll what it uini'iinU to , In nny
CIUM where It fails to benefit or
cnrti , your money Is ratiirnotl ,
, With nny doubtful or ordinary
medicine , thin couldn't U dono.
And It isn't done , except with the
1'
' ' Discovery. " , ,
. In every disease cuuiied by ft
torpid liver or impure blood , Oils
modlclne will certainly euro. For
the most Btubliorn Skin and Scalp
Ulsoasm ; the worst forms of Hcrof-
ulu , even Consumption ( or Lung-
scrofula ) in IU curlier stagea ; and
for Dyspepsia , " Liver Complaint , "
anil every kimlrol ailment , nothing op-
TiroacbA * ft as u remedy.
Nothing el * ) , at unv prlee , Is really aa
chtap. You pay only for the yooil you get.
It's moro tlmn inero relief It's n perfect
nnd permanent curr , that you get with Dr.
Haee'ji Catarrh Hemedy. The proprietors
offer two reward for ouy incurable COM
of Catarrh.
W * v III i4 < ! TOO lh nxr'ri'ini
Trtnth rrrpirttloc CALTIIOO
fme. nod > l al KUir ni lint
r.M.TIIl-1 will llnlorn your i
Ur ltbMrroaU > oil Vigor.
t 'if it pnti fay < f latililtt.
AiJilratK VON MOHL CC
( Wtr ) . tl .U ,
1'3 " * !
The Rugged Child
is largely an
"outdoor"
product ,
Fresh air
nnd exercise
usually pro
duce sound
appetite and
sound sleep.
Sickly chil
dren obtain
great benefit from
of cod-liver oil with Hypo
phosphites , a fat-food rapid
of assimilation and almost
as palatable as milk.
_ l'rptimrilln Scoli .1 IW. NV Ml lUnreMn.
. . . . . . . . . .j Treatment , conMpthiQ ? ot
-j - vu * > vt * * Lj. CnpfiUlM of OlntniPiit and twn
Hiixraol Ointment. ATnovur-fnlUtii-Cure for rlie"
of evpry naturemi.f dcproo. UiimkcsSnoporotloa
ttltli ttioknlfo or Injcctlomot cnrlmlto nelrt wL'c *
nro iwiltif ul ntul eoUum n imrn.nnimt euro , nn'l oHcn
thlo lorrlblo dliaa8OCOSJWo ? n'rn '
? nunrnn ° °
boxen to our. nnv oaoo. YoutUoit"niJ,0y fo
iM-nontfl rccolvert. ? l n boj , o for M liy raall.
CONSTPTVIfVM ! "roWl'o ' * PtevenlBd ,
itau ± "it.K
mUOUruiUFlKtl. Hmull , HUM mul MouRnl lo
Intx , Pi > eclnlly na iitoa for eLllircu'd uuo. COUosoa
K CMltB.
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AM U 3 I l M Fl N T3
THE CRffl
TONIGHT.
* * &
t lllTTir. L'OLUNS IN HUB NUV UAISEOW D.IXCE.
LOTTie COLLINS
AMI
1JKK IT rNDHKTIIK SLTN
J5th STREET THEATRE.1 . ; '
I 'our nlu-hts , comniencliiK Miillnuo. Sunday ,
I cc. " 4 , Ihucolchr.itod Conicdlt'iini' ,
VH14NQNA
xJ A. R B El A U
In lior brllllnnt musical uomoilr.
"STARLIGHT , "
Suiinorted by u silent company ofcotnortv
Illlll MIUlk.ll tlllUllt.
MATKUJI'3 MOND.VV.
BOTDfS
" SUNDAY DEC 24
Hl"iiR b , , ,
J'lxlra Cliilhliiiiiii MiiUiH'f Mundiiy
T i VflML ! iriiciti'Hi untlrlcnl Mrcx on all Ilia
i I U I I D iiuiiiiliir HiipurtlllluiiH ul Ilio ilay
FAST FUN
MONK
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CAST
Mailon. l.liH.-iu .S\v < iln , .Ii'imli
.mil ollici.s. Sain open S.ilunta nioni.
; ill 'IHIIUI ' I'ricf ! , . , " > , - > ) scalH at Vie * ivirli
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l''lnbonic | piodiiotlciii o I'lay ,
DAMlOM'
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iliicllon
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TiRSCHBERG S
Tim cclo-
brat cd Nun-
cliangciiblu
Spectacles
a ltd Uye
( ilassus fur
sale in
Omaha , by
MVVX .HliVivU A ; 1MO. C.O. , OM.V