New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1881-12-21

DECEMBER 81, 1881.
an increase of $2O6, 706.22O. or Al 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 $685.
1O4,929, but during he year ended June
80, 1880, the imports Of coin and bullion
exceeded the exports Ivy $75.89l 1891, and
during the last fiscal year the excess Of
imports over exports were 1911. 1851 $50.
In the last annual report or the Sec,e-
tary Of the Treasury, the attention ofCon-
gress was called to the fact that 1859 651.-
in per centum bonds would become re-
deemable during the year and congress
was asked to authorize the
REEUNDING.
of these bonds at lower rate of interest.
The bill for such refunding having failed
to become q law. the Secretary of the
Treasury in April last notified the holders
of the $780,, $3.50, 400 per centum bonds
then outstanding that the bonds would he
paid at par on the LIST day of July follow
ing, or that they might be continued" at
the pleasure of the government, to bear
interest at the rate of 81 per centum per
annum. Under this notice l78.O55, $50 Of
the 6 per centum bonds were continued at
the lower rate, and ST., 635,250 were re-
deemed. In the month of May q like
notice was given respecting the redemp-
ton or continuance Of the $439, 841 $50 Of
per centnm bonds then outstanding,
and of these $401. 5o4.90O were continued
ut - per centum l~r annuin. and $685.
336.45O redeemed. The per centum
bonds of the loan Of February 8, 1861, and
of the Oregon war debt, amounting to-
gether to $14,125,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 sur
plus revenue. There have also been 10.
deemed at par SIG. LIS, 100 of the 81 per
centum continued" bonds, making
total of bonds redeemed, or which have
ceased to bear interest, during the year
of $123,969.65O
THE REDUCTION OF THE ANNUAL INTEREST
on the public debt through these trans
actions is as follows: By reduction of in
terest to 81 per cent. $1,047, 1895, 227, by
redemption of bonds $685., 22334 600; total,
81 ,8S2, 829, 225. The 81 per centum bonds
being payable at the pleasure of the gov
eminent, are available for the investment
of surplus revenue without the payment
of premiums.
Unless these bonds can be funded at
much lower rate of interest than they
now bear, agree with the Secretary Of
the Treasury that no legislation respect
ing them is desirable. It is matter for
congratulation that the business of tho
country has been SO prosperous during
the past year as to yield by taxation q
large surplus of income to the govern
ment. If the revenue laws remain un-
changed, 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 in
stitution of our internal revenue system,
our population but slightly exceeded 3d.
100000. By the census of 1880 it is now
found to exceed 50,00O,OOO. 1t is estimated
that even if the annual receipts and ex-
penditures should continue as at present
the entire debt could he paid in ten years.
In view, however, Of the heavy load Of
taxation which our people have borne,
we may we'll consider whether it is not
of wisdom to reduce the revenue,
even if we delay little the payment of
the debt.
It seems to me that the time has ar
rived when the people may justly de-
mand some relief from their present enor-
nous burden, and that by due economy
in the various branches of the public
service this may readily be afforded. I
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 fer
mented liquors, and except also the
special tax upon the manufacturers of
and dealers of such articles. The inten-
ton of the latter tax is desirable as
affording the officers of the Government a
proper supervision Of these articles for
the prevention of fraud. agree with
the Secretary of the Treasury that the
law imposing a stamp tax on matches,
proprietary articles, playing cards, checks
and drafts. may, with propriety, he re-
peated. and the law also by which banks
and bankers are assessed upon their
capital and deposits. There seems to be
a general sentiment in favor of this
course. In the present condition of our
revenues the tax upon the deposits is
especially unjust. 1t was never imposed,
in this country until it was demanded by
exacted, believe, in any other country,
are required to secure their circulation
by pledging with the Treasurer Of the
United States bonds of the general
rtn into
bonds, which at the time when the tax
was imposed was per cent, is now in
most instances 81 per cent, and besides,
the entire circulation was originally limit
ed 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
franchise to the favored grantees the
Government might very properly exact
tax on circulation, but for years the
system has been fIee and the amount of
circulation regulated by the public de-
mand. The retention of this tax has
been suggested as u means of reimbursing
the Cove rnment for the expense of print
ing and furnishing the circulating notes. If
the tax should be repealed it would GER
tainly be proper to require the national
banks to pay the amount of such expense
to the Comptroller of the Currency. 1t is
perhaps doubtful whether the immediate
reduction of the rate of
TAXATION UPON LIQUORS AND TOBACCO
Is advisable, in view of the drain upon the
Treasury which must attend the payment
Of arrears Of pensions, a comparison. how
ever, of the amount of taxes collected
under the varying rates of taxation which
have at different times prevailed suggests
the intimation that some reduction may
soon be made without diminution of. the
revenue.
THE TARIFF LAWS
also need revision, but that a due regard
may be paid to the conflicting interests
of our citizens, important changes should
be made with caution. If careful re-
vision cannot be made at this session, a
commission, such as was lately approved
by the Senate and is now recommended
by the Secretary Of the Treasury, would
doubtless tighten the labors of Congress