The Portland daily press., 1881-12-07

| ures as might be deemed necessary for prevent
| ing the introduction Of contagious or infectious
diseases from forsign countries indo the United
| States, or from one State into another. The
| execution of the rules and regulations prepar-
| ed by the Board and approved by my prede-
| cessor, has done much to arrest the progress OF
| epidemic diseases, and has thus established
| service to the nation. The health OF the peo-
| pie Is Of supreme importance. All measures
| looking to their protection against the spread
| of contagious diseases and TO the increase OF
our sanitary knowledge for such purposes, de-
| serve the attention Of Congress.
THE FINANCES.
The report of tho Secretary of the Treasury
represents in detail highly satisfactory ex-
hibit of the state Of the finances. The ordi-
| nary revenues from all sources for the fiscal
year ending June 30, 1881, were:-From Gus
toms, S198. .151 ,676.02: from internal revenue,
S135, ,264 ,485 81; from sales of public lands,
$251 021, 1868 IL tax on circulation and deposits
of national banks, S8,116, ,115 "; from repay
ment of interest by Pacific Railway Compa-
| nies, $810, 1880; from sinking fund for Pacific
Railway Companies, $500 ,l0O "a; from customs
| fees, fines, penalties, &C., S225,5 SO; from
fees. consular letters patent and lands, S2,244,
| 983 90, from proceeds OF sales of Government
property. $26, PIT AGO. from profits on coinage,
| SO, ,468, 1851 from revenues of the District Of
| Columbia, $2,016, ,169 90; from miscellaneous
| sources 81, ,2O6 SS013. Total ordinary receipts,
| $3.50, ,782, ,292 81.
The ordinary expenditures for the same Pc
rod were:-For civil expenses, SIT ,941, III 10;
for foreign intercourse, S1,093, ,954 %; for In
dians S6 514 16 90; for pensions, $50 509 279 62.
| Compared with the previous year there was an
increase of S66, ,688 in the value of exports
| of merchandise and decrease OF S25,29O,l1S
| in the value of imports. The annual average
| of the excess of imports of merchandise over
| exports thereof for ten years previous to June
30, 1873, was S104 806, ,922 but for the last six
years there has been an excess OF exports over
imports of merchandise amounting to S118,-
066 .05, an annual average OF $685. ,778 OF.
The specie value Of the exports of domestic
merchandise was S376, 6,616, ATS in 1870 and
$3.50, ,925, 947 in 1880, an increase OF $507 3O9-
474 or 1876 per cent, the value OF imports
which was applied as follows: TO the redemp-
ton Of bonds for the sinking fund S74 371 200 00
fractional currency for the sinking fund SlO9,-
O01,O5; loan of February, 1861, S7,4lS, 10000;
TeD-forties of 1864, S2015, $50 90; Five-twentes
of 1852, SIS, 10000; Five-twenties OF 1864, So
10000; Five-twenties of 1865, S37 10000.
consols of 1865, $143, 10000; consols OF 1867,
$959, 1000; consols of 1868, 1887 400 90; Texan
indemnity stock, 81 10000; demand, compound
interest and other notes, SIS 800 90; and to the
increase Of cash in the treasury S14 ,6S7 ,02393
Total, $1G0, 0,060, ,404 SO. The requirements OF
the sinking fund for the year amounted TO 800,
1856 O6402 which sum includes a balance of
S49, ,817, 1928 78 not provided for during the pre-
yious fiscal year. The sum Of S74, ,480. .201 90
was applied to this fund which left deficit OF
Sic, ,305 .873.47. The increase of the revenues
IOr 1881 over IuOS6 OI INC pFbNlOuS year WAC
S29 352 SOL 10. 1t is estimated that the receipts
during the present fiscal year will reach S4OO,-
600 600, and the expenditures SZ7OOOO,OOO,
leaving surplus of Sl30OOO,OOO applicable to
the sinking fund and the redemption OF the
public debt L approve the recommendation
of the secretary of the treasury that provision
be made for the early retirement OF silver
certificates and that the act requiring their
issue be repealed. They were issued in pur-
suance of policy of the government to main
vail.x of ho 0old nd I'd and xvQ
accordingly made receivable for all customs,
taxes and public debts.About sixty-six millions
of them are now outstanding They form an un
necessary addition to the paper currency,
sufficient amoant of which may be readily sup
piled by the national banks. In accordance
with the act of February %, 1878, the Treasury
Department has monthly caused at least S2,-
100000 iu value of silver bullion TO be coined
into standard silver dollar. One hundred and
two millions Of these dollars have b5en already
coined while only about thirty-four millions are
in circulation. For the reasons which he specifies
/ concur in the Secretary's recommendation
that the provision for coinage of fixed amount
each month be repealed and that hereafter
only SO much be coined as shall be necessary to
supply the demand. The Secretary advises
that the issues Of gold certificates should not
for the present be resumed and suggests that
the national banks may properly De 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 certain banks on the oc-
casion referred to in the Seeretary's report. OF
the fifteen millions OF fractional currency still
outstanding only about eighty Thousand has
been redeemed the past year. The suggestion
that this amount may properly be dropped
from future statements of the public debts
seems worthy of approval. So also does the
suggestion of the Secretary as to the advisabili-
ty of relieving the calendar of the United
States Courts in the Southern District OF New
York be the transfer to another tribunal of the
numerous suits there pending against collec-
tors.
PUBLIC REVENUE.
The revenue from customs for the past fiscal
year was $198, ,159, ,676.02 an Increase Of S11,-
637 .611.42 over that of the wear prececIng.
S138, ,098 56239 of this amount was collect at
the port of New York, leaving S5O,25l LIZ 63
as the amount collected at all the
other ports o7s Of ez s the country yc,,so,ed o5
on sugar, melado and molasses; S27 ,285 ,624-7S
on wool and its manufactures; S2l4625 "a on
iron and steel and manufactures there
Of; S19038,6 ,665 81 of silk; Sl0,S25, To-
21 on manufactures Of cotton; $685.
469,643.04 on wines and spirits, making the
total revenue from these sources OF S133 O58, ,1O2
81 The expenses of collection for the past
year were Sc 419 345 20 an increase over the pre-
ceding year of $3S7 ,4l0.04. Notwithstanding
the increase in the revenue from customs over
the preceding year, the gross value OF the i'm
ports, including free goods, decreased over
twenty-five millions of dollars. There was an
increase of $7457, ,474 Of steel rails; S4,345,521
of barley: 50, ,154,204 of steel in bars; ingots.
&C., S18,700 as. Contrasted with the imports
during the last fiscal year, the exports were
as follows: Domestic merchandise, $685., $685.
947; fereign merchandise, SIS, ,451, ,399; total,
$902, ,377 ,349 Import of merchandise, S642,-
664, ,628. Excess of exports over imports OF
merchandise, S259, ,712,71S. Compared with
the previous year there was an increase of $685.
738, 1888 in the value of exports of merchandise,
decrease of $25, ,290, ,11S in the value OF inn
ports. The imports we're $435, ,95S, ,40S in 1870,
and S642, 1854 ,62S in 1881, an increase Of $685.
706, ,220, or AZ per cent. during each year from
1862 to 1874, inclusive, the exports OF specie ex-
ceeding the imports The largest excess OF
such exports over imports was reached during
the year 1864, when il amounted to S92, ,28O 929,
but during the year ended June 80, 1860, the
imports of coin and bullion exceeded the ex-
ports by S75, ,891, ,391, and during the last fiscal
year the excess of imports over exports was
$91, ,16S,650.
In the last annual report of the Secretary OF
the Treasury the attention of Congress was
called to the fact that $3.50 651 ,050 in five per
centum bonds, and $203, ,573, ,750 in six per
centum bonds would become redeemable dur
ing the year.
REPEAL OF TAXES.
The message then reviews the funding pro-
cess by which these maturing bonds were met
and saws: The reduction OF annual interest
on the public debt through these transactions
is as follows: By reduction OF interest to IL
per cent $40, ,473, ,952 %; by REDEMPTION of
bonds Sc, S52, $40 co. total SIG, ,S26, ,292.25. Un-
less the 3 IL per centum bonds can be funded
at much lower rate of interest than they now
bear agree with the secretary of the treas
ury that no legislation respecting them is de-
sirable 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 II the revenue laws remain un-
changed this surplus must year by year increase
on account of the reduction of the public debts
and its burder of interest, and because OF the
rapid increase of our population. 1t is esti-
mated that even If the annual receipts and ex-
penditures should continue as at present the
entire debt could be paid in ten years. In view
however of the heavy load sof taxation which
our people have already borne, I'VE may well
consider whether it is not the part of wisdom
to reduce the revenues even if we delay lit
tie the payment of the debt. 1t seems to me
that the time has arrived when the people may
Justly demand some relief from the present
onerous burden l therefore concur with the
secretary in recommending the abolition OF all
internal revenue taxes except those upon to-
bacco in its various forms and upon distilled
spirits and fermented liquors, and except also
the special tax upon manufacturers OF, aud
dealers in such articles / agree with the sec
retary of the treasury that the law imposing
stamp tax upon matches, proprietary articles
playing cards, checks and drafts may with pro-