The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1881-12-15
oent. $40, 473, ,eb2 2.
By redemption of bonds. .......... 6,332.34O OK

The 3i2 per centnm bonds being payable at
the pleasure Of the government are available
for investment OF surplus revenue without the
payment Of premiums Unless these bonds car
be funded 1t . much lower rate Of interest thas
they now bear, ! agree With tho secretary Of the
treasury that no legislation respecting them 10
desirable
REDUCTION OF aEvExuA
It . matter for congratulatiou that tho buei-
ness of the country has been 20 prosperous dur
Ing the past year ~ to yield by tsxatlon large
surplus Of income TO the government II the
revenue laws remain unchanged, this surplus
reduction Of ttie public debt and its burden Of
interest and because Of the rapid increase Of
our population. In 1860, just prior to tho in
stitution Of our internal revenue system,
our population but slightly exceeded 3d.
600 ,cBS, BY Tho sse:ss & assS J.
It 10 estimated that even il the annual receipts
and expenditures should continue - At present.
view, however, Of t6s heavy load Of taxation
we'll consider Whether it 10 moi the part OF wis
dom to reduce the revenues. even It we delay
Q little the payment Of tho debt 1t seems TO
mo that tho time has arrived whom tho people
may justly demand soms relief from
tbs tbss By Dc .eosony in tSs v.riens
branches Of ths public ssrvSeo this may readily
be afforded Therefore concur With the soc
retary in recommending tho abolition Of oil in
tcrnsl revenue taxes except those upon tobac-
co in its various forms, and upon dishlled
spirits aud fermented liquors, and except also
dealers in such articles. Tho retention Of the
latter tax il desirable ~ anordinx tho officer:
Of tho government . proper supervision OF
these articles for tho prevention Of
frauds. agree with tho secretary
Of tho treasury that tho law imposing stamp
cards and drafts may With propriety b rs:
pealed, and the law also BY which banks and
bankers are assessed upon their capital and
deposits. There eeems to b general senti.
mont in favor Of this course, aud in the present
condition Of our revenues the tax upon deposits
this country until It was demanded by the
necessities Of war, and never exacted, be-
l!cre, in any other country even
in its !grestest e1igencios Bankers are
pledging, with tho treasurer Of the United
Statoe, bonds Of tho general government The
interest on these bonde, which st tho time
was 6 per cent, is now in most instances s Z
per cent, and besides, the entire circulation
was originally limited BY law. and no increase zee
practically monopoly Of the business There
wss tho suggestion that for tho franchise "a
the favoriug grantees the government might
very properly exact . tax on circulation. But
! for years the system has been FREQ and the
| ameunt OF circulation regulated by tho pnblis
demand. The retention of this tax has been
| suggested ~ Q means of reim5ursing the gov
| eminent for tho expense Of printing and fur:
nishing the circulating notes. II the tax ehould
be repealed, it would certainly seem proper to
! require the national banks to pay tho amour,
Ct such expense to tho controller OF the cur
| rency.
TAX on LIQUOR AND TOBACCO.
| It is perhaps doubtful whether the imme'
| diate reduction Of the scale Of taxation upon
liquors aud tobacco is advisable, especially II