The Superior times. [volume] (Superior, Wis.) 1870-1912, 1881-12-17

year were S6, 4l9, 345.20, an increase
over the proceeding year of $387,,
4O.04 notwithstanding the increases III
revenues from customs over the previous year.
The gross value of the imports, including free
goods, decreased over $25, 900. The
marked decrease was in the value of unmanu-
featured wool, $14, 023. $50 and in that of scrap
and pig iron, $12, 801,6 71. The value of i'm
ports of sugar on the other hand showed an in.
crease of 81 457, 474, of steel rails 81 345, 521 OF
barley 80, 154, 204, and of steel in bars,
ingots etc., $500, 046. Contrasted with the i'm
ports wore as follows: Domestic merchandise.
SO, 0S3 925, 947; foreign merchandise, $18, 451,-
$685. total, 902, 377 346; imports of merchandise.
S642, 664, 628; excess of exports over imports of
merchandise, $50, 712,71S; aggregate of exports
and imports, $15, 450, 419.
Compared with the previous year there was
an increase of 500, 73S, 6S8 in the value of ez-
ports of merchandise and a decrease of $685.
$780, in the value of imports. The annual
average of increase of imports of merchandise
over exports thereof for ten years previous to
June 30th, 1878, was 81. 488, 922, but for the
last six years there has been an excess of ex-
ports over imports of merchandise amountlL @
to 81, 100, $685. 103, an annual average of $780,
1907. The specie value of the exports of
domestic merchandise was 1876, Gle, 473 in 1870
and 1888, 925, 947 in 1871, an increase of $307,-
309, 474 or 1875 per cent. The value of imports
was $435, 958 406 in 1870 and $642, 664. 629 in
1881, an increase of $780, 676, 220 or Al per cent.
During each year from 1862 to 1879 inclusive
the exports of specie exceed the imports.
The largest excess of such exports over imports
was reached during the year 1864, when it
amounted to $92. 204, 929, but during the year
ending June so, 1880, the imports of coin and
bullion exceeded the imports by $75, 1871, 1911.
and during the last year the excess of imports
over exports were $91, 1860 In the last an
nual report of the secretary of the treasury.
10 - III l.
fact that 1863, Isl .050in five per centum bonds,
and 9203, 573, $50 in six per centum
bonds would become redeemabIe during the
year and congress was asked to authorize the
refunding of these bonds at lower rate of in
terest. The bill for such refunding having
failed to become law, the secretary of the
treasury in April last notified the holders of the
S195, 800, 400 SIX per centum 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 interest
at the rare of three and one-half per centum
per annum. Under this notice $178, 055, $50 of
the six per centum bonds were continued at the
lower rate and 81, 635, $50 were redeemed In
the month OF May like notice was given re-
speeding the redemption or continuance of
the $439, 841, $50 Of five per ceut. bonds then
outstanding, and of these $401, 504, 900 were
continued at So per centum per annum and
$38, 1856, $50 redeemed of the per centum bonds
of the loan of February 8, 1871, and of the Ore
gon war debt, amounting together to $14, 121,
500, having matured during the year, the secre-
tary Of the treasury gave notice Of his intention
to redeem the same, and such as have been pre-
sented have been paid from the surplus revenue.
There have also been redeemed al
par SIG, 179,100 of the SO per centum
continued bonds, making q total Of bonds re-
deemed, or which have ceased to bear interest,
o. tIrr,at 1,p of
reduction of the annual interest on the public
debt through these transactions is as follows
By reduction of interest to 315 per cent. 81 >
047, 1896. 227; by redemption of bonds $685.
$4,000; total S1,682. 629, 225. The 80 per
cent. bonds, being payable at the pleas
ure OF the government are available
for the investment of surplus revenue without
the payment of premiums. Unless these bonds
can be funded at much lower rate of interest
than they now bear, / agree with the secretary
OF the treasury that no legislation respecting
them is desirable. It is matter for congratu-
lation that the business of the country has
been so prosperous during the past year as tc
yield by taxation large surplus Of income &c
the government.
REDUCING TAXATION.
If the revenue laws remain unchanged this
surplus must. year by year, increase on account
of the reduction of the public debt and its bur
den of interest and because of the rapid increase
of our population. In 1860, just prior TO the
institution Of our internal revenue system,
our population but slightly exceeded 80, COO 900.
By the census of 1880 it is now found to ex-
coed 80, 100000. 1t is estimated that even if
the annual receipts and expenditures should
continue as at present the entire debt could be
paid in 10 years. In view, however, of the
heavy load of taxation which our people have
already borne We may well consider whether il
fhn Of 10
the revenues even if we delay a
little the payment of the debt. 1t
seems to me that the time has arrived when
the people may justly demand some relief from
their present enormous burden, and that by
due economy in the various branches of the
public service this may readily be afforded.
/, therefore, concur with the secretary in re-
commencing the abolition of all inter
nal revenue taxes, except those upon
tobacco IN Its various forms,
and upon distilled spirits and fermented liquors
and except also the special tax upon the man.
ufacturers of and dealers in such articles. The
intention of the latter tax is desirable as afford
ing the officers of this government a proper
supervision of these articles for the prevention
of fraud. l agree with the secretary of the
treasury that the law imposing q stamp tax on
matches, proprietary articles, playing cards,
checks and drafts may with propriety be re-
pealed, and the law also by which banks and
bankers are assessed upon their capital and de-
poslts. There seems to be q general sentiment
IN favor OF this course. IL the present condition
of our revenues the tax upon deposits is
especially unjust. 1t was never imposed in
this country until it was demanded by the
necessities of war and never eXacted, believe.
IN any other country even in its greatest
exlgencies. Bankers are required to secure
their circulation by placing with the treasurer
of the United States bonds of the general
10 info
which at the time when the tax
was imposed was per cent, is now
In most instances 80 per cent,
and besides the entire circulation was origin
ally limited by law, and no increase was allowed
when the existing banks had practically a
monopoly OF the business, there was no reason
for the suggestion that for the franchise favor
ing grantees the government might very prop
erly exact tax on circulation, but for years
the system has been free and the amount of
circulation regulated by the public demand.
The retention Of this tax has been suggested
as means of reimbursing the gov
eminent for the expense of printing
and furnishing the circulating notes. If the
tax should be repealed it would certainly seem
proper to require the national banks to pay the
amount of such expense to the comptroller of
the currency. It is perhaps doubtful whether
the immediate reduction of the taxation upon
liquors and tobacco is advisable, especially In
view Of the drain upon the treasury which
must attend the payment of arrears of
pensions. a comparison, however, of the
amount of taxes collected under the varying
rates of taxation which have at different times
prevailed, suggests the intimation that some
reduction may soon be made without injuring
the revenues. The tariff laws also need revis-
ing; but that a due regard may be paid
to the conflicting interests of our
citizens, important charges should bemade with
caution. If a careful revision cannot be made
at this session. commission such as was lately
approved by the senate and is now recommend
ed by the secretary of the treasury, would
doubtless tighten the labors of congress, when
ever this subject shall be brought to its consid-
Grafton.
WAR DEPARTMENT.