The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1881-12-08

manufactured wool. $40. 236S2. aud in
that of scrap and pig iron SIPS, l06 Il
The value of imported sugar on the other
hand showed an increase of S74,574.74. OF
steel rails S43 .455.21. of barley S215 =
422.04. and of steel in bars, ingots. ETC.,,
| S1G0. 20O.46. COntrasted with the imports
during the last fiscal year, the exports
| were as follows: Domestic merchandise,
IS 1885, 259.47 foreign merchandise, SIS4,-
$3.50; total, 500. 1887 ,7I3.46; imports OF
merchandise. S64 .296, 646.2S; excess OF
exports over imports of merchandise,
s.. ,127. Is; aggregate of exports and
and imports, Sl5, $50 ,419.74. As COM
pared with the previous year,
there was an increase of 1861 :
3S9.6S In the value of exports OF
merchandise and a decrease of $15,-
1901 in the vaiue of the imports.
The annual average of the excess of
imports of merchandise over exports
thereof, for ten years previous to
June 80, 1873, was $l04, 1905 1922; but
for the last six years there has been
an excess of exports over imports of
merchandise, amounting to 81 $780,
105; an annual average of $19,677,-
817. The specie value of the exports
OF domestic merchandise, was 1885,
6l6,473 in 1870, and 1888, 1925, 547 in
1881 an increase of 1901, 309,474 or
65 per cent. The value of imports was
reached during the year 1864, when
it amounted to S92, 280, 929; but dur
ing the year ended June 80, 1880, the
| imports of coin and bullion exceed
ed the exports by 1851, 139, and
during the last fiscal year the excess
OF imports over exports was $91,-
168,650. In the last annual report OF
the secretary of the treasury the at
tention of congress was called to the
fact that $469, 651 $50 in five per cent.
bonds, and $203,573,57O in six per
cent. bonds would become redeema-
BILE during the year, and congress
was asked to authorize the refund
ing of these bonds at q lower rate of
interest. The bill for such refund
ing having failed to become law
the secretary of the treasury in
April last notified the holders of
the S195,690, 400 6 per cent. bonds
then outstanding, that the bonds
would be paid at par on the first day
of July following, or that they
might be continued at the pleasure
] of the government to bear in
| bs
per annum. Under this notice $178,-
055,150 of the per cent. bonds were
continued at the lower rate, and
ST., 635,250 were redeemed. In
the month of May like no.
tice was given respecting the
redemption or continuance of
the $439, 841 $50 of the per
centum bonds then outstanding,
and of these $401 ,504 900 were con-
tinued at three and half per cent.
per annum and $38,336, 450 redeem
ed. The six per cent. bonds of the
loan of February 8th. 1861, and of
the Oregon war debt, amounting
together to $14, 125, 800, having ma
tured during the year, the secre-
tary Of the treasury gave notice of
his intention to redeem the same,
and such as were presented have
paid from the surplus revenues.
There have also been redeemed at
par $16,179,100 of the three and a
halt per cent. continued bonds,
making a total of bonds redeemed,
or which have ceased to bear inter-
est during the year, of 81 ,2S9, 696.50.
The reduction of the annual inter-
est on the public debt, through these
transactions, is as follows: By re-
duction OF % per cent, $40 473,-
952.25; by redemption of bonds,
Sc, 1852, $4,000; total, $16,682, $685..
The 81 per cent. bonds being paya-
BILE at the pleasure of the govern
ment, are available for the invest
ment of the surplus revenue with
out the payment OF premiums, I'M
less these bonds can be funded at
much lower rate Of interest
than they now bear. | agree
-vrtfs->irn- SAAnAfar.r of tho tr.aasnry
that no legislation respecting them
is desirable. Ii is q matter for con-
graduation that the business Of the
country has been so prosperous dur
ing the past year as to yield by lax
alton large surplus OF income to
the government. If the revenue
laws remain unchanged, this surplus
must year by year increase on ac-
count Of the reduction of the public
debt and its burden of interest, and
the rapid increase of appropriation.
In 1860, just prior TO the institution
of our internal revenue system,
our population but slightly ex-
cecded 100000 by the census of
1880, il is now found to exceed
50,000,O00. Ii is estimated that
even if the annual receipts and ex-
penditufes should continue as at
present the entire debt could be
paid in ten years. In view, however,
of the heavy load of taxation W hich
our people have already borne,
we will consider, that it is
revenues, even if we have to delay
little the payment of the debt. Ii
seems to me the time has arrived
when the people may justly demand
some relief from their present oner-
Gus burden, and that by that, the
economy in the various branches of
the public service, this may readily
be offered. therefore concur with
the secretary in recommending the
abolition of all the internal revenue
taxes, except those on tobacco in its
various forms, and upon distilled
spirits and fermented liquors, and
manufacturers and dealers in such
articles. The retention of the latter
tax is desirable as affording officers
ofthe government proper SUPER
vision of these articles for a proven
ton of fraud. | agree with the
secretary of the treasury, that the
law imposing a stamp tax on match
es, proprietary articles, playing
cards. checks and drafts may, with
propriety, be repealed, and the law
also by which banks and bankers are
assessed upon their capital and de-
posts. There seems to be a general
sentiment in favor of this course. In
the present condition of our reve-
nues the tax on deposits is especially
unjust. Ii was never imposed in
this century, until it was demanded
by the necessities of war, and was
never enacted, | believe, in any
other country, even in its greatest
exigencies. Banks are required to
secure their circulation by pledgirg
with The treasurer of the United
States bonds of the general gov
eminent. The interest on these
bonds, which at the time a tax was
imposed was six per cent, is now,
in most cases, three and a half per
cent. Besides the entire circulation
was originally limited by law, and
no increase was allowable. When
existing banks hal practically a j
monopoly of bushes there was force
in the suggestion that for franchise
to the favored grant ees, the govern
ment might very properly exact
tax on circulation, but for years the
system has been free and the amount