Helena weekly herald. [volume] (Helena, Mont.) 1867-1900, 1872-03-28
Financial Condition Of sho Country.

/
man said he proposed to state facts as to oul
financial condition that would enable the
United States for the sixth time since the wal
largely to reduce taxation, and also, the gen.
eral principles upon which the reductions are
based . boz 5a3 fahlR nj .ggga-.
jiJi The taxes already repealed yielded $685..
GOO, 900, and the revenues still largely exceed
the expenditures. The taxes that remain
would amount TO more than the same taxes Ia
former years, and more than estimated by
the most sanguine. The production of the
country had largely increased almost every
industry was actively employed, the con-
sumption of the people had greatly increased ;
at the same time the national expenditures
We're Diminishing; the financial condition was
improving in every particular; slowly but
surely, without contraction or expansion, we
were approaching o specie standard; the in
terest on the public debt was diminishing by
the payment of the principal, and the rate, Of
Interest reduced on the remainder. All these
favorable circumstances enable us approach
"a further reduction of the taxes with more
] system and better information than before
., In obedience to resolution passed by the
Senate in April last, the Finance Committed
has, during the recess, examined into the de-
tails Of the different taxes imposed by law,
and agreed upon amendments in both the
tariff and internal revenue. Since the close
| OF the war 1t has been necessary to maintain
q revenue largely in excess of expenditures,
in order itoi pay the unliqpidated debt, re-
establish credit, improve the currency, and
reduce the rate of interest. But the time
has now come When we can safely reduce tile
revenues to barely enough to pay expensesof
the government economically administered,
interest on the public debt, and such addi-
tional sums as 1t MAY seem good policy to
apply on the principal t'fA 2 3& l.CUa EIE .
The expenditures for the fiscal year ending
June 30 1871, including interest, are $292, ,177,-
1888; for the current fiscal year, partly estl-
mated, $293, ,403, ,382; for the next fiscal year,
estimated, $273, ,625, 773 These sums exclude
the sinking fund and all payments on the
principal ofuthel debt The net receipts of
ending June Soth. ISL. i were v ' Ssss 1893 Sss Ss4:
for the current fiscal year, estimated, 1885,
'O00, ,O00l The actual surplus revenue for the
year ending June 80th, 1871, was $91, 146, ,776
for the current fiscal year, partly estimated,
$71, ,794, ,791; for the next fiscal year, estil
mated, $8T, ,874, ,228. ~ 8as9''nhTa bar taiae4o !
aifI II is not probable that any material change
viii be made for the current fiscal year, while
the current receipts are greatly in excess of
the estimates. The estimates are based upon
the approP oPriations required by existing laws
They can be and ought tto9 De diminished in
several important branches of the publicser
vice. The, abolition saf, the, ,franking priyil
lege, reduction of the public printing, reduc-
ton of the internal fevehHG service, a. close
scrutiny of the pension list a careful limita-
tion of appropriations for public buildings,
and general cutting off of expenditures that
grew out Of the war but have survived the
war, would enable us to repeal other taxes
without injury TO the public service. uT 10
sod9n thaelherf hand, the wants nof q great
fapd growing country; like ours, exercising
new powers, extending daily Its inffuehce into |
far distant countries where civilization nis
niore,and more influenced by commerce, with
the use Of all these to, compel Q gradual in
crease Of q Just and proper expenditure, such |
an Increase docs not Indicate extravaganza. +
but Indicates GROWTH health and strength Il I
1l1SiAce the close of the war we; We're paying I
interest at the rate Of Z $40 PEI, cent, Now
we can readily borrow at 8 per cent, and are |
now negotiating for d still lower reteg Oar
currency approximates atspecie standard, and |
the government is strong enough to resume /
5ess o question q az d%est Io@s 1
1t effects the debtor and creditor, producer |
and consumer. The banking system is SO
generally distributed that it furnishes uni
form currency, and only, awaits the mandate
of the government to maintain II at par with /
gold and silver s3se.attna r. 81 ,atd4lsW |
f5dW Q can easily pay off the nntional debt IN
thirty years, and yet steaelIG Gongrsss repeal
and reduce the ,tlxcs,, The committee con- +
cludes that $50, coo, 600, including TIE linking
fund provided BY law, should De applied to a
of thedebtsahd thatlthissnm added
to $e73, 025s s753, or the sum of .t$323, ,025, 77S
shopld pe he basis ofa 9yr 9 reYenue reduc
. The customs revenues! since 1857 show an
annual increase of over $lO, 600. i and yet
during that period duties were repealed which
yielded $2Q, 0Q0, 600 pc. apnum., II is ap-
parent that the customs duties for!tfie current
year VIII largely exceed those of last year, +
and there is mo apparent reason that the In ,
crease viii not continue during the next, fiscal l.
year, a, The receipts, of customs from July L
l, 1871, to Match I, 1879, are $146, ,7s1 900. +
AT The same afate the receipts for the fiscal P
year aggregate $226, ,061 800, or S14, ,0O0, 900 b
i4 excess efL the estimate by the Secretary Of i
TIE internal revenue for the next fiscal
year Is estimated at 10 500 600, viz. spirits r
S50, ,000, ,00o;9 tobacco, $36, ,O0O, 900; ffersaenl
tsd liquors, $8. 500, 900; banks and bankers,
$50 000, 900; gas $3, ,20O, 900; adhesive stamps
Bis 000, 900; penalties $500, ,000 other articles.
$800, 600 i1 This does not include the residun
1f the income tax for 1870.fwhich viii make II
good theSeeretarys estimate of $126, ,000, ,D00l
The proceeds of the sale of public lands, ETC., l.
8 estimated at S21, 600 600, 600 making total Of
e373, 0e0, Nor $I4 O00,0 ,000 inSexcessiof the
Of the Tressaryls, ,,estimate,s aud \
sl9Q 990, ,eQ0 IN excess of hesstimatfd ex III
eBS qs ARREng 56e ass 4es SH s II ~ e.
,lsisA6f $5OI00O,OOO, wiiieir should be the,ex-
ent of our aeYenue reduction at this session. 9
THE fear that hiOh duties wOu1d .lassan olIFs 4