Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1881-12-15

lllt uellldlu.
The secretary advises that the issue o
gold certificates should not for the presen
be resumed, and suggests that the nation
al banks may properly be forbidden by
law to retire their currency, except up0l
reasonable notice of their intention 81
to do. Such legislation would seem 10 b(
justified by the recent action of certain
banks on the occasion referred to in thu
secretaryS report.
or the Slj,0O00O0 of fractional currency
still outstanding, only about $4,000 has
been redeemed the past year. The sug
geStiOn that this amount may possibly b(
dropped from future statements of public
debt seems worthy of approval. so, also
does the suggestion Of the secretary as tC
the adyisability of relieving the calendar
of the United States courts in the south
ern districts of New York by the transfer
to another tribunal Of the numerous suit,
there pending against collectors.
CUSTOMS COLLECTIONS.
The revenue from customs for the past
fiscal year was Sl9S,1j9676O2, an increase
of Sll ,G37,G1ll2 over that of the preceding
year. Sl66,09S,5G2.30 of this amount was
collected at the port of New York, leaving
SS025 1883 as the amount collected AT
all other ports Of the country. OF this sum
S47977, 1868 was collected ON sugar and
mOlasseS S37, 37,2Sj,62L7S on wool, and its
manufactures; S2l ,4G9,j3iH on iron and
steel, and the manufactures thereof; 3d.
038,G65.Sl in manufactures Of silk; $40.
S2j, ,llj.2l on manufacturers of cotton, and
S6I69, ,6430i on wines and spirits, making
total revenue from these sources Of Sl33,-
O5S,72O.0S.
The expenses of collection rOc the past
year were S6il9,iij.20 an increase over
the preceding year of S3S7,4l0Oh NO'witll-
standing the increase in rcyCNu, from
customs over the preceding ,wr the
gross value of the imports inClud wee
goods decreased S25,6OO,OOO. The rirt
decrease was the value Of unmanufaa rl
wool Sli,0236S2, and in that of scrap i
pig iron S12SlO.G7l.
The value Of imports of sugar on ..
other hand showed an increase of S7,lj7.
Al; Of steel rails, Sl,34j62l; Of barley
S2,1ji,2H: and Of steel in bars, ingots,
ETC., S62O0i6.
Compared with the previous year, there
was an increase of SGG73S,GSS in the value
of exports of merchandise, and decrease
of S26,200,ll 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 S1,-
0i7,0G922, but for the last six years there
has been an excess of exports over imports
of merchandise amounting to Sl,lSO,-
GGS,l03; an annual average of SlS677S0fn
The specie value OF exports of domestic
merchandise was S37G,Gl6, l73 in 1870, and
SSS3,925,9i7 in 1881, an increase of l3j per
cent. The value Of imports was Si3j,-
gjS, HOS in 1870 ard SGi2G6l,G ,G2S in 1SSl, an
increase of II per cent. During each year
from 1862 to 1879 inclusive, the exports Of
specie exceeded in the imports. The
largest excess Of such exports over i'm
ports was reached during the year 1864,
when il amounted TO S92,2Ol,D2D. but dur
ing the year ending June so, 1850, the I'M
ports Of coin and bullion exceeded the i'm
ports by S7j,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 SiG9. .Gjl $50 in !
per cent bonds, and S203,j13,7jO in 6pcr cent
bonds would become rCdeemable during
the year, Congress was asked to authorize
the rerunding of these bonds at a low rate
Of interest The bill now refundng hay
ing failed TO become law, the secretary
of the treasury in April last, notified the
holders Of the Slgj,Gg0, 100 & per ccntum
bonds then outstanding that the bonds
would be paid at par on the lst day Of
July following, or that they might be con-
tinucd at the pleasure Of the government,
TO bear interest al the rate of 80 per cent
UNI per annum. Under this notice SIS,
0jj,lj0 of the & per cent bonds were con-
tinued at the lower rate and Sl7 7635, ,250
were redeemed in the month of May. A
like notice was given respecting the re-
demptiOn or continuance of the Sl39,Sil,-
$50 of the five per cent bonds then out
standing. OF these Si0l ,jOig00 were con-
tinued at 81 per cent per annum and $685..
336,4jO redeemed the 6per cent bonds of
the loan of February &, 1866, and the Ore
gOn war debt, amounting together to Sll,
l2j,S00, 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 Si6,179,1OO
of the 81 per cent continued bonds, MAX
ing a total of bonds redeemed, or which
have ceased to bear interest during the
year of S123,3G9,Gj0,
PUBLIC DEBT.
The reduction Of tine annual interest on
the public debt through these transactions
is as follows: BY reduction of inttreS to
81 per cent, SlO,l739j2.27 by redemption of
bonds, SG,352 800; total, Sl6,S2G,202.27. 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 ut much lower rate
of interes than they now bear. | agree
with tln gnnrnt urV nF tha trnaGnrV thot m
legislation respecting them is desirable.
II is a matter for cOngratuatiOn 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 year
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-
tiOn but slightly exceeded 3OOOO,0O0. by
the census of 1870 it Is now found to CX-
ceed 50,CO0,OOO 1t is estimated that even
if the annual receipts and expenditure
should continue rs 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 il we delay little the payment of
the debt.
DECREASING TANEs.
IL 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 recommending the abO-
litOn 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 a 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 oul
revenues the tax upon deposits is especial
| ly unjust. 1t was never imposed in this
country until 1t was demanded by the ne
cessities of war and was never exacted,
believe, in any other country, even in its
greatest exigencies. Bankers are required
to secure their circulation by pledglnl
with the treasurer of the United States
bonds of the general government, anC
the interest upon these bonds, which Al
the time the tax was imposed, was pei
cent is now, in most instances, 81 pei
cent, and besides, the entire circulation
| woc orioinollv liuitad hl law opd mn In