The Canton advocate. [volume] (Canton, D.T. [S.D.]) 1877-1897, 1877-12-12

worthy of respectful attention and the
claims upon our assistance by these indie
pendent communities will be carefully cons
sidered. - N
The long commercial depression in the
United States has directed attentiongto the
possible
INCREASE OF, OUR FOREIGN TRADE, .e
and the methods for it's development, not
onlv with Europe but with other countries,
and especially with the states and sovereign
ties of the western hemisphere. lnstruc.
tons from the department Of state were is.
sued to the various diplomatic and consular
officers of the government, asking them to
devote attention to the question Of methods
by which trade between the respective
countries of their official residences
and the United States, could be NEST judic-
iouslv founded. In obedience to the in
structions, examinations and reports upon
this subject have been made by many OF
these officers, and transmitted to the de-
partment, and the same are submitted to the
consideration of congress in the annual re-
port of the secretary of the treasury on the
state Of the finances. They present impor-
tant questions for the action of congress,
upon some of which have already re-
marked.
THE REVENUES OF THE GOVERNMENT
during the fiscal year ending June 80, 1877,
were Sos9, 600, 1862; the total expenditures
for the same period were $23S,660, 00S.9S;
leaving surplus revenue Of $50, $40, $780,.
This has substantially supplied the require
ments of the sinking fund for that year. The
estimated revenues of the current fiscal year
are $685., 100000, and the estimat-
ed expenditures for the same
period are $3.50 ,4sO, 643.72. If these
estimates prove to be correct, there will be
a surplus revenue of 33,O69, 356.28-an
amount nearly sufficient for the sinking
fund for that year. The estimated revenues
for the next fiscal year are s269, 250, 900. It
appears from the report that during the last
fiscal year the revenues of the govern
ment, compared with the previous
year, have largely decreased. This
decrease amounting to the sum of
$18,4S1, 452.54 was mainly in customs du-
ties, caused partly by a large falling off of
the amount Of imported dutiable goods, and
partly by the general fall OF prices in the
market of productions of such articles as pay
valorem taxes. While this IS felt injurious
in the diminution of the revenue, it in
been accompanied with very large has
crease of expectation. The total exports
during the last fiscal year, including coin,
has been 1868, 637 ,457, and the imports have
been $492, O97, $40, leaving a balance of trade
in favor of the United States amounting to
the sum of $166,539,917; the beneficial ef-
fects of which extend to all branches of
business.
The estimated revenue for the next
fiscal year will impose upon congress
the duty of strictly limiting appropriations,
including the requisite sum for the main.
tenance of the sinking fund within the az.
gregate estimate receipts, while the aggre-
gate of taxes should not be increased.
Amendments might be made to the revenue
laws that would, without diminishing the
revenue, relieve the people from unneces-
sary burdens. A tax on tea and coffee is
shown by the experience not only OF our
own country, but Of other countries, to be
easily collected without loss by undervalu-
alton or fraud, and largely borne in
the country of production. A tax
of ten cents pound on tea and two cents
per pound on coffee would produce reve.
nue. exceeding $4,000, 900, and thus enable
congress to repeal multitude OF annoying
taxes yielding revenue not exceeding that
sum. The internal revenue system grew
out of the necessities Of the war, and most
of the legislation imposing taxes upon do
nestle products under this system has been
repealed. BY the substitution of tax on
tea and coffee, all forms of internal taxation
may be repealed, except that on whisky,
spirits, tobacco and beer. .lel-! f..
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 be best
done by judicious provisions that will in
duce the disclosure of attempted frauds by
differentiation and smuggling. All revenue
laws should be simple in their provisions
and easily understood. So far as prastica-
BILE, the rates of taxation should be in the
form of specific duties, and not advalorem,
requiring the judgment Of experienced men
to ascertain values and exposing the revenue
to the temptation of fraud. II
COLLECTION or CUSTOMS.
NV attention has been called during thu
recess of congress to abuses existing in the
collection of the customs, and strenuous
efforts have been made for their correction
by executive orders. recommendations
submitted to the secretary of the treasury
by commission appointed to examine into
the collection of cvstoms duties at the port
of New York, contain many suggestions for
the modification of the customs laws to which
the attention of congress- is invited. 1t is
q matter of cOngratulatlon that n0twlthstand-
ing the severe burdens caused by the war,
THE PUBLIC FAITH ,..,,
with all creditors has been preserved, nd
as the result Of this policy, the public credit
has continuously advanced and our public
securities are regarded with the highest
favor in the markets of the world. I trust
that no act of the government will cast a
shadow upon its credit. The progress of re-
funding the public debt has been rapid and
satisfactory. Under the contract existing
when entered upon the discharge Of the
duties of my Office, bonds bearing interest
at the rate of ~ per cent. were being
rapidly sold and within three months the
aggregate sales Of these bonds had reached
the sum of 5000, 100000 With my sanction
the Secretary of the Treasury entered into a
new contract for the sale of 4 per cents, and
within 80 days after the popular subscrip-
ton for such bonds was opened subscriptions
were had amounting to $75,496,50O, which
were paid for within 80 days after date of
subscription. By this process, within
but little more than one year, the
annual interest ON the public debt
was reduced in the sum Of $3,775,O00.
I recommend that Suitable provision be
made to enable the people to easily convert