The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1871-12-14

our own affairs, and without parallel
in the affairs Of any other govern
ment.
REDUCTION Or THE INTERNAL REvE
NUE. AND TARIFF.
It is practicable to dispense with al
revenue from internal sources, except
that derived from stamps, spirits, to.
baccO and malt liquors. These sOuTc
es should furnish for the years 1S7-
and 1873 a revenue Of about one hun
dred and ten millions of dollars, max.
ing a reduction of taxes of sixteen
millions of dollars. The revenue from
customs under the existing laws, and
from lands and miscellaneous sources,
would amount about two hundred and
tlsirty-three millions more, making ]
total revenue for that year of three
hundred and fUrty-three millions Of
dollars. The expenses of the govern.
ment, not including the amount pay
able on account of the sinking fund,
are estimated at S2T3, OPS, ,773 90. If To
this sum be added fifty million OF dol
lars for payments on account Of the
public debt, including the amount due
on the sinking fund, there remains a
balance of about 20,000, 900 within,
which reduction may be made in the
revenue from customs. This amount,
added to the reduction proposed under
the internal revenue laws, gives a to-
tai reduction of S3G, 600, 600. In this
view, respectfully recommend to the
consideration of Congress the reduc-
ton of the duties on salt to the extent
of so per cent; the duty on bitumi-
nous coal to 80 cents per ton the reduc-
of the duty on raw hides and skins,
and the removal of all duties from a
large class of articles produced in 9TH
er countries which enter into the ars
and manufactures of this country, and
which are not produced in the United
States, and the revenue from which is
inconsiderable. Such list, with the
revenue derived from each article, is
/ in course of preparation, and will be
| submitted to Congress. The removal
of duties from a large class of articles
used in manufactures, and the reduc-
ton Of the duties upon coal, furnish
an opportunity for a moderate de-
/ crease in the rates of duties upon those
products whose cost will be diminish
ed by those changes. While nothing
as the consequence of legislation could
be more disastrous to the public pros
/ perity than a policy which should de-
strOy or seriously disturb the maniac
| turing interests Of the country, it IS
| still possible by wise and moderate
changes adapted to the condition of
! business and labor, to reduce the rates
of duties with benefit to every class of
people.
GOLD AND PAPER.
The average premium on gold for
| the year 1868 was 1854 per cent; for
the year 1869 it was 1886 per cent.
premium; for the year 1870, it was
| l4.S3 per cent. premium, and for the
I first eleven month of the year 1871 it
was l2.1 per cent. premium. The
value of the paper currency of the
country during the years 1869 a"d
1870, was apparently appreciate, ono
the increased use of paper mOneS1sm
the South, but chiefly by the estab-
| lishment of the creuit of the United
States upon firm basis. On the 1st
/ of January, 1871, the last named fact
was fully accomplished, and since
/ that time the appreciation of the pa
per currency has been due wholly to
[ the increased demand for it in the
! DuSlldGSS dlAalIS VI NllE tuunLIls 4uC
difference between the value OF paper
money at the present moment and its
value on the lst of Decembs., 1870,
may be attributed to the latter cause,
and furnishes the best means which
the country has yet had for ascertain
ing the quantity of paper currency
which can be used, and its value Kept
at par with gold. The result of this
| test cOncuTs with what seems to me
to be the best opinion upon the sub
ject that the amount of paper money
in circulation is still so great that it
can not be maintained in statu quo at
par with coin. There are two modes
OfIelief; one is to reduce the volume
of currency as was recommended by
me in my annual report submitted to
Congress in December, 1859. The 9TH
er mode is to await the growth of the
country and the increasing demands
of business which in time will produce
the desired result. The chief means
of securing the end sought without
reduction i'm the volume of currency
would be the use of paper money upon
the Pacific coast. With this object in
view, steps have already been taken
by this department for the purpose of
ascertaining whether it is practicable
to substitute paper for coin, and nave
reason to anticipate that a change
may be made in the laws relating to
national banks tending TO that result,
which will not affect unfavOrably the
general character of the system.
NOTIFIES.
1t is my duty to call attention of
Congress to the importance of abOl-
ishing the system of shares in mOieties,
as far as the benefits inure To revenue
officers and otner persons officially
connected with the government. This
measure was recon- mmendeI in my
last annual report, and statement was
submitted to Congress, showing the
amount received by the officers Of GUS
toms, together with q bill increasing
their salaries without any increase of
appropriations from the Treasury, tine
sum now paid from notifies being
quite sufficient to place the entire
force upon a satisfactory footing in re-
gard to pay. During the last fiscal
year, the offices of Collector and Sur
veyor of the port of New York each
received from mOieties the sum of
$40, ,2l5 90 and the Naval Office the
sum of S4S, 195 50. In most of the
cases the officers do not perform spe-
cial services emitting them to the
amounts granted, and impostOrs and
others whose acts are made the sub
iect of investigation complain, and |
think, with Just reason that the agents
of the government have a pecuniary
interest in pursuing those charged
with violating the law. The gov
ernment ought to pay fair salaries, and
RELY upon the good faith of its officers
for the performance Of their duty.
TIE REPORT OF THE CONTROLLER OF
THE CURRENCY
shows that one hundred and and forty
five banks have been organized under
the act approved July l., 1871, prOvid
ing for the issue of filty-fOur millions
dollars of additional bank circulation,
and that the sum of S22, ,233, 900 has
been issued. By virtue Of the same
act the Treasury has redeemed
So, 30, 900 ofthe three per cent. GER
tificates then in circulation, leaving
the sum of S23, ,490, 900 now outstand-
ing. l take the liberty of suggesting
. Lll1L II uDBEa4G ~ AAG ~ bC ~ A1C ~
leave the distribution of the circula-
ton authorized by said act as it now
stands. Should the States that have
already received their proportion Of
circulation be authorized to take what
may remain, only brief period will
elapse before a demand will be made
from States with limited circulation
for an increase. 1t seems prudent,
therefore, to retain the balance of the
ffty-four millions for distribution in
these States now having q claim to it
on the basis of equality Of apportiOn-
ment. The details of the subscription
to the loan show that the national
banks have, on the whole, acted Iiber-
ally, more than a hundred millions OF
dollars having been subscribed for
them on their own account 1t is not
unreasonable TO tender TO these insti-,
tutions the opportunity 10 subscribe
I for bonds under the act OF July l4th,
Z 1870, to an amount equal to the depos-
/ its required of them as security for