The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1877-12-06

Stantlaily Supplied the requirements OF the
sinking fund for that year. The estimates of
the revenue for the current fiscal year are
S265 100000, and the estimated expenditures
for the same period are 1892 ,4S06i3. If these
surplus revenue of So, 069 ,S57. an amount near
" sufficient for the sinking fund for that year
The estimated revenues for the next fiscal
year are S269, go, coo.
Ii appears from the report, that during the
last fiscal year the revenues of the Govern
ment, as compared with the previous year,
have largely decreased. The decrease,
amounting to SIS, 4Sl 1851, was mainly in Gus
toms duties, caused. partly by a large falling
off in the amount of imported dutiable goods
and l@rtly by the general fall of prices in the
markets for productions OF such articles as
pay ad valorem taxes. While this is felt in
juriously in the dininution of the revenue, it
has been accompanied with very large in
crease of expectations The total exports
during the last fiscal year, including coin,
have been SS5S 1877 49,. and the imports have
been 1892 097, $40, leaving a balance of trade
in favor of the United States, amounting to
the sum of Sl66 539, 9l7, the beneficial effects OF
which extend to all branches OF business.
ECONOMY URGED.
The estimated revenue for the next fiscal
year will impose upon Congress the duty OF
strictly limiting appropriations, including
the requisite sum for the maintenance OF the
sinking fund, within the aggregate estimate
of receipts. While the aggregate of taxes
should not be increased, amendments might
be made to the revenue laws that would,
without diminishing tile ItNtuuts ItllCNc NLt
peoDIe from unnecessary burden 4 tax on
tea and coffee is shown by the experience, not
only of our own country, but OF other coun-
tries, to be easily collected without loss by
differentiation or fraud, and largely borne
in the country OF production. tax OF ten
cents pound on tea and two cents pound
on coffee, would produce revenue of Sl2 900,
600, and thus enable Congress to repeal lnul-
titude of ANNOYING taxes Welding revenue not
exceeding that sum. The internal revenue
system grew out of the necessities of war
and most of the legislation imposing taxes
upon domestic products under this system
has been repealed. By the substitution OF q
tax on tea and coffee all forms of internal
taxation may be repealed. except that on
whisky, spirits, tobacco and beer.
.t VIOLATIONS OF REVENUE LAWS.
Attention is also called to the Necessity OF
enacting more vigorous laws for the protec,
ton of the revenue, and for the punishment
of frauds and smuggling. This can pest DC
done by judicious provisions that Will lnduct
the disclosure of attempted fraud by under
valuation and smuggling. Az revenue laws
should be simple in provision and easily I'M
derstood. SO far as practicable, the rates o.
taxation should be in the form OF speclnt
taxes and not ad valorem, requiring the
Judgment of experienced men to ascertain
values, and exposing the revenue TO the
temptation of fraud.
NV attention has been called during the re.
cess of Congress 20 abuses existing in the
COLLECTION of customs, and strenuous efforts
have been made for their correction by exec
Z
ted to the Secretary of the Treasury by &
commission appointed to examine into the
collection of customs duties at the port o.
New York contain many suggestions for the
modification of customs laws, to which tho
attention of Congress is invited.
THE PUBLIC DEBT.
tits a matter of congratulation that, not
withstanding the severe burdens caused by
! the war, the public faith with all creditors
has been preserved, and that as the result
this policy the public credit has continuous
" advanced and our public securities are re
garded with the highest favor in the markets
of the world. | trust that no act OF the Gov
eminent will cast a shadow upon its credit
The progress of rcfundinS the puD1c ucD
has been rapid and satisfactory. Under the
contract existing when ] entered npon thu
discharge of the duties of my office, Dond'
bearing interest at the rate OF A.
sold, and within three months the
aggregate sales of these bonds had reached
the sum of 5000 100000. With my sanction Tho
Secretary of the Treasury entered INTO a new
contract for the sale of four per cent. bonds
and within thirty days after the popular sub
scriptiOn for such bonds was opened sub
scriptions were had amounting to l5,4so '92O
which were paid for within go days after the
date of subscription. BY this process, within
but little more than one year, the annual IN
terest on the public debt was reduced III the
! sum of S3,I75,000
| recommend that suitable provision B'
made to enable people to convert their say
ings into Government securities, as the Des
mode in which small savings may be well sc
cured and WELD interest. 1t is an object o
public policy TO retain among our own people
the securities of the United States In thl
way our country is guarded against the SUD
\ den return from foreign countries, caused by
war or other disturbances beyond our limits
of the currency of the United States.
SHIPPING INTERESTS.
Our trade with foreign nations, and especial
~ tho export of domestic productions, has
late years largely increased, but the create
portion of this trade is conducted in foreign
vessels The Importance of charging on
foreign trade, and especially by direct ant
speedy Interchange with countries on TIM
continent, can not be oVereSt1mated, ana IL i
q matter OF great moment that our own snip
ping interests should receive the utmost prac
teal benefit from our commerce with othe
lands. These considerations are forcibl,
urged by all the large commercial cities o
the country, and public attention is general.
and wisely attracted to the solution OF tn
problems they present. 1t Is not doubted
that Congress viii take them mp IN the broad
est spirit of Hberality and respond to tn
public demand by practical legislation on thu
subject.
THE WAR DEPARTMENT.
The report of the Secretary of War show
that the Army has been actively employed
during the year, and has rendered very i'm
portant service in REFRESHING hostilities II
the Indian country, to preserving peace an'
protecting life and property in the interior
as well as along the Mexican border. lonl
and arduous campaign has been prosecuted
with final and complete success against
portion of the NeZ Perces tribe of Indians.
/ full account of this campaign Will be fount
! in the report of the General OF the Army.
! will be seen that i'll its course several battle
| were fought, in which a number OF gallan
/ officers and men lost their lives. join wit
l the Secretary of War and General OF the Arm
inawarding to the officers and men employ
| ed in the long and tOilSome pursuit, ana II
| the final capture of these Indians, the homo
and praise which are so justly their due
! THE JULY RIOTS.
/ The very serious Iriots which occurred il
1 several of the States of the Union in Jul.
last, rendered necessary the employment
/ a considerable portion of the Army to pre-
! serve peace and maintain order. In the state
of West Virginia, Maryland, Pennsylyanl
| and Illinois, these disturbances were so for
/ midaDle as to defy the local and state author
/ tiles, and the National Executive was Gale,
upon, by the mode provided by the COnstitu
| ton and laws, to furnish military, and an
| gratifed 10 be able to state that the troop
| sent in response to these calls for aid in tn
/ suppression of domestic violence were able
] by the influence of their presence in the dis
| turbed regions, to preserve the peace and re
/ store order without the use of force. In tn
! discharge of this delicate and important du
/ ty both officers and men acted with grea
| prudence and courage, and for their service
! deserve the thanks of the country.
! ID THE RIO GRANDE TROUBLES.
The disturbances along the Rio Grande, il
/ Texas, to which / have already referred, haV
rendered necessary the constant employment
! of Il military force in that country. A full re
4 port of all recent military operations IN tina
quarter has been transmitted to the House o
/ Representatives in answer to a resolution q
! that body, and twill not therefore, be neces
sary to enter into details i regret to say tina
/ these lawless incurSiOnS into our territory b.
/ armed bands from the Mexican side of tn
| line, for the purpose of robbery, have been O
/ frequent occurrence, and, in spite OF the mos
/ vigorous efforts of the commander OF on
/ forces, the marauders have generally sue
] ceeded in escaping into Mexico with thei
| plumber In May last l gave orders for tn
! exercise of the utmost vigilance on the par
of our troops for the suppression
of these raids and the punish
ment of the guilty parties, as well as tn
recapture of property stolen by them. Gen
| Ord, commanding in Texas, was directed t.
Join the Mexican authorities in efforts 10 thi
end, and to assure them that / was anxious &
avoid giving the least offense to Mexico; ant
at the same time he was directed to give no
tice of my determination to put an end to tn
invasion of our territory by lawless gangs
intent upon the plumber of our civilians, AM
effectually punish the outlaws, even if i
should make the crossing of the border b.
our troops in their pursuit necessary. 1t i
believed that this policy has had the effect &
check somewhat these depredations, and tina
with a considerable increase of our fore
upon that frontier, and the establishment o
several additional military posts along thu
RiO (,ran1p 81 "a moro ptfpcfnailN N o1ar(