Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-12-07
York, by the transfer to another tribunal of
the numerous suits there pending against col
lectors.


J the numerous suits there pending against col
lectors.
CUSTOMS.
The revenue from customs for the past fiscal
year was s19l, ,596, O2O, an increase of $11,-
637,6l1.42 over that of the preceding year;
| $13S, ,098. .562.39 of this amount was collected
at the port of New York, leaving $50 251 ,523, ,63
as the amount collected at all the other
ports of the country. Of this sum
$47, ,9T, 1873 was collected on sugar and
molasses, $27, ,2S5, ,624 rs on wool andtts manu-
| factures, 81, ,462, ,5S4 "a of iron and steel and
manufactures thereof, $19,03S, S,665.8l on
manufactures of silk, $40, ,S25, 5.21 on manu-
| factures of cotton, $6,469, ,642.04 on wines
and spirits; making the total revenue from
those sources S1S3 ,058, ,72O 81.
The expenses of collection for the past year
were $6,4l9345. 90, an increase over the pre-
ceding wear of SSS7 ,4lO.O4. Notwithstanding
the increase in revenue from customs over the
previous years; to gross value Of the imports,
including free goods, decreased over S25, 900,
O0O The marked decrease was in the value of
manufactured wool, $14, ,023,6S2, and in that
of scrap and pig iron, S12,Sl061. The value
of imports of sugar, ,On the other hand, showed
an increase of $7,457 ,474; of steel rails
81, ,345 ,521; of barley 50, ,154 2O4; and Of steel
in bars, ETC., $62O.046. Contrasted with the
imports the exports were as follows: Domes-
tic merchandise, $50, ,OS9, ,559.47; foreign mer-
chandise, $1S4, $3.50. Total, $90, ,223, ,773 46
Imports of merchandise, IS, 426, ,64o.2S. Ex-
cess of exports over imports of merchand Sc,
S597, 1918 Aggregate of exports and i'm
ports, s15, $3.50, 1874.
Compared with the previous year there was
an increase of $667 ,3S6.SS in the value OF ex-
ports of merchandise, and decrease Of $2S2,
901 IS in the value of imports. The annual
average of incre ase of imports of merchandise
over exports thereof for 10 years previous to
June 30, 1873. was 81 ,4SS,922, but for the
last six years there has been an excess of ex-
ports over imports of merchandise amount
ing to $11 ,S06, 681 .03, an annual average of
81, 1851, ,7S0 II. The specie value ofthe exports
of domestic merchandise was So, ,766, 164.73 in
1870, and $s,SS9, ,259 n In 1881, an in
crease sret 1f %oe ss Ts0s O Of or 1ss 5o52f, Pc,
was $435. .958 40S, in 1870, and $642 1854. .62S, in
1881, an increase of $206 762, 200, or AZ per
cent. During each year from 1862 to 1879, in
elusive, the exports of specie exceeded the
imports. The largest excess of such exports
over imports was reached during the year 1854
when it amounted to $92, ,204 ,929; but during
the year ending June 80, 1880, the imports of
coin and bullion exceeded the imports by S75,
S91 1891, and during the last fiscal year the ex-
cess of imports over exports were SOL los, $50.
In the last annual report of the secretary of
the treasury the attention of congress was
called to the fact that $469, ,651 ,050 in 5 per
centum bonds and $2O3 ,573,75O in per
centum bonds were become redeemable during
the year, and congress was asked to authorize
the refunding of these bonds at lower rate
of interest. The bill for such refunding hav-
ing failed to become law, the secretary of the
treasury in April last notified the holders of
the $195, ,69O, 400 per cent. 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 rate of
3x per centum per annum. UHder this no.
tice SITS, ,O55, ,15O of the per centum bonds
we're continued at the lower rate and SIT $685.
$50 were redeemed. In the month of May
like notice was given respecting the redemp-
ton or continuance of the $780,
S4l $50 of per cent. bonds then
outstanding. OF these $4Ol, ,5O4, 300 were con-
tinued at 3H per centum psr annum, and $685.
336, ,450 redeemed. The 6 per cent. bonds of
the loan of July s, 1861, and of the Oregon
war debt, amounting together to $l4 121 500,
having matured during the year; the secretary
of the treasury gave notice of his intention to
redeem the same, and such as have been pre-
sented have been paid from the surplus reve-
nue.. There have been also redeemed at par
$40, l79, 100 of the 3!K per centum continued
bonds, making a total of bonds redeemed
or which have ceased to bear interest
turing the year, of $123 1865, $50. The reduc-
tiOn of the annual interest on the public debt
through these transactions is as follows: By
-eductlon of interest to 3H per cent, $10,-
49,, ,952 81; by redemption of bonds, $685.
$40. Total, SIG 1926, ,295.27. The 80 per cent.
bonds, being payable at the pleasure
the investment of surplus revenue with
out the payment of premiums unless
these bonds can be funded at much
lower rate of interest than they now bear. I
.gree with the secretary of the treasury that
no legislation respecting them is desirable.
1t is a matter for congratulation that the
business of the country has been so prosper
Gus during the past year as to yield by taxa
ton large surplus of income to the govern
ment. If the revenue laws remain unchanged
this surplus must year by year increase ON ac-
connt of the reduction Of the public debt and
ITS burden of interest, and because of the
rapid increase in our population. In
1860, just prior to the institution
of our internal revenue system, our popula-
ton but slightly exceeded thirty millions.
By the censues of 1880 it is now found to
exceed fifty millions. It is estimated that
even if 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 we'll con-
slider whether it is not the part of wisdom to
reduce the revenues even if we delay little
the payment of the debt.
It seems to me that the time has arrived
when the people may justly demand some re-
lief from their present enormous burden, and
that by due economy in the various branches
of the public service this may readily be afford
ed. therefore concur with the secretary in
recommending the abolition of all internal
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 manufacturers of and
dealers in such articles. The retention of
the latter tax is desirable as affording the Off
GERS of the government proper supervision
of the articles for the prevention
of fraud. agree with the secretary of the
treasury that the law imposing stamp tax on
matches, proprietary articles, playing cards
and drafts may with propriety be repealed and
the law also by which banks aud 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 exigences.
Bankers are required to secure their circula.
ton by pledging with the treasurer of the
United States bonds of the general govern
ment. The interest upon these bonds, which,
at the time when tie tax was imposed was
6 per cent, is now in most instances 3x per
cent, and besides the entire circulation was
originally limited by law, and no increase was
allowable When the existing banks had
practically monopoly of the business there
was force in the suggestion that for the fran
chise to the favoring grantees, the govern
ment might very properly exact a tax
on circulation, but for years the system
has been free and the amount of
circulation has been regulated by the public
demand. The retention of this tax has been
suggested, as means of reimbursing the gov
ernment for the expense of printing and furn-
ishing the circulating notes. If the tax should
be repealed it would certainly seem proper tn
require the national banks to pay the amount
of such expense to the comptroller of the cur
rency.
It is perhaps doubtful whether the imme-
4f ba 70 0f