The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1881-12-09


fund, which left deficit OF sic, 305, 873.47.
REVENUES.
The increase of the revenues for 1881 over
those OF the previous year was S29, 352, 901. 10.
1t is estimated that the receipts during the
present fiscal year will reach $400, 900, 900 and
the expenditures 1910, 000, 900, leaving a sur
plus OF $4,000, 600 applicable to the sinking
fund and the redemption OF the public debt.
SILVER CERTIFICATES.
L approve the recommendation Of the Secre-
tary OF the Treasury that provision be made
for the early retirement OF silver certificates
and that the act requiring their issue be re-
pealed. They were issued IN pursuance OF the
policy Of the Government to main ain silver at
near the gold standard, and were accordingly
receivable for all customs, taxes and public
dues. About S66,000000 of them
are now outstanding. They formed
an unnecessary addition to the paper currency
sufficient amount OF which may be readily
supplied by the national banks. In accordance
with the act of Feb. %, 1878, the Treasury De-
psrtment has monthly caused at least $4,000
900 in value of silver bullion to be coined into
standard silver dollars 102, 100000 of these
dollars have been coined while only about
80, 000, 900 are in circulation, for the reasons
which he specifies.
COINAGE.
concur in the Secretary's recommendation
that the provision for coinage OF fixed
amount each month be repealed and that
hereafter only much be coined as shall be
necessary 10 supply the demand.
GOLD CERTIFICATES.
The Secretary advises that the issue OF gold
certificates should not for the present be re-
suIned, and suggests that the national banks
may properly 'be forbidden by law TO retire
their currency except upon reasonable notice of
their intention so to do. Such legislation would
seem to be justified by the recent action of GER
tain banks on the occasion referred to in the
Secretarys report.
FRACTIONAL CURRENCY.
OF the fifteen millions fractional currency
still outstanding only about eighty thousand
has been redeemed the past year. The sugges-
ton that the amount may properly be dropped
from future statements of the public debt
seems worthy of approval so also does the
suggestion OF the Secretary as to the advisable
lty of relieving the calendar of the United
States courts IN the Southern District of New
York by the transfer to another tribunal Of
the numerous suits pending there against col
lectors.
THE REVENUE FROM CUSTOMS
for the past fiscal year was 49, 1873, 676.02, an
increase OF Sill 627 Gil. AZ over that OF the pre-
ceding year S3S, 09S 562. 80 of this amount was
collected at the port of New York, leaving $780,
251, 1853 a. the amount collected at all the
other ports of the country. OF this sum S47,
977 1877 go was collected on sugar, melado
and molasses; 27,2S6, 624.7S on wool
and its manufactures; $2l, 462, 53434 on
iron and steel and manufactures thereof, s19,-
OBS. 665 on manufactures OF silk $40, 1885, 1881
on manufactures of cotton, and &c.,
463, 643.04 on wines and spirits, making the
total revenue from these sources $l33,O5S,-
720.81. The expenses Of collection for the
past year were Sc, 40, 345.20, an increase over
the preceding year Of 1897, 410Oi. Notwith-
standing the increase In revenue from customs
over the preceding year, the gross value OF the
imports, including free goods, decreased over
S25000 900. The marked decrease was in the
value of manufactured wool, S14, 023, esq., and
in that of scrap and pig iron, S12 S10,61. The
value of imports (sugar), on the other hand,
showed an increase OF "a, 457, 474 OF steel rails
S4,345 521, of barley 50, l54, 204 and of steel in
bars ingots etc, S63O,Oi6
Compared with the previous year, there was
an increase of $676, 73S, 685 i'll the value Of ex-
ports OF merchandise, and decrease of $685.
800, l1S in the value Of imports The annual
average of increase Of imports of merchandise
over exports thereof for ten years previous to
june 80. 1873 was S104. S05, 922, but for the
last six years there has been an excess OF eX-
ports over imports of merchandise amounting
20 Il, $50, 66S l03, an annual average OF $780,
66S. OF. The specie value of the exports Of
domestic merchandise was 1916 6l6,i73 i'll
1870, and 1888, 975,9l7 in 1878. an in
crease of 1907, 309, 474, or 1875
per cent. The value of imports
was S435, 95S, 40S in 1870 and S6i2 GOA, 627 in
1SS1-an increase of $2o6, 1872 20, or AZ per
cent. during each year. From 1862 TO
1879, inclusive, the exports for specie ex-
ceeded their imports. The largest excess
reached during the year 1864, when it
amounted to $50. 204, $685. but during the year
ending June 80, 1880, the imports of coin aud
bullion exceeded the exports by S75, 1891, 391,
and during the last fiscal year the excess OF
imports over exports was S91, l6S, $50.
In the last annual report of the Secretary of
the Treasury the attention Of Congress was
called TO the fact that S469, 651. $50 in per
centum bonds and S2O3 573, 750 in 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 interest. The
bill for such refunding having failed to
become a law, the Secretary of the Treasury
in April last notified the holders of the
Sl95, $50, 400 6per-centum bonds then out
standing that the bonds would be paid at
par on the 1st day Of July following, or
that they might be continued" at the pleas
ure of the Government to bear interest at
the rate of 80 percentum per annum. I'M
der this notice Sis, 055, $50 of the
6-per-centum bonds were continued at
the lower rate, and 1865, $50 were re-
deemed In the month OF May like notice
was given respecting the redemption or con-
tinuance Of the S439 S4l, $50 of 5-per-centum
bonds then outstanding, and of these
$40l. 404, 600 were continued at 31z per
centum per annun, and S3o, 1856, 400 re-
deSlueu. Inc O-per-cenluu DOnus Oh the
loan of Feb. 8, 1861, and of the Oregon
war debt, amounting together to Sl4, $40,
having matured during the year, the Secretary
of the Treasury gave notice of his intention to
redeem the same, and such as have been pre-
scented has been paid from the surplus revenue.
There have also been redeemed at par sic, 49,
100 OF the 80 per centum "continned" bonds.
making to al Of bonds redeemed, which
have ceased to bear interest.
THE REDUCTION OF THE ANNUAL INTEREST
on the public debt through these transactions
is as follows BY reduction of interest TO 81
per- cent S1,0l7,395, 227, by redemption of
bonds $685., 234. 900 total, 81, $50 629 225. The
81 per centum bonds being payable at the
pleasure of the Government, are available for
the investment Of surplus eevenue without the
payment of premiums.
Unless these bonds can be funded at a much
lower rate of interest than they now bear, 1
agree with the Secretary Of the Treasury that
no legislation respecting them is desirable. 1t
is a matter for congratuation that the BUSH
ness Of the country has been so prosperous
during tie past year as to yield by taxation
large surplus Of income to the Government
If the revenue laws remain unchanged, this
surplus must year by year increase on ac-
- H..