National Republican., 1877-12-04

| tion, and the claims upon our asistancs by
| this distant community will bc carefully con
| siaerod. EI
Ths long commercial depression In the
Unitcd States has directed attention 10 the
subject of the possible increase Of our. foreign
trade and the methods Of its development, not
only with Europe but with other countries,
and especially with the States and sovereign
ties Of the Western Hemisphere. Instructions
| from the Department Of STATE were Issued 10
tthe various diplomatic and consular officers Of
the Government, asking them to dsvots atten.
tion TO the question Of methods by which
| trade between the respective countries OF their
Official residence and the United States could
be most judioiously fostered. In obedience to
these instructions, examinations and reports
upon this subject have been made by many Of
these officers and transmitted 10 the Depart
ment, and tho same arc submitted to tho con.
sideration Of Congress-
| The annual report Of the Secretary Of the
| Treasury on the state Of tho finances presents
important questions for the action of Congress-
upon some Of which have already remarked
The revenues Of the Government during
the fiscal year ending June 90, 1877, were
secs, ,00o, ,5s6,62. The total expenditures for
| tho same period were $233 $50, ,059.93, leaving
q surplus revenue Of $50, SAC, ,5T7.69. This has
substantially supplied tho requirements Of the
sinking fund for that year. Tho estimated
revenues for the current fiscal year are $685..
same period are S232, ,430, ,6i3.72. II these osti-
mates prove to be correct, there will be . sur
| plus revenue. of $|3,069, ,356.2S, an amount
nearly sufficient for the sinking fund for that
year. The estimated revenues for the next
| fiscal year are S269, 10000.
1t appears from the report that during the
last fiscal year tho revenues Of the Govern
ment, compared with the previous year, have
| largely decreased. This decrease amounting
| to the sum of $ls, ,4Sl, ,452.54 was mainly In
customs duties, caused partly by a large falling
of OF tho amount Of imported dutiablc goods,
md partly by the general fall Of prices In the
markets OF production Of such articles as pay
ad-rdiore,m taxes. While this is felt injuriously
in the dimnution Of the revenue, II has been
accompanied with very large increase Of ex-
| portations. Tue total exports during The last
fiscal year, including coin, have been $685.
637 ,i57, and the imports have been Slo2,09I,-
5l0--leaving balance Of trade In favor Of tho
United States amounting to the sum Of $780,
539,017; tho 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 tho maintenance Of the sink
ing fund, within the aggregate estimated re-
ceipts.
While tho aggregate taxes should not no in
creased. amendments might be mndo to the
revenue laws that would, without diminishing
| the revenue, relieve the people from unnccos-
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 undcryaluation or
| fraud, and largely borne in the country Of pro-
duction. A tax Of ten cents pound on tea
| and two cents a pound on coffee would pro-
| duce q revenue exceeding S12,OOO,0O0, and
thus enable Congress 10 repeal n multitude Of
annoying taxes yielding revenue not exceed
| ing that sum.
The internal revenue system grew out Of the
necessities of the war, and most Of the legis.
latiou imposing taxes upon domestic products
under this system, has been repealed. BY the
substitution of n tax on tea and coffee, all
forms of internal taxation may bc repealed
except that on whisky, spirits, tobacco and
boer Attention Is also called to the necessity
of enacting more vigorous laws for the pro
lection Of the revenue and for tho punishment
Of frauds and smuggling. This can best bt
done by judicious provisions that will induct
the disclosure Of attempted fraud by under
valuation and smuggling. All revenue lawl
should DO simple in their provisions and easily
understood. 30 far ~ practicable, the rates o.
taxation should be In the form Of specific du
ties, and not ad taiorem, requiring the judg
ment of experienced men to ascertain values
J and exposing the revenue TO the temptation o
, fraud.
MY attention has been called during the 70
, cess Of Congress to abuses existing In the col
lection Of the customs, and strenuous effort
have been made for their correction by execu
: tive orders. The recommendations submittet
to tho Secretary Of the Treasury by y commits
sion appointed to examine into the collection
of customs duties at the port Of New Yorl
, contain many sugsestions for the modification
/ Of the customs laws, to which tho attention o
, Congress Is invited.
1t Is q matter Of congrstulation that not
withstanding the severe burdens caused b.
: tho war, the public faith with all creditors ha
: been preserved and that, Us the result Of thi
policy, the public credit has continuously ad
4 vanced, and our public securities arc regarded
with the highest favor in the markets of tn
: world. trust that no act Of tho Governmcn
D will cast shadow upon its credit
, Tho progress of refunding the public deb
has been rapid and satisfactory. Under tn
contract existing when entered upon the dis
I charge Of tho duties Of my Office, bonds bear
= ing interest at the rate Of u per cent. wer
0 being rapidly sold, and within three month
the aggregate sales Of these bonds had reache
: the sum of $500, 900, 600 With my sanction
: the Secretary of the Treasury entered into
: new contract for the sale of four per cent
4 bonds, and within thirty days after the popu
+ lar subscription for such bonds was Opene
: subscriptions were had amounting to SIS, ,496
S $50, which wero paid for within ninety day
: after the date Of subscription.
Z | one year, the annual interest on tho publ
. debt was reduced in the sum of $3,775,000.
a recommend that suitable provision be made :
s enable tho people to easily convert their saw
: ings into Government securities, rs the bes
! modo in which small savings may bo well SC
Q cured and yield moderate interest. II Is ri
/. object Of public policy to retain among our owl
A people the securities Of the United States. Ii
, this way our country is guarded against thei
Y sudden return from foreign countries, cause
( by war or other disturbances beyond ou
Q limits.
\ The commerce Of the United States with foI
!. eign nations, and especially the export of dc
mestic productions, has Of late years largel
y increased; but the greater portion of this trad
: is conducted in foreign vessels. Tho import
: ance of enlarging our foreign trade, and espe
: cially by direct and speedy interchange, wit
I countries on this continent, cannot be over-e'
: timated and 1t Is matter Of great momeil
{ that our own shipping interest should receive
b to the utmost practical extent, the benefit {
= our commerce with other lands. These cor
y siderations are forcibly urged by all the larg
commercial citiessof tho country, and publ
( attention is generally and wisely attracted I