The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-12-04

were issued to the various diplomatic and
consular officers OF the Government, asking
them to devote attention to the question OF
methods by which trade between tue re-
spective countries OF their official residence
and the United States could be most Judi
ciously tostered. In obedience to these in
structions examinations and reports upon
this subject have been made by many OF
these officers and transmitted to the Depart
ment, and the same are submitted TO the
consideration Of Congress.
The annual report Of the Secretary OF the
Treasury on the state Of the finances pre-.
sents important questions for the action OF
Congress, upon some OF which l have al
ready remarked.
The revenues of the Government during
the fiscal year ending June 80, 1877, were
s269, 000, $500. The total expenditures for
the. same period were S23s,660 ,008.93, leaY-
ing q surplus Of S30,340,577.G9 This has
substantially supplied the requirements OF
the sinking fund for that year. The esti-
mated revenues OF the current fiscal year
are $685., 800, 900, and the estimated expen-
ditures for the same period are $685., AGO.
643.72. II these estimates prove to be cor
rect there will be surplus revenue OF
| $50, O6a, 1856 .2S-an amount nearly sufficient
| for the sinking fund for that year. The es-
timated revenues for the next fiscal year are
S2G9, 900.
1t appears from the report that during
the last fiscal year the revenues OF the Gov
eminent, compared with the previous year,
have largely decreased. This decrease,
amounting to the sum OF SlS,4S1, 452.54,
was mainly in customs duties, caused partly
| BY large falling off OF the amount OF import
ed dutiable goods, and partly by the general
fall OF prices in the markets OF production
Of such articles as pay dd rdlorem taxes.
While this is felt iniuriously in the dimnu-
ton Of the revenue, 1t has been aCcompa-
nied with avery large increase OF eXporta-
tons. The total exports during the last
fiscal year, including coin. have been SGjS,-
637 ,457, and the imports have been S492,-
097, 540-learing balance OF trade in favor
Of the United States amounting to the sum
of $1GG, ,911; the beneficial 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, including
the requisite sum for the maintenance OF the
sinking fund, within the aggregate estima-
ted receipts.
While the aggregate OF taxes should not
he increased, amendments might be made to
the revenue laws that would, without di-
minishing the revenue, relieve the people
from unnecessary burdens. A tax or 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. 4 tax OF ten
cents pound on tea and two cents pound
on coffee would produce q revenue eX-
cceding So, 100000, and thus enable Con-
gress to repeal Il multitude OF annoying
taxes yielding n revenue not exceeding
that sum. The intcrna-rcvcnuc sys-
tenn grew out OF the necessities Of the 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
whiskey, spirits, tobacco, and beer. Attcn-
ton is also called to the necessity OF enact
ing more vigorous laws for the protection
OF the revenue and for the punishment OF
frauds and smuggling. This can best be
done bv iudiciouS provisions that will in
ducc the disclosure Of attempted fraud by
differentiation and smuggling. All revc-
nue. laws should be simple in their prori-
$ions and easily understood. So far rs prac
ticablc the rates OF taxation should be in
the form OF specific duties, and not al ra-
lorem, requiring the Judgment OF expo
rienced men to ascertain values, and cX-
posing the revenue to the temptation OF
fraud.
Ny att entior has been called during the
recess OF Congress to abuses existing i'll 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
byr commission appointed to examine into
the collection OF customs 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 4 matter OF congratulation that, not
wthstanding the severe burdens caused by
the war, the public faith with all creditors
has been preserved, and that is the result
of this policy the public credit has continu-
ously advanced, and our public securities
arc regarded with the highest favor in the
markets of the world. [ trust that no act
of the Government will cast Il shadow upon
its credit.
The progress OF rcfunding 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 S200,000,000. With
| my sanction the Secretary OF the Treasury
entered into Il new contract for the sale OF
| four per cent. bonds, and within thirty days
after the popular subscription for such bonds
was opened subscriptions were had amount
ing to S75, 10000, which were paid for with
in ninety days after the 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 S3.715 900.
recommend that suitable provision be made
to enable the people to easily convert their
savings into Government securities as the
best mode in which small savings may be
well secured and yield moderate interest.
1t is an object OF public policy to retain
among our own people the securities OF the
United States. In this way our country is
guarded against their sudden return from
foreign countries, caused by war or other
disturbances beyond our limits.
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 conducted in foreign yes
sells. The importance OF charging our
foreign trade, and especially by direct and
speedy interchange, with countries on this
continent cannot be over-estimated and 1t
is matter OF great moment that our own
shipping interest should receive, to the ut
most practical extent, the benefit OF our
commerce with other lands. These consid-
erations are forcibly urged BY all the large
commercial cities OF the country, and pub
lie attention is generally and wisely attract
ed to the solution Of the problems they pre-.
sent. 1t is not doubted that Congress will
take them up in the broadcast spirit OF lib