Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1881-12-15

pealed and that hereafter only so mnch
De coined as shall be necessary to supply
the demand. Ff-'
The secretary advises that the issue OF
gold certificates should not for the present
be resumed, and suggests that the nation.
al banks may properly be forbidden by
law 10 retire their currency, except upon
a reasonable notice of their intention so
20 90: Such legislation would seem TO be
lustihed by the recent action of certain
Oanks on the occasion referred to in the
secretaryis report.
or the Sl5, ,000, ,0C0 of fractional currency
stlIl outstanding, only about $4,000 has
oeen redeemed the past year. The sug-
gestlon tnat this amount may possibly be
dropped from future statements of public
9eot seems worthy OF approval. So, also,
does the suggestion OF the secretary as to
the adyisability of relieving the calendar
OF the United States courts in the soutt-
ern districts of New York by the transfer
to another tribunal of the numerous suits
there pending against collectors.
CUSTOMS COLLECTIONS.
Inc revenue from customs for the past
hscal year was S198, ,159, ,676.02, an increase
Of 81, ,637 ,611 AZ over that of the preceding
year. S166, 6,O9S,562.39 of this amount was
collected at the port of New York leaving
$50, ,25l, ,113.63 as the amount collected at
all other ports OF the country. Of this sum
$4I I;977 ,126 63 was collected on sugar and
manufactures; S2l ,462, ,534.34 on iron and
steel, and the manufactures thereof; sI9,-
O38,665.81 in manufactures of silk: SlO.-
62o,ll5.21 on manufacturers of cotton, and
S6,469 ,643.O on wines and spirits, making
a total revenue from these sources of s1S3,,
The expenses of collection for the past
year were S6,419, 1890, an increase over
the preceding year of S3S7,410OL. NOtwith-
standlng the increase in revenue from
customs over the preceding ye;r the
gross value Of the imports incuC - rec
goods decreased S25,OOO,000. The nrket
decrease was the value OF unmanuiac cI
wool S14, ,023 ,6S2, and in that of scrai. Il
pig iron S12,S1O67I.
The value of imports of sugar on .
other hand showed an increase of S7,4J;.-
4I4; of steel rails, S4,345,52I; of barley.
ETC.. $500, ,046.
was an increase of S66,73S ,6s8 in the value
OF exports OF merchandise, and a decrease
OF 81, 29O,1lS in the value of imports. The
annual average of increase of imports of
merchandise over exports thereof for ten
years previous to June 80, 1873, was ST.
041,069.22, but for the last six years there
has been an excess of exports over imports
of merchandise amounting to Sl.ISo'.
66S, lO3; an annual average of 81, ,867, ,7SO. IL.
Inc specie value OF exports of domestic
merchandise was S376, 473 in 1870. and
S883,926.947 in 1881, an increase of 135 rer
cent. The value OF imports was s4S5.-
y0S,4O0 In 1870 and S6l2, 1854 ,62S in 1881, an
increase Of41 per cent. curing each wear
from 1862 to 1879 inclusive, the exports of
specie exceeded in the imports. The
largest excess of such exports over inn
ports was reached during the year 1864.
when it amounted to S92 ,2O4 929. but dur
ing the year ending June 30, 1880, the i'm
Po-ts OF coin and bullion exceeded the i'm
ports by S15,S9l ,39l, and during the last
fiscal year the excess of imports.
BONDS.
In the last annual report of the secretary
OF the treasury, the attention of congress
was called to the fact that S469, ,65l ,050 in 3
per cent bonds, and S203y y573, $50 in 6 per cent
bonds would become redeemable during
the year. Congress was asked to authorize
the refunding of these bonds at low rate
Of interest. The bill now refunding hay-
ing failed to become law, the secretary
of the treasury in April last, notified the
holders of the $195,69Oi i40e 6 per centum
bonds then outstanding that the bonds
would be paid at par on the 1st day of
July following, or that they might be con-
tlnued at the pleasure of the government,
TO bear interest at the rate of 81 per cent
um per annum. Under this notice S17S,
U95,l50 OF the 6per cent bonds were con-
tlnued at the lower rate and Sl7635. $50
were redeemed in the month of Nav. A
like notice was given respecting the re-
demptton or continuance of the S439,S41 :
$50 of the five per cent bonds then out
standing. Of these S401, ,50l,9O0 were con-
tinued at 81 per cent per annum and $685.
536,i5O redeemed the per cent bonds of
tne loan or February 8, 1866, and the Ore
gon war debt, amounting together to Sl4,
l2o,8OO, 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 1918, 100
OF the 81 per cent continued bonds, max
ing a total of bonds redeemed, or which
nave ceased to bear interest during the
year of s123, ,S69,65O.
PUBLIC DEBT.
The reduction of the annual interest ON
the public debt through these transactions
is as follows: By reduction of int, rest 10
81 per cent. SIC, ,473 ,952 "a: /: by REDEMPTION OF
bonds, $685. 800; total, Sic, 1926, "a. The
81 per cent bonds being payable at the
pleasure OF the government, are available
for the investment of surplus revenue with
out the payment of premium, unless these
bonds can be funded at much lower rate
with the secretary of the treasury that no
legislation respecting them is desirable.
IL Is matter for congratulatiOn that the
business OF the country has been so pros.
porous during the past year as to yield by
taxation large surplus Of income to the
government. If the revenue laws remain
unchanged, this surplus must year by wear
increase on account of the reduction of the
public debt and its burden OF interest. and
because OF the rapid increase of our popu-
lation.
In 1860, just prior to the institution of
our internal revenue system, our popula-
ton but slightly exceeded 30,000,OOO. BY
n sr
eeed 50,000,000. 1t is estimated that even
II the annual receipts and expenditures
should continue as at present 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 is not the
part of wisdom to reduce the revenues,
even II we delay little the payment of
the debt.
DECREASING TAXES.
Ii seems TO me that the time has arrived
When the people may justly demand some
relief from their present enormous burden,
.nd that by due economy in the various
branches OF the public service this may
readily be afforded. 1 therefore concur
with The secretary recommending the abo-
lltlon OF all international revenue taxes,
except those upon tobacco in its various
forms and upon distilled spirits of fer
mented liquor, and except also the special
tax upon the manufacturers or dealers
IN such articles. The intention of the lat
ter tax is desirable as affording the officers
OF the government proper supervision of
these articles for the prevention of fraud.
agree with the secretary of the treasury
that Jaw imposing a stamp tax upon
matches, proprietary articles, playing
cards, checks and drafts may with proprie.
~ 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 especial
ly unjust. 1t was never imposed in this
country until it was demanded by the ne
cessities Of war and was never exacted, L
believe, in any other country, even in its
greatest exigencies. Bankers are required
10 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 the tax was imposed, was per
cent Is now, in most instances, 81 Der
cent and besides, the entire circulation
was originally limited by law and no in
crease was allowed When fha awiaef~-x