, and in which our citizens have large
investments, should not be ruthlessly injured or destroyed. We should
also deal with the subject in such manner as to protect the interests of
American labor, which is the capital of our workingmen. Its stability
and proper remuneration furnish the most justifiable pretext for a
protective policy.

Within these limitations a certain reduction should be made in our
customs revenue. The amount of such reduction having been determined,
the inquiry follows, Where can it best be remitted and what articles can
best be released from duty in the interest of our citizens?

I think the reduction should be made in the revenue derived from a
tax upon the imported necessaries of life. We thus directly lessen the
cost of living in every family of the land and release to the people in
every humble home a larger measure of the rewards of frugal industry.

During the year ended November 1, 1885, 145 national banks were
organized, with an aggregate capital of $16,938,000, and circulating
notes have been issued to them amounting to $4,274,910. The whole number
of these banks in existence on the day above mentioned was 2,727.

The very limited amount of circulating notes issued by our national
banks, compared with the amount the law permits them to issue upon a
deposit of bonds for their redemption, indicates that the volume of our
circulating medium may be largely increased through this
instrumentality.

Nothing more important than the present condition of our currency and
coinage can claim your attention.

Since February, 1878, the Government has, under the compulsory
provisions of law, purchased silver bullion and coined the same at the
rate of more than $2,000,000 every month. By this process up to the
present date 215,759,431 silver dollars have been coined.

A reasonable appreciation of a delegation of power to the General
Government would limit its exercise, without express restrictive words,
to the people's needs and the requirements of the public welfare.

Upon this theory the authority to "coin money" given to Congress by the
Constitution, if it permits the purchase by the Government of bullion
for coinage in any event, does not justify such purchase and coinage to
an extent beyond the amount needed for a sufficient circulating medium.

The desire to utilize the silver product of the country should not lead
to a misuse or the perversion of this power.

The necessity for such an ad