The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1877-12-13
Icoxc1uDEp FROM FIRST PAGE I

the sinking fund for that year. The
estimated revenue of the current fiscal
year are SOD, ,5OO,OOO, and the estima-
ted expenditures for the same period
are $232, ,430 0,64372. If these estimates
prove to be correct, there will be q
surplus revenue of $33, ,O69. .356.2S, an
amount nearly sufficient for the sink
ing fund of that year. The estimated
revenues for the next fiscal year are
$269, 100000. 1t appears from theere-
port that during the last fiscal year the
revenues of fthe government, compared
with the previous year, have largely
decreased. This decrease, amounting
to the sam Of SIS. .48l, ,452 "a, was main
iy in customs duties, caused partly by
q large falling of in the amount of i'm
ported dutiable goods, and partly by
the generslfan of prices in the markets
of production of such articles as pay
ad ual0rem taxes. While this is felt
injuriously in the diminution of the
revenue, it has been accompanied with
q very large increase of expectations.
Thet total exports during the last fiscal
yea4 including coin, has been $685.
636. .457, and the imports have been
$493O06 $40, leaving balance of trade
in favor Of the United States amount
luX ID tuO BuIu VI 0xOO, tuO OOh-
eficial effects 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, in +.
cluding the requisite sum for the main.
tenance of the sinking fund within the
aggregate Estimated receipts. While
the aggregate of taxes should not be
increased, amendments might be made
to the revenue laws that would, with
out diminishing the revenue, relieve
the people from an unnecessary bur-
den. 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 under.
valuation or fraud, and largely borne
in the country of production. A tax
of 10 cents pound on tea, and cents
a pound on coffee, would produce
revenue exceeding $12,O0O.OOO, and
thus enable Congress to repeal null
titude of annoying taxes. yielding a
revenue not exceeding that sum The
internal revenue system grew out OF
the necessities of war, and most OF the
legislation imposing taxes upon do
1nestic products under this system has
been repealed. by the substitution of
tax on tea and coffee, all forms of in
ternal taxation may be repealed, cx
cept that which specifies tobacco and
beer. Attention is also called to the
necessity Of enactinx vigOrus laws fol
the protection of the revenue and for
the punishment of frauds and SNUG
CLING. All revenue laws should be
simple in provisions and easily under
stood. So far as practicable the rates
of taxation should be in the form Of
specific duties, and not ad rdlOrens, re-
quirisg the judgment of experienced
men to ascertain values and exposing
the revenues to the temptation OF
fraud. Ny attention has been called
during the recess of Congress to the
abuses existing in the customs, aDd
strenuous efforts have been made for
their correction by executive order.
The recommendations submitted to
the Secretary of the Treasury by com
mission appointed to examine into the
collection of customs and duties of the
port Of New York, contain many sug-
gesffons for the modification of GUS
tome laws to which the attention of
Congress is invited. 1t is matter OF
congratulatiOn that notwithstanding
the severe burdens caused by the war,
the public faith with all creditors has
been preserved, and that, as the result
of this policy, the public credit has con-
tinuously advanced aud our public Sc
curities are regarded with the highest
favor in the markets OF the world. l
trust that no act of government will
cast q shadow upon its credit. The
progress of refundinx 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 four and q half percent. were
being rapidly sold, and within three
months the aggregate sales Of these
bonds had reached the sum of $780,
100000. With my sanction the Secre-
tary of the Treasury entered into
new contract for the sale OF 4 per cent.
bonds, and within thirty days after the
popular subscription tor such bonds
was opened subscriptions were had
amounting to S75. .496. $50, which were
paid within ninety days after the date
OF subscription By this process, with
in but little more than one year, tho
amount of interest on the public debt
was reduced in the sum of $3,775.OOO.
j recommend that suitable provision
be made to enable the people TO easily
convert savings into government Sc
curities a. the beat mode in which.
small earnings may be secured and
yield moderate rate of interest. Ii
is an object Of public policy to retain
among our own people the securities
OF the UIited States, In this way our
country is guarded against their sud
den return from the countries, caused
by war or OIher disturbances beyond
our limits.
FOREIGN COMMERCE..
The commerce OF the United States
with foreign nations. and especially
the export Of domestic productions,
has OF late years largely increased, but
the greater portion of this trade is cor
Quoted in foreign vcssels. The i'm
trade and especially by direct and
speedy interchange with countries on
this continent cannot be overestimated
and it is a matter of great moment
that our own shipping interests should
receive to the utinOs, practical extent
the benefit of our commerce. with 9TH
er lands. These considerations arc
forcibly urged by all the large com.
mercial cities of the country, and pnb-
lie attention is generally and wisely
attracted to the solution of the prob
lens they present. 1t is not double
that Congress will take them up in the
brOadest spirit OF Iiberality, and lie
sp0nd to the public demand by prac
tical legislation upon this subject.
THE NEZ PERCEs.
The report of the Secretary of War
shows that the army has been actively
employed during the year, and has
inn npfo ss,r
pressing hcstilitiss in the Indian
country, and preserving peace and pro-
tecting life and property in the interi-
or, as well as along the Mexican bor-
der. A long and arduous campaign
haa hann nrnsocnfad with final cam.