Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1876-12-09

pose Of retiring circulation on November 1, 1876,
cuiafion may be attributed 50 q desire 60 realize
the premium npon the bonds ct their
the margin between tbs circulation and the bonds
being carried 70 profit account and used either in
losses or paying dividends.
II the market value Of United States bonds
the amount Of additional circulation to be issued
from November /, 1876, to january /, 1879 two
II, however, there should be material decline in
the value OF bonds, 1t Ia to be presumed that con-
siderable amount thereof would be redeposited by
the banks which have withdrawn bonds amount
ing to $65 1850 since June 20, 1874 The profit
bonds and upon the rate Of interest. # the bust,
ness OF the country should revive or the value of
largely increased. The profit on circulation is es-
timated at about two and quarter per cent. In
cent the value of circulate on ia about two and
half per cent; where the rate is ten per cent the
profit is about one and q half per cent, at the
present valuation of the bonds.
COINAGE.
The deposits Of gold at the MINIS and Assay Of
pUrc6ases. .9c2 ~. Total amount Of bullion
received AMI operated upon, $S5, 995r973 %. De-
psfitnti69 and sposited at another he DEPOSITS
were-gold. $l,943.2s5 AZ; silver, s24.574551 81
The total gold coinage was &38 49, e2 so. Total
silver coinage, $19126.502 so, OF which $3.50 $50
were of trade dollars The minor coinage
amounted to s26O.s5O. The total number Of pieces
struck was s7,1O146s Total value of coinage, $57,-
565.Sl5.
The report of the Director Of the Mint presents
in detail full account Of the ations of the diff
length the question OF monetary standards. and
suggests some amendments OF the laws relating to
DUTIES ON IMPORTS.
The receipts from customs for the year ending
June 80. 1875, s57167722 So, and at the corFe
decline Of sgOs5.7S7 H. The receipts for the first
quarter OF the current fiscal year were S37 554,
72s So, while for the corresponding period Of last
Il.
For The months of October ana November, 1876,
the receipts were s20. PAT 043 o. and for the
months OF last year were $23,936,950 49,
ABOUT three-fOurths OF the revenue from customs
is collected at the port of New York, and the Iti
cation arising therefrom has so crowded the
that State that great delay in the decision of tariff
questions has unayoidably arisen.
Suits are brought for the reversal of decisions Of
the department pending which importers are sub
jected 30 the payment under protest OF duties
which. after years of litigation, may appear to
have been wrongfulIy assessed In this way suits
are multiplied, and trade Is subjected 10 uncer-
families and losses which speedy hnaI decision
might Obyiate.
Two methods of obviating such delays are sug-
gested. The first is the organization of court of
arbitration, such as is connected with the Cham
| Der of Commerce of New York. with without
the power to render final Judgment, as might be
| thought best. The second Is the establishments of
O revenue court In the Southern District OF New
cases, analogous to the court of excheqner in
England, which originally had only tur lotion of
cases arising in connection with the Kings rev
eDue.
Under either system, the highest expert skill
both in law and fact might be secured for the
| speedy determination of a peculiarly embarrass-
| ing class of Irrigated cases.
There is reason to believe that the revenue has
suffered great loss by excessive allowances for
damage to imported merchandise occurring on the
voyage. which allowances are now made under
/ Section 1927 OF the Revised Statutes.
Fraud on the revenue, by the collusion OF dshon-
est suDordinates IN the Custom-house, can easily
be praotlced under this system; but even honest
officers are liable TO be deceived through mad
yertance and the intrinsic difficulty of estimating
| the alleged damage A.
The fact thai many importers seriously object
| to having merchandise, on winch such allowance
has been made, marked damaged" Is somewhat
suggestive.
| There seems no good reason why damage of this
character should not be made the subject OF in
suranee, as well as other risks which are readily
assumed by underwriters.
IN. r. No. I712) to simplify the appraisemenb of
goods, wares and merchandise I'm ported into the
United States and subject to ad gatoreD duties"
The questions arising under the provisions of
| the statute relating to 'charges and commissions"
have been and must ever be numerous and diff
cult, and 1t is certainly desirable avoid them, If
possible.
TO prevent loss to the revenue by the total re-
peal of the provisions referred to- it is recon-
mended that the provisions of the bill be SO
changed as to provide for adding, in lieu OF all
By Section 29O7 of the Revised Statutes uniform
charge of flee per cent for commissions.
Ever since the beginning of the Government,
| until the revision of the statutes, the law. while
fixing maximum rate, has left the COMPENSATION
of Inspectors of the Customs discretionary with
the Secretary of the Treasury. In the revision
the words comforting the discretion were re-
peaIed and three dollars per day was male the
absolute rate of compensation, with permission
to Inerese it to four dollars per day in such ports
| as the Secretary might think advisable.
| Considering that there many collection dis
| tricts where. from the fact that the vigilance OF
Inspectors is effective, but little service in the way
of collecting duties detecting fraud is DONE and
where all the duty required by the Government is
not Incompatible with some other occupation, it
seems desirable that the discretion given in the
earlier laws should be restored. While four dol
| lars q day is not an excessive compensation for
customs officers employed ia the larger ports, and
giving their whole time to active official services,
less than three dollars day would be sufficient
for officers in small ports, who are required to
watch against violations Of the revenue, and who
might, without detriment to che service, have
other occupations.
In compliance with the provisions Of Section
priation Act approved August IS 1876 careful
scrutiny has been made of the force employed in
the collection or the revenue from customs, with
a view of reducing the number of the same" Re
ports of special agents assigned to the duty, re-
ceived from seventy-sIx collection districts,
recommend an
Aggregate reduction of 229 employees. in
volvlng decrease in the annual expense - -
1t is proposed to make a reduction OF ten
per cent salaries in certain districts,
which will amount tO--------------=--.- 100000 90
There are twenty-eight districts from which
reports have not yet been received. These
it is estimated will add to the reduction
Of Collecting the revenue s467 ss7 80
These reductions, on the LIST of January prOximO,
INTERNAL REVENUE.
The report of the Commissioner of Internal Rev
enue, herewith transmitted, sets forth in detail
the condition Of this branch of the public service
Statement showing the recelpts from the several
objects of taxation under the internal revenue
laws for the fiscal years ending June 3d. 1875 and
1876, res pectively.
SOURCES 1878. 1875
$50, 0Sl 99I IL $50, 426, 365 Is
Tobacco ---.---.--.-- 81, 3O3.461 SO 39795 339 81
Fermeuted liquors. 9.144. 004 Al 9,571, $50 66
Banks ana bankers..- 4,097,243 II 4,O06,69S 03
Penalties &c.......- 2Sl 10Y 81 4O9,2S4 As
Adhesive stamps 1851, 229 So 6,51S,4S7 81
Back taxes under
pealed laws.-... 1.OsOIIl A 5O9.6Sl 90
1O,5 45.I54 % SIl7,237, OS6 81
The amount OF collections, above reported
includes commissions of sales of stamps, paid in
kind, and certain sums reported collected but
deposited during the fiscal years in question,
thus causing an apparent discrepancy between
the above amounts Of collections and the amount
or such collections shown by warrants covering
the deposits into the Treasury. as elsewhere
shown.
Under the provisions contained in the Legislat-
i've, Executive and judicial Appropriation BILL
approved August Is. 1876, the transmission of in