The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1881-12-15

mAv properly hr FORBIDDEN py law 10 retro
their currency except uIon r. reasonable notice Of
seem TO BE- Justified by the recent action of Ger
tain banks OH tho occasion referred u N thu
secletary's report.
FRACTIONAL CURRENCY.
Of the fifteen mIltons fractional currency
still outstanding only about eighty thousand
has hcen Il deemed tho past ycar. Tho sugges-
ton :hat tho amount may properly bo dropped
| from future state ments OF tho pubIie debt
sctnls worthy of approval 70 also does the
| suggestion of the Secretary ~ 10 tine advisable
lty Vi relieving tho calendar OF the United
/ States courts III tho Southern District of New
York III tile transfer to another tribunal OF
the numerous suits pending there against col.
| lectorv.
| THE REVENUE FROM CUSTOMS
for the past fiscal year wss tl9, l59, ,676.02, an
| increase or .il6a7. .6ii.A2 over that OF the pre-
ccdlng year; As, ,U9s. CO... 30 or this amount was
collected At the port Of New York, leaving $780,
| 25l,ll3.63 a. the amount collected at oil the
| other ports Of the country. OF this sum &47,
/ 977.i37.63 WAS collected ON sugar, nlelAdo
and molasses; $27,2s6,62l.7 on wool
and its manufactures; Sal,462, ,53isi on
| iron and steel and manufactures thereof, 49,
O3S 665 on manufactures of silk SlO. O.825, ll5. II
1 on manufactures 0f cotton, and 3d.
463643.04 on wines and spirits, making tho
l total revenue from these sources el33.058.-
| 72U.sl. Tho expenses of collection Tor the
past year were $6, ,3452O, an increase over
| the preceding year Of t3s7. 7.4io.O4. Notwith-
standing the increase in revenue from customs
over the preceding year, tho gross value oi tho
imports, including free goods, decreased over
/ f25.OO0, 900. The marked decrease was In the
value OF unmannfacturca wool. 1923, Use, aud
III that OF scrap and zig iron, $l2,sl0,67l. The
value q imports lsuyaro, on on tns other I hand. y
$4.34552l, Of barley -. l5l 2OA, and OF steel IN
/ bArA. ingots, etc, $63O, ,Oi6.
Compared with tho previous year, there wAs
mn increase Of S676. .73s, ,Gss in the value Of ex-
/ ports or merchandise, and decrease Of $25.-
/ soa1ls IN the value of imports The annual
average Of Increase q imports q merchandise
over exports thereof for ten years previous Il
June 81, 1873. was eliot, ,sn5, ,92a, but for the
last tx wears there has been al excess Of cx-
| ports over imports Of merchandise amounting
- II lsO, G6S, l03, an annual average Of el96..
iGs,0l7. The specie value Of the exports Of
! domestic merchandise was e376, ,6l6.473 III
| 1870, and $ss3,9759i7 III 1878. an in
pr ~ cent. Tho value Of import,
vas 1885, 4os in 1870, and e6i2, ,c6i, ,da7 il
! l.sl-an increase or &ai6, 1s2 20, or II pei
/ cent. during each year. From 1864 te
1871. inclusive, tho exports Tor specio ex-
sseded their Imports. Tho largest excess
eeaeLsd during tho year 1864, when Ii
4 amounted t. sa2ar4 9aa, but during the yea
| ending Junc ID. 1850, the imports of coin AM
saisnn exceeded tho exports by S75, S9l. 3al,
nd during the last fiscal year tho excess oi
imports over exports WAS S9l, l6SG50.
| In the last annual report Of the Secretary OF
| the Treasury tho attention of Congress wa
called 70 tho fact that 800 965i, ,t5O IN 5 re-
4 cpnlum bonds and S2l3. 573. 751 lii & per ceatuni
bonds would lccome redceniahle during III.
| year and Congress was asked to authorize th
RErUNDINa
i s1ftt tt&.kan ~. ~ n - ;nk..
bill for snch rcfunding having failed |,
become Inv, the Secretary of the Treasury
| ii April last notified the holders of til,
/ .ls5,C9n, 400 6sler-centum bonds then out
| standing that the bonds would be pad u,
| rar on tho LIT day OF July following. q.
that they might 10 "con,inued" at tile pleas
1 nre Of tho Government to bear interest 4,
tie rate of'3ss psrcentnm per annnn. Un
| dor this notice Sl7s.a55,i5O Of III.
i h-ncr-centum bonds were continued I'll
| Tie lower rate, and el7.6a5, 100 were r.
| dsemei. In the mouth OF May like motto.
| t.nuance Of tho S43a. .sil,350 Of 5-pcr-centun.
bonds then outstanding. and Of thes
| siol.A0A,0u0 were continued at 81 poi
| centem per &nnum, and &3s, SD. $50 r.
| des,ned Tho 6-per-centum bonds of III.
loan Of Feb. 8, 1861. and Or the Oregon
| war debt. amounting together 10 $iA. l25. $40.
| having mature d during the year, tho SECRETARY
| ot Ito Treasury gave notice Of his intention I.
| rod, I'm the same, aud such ~ have lccn pre-
| scnted has been paid from ths aurplns revenue
| Faers have also hcen redeemed 1T par 4i6, l79.
| |, 0of the b per centum "continned : bonds.
msking u to al of bonds redeemed, or which
have Q, ased to bear interest
THE REDUCTION OF THE ANNr.. INTEREST
| OH the pnhlic debt through these transaction
| il as follows: Ev reduction OF interest to 81.
| ner cent. $l0i7.3a5, ,227, hv redemption u
bonds sd35, III. 900 total, II .Gss 62a aaa. Th
| s.. per ecntum bonds Icing paxatle ut III,
| psasnre of tho Government, are available 70
| Tie Investment Of surplus seSenuo without th,
! payment Of premiums.
Unless these bonds can bo funded At 4 mncl
| lower rate u interest than they now bear.
| agree With the Secretary Of the Treasury tia,
| 10 legislation resptcsin. them II desirable. II
| il 4 matter FOR coAgratnlAtion that the huss
| ness of the e,nntry has been 20 prosperous
| during tie past Year ~ 10 yield by taxation
| large sur, Jus Of income 10 the Government,
| II III, revenue laws remain unchanged. thls
surplus must year by year increase on NJ
| cannt of tho reduction of tho puhh
| d,bt and its burden OF interest, and because
| u tho rapid increase of oar population. Ii
isd0. just prior to the institution of our inter
| ael r,scuno system, onr population but slightly
| -Aesod.d ,uuatoO. lsy tile census of lssU
| ii uuN iound u exceed 5N,uuN.unO. II IL ostt
| Mat.d that even II the annual receipts aud u
| ,,endRules should continue as Ut present th
entire deht could b. paid in ten years. i
vew. however, of tho heavy load u taxat,os
| Witch onr people have borne. No may we'll CON
| slider whether II il not the part " wisdom Il
/ reduce the revenue, escn II we delay httl
| tne payment of tie debt.
Il seems TO me that the time has arrived
| when tho people may justly demand somo II,
| aof from their present enormous burden, ans
/ that Ly due ccunanay iii the sArluus branches
| IL the public service this may readily be III
| fotdcd. | therefore concur with tho Sccretar.
1 Recommending
| rME ABOLITION Or ALL INTERNAL RkvESrt
TAxn
except those upon tobacco In its yArion
/ forms. and upon distilled spirits and fel
| neniod liquors. and except also the sln'e,s
i tax upon til, manufacturers Ut and dealer
Ii snch articles Tie mlenti,n OF the latte,
tax Il desirable ~ atfnrdlns the officers 81
! lie Government \ proper supervision III thcr
1 rtic,es fai ihe prevention IA fraud. ngte
With the Secretary oi the Treasury that ,he 'aN
| mles ilg slamp Tux IN matches. pro- rsataf4
Articles. PLAYING cards, checks and draft may,
| With nfaa,i,sy, t. repealed, and the law all
i liz which haska and BANKERS are assessed upuI
/ their capital and deposits. Ihtre sesnls to h
l general sentiment IN favor of this course. Iii
/ ihe present condition nt cur revenues I'll,
| tax upon tho deposits a e.l eelalis nnjart. Il
| Was never imposed IN this county unit II Mae
| demanded hy tho nceesslllos of war, was n.y.i
exaetea heii.ye. In any ether country, sy.n
L u in tAlk0HG8k. hMHksIs
| uniled to secure their circulation hy pleasins
With tte Treasurer of the United States
honds Of tho general Government Tho ln-
crest nron these bonds. Which al the
Time when thc tax was imposed ~ar
| per cent. y now III most in
stances al per cent. and besldes thu en.ir.
circulation WAS originally limited hy law. ana
no increase WAS allowable. When tho existing
| halks had practically monopoly of thu bust
nesr there WAS force III the suggestion that tur
.ho franchise 10 the favored grantees tho Gov
efNmeAl might very properly exact tax on
aieulation. hut for years tho sssi.nl H.
s.en free aud the anaennt of clicu,a
aa regulated BY til. public demand
lie retentiaa ni thi. tax hAs ht.n suggested
u means u relnihnrsins tin as,sernmcilt for
| 10 .Nlasnse pt printing and furnishing III.
/ afAnfst a. Mes Ii tn tx should To ~.
/ aslsau would certainly hs prupef 10 feanit
| tsa n4tlnnal hsaasta pay tha amount III such
| 5Nnensa IA I'll. Comptroller VI The Currency.
Il l. perhaps dnnntful whether the immedl.
III reduction ~ thu rite uf
j TsAAltaS lsaN IIQu.As AND ranAcso
| y ads.sahle. IN view III til. drain urala the
i 4. AZ