The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-12-07


!, ~ per cent during each year. from 1852 TO
e 1873 inclusive, The exports OF specie eS-
ceeded the imports. The greatest excess OF
e such exports over imports was reached
! during the year 1864, when It amounted to
: ~, ,2SO, wv, but during theyear ended June
: SOth, 1850, the imports OF coin and bullion
, exceeded the exports by S75, sd sol, and
j during the last fiscal year the excess Of
/ imports over exports was $9ll $50 so.
RIPuNDING MEASURES.
In the last annual report Of the Secretary
OF the Treasury the attention OF Congress
was called to the fact that SiB0,6 $50 IN
i've per cent bonds and sos 57S, ,7j0 in six
per cent bonds would become redeemahle
during the year, and Congress was asked
to authorize the reiuuding Of these bonds
ut lower rate OF interest. The bill for
such refunding having failed to become q
law, the Secretary Of the Treasury In an
appeal at last notified the holders OF $780,
$50, 400 in six per cent bonds, then out
standing, 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 inter
est ~ the rate Of 81 per cent per annum.
Under the notice Sl7s,O55,l $50 Of the ,iS
Fer cent bonds were continued ut the low
er rate and Sl7635, $50 were redeemed in
the month OF May,
| 4 like notice was given respecting the
redemption or continuance of the $780,
Sll $50 OF the five per centum bonds then
outstanding, and Of these $iOl, ,508,000
were continued at 81 per centnm per an-
mum, and S3S 33B, $50 redeemed. The 6
per centum bonds OF the loan OF February
8, 1861, and OF the Oregon war debt,
amounting together to Sl4, ,l25, 500, having
lnatured during the year, the Secretary OF
the Treasury gave notice Of his intention
to redeem the same and such rs have been
presented have been paid from the sur
plus revenue. There have also been re-
deemed at par Sl6, 6,l79, 100 Of the 81 per
centum continued bonds, making q total
Of bonds redeemed, or which have
ceased to bear interest, of Sla9, ,0G9, $50. The
estimated reduction OF the annual inter 81
on the public debt through these tTansac.
Ii0ns, is as follows;
By reduction Of Interest to three and
onehlli pr cen ''...",''"-S t,ll1po y
ny redemption ot bondS'.,.."."......- " . IA 70
lBS!,ai0 rs
The thrseand onu.htlf per Centnnl bonds
being payable ut the pleasure OF the Gov
eminent, are available for The Investment
Of tile surplus revenue without the ay-
ment OF premiums Unless these bonds
can be funded ut much lower ratH OF in
tereSt than they nnw bear, agree with the
Secretary OF the Treasury thai no legisla-
ton respecting them Is desirable,
TAX REDUCTION.
1t Is matter for congrnulation that the
business Ofthe country has been so prosper
nus during the past year as to yield 10y Tux
alton a large surplus OF income to the Cow
ernment. II the revenue laws remain un-
changed this surplus must year by year
increase, on account OF the reduction OF the
public debt and the burden Of interest, and
because OF the rapid increase OF our pOpu-
lation. In 1860, just prior 10 the institu-
ton Of our National revenue system, our
population but slightly exceeded a0,00O,000.
BY the census Of 1880 1t IL now found to
exceed 5O,OO0,0OO. 1t is estimated thnt
even II the annual receipts and expendl-
lures should continue ~ at present the
entire debt could be paid in ten years. In
view, however, OF the heavy load Of taxu-
ton which our people have already borne,
we may well consider whether Ii Is not the
part Of wisdom to reduce the revenues,
even II we delay little the mayment OF the
debt.
1t seems to me that tho time has arrived
whenthe people may Justly demand sOmere-
lietirOm their present Onerous burden, and
by due economy In the various branches
Of the public service this may readily be
Afforded. therefore concur with the Sec
retary in recommending the abolition Of
all internal revenue taxes except those
upon tOblccO In Its various formSAtd upon
distilled spirits and fermented LIQUORS;
and except, also, the special tax upon the
manufacturers OF and dealers in such
articles. The retention OF the latter tax Is
desirable as alEording the officers Of the
Government proper supervision Of these
articles for the prevention Of fraud.
lagree with the Secretary Of tho Treas
ury that the law imposing a.stamp tux ON
matches, proprietary. articles, playing
cards, checks and drafts, may, with pro-
priety, be repealed, and the law also by
which banksa and bnnkers are assessed upon
their capital and deposits There seems TO
be general sentiment in favor OF this
course. In the present condition OF our
revenues the tax on deposits Is especially
unjust. 1t was never imposed in THIS Couh-
try until 1t WAS demanded by the necessi-
ties Of the war, and WIS never exaCted,
believe, in any other country, even in It's
greatest exigencies Bankers are re-
quired to secure their circulation
by pledging with the Treasurer OF
the United States, bonds Of the general
Government the interest upon these bonds
which, at the time when the tax was i'm
posed, WIS six per cent. 1t Is now, In
most instances, 81 per cent. Besides, the
entire circulation was originally limited by
law, and no increase WIS allowable. When
the existingSbanks had practically d mo-
nopoly Of the business there was force In
the suggestion that for the franchise to the
favored grantees, the Government might
very properly exact a tax on circulation,
but for ears the system has been free, aud
the amount OF circulation regulated by the
public demand. The retentiOn Of this tx
has been suggested as means Of re. i'm.
bursting the Government for the expense Of
printing and furnishing the circulating
notes. II the tax should be repealed it
would certainly seem proper to require the
national banks to pIy the amount of such
expense to the Comptroller oflie currency.
1t Is perhaps doubtful whether the iliis
mediate reduction Of the rite VI tux levied
upon liquors and tobacco is advisable, es.
peulally in view OF the drain upon the
Treasury which must attend the payment
Of arrears OF pensions. No comparison,
however, Of the amount Of taxes collected
under the varying rates Of taxation which
have at different times prevailed, suggests
the ihtimhtiOn that sOtile reduction may
8 On beinade without material dlulinuttOn
Ol the revenue.
TARIFF REVISION.
The Tariff laws also need revision, but
that d due regard may he paid tls con-
aicting interests OF our citizens important
changes should BIZ made with caution. II
Il careful revision cannot be made at this