The Northern Pacific farmer. [volume] (Wadena, Minn.) 1878-1885, 1881-12-15

chand,ss over exports thereof, for ton years
previous to June 80, 1873, was 81, 488, 922,
but for the last xix years there has been an e1-
cess Of exports over imports OF merchandise
s sse d : fRs . 1ss!
value Ct the . exports > q d jon saS
1888, Y25, 947 in 1881, an increase of $307,-
3O9.4 49, or 135 Per cent TIE 2D value OF IN
664. 1928 in 1881, an increase Of 5000, 706.-
22O, or AZ per cent during each year. From
1862 to 1879, inclusive, the exports OF
specie exceeded the imports. The largest e1-
cess Of such exports over imports WAS reached
during the year 1864, when it amounted to
June 81. 1880, the imports Of coin and bull
ion exceeded the exports by $75. s91 ,391, and
during the last fiscal year the excess Of i'm
ports over exports was $91, 16S, $50
REMINDING.
In the last annual report Of the secretary of
the treasury the attention Of congress was called
to the fact that b469, 1851 ,O5O in 5 per CEN
tum bonds and $;2O3, 573, $50 in 6 per centum
bonds were to become redeemable during the
year, and congress was asked to authorize the
refunding of these bonds at q 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 1896, 900. 400 per cent bonds then out
standing, that the bonds would be paid at
par on the first day Of July follow;
1T the pleasure of the government, to bear in
terest at the rate of 312 per centum per an
mum. Under this notice ST. rs, O55, $50 OF the
per centuna bonds. we're continued 1T the
the month of May like notice was given re-
speeding the redemption or continuance of the
$439, S41 $50 of per cent bonds then out
standing; Of these $4O1, 5O4 900 were con-
tinued At 312 per centum per annum, and $685.
1856, 45O redeemed. The 6 per cent bonds
OF the loan of February 8, 1861 and Of the
Oregon war debt amounting together to $14,-
121, 500 having matured during the year the
secretary of the treasury gave notice OF his in
tention to redeem the same; and such as have
been presented have been paid from the sur
plus revenue. There have been also redeemed
at par $16, 179, 100 of the gig per centum
continued bonds, making total of bonds re-
deemed or which have ceased to bear interest
during the year of 1913, 969,65O.
THE PUBLIC DEBT.
The reduction of the annual interest on the
public debt through these transactions is as
follows:
By reduction OF interest TO GIG per
cent. ...:....:;.-.; .$10.4 73,952 p
Total. Sic. s26. 292 q
The 3io per centum bonds being payable at
the pleasure of the government are available
for investment of surplus revenue without the
PAYMENT of premiums. Unless these bonds car
be funded at much lower rate of interest thas
they now bear, I agree with the secretary OF the
treasury that no legislation respecting them as
desirable.
REDUCTION OF REVENUE
It is matter for congratulation that the bust
ness of the country has been SO prosperous dur
ing the past year as to yield by taxauon large
surplus of income to the government If the
revenue laws remain unchanged, this surplus
must, year by ye&r, increase, on account of the
reduction Of the public debt and its burden of
interest and because of the rapid increase Of
our population. In 1860, just prior to the in
stitution of our internal revenue system,
our population but slightly exceeded 80
is now found to exceed 10000, 600
1t is estimated that even if the annual receipts
and expenditures should continue as present,
the entire debt could be paid in ten years. In
yiew however, of the heavy load of taxation
which our people have already borne, we may
we'll consider whether it is not the part of wis
dom to reduce 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 sec
rotary in recommending the abolition of all in
ternal revenue taxes except those upon tobac-
co 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 officers
these articles for the prevention of
frauds. 1 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 re-
pealed, and the law also by which banks and
bankers are assessed upon their capital and
deposits. There seems to be general sonti-
mont in favor of this course, aud in the present
condition of our revenues the tax upon deposits
is especially unjust 1t was never imposed in
necessities of war, and never exacted, be-
leve, in any other country even
in it's greatest exigencies. Bankers are
required to secure their circulation by
pledging, with the treasurer of the United
States, bonds Of the general government The
interest Oh these bonds, which at the time
was per cent, is now in most instances gig
per cent, and besides, the entire circulation
was originally limited by law, and no increase
was allowable when the existing banks had
was the suggestion that for the franchise to
the favoring grantees the government might
. very properly exact tax on circulation. But
for years the system has been free and the
amount OF ClTCulauOQ regulated DV Iuo puDud
demand. The retention of this tax has been
suggested as a means of reimbursing the gov
eminent for the expense of printing and fur
nishing the circulating notes. II the tax should
be repealed, it would certainly seem proper to
require the national banks to pay the amount
of such expense to the controller of the cur
rencv.
TAX ON LIQUOR AND TOBACCO.
It is perhaps doubtful whether the imme-
diste reduction of the scale OF taxation upon
liquors aud tobacco is advisable, especially in
view Of the drain upon the treasury, which
must attend the payment Of arrears Of pen
slons. comparison, however, OF the
amount of taxes collected under
. have at different times prevailed, suggests the
intmation that some reduction may soon be
made without crippling the revenue.
TARIFF REVISION.
The tariff laws also need revising, but that
due regard may be paid to the conflicting III
terests Of our citizens. important changes
should be made with caution. If q careful re-
vision cannot be made at this session commits
sion such asw as lately approved by the SEN
ate and is now recommended by the secretary
of the treasury would doubtless tighten the Ia
bors of congress whenever the subject shall
be brought to it's consideration.
ARMY AND NAVY.
THE WAR DEPARTMENT..
The accompanying report OF the secretary Of
war will make known the operations of that
dcpartm ent for the past year. He suggests