Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-12-05

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power. The subject Is deemed wor-
thy of respectful attention and the
claims upon our assistance, by this
distant community, Will be carefully
considered.
COMMERCIAL. DEPRESSION AND FOREIGN
TRADE.
The long commercial depression in
the United States has directed atten-
ton to the subject of the possible in
crease Of our foreign trade and the
methods for its development, not on
ly with Europe but with other coun-
tries, and especially with tho States
and sovereignties Of the Western
hemispheres. Instructions from the
Department Of State were issued to
the various diplomatic and consular
officers of the government ask
rs thSM " uCtVtc ULtcu-
tion to the question OF
methods by which trade between the
respective countries OF their official
residences and the United States
could be most judiciously fcstered.
In obedience to the instructions, err.
aminations and reports upon this sub
ject have been made by many OF
these officers, and transmitted 10 the
departments and some are submitted
to the consideration of Congress.
NATIONAL FINANCES
The annual report of the Secretary
of the Treasury ON the state Of the
finance, presents important questions
for the action of Congress
upon some of which / have
already remarked. The revenues
Of government during the fiscal year
ending June 80, 1877, were $780,
506, 662; the total expenditures for
the same period were 1921, geo, OO8. SO
leaving q surplus revenue Of sac, $40,
577.@. This has substantially sup
piled the requirements of the sinking
fund for the year. The estimated
revenues of the current fiscal year
are $265, SOC, 900, and the estimated
expenditures for the same period are
$232, 530, 643.72. If these estimates
prove to be correct there will be q
surplus revenue OF $33, O69, 1856. 20, an
amount nearly sufficient for the sink
ing fund for that year. The estimat-
ed revenues for the next fiscal year
are $269, $50, 600. It appears from the
the report, that during the last fiscal
year the revenues Of government
compared with the previous year
have largely decreased. This de.
crease amounting to the sum of $18,.
49,, 1926, was mainly in customs du.
ties, caused partly by a large falling
of Of the amount of imported goods
and partly by the general fall Of pri-
ces in the market, Of productions Of
such articles - pay advalorem tax.
es. While this is felt injuriously in
the diminution of the revenue. It hat
been accompanied with q very large
increase Of expectation. The
TOTAL EXPORTS
during the last fiscal year, including
coin has been 1856, 637, 457, and the
TOTAL IMPORTS
have been s492,O 97 $40, leaving
ABALANcE OF TRADE
in favor of the United States amount.
ing to the sum of $l66, 539, 9l7, the
beneficial effects of which extended
to all bran ches of business. The es-
timated revenue for the next fiscal
year will impose upon Congress the
duty of strictly limiting appropria-
lions, including the requisite sum for
the maintaiuance Of the sinking fund,
within the aggregate estimate Of re-
ceipts. While tho aggregate of taxes
should not be increased amendments
might be made to revenue laws that
would, without diminishing the rev.
enue, relieve the people from unnec-
essary burdens.
TAxoN TEA AND COFFEE
is shown by the experience, not only
Of our own country, but Of other
countries, to be easily collected with
out loss by undervaluation 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 q revenue of exceeding $l2,-
DOC, 600 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 domestic products under
this system has been enacted for the
substitution Of tax on ten and coffee.
All forms ofinternal taxation may be
repealed except that ON whisky, spir-
its, tobacco and beer. Attention is
also called to the necessity of enact
ing more vigorous laws for the pro-
lection of the revenue and for the
punishment of all frauds and SNUG
Cling. This can be best done by jn-
dicious provisions that will induce
the disclosure of attempted fraud BY
differentiation and smuggling. All
revenue laws should be simple in
their provisions and easily under
stood. So far as is practicable the
rates of taxation should be in the
form of
SPECIFIC DUTIES
and not ddvalorena, requiring the
judgment of experienced men TO as
certain values and exposing the rev.
enue to the temptation of frauds.
My attention has been called during
the recess of Congress to abuses ex-
isting in the collection of customs,
and strenuous efforts have been made
for their correction by executive or
ders. The recommendation submit
ted TO the Secretary Of the Treasury
by commission appointed'to exam
inc into the collection of custom du-
ties at the port Of New York con-
tain many suggestions for the modi-
fication of the custom laws, to which
the attention Of Congress is invited.
1t is Q matter for congratulation
that notwithstanding the severe bur-
dens caused by the war, the public
faith with all creditors has been pre-
served, and as the result of this policy
the
PUBLIC CREDIT HAS CONTINUOUSLY ADJ
yANCED,
and our public securities are regarded
with the highest favor in the markets
of the world. thrust that no act of
the government will cast q shadow
upon its credit. The progress of
REFUNDING 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
and the rate of ~ per cent. were be-
ing rapidly sold, and within six
months the aggregate sales of these
bonds had reached the sum of 2OO,-
OO0,000. With my sanction
the Secretary of the Treasury entered
into new contract for the sale of A
per cent. bonds, and within thirty
days after the popular subscriptions
for such bonds was opened, subscrip-
tons were had amounting to $751;
496, $50, which were paid for within
ninety 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 $S77, 800. l recommend that
suitable provision be made to enable
A