Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-12-04


S16,365,190 gold and $9,6s0,524 silver
making the total amonot Q
United States coin at the latte
: date 1897, 7,601. .425, of whic
3 1876, 5,S29.sSl was gold and $152,272,54
silver. The mints and assay offices held II
addition bullion, which is being coined a
rapidly as the facilities will admit, to tn
amount of $79,55S,S11 gold and $6.043, SO.
silver, making grand total of coin in oircu
la.ion and bullion available for coinage OF
the first of November of $612, ,203, go
S45S, ,8S2,692 of which is gold aud $15S,
820,911 silver. OF the amount Of United
J States cold coin in the country November
$62, ,107, 141 was in the treasury, $112,777,.
| 602 held by banks; and 5000, ,379, 1873 in pri
vate hands. OF silver coin, $47,O84, ,459
standard dollars and 1924, ,629, ,4S9 in fraction.
al silver where held by the treasury. The ma.
tional banks report $780,
S57 as the amount of silver
neld by them, leaving $75, 1888, ,239 in other
banks and in general circulation. By COM
parison of these figures with the statement
made by the director of the mint on the 1st
| of November, 1879, it will be seen that the
treasury gold reserve had diminished to
the amount of $57,753, ,529 in coin, but holds
| over SIS, 100000 bullion. The silver coin
in the treasury has increased in amount
$21, 1924, ,S4S. The banks have increased
| their stock of coin TO $s9,147, 1884 in gold
and S411, ,014 in silver, and the amounts in
private hands have been increased by $685.
179,050 gold and S9OS5,S2e silver.
INTERNAL REVENUE.
The annual report of Gen. Green B. Raum,
commissioner of internal reuenue, for the
fiscal year was completed to-dya. After
calling attention to the vast improvement in
the condition of the service, the report
showed that the receipts Of internal revenue
for the fiscal year 1874 were ,621, an
increase of So, ,795, ,458 upon the previous year.
The receipts for the fiscal year 1880, in face
of reduction of ths tax on tobacco, were
S123,981, ,9l6, an increase of $40, 1862, ,294.
The receipts of the first four months of the
present fiscal year amounted to $43,7S9,43s,
showing an increase over the
corresponding period last year
of $3658.213. In this connection the com
missioner says: 81 know Of no reason why
this increase should not be mentioned dur
ing the fiscal year SO that the total collec-
tions for the kyear from internal revenue
taxes at the present ratio would be $685..
O00,000." Continuing he says: This large
increase of revenue is unquestionably dne
to prosperous times, and there would seem
to be no reasonable probability of mate
rial diminution thereof for several years to
come, but on the contrary q probability of
gradual increase, certainly upon ratio
equal TO the increase of population. While
the receipts from taxes are thus increasing
in amount, the demands upon the treasury
are being lessened by the reduction of the
public debt and annual interest charged. 1t
is probable, therefore, that Congress will be
disposed to relieve the people from some of
the internal revenue taxes, and if such re-
duetion is to be made, respectfully suggest
the following list of taxes collected
during the fiscal year 1880 for
the consideration of the law making power:
bank checks. $2,27O,421; friction matches,
$3, SCI 300; patent medicines and prepar
tons of perfumery, cosmetics, etc., 81, 1886,
673; bank deposits, $2.S47,568; savings
banks deposits, $168, ,207; bank capital,
$s11 ,4S6; total, $1o,99o,6O6. In this event
1t is deemed advisable to take the tax off
friction matches, patent medicines, etc. Due
consideration should be paid to the fact that
are now in the hands of
serious reduction in their value, especially of
matches, wonld result if the tax were taken
off suddenly and articles manufactured free
of tax we're brought into competition with
those upon which the existing taxes had
been paid In my opinion an act abolishing
those taxes should not 60 into effect earlier
than say three months from its passage. The
same may be said in regard to check
| cta ofH rEe Of cto r,oI
checks are now in tho hands of individuals,
banks and bankers, upon which stamps have
been imprinted. l think it would be wise
that the operation of the repeal should be
delayed at least thres months so as to give
time for the use of these stamps, whenever
interests Of the government will allow it. I
think it will be wise TO confne internal
revenue taxation to spirits, malt liquors, to-
bacco, enutf and cigars, and special taxes
upon manufacturers and dealers
in these articles. 1 am of opinion
that reliance can be placed on receiving the
S120, 100000 annually from these sources,
which sum would gradually increase
with the increase of population,
but which would probably be
subjected to.diminution upon recurrenceiof
hard times. In consideration of the ques-
ton relieving patent medicines from inter
nal revenue taxes, it should be understood
that large number of articles put on the
market and taxed, as medical bitters, are
used as beverage. Persons
engaged ia the sale of such articles
are not required 10 pay special taxes as re-.
tail dealers in liquors, so that if the articles
were relieved from taxation medicinal bitters
would be sold everywhere without paying
any internal revenue tax whatever. In pass
ing upon the right of these various medica-
ted bitters to be taxed as such and sold
without payment of special tax as retail
liquor dealers, the Office is often seriously
embarrassed to find the ex
act line between medicinal
bitters likely to stamp tax and compound IL
quors subject Ito be sold only as a beverage.
In my opinion il would be wise to cortinue the
stamp tax upon all medicated bitters contain.
ing more than 20 per cent. OF spirits. In re-
ference to the tax upon savings banks would
say, that in my judgment these taxes should
be removed, or the whole legislation on the
subject of the taxation of savings banks should
be modified aud made more
equitable, and there would seen,
to be no just ground for continuing the ta1
upon the capital and deposits OF banks ane
bankers If it is found that the revenues ar
sufficient without it.
During the last four years and four month
4,C6l illicit distilleries have been seized, 7S3
persons have been arrested for illicit distillipp
26 officers aud employees have been killed ant
l67 wounded in the enforcement
IF the internal reyenne Jow.