The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1881-12-08

the redemption or continuance of the
| $439, S4l $50 of the FIVE per cent bonds then
outstanding. Of these $40l ,504 800 were
continued at 81 per cent. per annum and
$3S, 1856, $50 redeemed. The six per cent.
| bonds of THE loan of February 8, 1856, and of
the Oregon war debt, amounting together to
$l4. Us, 500, having matured during the year,
the Secretary of the Treasury gave notice of
his intention to redeem the same and such as
have been presented have been paid from
| the surplus revenue. There have also
been redeemed at par S16,179,10 of the 81
per cent. continued bonds, making a to-
tai of bonds redeemed or which
have ceased to bear interest
duction of the annual interest on the public
| debt through treasury transactions is as fol-
lows: By reduction of interest TO three and
one-half per cent. $40, AS, 952 q; by redemp-
ton of bonds. Sc, 352, $40, Total, SIC, $685.
292 q. The three and one-haf per cent.
bonds being payable at the pleasure of the
Government are available for the
investment of the surplus revenue
without the payment. OF premium
| Unless these bonds can be funded at an
bear, l agree with the Secretary of the
Treasury that no legislation respecting
them is desirable. 1t is a matter for con-
| graduation that the business of the country
has been so prosperous during the past year
as to yield BY taxation a large surplus of
income to the Government.
1t is estimated that even if the
should continue as at the pres
ent the entire debt could be paid in ten
years. In view, however, of the heavy load
of taxation which our people have already
borne we may well consider whether it il
not the part Of wisdom to reduce the rev.
| enues even if we delay a little the payment
of the debts.
It 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 thee public service this may
readily be afforded. I therefore concur
with the Secretary in recommending the
abolition OF all internal revenue taxes ex-
| cept upon tobacco in Its various forms, and
upon distilled spirits and fermented liquors,
and except, also, the special tax upon the
manufacturers or dealers in such articles.
The retention of the latter tax is desirable
as affording the officers of the
government a proper supervision of
of frauds. agree with the Secretary of the
Treasury that the law imposing stamp tax
upon matches, proprietary articles, playing
cards, checks and drafts may with proprie-
ty be repealed, and the law also by which
banks and bankers 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 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 exigencies. Bankers are
required to secure their circulation by
pledging with the Treasurer of the United
States bonds of the general Government and
the interest upon these bonds which, at the
time when the tax was imposed was 6 per
cent is now in most instances 81 per cent,
and besides the entire circulation was origi-
nally limited by law and no increase was al
lowable. When the existing banks had
practically a monopoly of the business there
was force in the suggestion thai for the fran
chise to the favored grantees the Govern
ment might very properly exact a tax
the system has been free and
regulated by the public demand. The re-
tention of this tax, has been suggested as a
means of reimbursing the Government for
the expense of printing and furnishing the
circulation. 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
, 1t is perhaps doubtful whether the immedi-
ate reduction of the scale of taxation upon
liquors, is advisable, especially in view OF
the drain on the Treasury which must at.
tend the payment of arrears o.
pensions. A comparison, however, of the
amount of taxes collected under the varying
rates of taxation which have at different
times prevailed, suggests the intimatior
that some reduction may soon be mad,
without material diminintion of the rev
enue.
THE TARIFF Law
also needs revision, but that due regard
, may be paid to the conflicting interests O
our citizens, important changes should b
made with caution. If careful revision
cannot be made at this session, com
mission, such as was lately appointed
by the Senate and is now recommends
by the Secretary of the Treasury
5 would doubtless Tighten the labors of Con
! gress whenever this subject shall be brough
to its consideration.
REPORT OF THE SECRETARY OF WAR.
, The accompanying report of theSecretar,
s of War viii make known the operations O
/ the Department for the public. He sug
! gests measures for promoting the efficienc
+ of the Army by adding to the number @
!. its officers and recommends the Legislation
!: necessary to increase the number of enlist
3 ed men to 10000, the maximum allowe.
e by law. This he deems necessary to main
\ tain quietness on our ever sAiftin
: frontier to preserve peace and suppress, dis
!. order and marauding in new settlements, t
4 protect settlers and their property against In
: dams and Indians against the encroachment
4 of intruders. and enable peaceable immigrant
r to establish homes in the most remote part
II nj niIr country The ru1r Is nor naoooee
# rily scattered over such vast extent of tel
= ritory that whenever an outbreak occurs n
# Inducements must be hurried from man
> quarters, over great distances and at alway
n heavy cost for the transportation of mel
o horses, wagons and supplies l cor