New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-12-07

T"U I0WWT- q, TWITTE
sou 900 900. The most marked decrease was lh
Tie value of Manufactured wool, being l4,023,6o2'
and in that of scrap aud pig iron Sl2'SlO,6H'
The value Of imported sugar on inc HtheT htn'
sbayved an increase of s. 457, f74 of steel rails,
S1.345. 81 Of baTl'y. ~ i2l'ZOf ana oI s'o-i
in bars. ingots etc, 81, 620OiG. ,,c.,
Contrased with the Imports during tile nv uSc -
wear. he exports were IS follows: Domestic met-
eli Tndisc. 1888, 92j. 9f7; foreign merchandise;
Sis.451. 500; total, 5000, 3773iG; imports Of
rcbandise SGl2. 66iG2S; excess OF exports over
imnorfs of merchandise, $3.50 71271S; aggregate
of exports and imports, %l'34ooil,'!f r.
Compared with the previous year there was an m
crease of S66,73s,GS6 IN the YIue OF a.
merchandise, aud decrease OF p20,Zao'llo III
value of IMPORTS The annual average Oh me exec y
OF imports of merchandise over the exports Thereon
for the ten years previous 10 june ~ 100 We
S1O4 SOG 90; bnt ior the last six years there has
been an excess of exports over imports OF ncfclah-
disc Amounting to %1,1S0 66S ,l03, an annual av-
craze of Fl 90 or The specie value 9l the exc
pOrts of domestic merchandise was pBIOOlp,f'o III
$50 and 1888, 925, 947 in 1851, an increase OF
1907 800 IA or 13J per cent The value oi imports
was Sf35. 05S. 4Os in 1870. ana TO4Z.obfo-c Ia
1881 an increase of S206, 70622O. or AZ per cent
During each year. from 1862 to 1879 inclusive me
exports OF specie exceeded the imports. Inc Iargsi
excess of such exports over imports was reached
during the year 1861, when u amounted 70
500 $50 900 But during the year' ended june 80,
$50 tho irnnorts of com and bullion exceeded the
exports 10y S75 S9l 391 and during the last iiScal
year the excess of imports over exports WIS
RErUSDING MEAsUrrs.
In the last annual report OF the Secretary OF the
Treasury the attention of Congress was called to
the fact that $500 651 $50 in five per centnm bonds
and $2O3, 573 $50 in SIX per ceuum bonds would be-
core radecmablo during the year, and Congress was
asked to authorize the rcfundn" Of thee" bonds at
lower rate Of inter ST. The bill for su"h roiuncin9
having failed TO become law, the SECRETARY OF the
Treasury IN April last notified the hol lrrs al the
$ 90 10000 per ccntup bonds then "ut Stlnd-
ing that the bonds would be paid at par the first
Ill. he
fiuued mt the pleasure Of the Government 10 bear
interest at the rate of go per confirm net
anuum. Under this notice Tl'No'''I'V
Of the six pr c'utum h"d WtI z "
tinucd AT the lower rate and ST.. 63j.%1O "cr"
redeemed in the month of Nav. a like NOTICE wa !
r,vrn -csp.ctiug the redemption or continuance OF
the %f3g 81 $50 Of tye per centum bonds th'n
outstanding and of those Sol 100000 were con-
tinucd ri three aud oue-hali per "'num per anuuW'
and S8S 33G4IO redeemed. Tine SIX per ccntuln
bonds of The loan of February :, 1861. and of the
pfooo, War debt amounting together 70
S14l25. 500 having ma'urcI during the year, the
Secretary of the Treasury gave nouc, OF ms lht'N-
tior to rde mn he same and such have been pre-
snutad have bccu paid from the SUPP ne revenue.
There have also been redeemed nt p1r Gl1al0g
bonds making total ot bonds redeemed or which
have ceased 20 bear interest during The year %
SOB gGg $50 The reduction of the annu'i mi crest
ON he pubIr deb. thrnu"h these transactions W as
follows: Bv reduction # interest o. thrrc-1nd-on'-
!, If nor Govt $40 tT3 g52 -: Pow redemption ui
bonds %G.S-23iO; total, Sid.~2G.292 -.
The three lnd on"-hali per eeu.uM bonds, beng
nqynhle M the pleasure OF the foycrum'ut are
1ps,,iobIc FOR the investment NJ surplus revenue
without the payment of premiums. Unless these
bonds can be funded at much lover rae OH in ti-
est than thcy now bear. AGREE with the Secretary
Of the Trrs ,ury that no legislation respecting them
RELIEF FROM TAXATION.
lisa matter for congaiullton th1t The business
of the country has been so prosperous during the
mast wear a, TO yield hy taxation large surplus OF
a.. L.,
main unchanged, thus surplus must year by year in
rasc on account of the reduction of the public debt
aud its burden ofintcrcs, and because oi Che rapid
increase of our population In 1860 jus prior to the
insfitu ion of our internal r,Vruu" system, our
NOM atiun but slightly exceeded bO,OOOOuD. bV the
esI,s of $50 IL Is now found TO coed 80 900, OOO
Is estimated that even # the annual receipts ana
expenditures should continue as al present, The en-
tive debt could be paid in ten years In view, how
ever OF the heavy load OF taxation which orr
people have already borne, We may well consider
whether Il is not the part OF wisdom 70 red g. the
revenues. even If We delay htilc the payment 81
thr debt u seems to me that the time has arrived
when the people may justly demand some rrIlrl
from their present oucrOus burden, and that by
dine economy In the various branches If the public
service this may readily be Afforded. thern ore
concur with the Secretary !n recommending thc
bnliton Of all internal revenue taxes, except tho"
upCn tobacco in its various forms ana upon dis
tilIcd shirts and fcrIncutcd liquors, and except
a So the special tax upon the m1uutac.u f"r4 al ana
dealers in such articles he retention "i
Of 'I these 0O'o articles for thc PREVENTION
of fraud. agree with the Secretary of the IWa--
my that the law imposing a stamp tax upon
matches proprirtary articles, playing cards. clccSs
and drafts, may with propneiy be repealed, ana the
law. also. by which bank, and bankers are assessed
upon their capital and deposits ih'Ir seems To 1e
a general sentiment III favor Of tins cour-n.
la the present condition OF orr revenues the tax
upon deposits is especially unjust Il was mover
iInposcd III this Cou try until ~ was demanded by
t,a ti.. a
liryc ia any other country. even ia ats greatest cN
iucncics Banks are required To secure Their tlrru-
Iatlou by pedging with the Treasurer ui the United
States bonds OF the General Government. he
interest upon these bOlds which at the time when
the tax was imposed was per cent, is now. IN
most instances, 3lg per cent. Br-ibc5, the cn.lrc
circulation was ilInally limited by law, and no
increase was allowable. When the existing ban KS
had practically a monopoly Of the business there
was force IN tur sugg s,iOn that for the franchise
10 the favored grantees the Government might very
rropcl y exact "A tax on circulation; but for years
The system has been free, and The amount Of
circulation regulated by the public demand. The
retention of tins tax has been suggested as means
of relmbursiug the Government Tor The eNpruas o.
priutiug and furnishing the circulating uu,ts. Il
The tax should be- repealed IT would certainly seem
proper TO require the National banks 10 pay the
amount OF such expense 70 the Controller Of the
Currency. II l.. perhaps, doubtful whether the
Immediate reduction of the rate of taxation upon
lion rs and tobacco il advisable, especially m view
of fhc drain upon the Treasury which must attend
the payment Of arrears OF PENSIONS cOmplris 10,
however OF the amount OI taxes corclcd under ihe
varying rates OF taxation "hlch nave al Inherent
times prevailed suggests the animation that some
reduction may soon be made without material dIm-
mutton of the revenue.
The taria laws also need revision but that due
regard may be paid To the conflicting interests Of
our citizens important changes should be made with
caution. II a careful revision cannot be made at
this session, commission such as WAS lately np-
proved by the senate aud Is recommended by
the Secretary of the Treasury would dOub tless
tighten the abOrs Of Congress whenever this subject
shall be brought TO its consideration.
MILITARY AFFAIRS
The accompanying report of the Secretary OF War
will make known the operations OF that Depart
ment for the past year lie suggests measures for
promoting the efficiency Of the Army without add
ing to tn number Of its officers, and recommends
tLr LEGISLATION necessary 10 increase the number of
enlisted men b. 10000, the maximum allowed by
law This he deems necessary 10 maintain
the 0uietude of our shifting frontier;
TO preserve peace and suppress disorder and
maraudng in new settlements; TO protect settlers