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

$40 silver. On June 80, 1880. the amou,
OF gold coin in the country was $685., 958, SO
and silver coin $142, $4,000. Thes
amounts were further increased by Noveu
I Der 1850, by net coinage and import {
S1e,365,190 gold and $9,68O,524 silge
making the total 6monot {
United States coin at the LATHE
date $780,, 601 .4o5, of whic
3 S375,023,SSl was gold and $152, 2,54
! silver The minis and assay offices held i
addition bullion, which is being coined g
rapidly as the facilities will admit, to tn
amount of S7S,558, S11 gold and $6.043, Sc
: silver, making grand total of coin in circu
lation and bullion available for coinage Of
the first of November of $612 ,203.60s
S463, 682,692 of which is gold aud $159,
32O,911 silver. Of the amount of Unites
States gold coin in the country November
$50, 107, 141 was in the treasury, $112, III,
602 held by banks; and 5000, 379,138 in pri
vate hands. OF silver coin, 47,0S4, 1853
standard dollars and 1924 ,629, 4s9 in fraction
al silver where held by the treasury. The ma
tlonal banks report $780,.
357 rs the amount of silve,
held by them, leaving $75,23S, aS9 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 Isl
of November, 1879, it will be seen that the
treasury gold reserve had diminished TO
the amount of $57,755,529 in coin, but holds
over S78,00oO00 bullion. The silver com
| in the treasury mas increased in amount
81, 1924, 34e. The banks have increased
| their stock of coin to $89,147.e54 in gold
and $411, OLA in silver, and the amounts in
private hands have been increased BY $38,-
l79,050 gold and S9,0S5,82S silver.
INTERNAL REVENUE.
commissioner of internal reuenue, for the
fiscal year was completed to-dyad 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 $43,449,6 21, an
increase of %, 795, ass upon the previous year.
rhe receipts for the fiscal year 1880, in face
of reduction of the tax on tobacco, were
S123, 1871, 9l6, an increase of $40, 532. 294.
rhe 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 $3,658.213. In this connection the com
missioner says: 81 know of DO reason why
this increase should not be mentioned dur
ing the fiscal year SO that the total collec-
tions for the syear from internal revenue
taxes at the present ratio would be 1926.
100000" Continuing he says: This large
increase of revenue is unquestiouably 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 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-
duction is to be made, / respectfully suggest
the following list of taxes collected
dGriag the fiscal year 1880 for
the consideration of the law making power:
bank checks, $2,27O,421; friction matches,
1851 300; patent medicines and prepar-
tons of perfumery, cosmetics, etc., 1885,.
673; bank deposits, $2,347,568; savings
banks deposits, S163, 2O7; bank capital,
$811, 1876; total, $10,99o,606. 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
large stocks of these articles, tax paid,
are now in the hands of
the trade, and now that very
serious reduction in their value, especially of
matches, would result if the tax we're taken
off suddenly and articles manufactured free
of tax were 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
same may be said in regard to check
stamps. Considerable stocks of stamped
checks are now in the hands of individuals,
banks and bankers, upon which stamps have
been imprinted. think it would be wise
that the operation Of the repeal should be
delayed at least three 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 1nterna,
revenue taxation to spirits, malt liquors, to-
bacco, snuff and cigars, and special taxes
upon manufacturers and dealers
il these articles. 1 am of opinion
that reliance can be placed on receiving the
P1-O,ONO;OOO HULL tuSSS oOuICcsj
which sum would gradually increase
with the increase of population,
but which would probably be
subjected to..dimiaution 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 pag 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 fud the ex
act line between medicinal
bitters likely to stamp tax and compound IL
quors subject to be sold only as a beverage
In my opinion IL would be wise to continue the
stamp tag 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
sub eot of the taxation of savings banks should
| be modified and made more
| equitable, and there would seem
to be no just ground for continuing the tax
| upon the capital and deposits OF banks and
sufficient without it.
| nuripr the last foI,r ond L.