Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1881-12-10
dues. About SOS, 900 900 Of them are now out
| standing. and they are found an I'm necessary adj
dition to the paper currency q sufficient amount
/ of Which NAV be readily
TIN NATIONAL n

uues. ABOUT 500, Ouo ,UoO Oh shem afe NO" OUT
standing. and they are found an un necessary adj
dition to the paper currency q sufficient amount
Of which may be readily
SUPPLIED BIZ THE NATIONAL BANKS.
In accordance with the act Of February q. 1873,
the treasury department has monthly caused at
least o.. 600. 600 IN value of silver bullion to be
coined into standard silver dollara. One hum
dred and two n illion OF these dollars nave been
already coined, while emily about S34 200 .0e0 are
In circulation.
For reasons which he specifies. concur in
the secretary's recommendation. that the pro-
vision for coinage of a hxed amount each month
be repealed, and that her after, only SO much be
coined as shall be necessary to supply The dc.
gold certificates should not fOi the present be
resumed, and suggests that the national banks
may properly DO forbidden by law 20 retire their
currency, except upon reasonable notice OF their
intention so 10 do. such Legislation would seem
to be justified by the recent action OF certain
banks on the occasion referred to In the secreta-
Of the SIS, 600. 900 Of fractional currency still
outstanding; only about $50 900 has been re-
amount may properly be dropped from state
ments of the public debt seams worthy Sf APP
prevail; SO also does the suggestion Of the see
calendar of the United States court in the south
ern district of New York by the transfer to an
ether tribunal of the numerous suits there pend
The revenue from cussoms for the past fiscal
year was el0s. lte. SIC o.. an increase Of Sll,-
es7. GIL ~ over that OF the preceding year.
the port OF New York-lsaying $50, PSI lib 81 As
the amount collected at all the other ports Of
the country: OF this sum sun. ..s ~ ls 81. - saT Ts y
on wool and its manufactures, $2l ~ 5S4 ~ On
iron and steel and manufactures thefeof. slo..
oss 90 81 on msnutaotnrss OF Us. Ell "a s 4sS s ~: ~ ~ =.
from these sources. >l3s .o6s TAO %. The ex-
3J 20, an increase over the preceding year Of
1857 40 o.. Notwithstanding the increase in
revenue from customs over the proceeding year
goods, decreased over Us. 90. COO. The marked
decrease wa the value Of manufactures
wool sl4. 073. $50. and IN that OF scrap and pig.
sugar, on the otner hand, showed an increase
OF 81, 457. l74, Of steel rails -, "a: sci, OF bars
%. l5A. 204, and Of steel in bars. inEots, ETC..
$50, O46. Contracted, the imports were as fol-
lows: Domestic merchandise. %. os3. 9S5, SI7;
foreign merchandise SIS, 45i. 800; total. 1892 :
377 $40; imports OF merchandise, $50, ~ ;ess;
excess OF exports over imports Of mel chandlse.
81, s45 Oh .si1..- Compared with the previous
the value Of exports of merchandise, and a de-
crease OF $25. 2so. lis in the value oil imports
The annual average Of increase OF i'm ports Of
previous p.1ieasI to June 80. ISIS. was sio4. sss, sss, ba.
for the last ak years there has been an excess Of
exports over imports Of merchandise amounting
to 81. $50, CSC, los, an annual avelaHe OF $780,
77S OIL. Inc specie value of the exports OF do.
mestic merchandise was 1876. GIG. 47S 10 1870, and
1888 925 9&7 III 1881, an increase OF 1907 ,3cs, ~,
or 1876 per cent. The value of imports was
s4e5, s5s, lJs In 1870. and $e42, e64 Gas In 1881, an
increase OF $50. SIS go: or II per cent: During
OF specie exceeded the imports. The largest ex-
cess OF such export over imports was reached
during the year 1854. when 1t amounted TO
$92. 204 $40, but during the year ended June 50,
1880, The imports Of esln and bullion exceeded
the exports by S75 1871 .Sol.
THE Five AND SIX PER CENTS.
In the last annual report OF the secretary of the
treasury the attention Of congress- was called to
the flct that $3.50 .65l $50 in 8 per cent. bends and
sos. SD, 100 in 8 per cent. bonds, would become
redeemable during the year. Congress was ask
I'd to authorize the refundlng of these bonds Vt q
having failed to become . law, the secretary o.
the treasury in April last notified the holders Of
the sla5 900. 400 8 per cent. bonds then outstand-
ing that the bonds would be paid at par on July
l following, or that hey might be continued At
the pleasure OF the government to bear interest
this notice sI7s ,O55, $50 Of tie 8 per cent. bonds
were continued at the lower rate. and $l7 ,635,-
$50 were redeemed. In the month OF May u like
continuance OF the s43y, s4I, $50 OF 5 per cent.
bonds then outstanding, vi these $4el 5O4. 800
were continued at ~ per cent. per annum, aud
the loan OF February .. 1855, and OF the Oregon
war debt, amounting together to Sl4. l25, $40,
having matured DUNG tue year, the secretary VI
deem the same, and such as have been presented
have been paid from the surplus revenue. There
have also been redeemed Ut par sic, l79 100 Of
of the Sk per cent. CONTINUED bonds, making q
total vi bonds redeemed or which have ceased to
draw interest, during the year Sl2S $50 $50. The
reduction of the annual interest on the public
debt through these transactions IL as follows:
By reduction of interest to 3K DER cent. 80
47s. s52 ~; by redemption Of bonds. s6, s5s. $40
total, SIS, $40. 242 Il. The 3A per cent. b ,nds,
being payable at the pleasure si tue government.
are available for tie investment of surplus rev.
enue without the payment Of premiums. Unless
these bonds cAi he funded ut q much lower rsis
of infaraSf than thew now hear l IRrp0 with fnp
secretary of the treasury that no legislation re-
specting them is desirable. 1t Is y matter for
has been SO prosperous during the past year, as to
yield by taxation = large surplus OF income to
the government. If the revenue laws remain
crease. on account OF the reduction Of the public
debt and Its burden of interest, and because Of
the rapid increase OF OUT population. In 1850,
see.led 80. Oso 600. By the census of 1850 il is
now found 10 exceed O.00U,G coo 1t is estimate
that even if the annual receipts aud expendi-
tn:es should continue MS at present, the entlrs
debt could be paid In ten years. In view. how
ever. OF the heavy load OF taxation which our
people have already borne, We may welt con-
slider whether 1t is not the part of wisdom to re.
duce the revenue, even il we delay u little the
pay naent OF the Gebt.
ABoLIsHxRNr OF TAXATION.
1t seems to me that the time has arrived when
the pe ople 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. l there
fore concur with The secretary, recommending
tue abolition of all internal revenue taxes.
except these upon tobacco in Its various forms
and distilled spirits and ferncnted liquors, and
except also the speclaltaA upon the m.nulactu-
rers or dealers in such articles. The intention
of the latter tux ID desirable As Afford ng the
officers OF the government q proper SUPERVISION
OF the articles for the prevention Of fraud. i
agree with the secretary of the treasury that the
law imposing a stamp tax upon matches. pro-
drafts, MAJ with prcpri.ty BIZ repealed, and the
law also by which banks and bankers are as
sessed UPON their capital and deposits. There
seems to be 3 general entimen in favor of this
coures. In the present condition Of our revenue
the tax upon deposits 10 especially unjust. 1t
was never imposedain this country until it was
never exacted, l believe, in any other country
even in its greatest sxigencle5. Bankers are
required to secure their circulation, by pledg.
ing with the treasurer OF the United States
bonds OF the general government, and the inter-
est upon thpse bonds. which at The time when
the tax w 10 imposed was 6 PEI cent. is now in
most instances 3A per cent. and besides the
entire circulation was allowable. When the
existing banks had practically Il monopoly of
The business, there was force in the suggestion
ttat Tor the franchise to the favored parties
the government might very properly exact a
tax on circulation, but for years the system
has ben free and the amount OF circulation
regulated by the public demand The reten-
tion of this tax has besn suggested rs q means
of relmbursing the government for the expense
OF printing and furnishing these circulating
notes. If the tax should be repealed, it would
c%ertsinly seem proper to require the national
banks to pay the amount 81 such expense to
the comptroller Of the currency. It is, per-
hips, doubtful whether the immediate Ieduc.
ton OF the rate of taxation upon LIQUOR and
tobacco Is advisable. especially in view Of the
drain on the treasury. which must attend the
pay ment Of arrear. Of pensisns. A compare
sen however. of the amount of taxes collected
under The varying rates of tax ration. which
have at different lines prevailed, suggests the
intimation that some r. ductlon may soon b.
made Without material diminuIion Of the rsye-
nue.. The tariff laws also need . revision, bat
that u due regard .may be paid TO the conn.ct-
ing interests o. our citizens Important Changes
should be mace with caution. II a careful re-
vision Can not be made at this session . CON-
MISSION. such as was lately appoisted by the
senate and is now recommended by the secrs-
tary, of the treasury. would. doubtless, tighten
the labers of congress whenever this subject
shall be brought to Its confederation.
THE POSTAL SYSTEM.
The report OF the ostImastsr-gensra Is .
gratifying exhibit Of the growth and EN- :iency
OF the postal service. The receipts from postage
and other ordinary sources during the past fiscal
year We're $36 .4s9, sic So. The receipts from the
money order business were 1925 ISL 40, making
a total of e3S, 1855. s9S 81. The expenditure Tor