The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1881-12-17

To the redemption of bonds for
:, the sinking fund ............. s7i,s7lsOo co.
Fractional currency for the sink
Loan Of February, is6i........... $500
TCn-tortiCs of lS6i................. 20b,lj0 "
Five-twenties of 1862 .............. $500 90
Five-twenties OF lS64.............. 3,iUO OF
FiVe-twcntiCs of lS6j............... 300 %
Consols of 1885,. characterization. 1880 ~
SOISoiS OF 100 '..........-.......... HG'ib w
ConsOls of 1868. Observation-Disclosures. S}1.iUO ~
Texas indemnity stoclI............ 10000 %
Old demand, compound-intcrcst,
and other nOtcs.................. 1,S3,O00 90
To the increase of cash in Treas
ury l4,65l,jfSB W
The receipts of last year were greater than
the year before by S2931' ool.i5. The customs
revenues were Increased SllG31, ell -, and the
revenues 1l,255.0ll,j9. There was decrease
of expenditures as follows: In the Interior De-
partmcnt for pensions, SGTl, ISo.4S; for promi-
ums on purchased bonds, Sl,,3LOTl.6i; and in
terest on the debt, Sl3,24S, Ss}93. The receipts
for the present year are estimated ut S4OO,OOO,-
900, and the expenditures at $2700O00N.
The report recommends that National Banks,
at any time within two years prior to the eIpi-
Iaton of their corporate existence, be allowed
20 extend the period Of succession by amend
ing the article of association by the votes Of
shareholders owning two-thrds of the capital,
ST the bank be found TO be in good shape.
THE TREASURY RESERVE.
The Department, the report declares, has
ing as a reserve forrcdemption of bonds about
40 per cent. of the notes outstanding. In adj
dition, sufficient money has been kept in the
Treasury to meet all other demands and obli-
cations outstanding. The reserve has never
been below 20 per cent, and never above 45
per cent, of the outstanding notes. The lib
eral purchase and coinage of silver, and the
receipt of them for public dues, has failed to
raise the market value of silver, It is rcc)m-
npu1pd bn 70 hp
act requiring the issue of silver certificates,
and for the retirement of such as may be in
circulation. 1t Is recommended that National
Banks be prohibited from retiring their cur
rency except after II previous notice of inten-
ton so to do, the length of such notice to be
fixed by law. The compelling of such notice
would prevent the banks from suddenly con-
tracing the volume of currency, and creating
the embarrassment that followed the passage of
the 3-per-cent. Refunding bill of Congress at
the last session.
Between June %, 1874, and 1873, silver coin
was not legal tender in payment of United
States bonds. The report asks whether foreign
bondholders who acquired their bonds during
this period may not regard the payment of
these bonds now with silver coin as breach OF
faith. This Government the Secretary says,
is abundantly able to discharge its debts in
money which is everywhere accepted as true
standard of value. Further, on the subject of
SILVER coinage at the rate of $2,O0000O per
month, he says:
I'VE furnish the world with the largest por
ton of both silver and gold, and our exports
command the best money of the world as they
ever should do, and will, unless we bind our
selves to accept of poorer We need not APP
pear anywhere as supplicants when we clearly
may be the contractors. Some of the Euro
pean nations whose concurrent action is neces-
IN hat Vpf
appear ready to accept limitation, and when
ready they may ask for ratio that will be i1~
convenient for us to adopt, and reduce the
ratio of silver below the standard of our COIN
age. The most potential means of bringing
about any concert of action among different
nations would appear to be for the United
States to suspend for the present the coinage
of silver dollars. 1t is therefore, recommends
ed that provision for the coinage of fixed
amount each month be repealed, and the Sec
rotary be authorized to coin only so much us
will be necessary TO supply the demand.
1.-THE revenue from customs for the past
fiscal year was Sl9S lj9,676,02, an increase of
Sl1 ,637, 6l1, AZ over that of the preceding year.
OF the amount collected, Sl3S, 9Os O62.39 was
collected at the port of New York, leaving
S59,25l, 1868 as the amount collected mt all the
| other ports of the country. The expenses Of
| collection for the past year were $S4l9,34520,
]
! 1901, while there was an increase in the rev.
enue from customs over the preceding year of
! over $ll, 100000"
There was a decrease in the value Of i'm
ports amounting TO over $25,0O0000, manufact-
tured wool and scrap and pig-iron showing tn,
most of this decrease.
REDUCTION OF TAXATION.
The report declares that an equalization srA
simplificaton of the tariff is necessary, but
! leaVpa the method and degree IN CpnUrera
| wthouta accommodation. The question Of
| dispensing of the surplus Government rcVenIrTs
il in this connection taken UP. The Depart
ment is embarrassed in disposing of the sur
| plus in an economic and lawful way. While
there is an alleged stringcncy in the money
/ market the call for millions of bonds is slowly
| needed, and its offer to purchase bonds is nctin
| full accepted. The entering of the market ard
buying of bonds at their current rates is not
/ recommended because experts show that
this cannot be done without loss TO the
Treasury. The announcement. too, of such
a purpose would put up the market
price. The report suggests that, I'm view
| of this existence of n surplus of revenue II
might be well to lessen certain taxes A re-
duction of the tax on liquor and tobacco is not
/ recommended. But bank checks, matches and
/ proprietary taxes are suggested MS proper ones
10 lessen. II is further recommended that il
Congress determines on decrease of the rev.
enue, it seek that end as well through a rcvis-
ion of the existing Tariff laws rs through an
abatement OF the internal revenue.
ROUNDING MEASURES.
On the subject OF the rcfunding measures or
the year the report says:
ION the LIST of November there remained
outstanding of bonds bearing three and a half
per cent. interest, payable at the pleasure OF
the Government after proper notice, 1868, $50, :
$50, included in which were ST., 0i5. 800 called
bonds not matured. If the excess of revenues
over expenditures should continue as during
the past year, its application to the payment OF
the bonds can be made at the discretion of the
Secretary, and 10 that extent the Government
will be relieved from the necessity of paving
] gDngaQnnnf pf