Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1881-12-06

/ slitures-SOm0 lmp0Fsans k0co0DoDda-
ttons WAsh Regard - the 0reon-
back, Silver Ceiaage, TIE
Tariff and Taxsss0n.
WAsHINGroN, Dec. 6.-The following is
synopsis of the report Of the secretary
OF the treasury, Hon. Chas. j. FOlger, for
the year ended June 80, 1881
Ordinary revenues from all sources for
year, $500, 7e2, 292. ST; expenditures, $500,
7l2. 2.SS7:59 leaving surplus revenue of
500, ,069, ,4O4.98
The amount of bends redeemed during
the months of July, August, September
and October of the present year is in excess
Of the requirement of sinking fund for the
entire year by Sc, III ,5935O. Tho surplus
revenues, however, which may hereafter
accrue during the year will be applied to
the purchase or redemption of tho public
debt as contemplated by tho revised
Compared with the previous fiscal year,
the receipts have increased Ss7, 2255, 6S1.59.
Expenditures show decrease over the PFC
vious year of SO, $50, ,O7O.19.
The corporate existence Of 500 banks
will expire previously to February %,
1883. The secretary thinks many of them
will, under existing laws, continue bust
ness, but thinks much labor might be
saved by the passage of an act directly
authorizing the extension of their cOrpOr-
ate existence. Such a law is recommended.
The secret9ry recommends the repeal of
the act requiring the issue of silver certi-
ficates and their early retirement from
circulation. .
Referring to legal-tender notes he says
they are, without doubt, convenient and
safe and profitable to the government,
but rs they were necessity of the war,
the department has some doubts as to
their legality now as payment for debts.
1t is question worthy of attention. He
suggests permanent appropriation for
the redemption of fractional paper curren-
cy outstanding. and the public debt which
matured before 1860, and remaining out
standing.
Equity, if not strict law, demands the
payment of United States bonds in gold,
since it might be construed, especially by
foreigners, as breach of faith il they are
paid in coin worth in the markets OF the
world but eighty. eight per cent. of our
own standard value. We a-o.abundantly
able to discharge our obligations at
homo and abroad in money which
is everywhere accepted as the true
standard of value. The whole world
world is interested in bi-mt tlliism and the
secretary believes the best preliminary to
obtaining q thorough understanding is
for the United States to suspend the coin
age of the silver dollar. Continuation of
the present coinage will reduce us to an
exclusive silver coinage and tend to reduce
us to a place in the commercial world
among the minor and less civilized nations.
The secretary therefore recommends tho
repeal of the law for the coinage of fixed
amount each month and that the secretary
of the treasury be allowed to authorize the
coinage of as much only as is necessary.
A revision of the tariff seems necessary
for many branches of trade, particularly
iron and steel, but how far such
revision shall involve a reduction Of
tariff is for Congress to decide. A
of agriculturalists, manufac-
turers and merchants, sitting as board,
should be able to adjust the tariff so as to
equalize the burdens and benefits. The
recommendation of last year for tho repeal
of discriminating duties, particularly ON
tea and coffee, is renewed.
The secretary then refers to tho subject
of tightening taxation. He says at the
present rate of prosperity the national
debt could be- paid off in ten years, and
since so much has been done by the pres
ent generation, inquiries if it would
not be wise to defer it's final settlement
and devote more money TO lifting the pre-
sent burden of taxation. lie recommends
a reduction of the tax on matches and
bank checks, etc, but the retention Of
that on spirits, fcrmonted liquors and
tobacco.
The secretary discusses the subject Of
at three and half per cent,
bonds now outstanding, but makes no
thereon,