The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-08

ducts Of eli descriptions, Unitsd states bonds
are still creating To no small extent the ex-
being adjusted. We are now increasing our
deb, In Europe at the rate OF $50 900 900 or s70.
bonds. The gold and silver products Of
California and the Territories since IS4S
RSvn oWDs oseR s6at scco oCc5 Fave Oss1 USED
in man DuiacturiDg, and that the coin In the
SSIsnrs Of ss shs IMMENSE @ sum ST iOe oCo CO. Sas
gone TO other countries for their productions.
Within period of twenty years. In addition 10
our agricultural produce, and TO our m snuiac-
lures, which have been exported In large guam
tiies, we have parted with 81 1907 90 O0l OF tue
precious metals,e nd are evertneless con nfronted
with foreign opbt OF some $3.50 600 900, whisn Is
steadily increasing, and all TINS has occurred
under tariffs In good degree framed with the
view of projecting American against roreign
msnutsCiurers. But this is not all. During
therecent war most of our vessels eogspei In
u e foIeign uaue were either destroyed Dy Rsosl
cruisers or tTaDsferI ed to foreigners. Our ex-
Loris as well as our imports are now chiefly In
There are many intelligent persons who en-
terrain TIE opinion that the country has been
lenefited by the trans fer Cf our bonds TO Ed ope
on the ground that capital has been received in
exchange for them which has been probably
resources, and that 1t matters little whether the
inierett upon the deot s received by our Owu
people or Dy the people of other countries This
opinion is the result of misapprshension OF
facts, and is unsound in principle.
patton that owes heavily must nave lts own
will be dead weight upon its industry, and
VIII be quite likely to force IT eventually iu,o
able TO pay the interest on their debt but to set
q good example TO other nations by steadily
and rapidly reducing that debt. WHAT Is now
required. as has been already attem pied, are
measures which will tend not only to prevent
iurtber exportstion Of our bonds, aud IN the
regular course of trade to bring back to the
country those that have been exportet, but
which will also tend 10 restore these i'm mportant
interests thai are now languishipg as the resuIa
of The war and adverse legislation: the first and
most important of these measures are those
VI nANAl ga
delay tue restoration of the specie standard.
Tie financial difficulties under which the
country is laboring may be traced directly To
the issue and continuance in circulation of
irredeemable promises as lawful money.
SOUND currency is the lfe'blnod OF n CONNER
cial nation II This is debased the whole cur
rent Of It's commercial life must be disOrdered
anu anu lIIegu,aT. Inc s.ariine noin' Ia , rs,orna1
currency must be retired, or raised TO the par of
specie, or cease to be lawful money, before sub
staDtial progress can be made with other re.
forms.
Next in Importance 10 the subject OF the cur
rency is that of the revenues. Taxes are indis-
peDsable for the support Of the Government,
ior the maintenance Of the puseic credit and
the pay ment OF the public debt TO tax heavily,
but without checking enterprise or putting
shackles upon Industry, requires the most
country and its relations with other Eaiions.
but also ofthe character Of the people as affected
by the nature OF their insti iutions.
The following is a statement uf receipts from
internal revenue for the last three hscal wears:
For the year ending June 3O 1868. s}l9 2.8,Sl3l2;
for the year ending June 30 1867 1896 02I 537 l3;
for he year ending June 80 1858 slSl OS7 $50 A. IL
thus appears that the I'M erDai revenue receipts
ior the year ending June 80 1857, fell below the
s13 COO 275 90; and the receipts for the year
Jene n 80 Ss fell snort OF the receipts
were SiS 736, 1883 II the receipts for those
Ing eight, the receipts for the present fiscal
year viii be $l46 209,O1i. This large reduc ion
OF Dternal revenue receipts Is attributable both
to Inc fiicient collections and TO a reduction OF
taxes. IL Is quite obvious that the rece pts from
customs cannot be maintained without an
incI OF exports or OF our reign debt; II the
receipts from customs shond be diminished
even with large reduction OF the expenses OF
the Government, our internal revenues must
necessarily be increased. The first thing 10 De
done is TO Introduce economy into all branches
OF the public service not by reduced appropria
tions, 10 be made good by deficiency Oilis, but
by putting stop 10 all unnecessary dem ands
upon the treasury. There is no department OF
the Government which is conducted with proper
economy; the habits formed during The war are
still strong, and Will only yield TO The require
ments of 1nexoIable laws
The accom- panying report of the Commissioner
OF Internal Revenue gives the necessary tnfJr-
nation in regard 10 the bureau, aud contains
many very judicious recommendations and
suggestions, which are worthy the careful con-
sldera,ion OF CONGRESS; The % internal 6rancn OF OF
people feel the deepest interest. The customs
duties are collected at few points. aud
they are felt only by The great mass of the
people in the increased cost of the articles con-
sumed. Not so with the internal taxes. These
are collected In every part of the Union. and
their burdens fall, TO large extent,
directly upon the taxpayers. Assessors,
collectors, inspectors, detectives, necessary In.
struments in the collection OF the revenues, are
1onnd In every part OF The country; there Is no
village or rural district where their faces are
not seen, and where collections are not made.
The eyes of the whole people are, therefore,
directed to this system and 1t Is OF the greatest
I'm portance that its adm n istraLiOn should be
such TO entitle 1t to puolic respect. Unfortu-
alx 10 fhn q Inn Al m
is admitted. and the question arises, where is
the remedy? The Secretary is OF the opinion
that II is to he found in such amendments to
the act as will equHlze the burdens of tax
alton, and In elevation of the standard of
qualification for revenue offices, Upon the
subject of internal taxes the Secretary has al
reauy spok en- in regard TO the chaTac or OF the
revenue Cfficers; he has only to say that there
10 ukL be decided change for the better In this
respect II the system Is TO he rescued from Its
demoralIZed condition. After careful reflection
The Secretary has come TO the conclusion tnat
this change would follow the pass age of the bill
repored ed byMT, Jenckes from the JOINT Commit
| lee on ReLienchment and Reform on the l4Ju of
May last, entIIled:-A bill to regulate the civil
| service and promote the efficiency thereof; the
Secretary gives 10 this bill MS hearty approval,
| and refers TO the speech which was made upon
| It's introduction by the gentleman who re-
ported IL for able and Lucid exposition OF Its
provisions, and for truthful and graphc de-
| scription of the evils of The present system
| day of October last, the day for
their regular quarterly reports The number of
national ba ks was 1854 II of which were in
voluntary lquidattOn; heir capital was $685.
634 5ll their discounts S655 875 3j; their cir
culatlOn, 1895 6Si 2i8; their deposits, S60l $780,,
| 278 40 In no other country was so large
| system rs Ia now Invested in the national
| hanks, Never before were the interests of a
| pit ople interwoven with a system OF banking
as are the I'M erests OF the people of the United
| Eto unit n hai n