Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1881-12-14

$642, 1854, ,628; excess of exports over imports OF
merchandise, $5s, 712,71s; aggregate of exports
and imports, $15, ,450, ,419.
Compared with the previous year there was
an increase Of $66, 738, ,688 in the value of e.
ports of merchandise and decrease Of $685.
29O, ,11S in the value Of imports. Tho annual
average Of increase of imports Of merchandise
over exports thereof for ten years previous to
last six years there has been an excess OF ex-
ports over imports of merchandise amounting
to 81, ,1SO, ,668, 1O3, an annual average Of $780,
778,O17. The specie value of the exports of
domestic merchandise was $s76, GIG, ,473 in 1870
and $ssS, 1926, ,947 in 1871, an increase of $SO7,-
Or as5 cant he vse q
1881, an increase of 800, SIG, 900 or Al per cent
During each year from 1862 to 1879 inclusive
the experts Of specie exceed the imports.
The largest excess of such exports over imports
was reached during the year 1864, when it
amounted to $e2, 204, s2s, but during the year
bullion exceeded the imports by $75, ,891, 1891,
and during the last year the excess Of imports
over exports were $91, 168, $50. In the last an
nual report of the secretary of the treasury.
the attention of congress was called to the
fact that $469, 751 ,O50in five per centum bonds,
and $203, 3,573,7 $50 in six per centum
bonds would become redeemable during the
year and congress was asked to authorize the |
refunding of these bonds at a lower rate of in
terest. The bill for such refunding having |
failed to become law, the secretary of the |
treasury in April last notified the holders of the
$195, $50, 400 SIX per centum bonds then out
on the first day Of July following
or that they. might be continued at
the pleasure of the government to bear interest
at the rate of three and one-half per centum
per annum. Under this notice $178, 8,055, ,15O of
the six per centum bonds we're continued at the
4 To-,
the month of May like notice was given re-
specting the redemption or continuance Of
the $439, 841 1850 of five per ceut. bonds then
outstanding, and of these $4O1, ,504, 800 were
| continued at S1a per centum per annum and
$S8, ,336, ,450 redeemed of the 6 per centum bonds
of the loan Of February 8, 1871, and Of the Ore
gon war debt, amounting together to 81, ,121,-
500, having matured during the year, thesecre-
tary of the treasury gave notice Of his intention
| to redeem the same, and such as have been pre-
| sented have been paid from the surplus revenue.
There have also been redeemed at
par $16,179, 100 of the 80 per centum
continued bonds, making total of bonds re-
deemed, or which have ceased to bear interest,
| estimates during the year of $123, $50. The
| reduction of the annual interest on the public
| debt through these transactions is as follows:
! By reduction of interest to 319 per cent. ST.
! O47, ,395.227; by redemption of bonds $685.
1884, 900; total s11,6S2.629,225. The 80 per
ure of the government are available
for the investment of surplus revenue without
| the payment of premiums. Unless these bonds
| can be funded at q much lower rate of interest
than they now bear, agree with the secretary
of the treasury that no legislation respecting
them is desirable. It is a matter for congratu-
| lation that the business of the country has
been SO prosperous during the past year as to
yield by taxation large surplus of income to
| the government.
| REDUCING TAXATION.
If the revenue laws remain unchanged this
surplus must. year by year. increase on account
of the reduction of the public debt and its bur-
den of interestand because of the rapid increase
| of our population. In 1860, just prior to the
| institution of our internal revenue system,
our population but slightly exceeded 100000
By the census of 1880 it is now found to ex-
ceed 5O,OOO,OO 1t is estimated that even if
the annual receipts and expenditures should
continue as at present the entire debt could be
paid in 10 years. In view, however, of the
heavy load of taxation which our people have
already borne we may well consider whether it
is not the part of wisdom to reduce
the revenues even if we delay a
little the payment of the debt. II
the people may Justly demand some relief from
their present enormous burden, and that by
due economy in the various branches of the
public service this may readily be afforded
+, therefore, concur with the secretary in re-
commencing the abolition of all inter: inter
tsboco ss revenue taxes % e1espt vsous th0ss
and upon distilled spirits and fermented liquors
and except also the special tax upon the man
ufacturers of and dealers in such articles. The
intention Of the latter tax is desirable as afford
ing the officers of this government proper
supervision of these articles for the prevention
of fraud. I agree with the secretary of the
that tho ;ro,,osi,,ep kax
matches, proprietary articles, playing cards
; checks and drafts may with propriety be re
pealed, and the law also by which banks ant
bankers are assessed upon their capital and de
> posits. There seems to be general sentiment
in favor of this course. In the present condition
especially unjust. It was never imposed il
this country until it was demanded by tn
necessities of war and never exacted, believe
e in any other country even in its creates
exigencies. Bankers are required to secur
their circulation Dy placing with the treasure
, of the United States bonds of the genera
, which at the time when the ta'
n was imposed was per cent, is no,
: in most instances 91z per cent,
I and besides the entire circulation was origin
ally limited by law, and no increase was allowe
9 when the existing banks had practically
! monopoly of the business there was no reasol
/
ing grantees the government might very prop
|. erfy exact tax on circulation, but for year
8 the system has been free and the amount Q
e circulation regulated by the public demand
I The retention of this tax has been suggeste
as a means Of reimbursing the gov
8 and furnishing the circulating notes. If tn
, tax should be repealed it would certainly seen
proper to require the national banks to pay tn
amount of such expense to the comptroller o
the currency. It is perhaps doubtful whethe
9 the immediate reduction of the taxation upo
4 liquors and tobacco is advisable, especially il
: view of the drain upon the treasury whic
? must attend the payment of arrears O.
pensions. "A comparison, however, OF tn
I amount of taxes collected under the varyin
rates of taxation which have at different time
prevailed, suggests the intimation that som
reduction may soon be made without injur1n
p the revenues. The tariff laws also need revie
I ing; but that due regard may be pai'
) to the conflicting interests of ou
citizens, important charges should bemade wit
a caution If a careful revision cannot be mad
! at this session, commission such as was latel
approved by the senate and is now recommend
ed by the secretary Of the treasury, woul
!. doubtless tighten the 1abors Of congress, when
ever this subject shall be brought to its consid
GRAFTON.
! WAR DEPARTMENT.
l The accompanying report of the secretary
var Will make known the operations OF that de
partment for the past year: He suggests meas
ures for promoting the efficiency of the arm
l by adding to it number Of officers and recon-
! mends legislation necessary to increase th
. number of enlisted men to sc, 900, the maximum
{ allowed by law. This he deems necessary t
D maintain quietness on our ever shifting frontier
to preserve peace, and suppress disorders an
: marauding in new settlements, to protee
settlers and their property against Indians, an
2 Indians against the encroachments of intIuderx
\ and to enable peaceable immigrants to ef
/ tablish homes in the most remote parts of on
a country. The army is now necessarily scattere
= over such a vast extent of territory that whel
q ever ap outbreak occurs, reinforcements mus
: be hurried from many quarters over
n great distance and at heavy cost fe
9 transportation of men, horses, wagons an
8 supplies. I concur in the recommends
tion Of the secretary for increasing th
t army to the strength of 10000 enlisted me1
+ It appears by the secretary's report that in tt
;: absence of disturbances on the frontier tn
{ troops have been actively employed in collec
a ing the Indians hitherto hostile and locatin
4 them on their proper reservations. That 81
|. ting Bull and his adherents are now prisoner
8 at Fort Randall; that the Utes have bee
# moved to their new reservation in Utah; ths
= during the recent outbreak of the Apaches
L. %l,1