The Superior times. [volume] (Superior, Wis.) 1870-1912, 1877-12-15
claims upon our assistance by these inde-
pendent communities will be carefully con-


possible So
INCREASE OF OUR FOREIGN TRADE,
and the methods for it's development, not
only with Europe but with other countries,
and especially with the states and sovereign
ties of the western hemisphere. Inslruc-
tons from the department OF state were Is
sued to the various diplomatic ana consular
officers of the government, asking them TO
devote attention to the question OF melnous
by which trade between the Respective
countries of their official residences
and the United States, could be NEST ludlc-
iously 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 10 the
consideration of congress in the annuai re-
port of the secretary of the treasury ON the
state of the finances. They present lmpor-
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 $269, 900, 1862; the total expenditures
for the same period were $238,660, O08.93
leaving surplus revenue of $50, $40 ,677. so.
This has substantially supplied the require.
ments of the sinking fund for that year. The
estimated revenues of the current fiscal year
are 1865, 100000, and the estimat-
ed expenditures for the same
period are 1892, 430, 643.72. Ii these
estimates prove to be correct, there will be
a surplus revenue of $4,000, 356.2S-an
amount nearly sufficient for the sinking
fund for that year. The estimated revenues
for the next fiscal year are $3.50, $50, 600. 1t
appears from the report that during the last
fiscal year the revenues of the govern
ment, compared with the previous
n i~l
decrease amounting to the sum of
$1S,48I 1924 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 |
solorem 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 1858, 637. 457, and the imports have
been 1892 ,097 $40, leaving balance of trade
in favor of the United States amounting to
the sum of Sl66, 539,917; the beneficial eff
fects of which extend to all branches of
business.
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 ag
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 $12,000,000, 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.
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.
COLLECTION OF CUSTOMS.
My attention has been called during the |
recess of congress to abuses existing in the |
collection of the customs, and strenuous
efforts have been made for their correction |
by executive orders. The 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
a matter of congratulation that notwthstand- |
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 |
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 Az 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 per cents, and
within 80 days after the popular subscrip-
ton forsuch bonds was opened, subscriptions
were had amounting to SIS, 500, which
were paid for within 90 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 S3,775.OOO.
| recommend that Suitable provision be
made to enable the people to easily convert
thelr savings INTO government securities as
the best mode in which small savings NAV
be well secured and yield a moderate inter
est. 1t is an object for public noliev fol