National Republican., 1881-12-07
Leaving n surplus revenue or-.,.....
Which WINS applied rs follows:


The requirements of the sinking fund for tho
year amounted to SlO.7s6OGi01, which sum in
Cluded balance of Si9Sl7 ,l2s7s. not provided for
| during the previous fiscal yenr. The sum OF
Si ,isO,20l 20 WINS applied TO this fund, which left
deficit oi Si6,30j S7Sl7 The increase of the reve
nucs for 1881 over those Of the previous year was
S2g,3j2 90l. TO- 1t is estimated that the receipts
during the present fiscal year viii reach
Si000000O0 and the expenditures $40 600 900, eay
ing surplus of Sl3O000O00 applicable to the sink
Ing fund and the redemption Of the public debt
| 1approve the recommendation Of the Secretary
| of the Treasury that provision be made for the
early retirement of silver certificates and that the
act requiring their issue be repealed. They were
issued In pursuance of the policy of the Goverll-
mcnt TO maintain silver at or near the gold stand.
| ard, and were accordingly mndC receivable for all
customs taxes, and public dues. About y siXty;sS six
! an unnecessary addition to the paper currency,
sufficient amount of which may be readily sup
| piled by the national banks.
| In accordance with the actof February 2S, 1878,
| the Treasury Department has, monthly, caused ut
least two millions in value of silver bullion to be
coined into standard silver dollars. One hundred
| and two millions of these dollars have been
already coined, while only about thirty -four mill
| For the reasons which he specifies, / concur In
| the Secrctnry's recommendation that the pro-
vision for coinage Of affixed amount each month
| be repealed, and that hereafter only so much be
coined Ms shall be nefossary to supply the de-
mand.
The Secretary advises that the issue of gold GER
| tifcates should not for the present be resumed
| and suggests that the national banks may prop
| cry be forbidden by law TO retire their currency
| except upon reasonable notice of their intention
soto do. Such legislation would seem to be jtlsti-
| fed by the recent action of certain banks OH the
occasion referred To in the Secrelary's report
OF fthe Sl50OOO00 of fractional currency still out
standing only about 900 has been redeemed the
past year; The suggestion that this amount may
properly be dropped from future statements of the
| public debt seems worthy ofnpproval
SO also does the suggestion Of the Secretary as to
the advisability of relieving the calendar of the
United States courts in the Southern District of
| New York by the transfer to another tribunal of
the numerous suits there pending against collect
ors.
The revenue from customs for the past fiscal
year s9S l5967602 an increase of sl1 G37 AZ
over that of the year prcceding Sl3SO9S, ,56239 of
this amount was collected ut the port of New
York, leaving so 25l 1l363 rs stheumount collected
At all the other ports of the country OF this sum
$i7O77, ,l3T 90 was collected on sugar. imelato, and
molnsses; s27,2S5,G2i.7S on wool aud its manufac-
lures s2l ,4d2,23l.I on iron aud steel, and manu-
factures thereof; Sl9O3S6 665 81 on manufactures of
silk: Sl0S25 ll5.2l on manufactures of cotton, and
sGdG9643 0i on wines and spirits. making total
| revenue from these sources Of sl3j.OjS 720Sl.
The expenses Of collection for the past year were
s6A1g3ij.20, nn increase over tile preceding'year
uf SSS7, ,il0.0!. Notwithstanding tile increase in
the revenue from customs over the preceding year,
the gross value of imports, Including free goods,
| decreased over S2j 10000. The mostmnr ked de-
crease was in the value OF manufactured wool,
slI02 eS2 and In that of scrap and pig iron, ST.,
Si0G1l The value of imported sugar. on the other
il hand. showed an increase of S7d57i7i, of steel
rails si&b52, of ,2Oi ana of steel in
Contrasted with the imports during the last fiscal
| year tile exports were MS follows:
domestic merchardl SSS3
Foreign lS,lj 3H
Tntnl -. ..- Oo 9-7 an
Imports of Gl366iG2s
Excess OF exports over imports of mer.
AggTesate Of exports and
Compared with the previous year there was an
increase of S6G 6SS in the value of exports o
merchandise andla decrease Of S25,29O,ilS In the
value of imports. The annual average of the OK
cess of imports of mGrGhHndise over export,
thereof for ten years previous to June 30 1873, wa
SlOl7G,922i but for The last six years there hai
chandise amounting TO Sl,lS0G6S, ,l0j, mn annuH
average of sl0G77SQl7, The specie value Of TN
exports OF domestic merchandise was 3T66l6,iT
in 1870 and SsS3 925.M7 in ISL, an increase o
500 3OO,iH, or 1856 per cent. The value of imports
was si35o5s4Os IN 1870 and sGi2c6l,G2 in 1851, Al
Increase of Sa06, OG220, or ~ per cent.
During each year from lsi2 to 1879, inclusive, III,
exports Of specie exceeded the imports. I'll,
largest excess of such exports over imports wa
reached during the year 1851 when Il amounted
10 g22s0,929. But during the year ended June 80
1850, the imports OF coin and bullion exceeded tht
exports by S75 sol ,3gl, aud during the last tlscR
year the excess of imports over exports wa
liz tile last annual report of the Secretary of IN,
Treasury the attention Of Congress was called L
the MCt that S469 COL 05nin per Centum bonds nnt
s203,573 $50 in 8 per ccntum bonds would becOm'
Ted1emable during the yenr, aud Congress wa
asked TO authorize the reminding OF these bonds u
lower rate Of interest. The bill for such refund
ing having miled 10 become Il law, the Secretary o
the Treasury, IN April last, notified the holders o
the l95.69O 900 per oennm bonds then ontstand
Ing that the bonds WOulu he alIl nt par on tie iTs
day Of July following or that they might be " con
tinued ut the pleasure Of the Government, to bea
interest at the nate ~ per centnm per annum.
Under this notice ol7s,O6b 100 of the per cent
bonds were continued ut the lower rate, and SII
G35 80 were redeemed.
| In the mOntl Of May like notice was given re
Specilng the redemption or continuance of III,
SlS9, $50 Of5 per cent bonds then outstanding
ana Of these SiOl 800 Were continued at 80 pc
cent, per annum, and S3S.336Yi6O redeemed.
The per cent, bonds OF the loan Of Februar,
s, 1861, aud Of the Oregon war debt amounting tO
I gethet to tli,l25S0O, having matuTed dnrlng thi
year, the Secretary of the Treasury gave notice o
his intention to redeem the same, and such u
have been presented have been paid from the sur
plus revenues There have also been redeemed
ut par slG,lI9l00 ofthe 3H percent. continued
bonds making total of bonds redeemed, or whcl
have ceased 10 bear interest during the year. o
I sl23.p69Gj0.
| The reduction of the annuRlnterest on the pub
lie debt through these transactions Is as follows;
by reduction of Interest TO "a per cent. tl0,i73052
by redemption of bonds G,359,3tO 0
lOltl's,U.s'.... ,sh2
| The 30 per Centum bOuG3, being payable at tn
pleasure OF the Government, are available for tn
! investment Of surplus revenue without the pay
meut Of premiums
Unless these bonds can be funded at q mucl
lower rate Of Interest than they now bear, Agre
with the Secretary Of the Treasury that no legsla
tiOn respecting them is desirable.
II Is matter for eOngfAtulalOn that the busines
of the country has been so prosperous during tn
past year as 10 yield 10y taxation large surplus o
Income to The Government. II the revenue law
remain unchanged this surplus must year by yea
increase, on account Of the reduction Of the public
debt and It's burden Of interesi, ana because of tn
rapid Increase Of our population, In 1860, Ius