Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1881-12-07


$685. 9i7 in 1s71-an increase of 1907 3os 474.
1915 per cent. The value Of imports was s43,-
$685. sos in 1870, and 1912 62s in increase
of s20,67s,220 or AZ per cent During each year,
from 1862 to 1879, inclusive the export OF specie
exceeded the imports. The largest excess OF such
export over imports was reached during the year
1864, when it amounted to 500, 204 ,929, but
during the year ending June 30, 1885, the
imports Of coin and bullion exceeded the ex-
ports by SIS, S9l, &c., and during the last fiscal
year the excess Of imports over exports was SOL
16S650 In the last annual report of the Secretary
of the Treasury the attention OF Congress was called
to the fact that $780, ,05o in five per centum
bonds, and 1908, $50 in six per centum bonds,
would become redeemable during the year. and Con-
gress asked to authorize the refundng OF these
bonds at lower rate Of interest The bill for such
refunding having failed TO become law, the Secre-
tary of the Treasury in April last notified the hold
ers of the S195 $500 400 in six per cent bonds then
out stating that the bonds could be paid at par ON
the first day Of July following, that they might
be continued at the pleasure of the Government to
bear interest at the rate of 81 per centum per an
Under this notice s17S 055 $50 of the six per
centum bonds were continued at the lower rate and
ST. 635, $50 were redeemed in the month of May A
like notice was given respecting the redemption or
continuance Of $3.50 SAL $50 OF the five per certum
bonds then outstanding, and of them Si0i, 50i 900
were continued at 81 per centum per annum, and
SIS, 1885, 45o redeemed The six per centum bonds of
the loan of February 8, 1861 and Of the Oregon
debt. amounting all together to sl4 125 500, having
matured during the year, the Treasurer gave notice of
his intention to redeem the same, and such have
been presented have been paid from the surplus
issue. There have also been redeemed at par &c..
179,100 Of the three and half percentum icon.
tinued) bonds, making total of bonds redeemed
which have ceased to bear interest, estimated,
during the year at s123, 1863, $50 The reduction of
the annual interest the public debt through these
transactions is as follows: By the reduction of
interest TO three and onehalf per cent, 0,473,.
$50 81; by the redemption Of bonds, $685., $40.
Total, SIC $40, 292 %. The three and one-haf per
cent bonds being payable at the pleasure of the
Government, are available for the investment of
surplus revenue without the payment OF premium.
Unless the bonds can be funded at much lower
rate OF interest than they now bear agree with the
Secretary OF the Treasury that no legislation
respecting them is desirable. 1t is matter of
graduation that the business OF the country has
been so prosperous during the past year as to
yield by taxation large surplus of income to the
Government. Ii the revenue laws remain unchanged
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 great increase of popu
aton. In 1850, just prior to the institution OF our
internal revenue system, population but
slightly exceeded 100000. By the census of
1880, it is found to exceed 5oe9O,ooO. 1t is esti
mated that even il the annual receipts and ex-
penditure should continue at present. the entire
debt would be pal in ten years. In view, however,
OF the heavy load of taxation which our people have
already borne, We may well consider whether il is
not the part of wisdom to reduce the revenues even
ii we delay little the payment of the debt. 1t
seems to that the time has arrived when the peo
pie may justly demand some relief from their pres
ent enormous burden, and that BY due economy in
the various branches of the public service this
may readily be effected. | hereby concur with the
Secretary in recommending the abolition of all in
ternal revenue rates, except those upon tobacco in
its various FORMS upon distilled fermented liquors.
and except also the special tax upon manufacturers
of and dealers in such articles. The intention of the
this Government proper supervision of these
articles and for the prevention Of fraud. 1 agree
with the Secretary OF the Treasury that the
law imposing stamp tax on matches, proprietary
articles, playing cards, checks and drafts, may
with propriety be repealed, and the law also by
which banks and bankers assessed upon their
capital and deposits. There seems to be 4 general
sentiment in favor of this course In the present
condition OF revenues the tax upon deposits is
especially unjust. 1t was never imposed in this
count until it was deemed one Of the necessities
Of the war; and it never exacted, believe even
in its greatest exgencies. Bankers are required to
secure their circulation by pedging with the Treas
of the United States bonds of the General Gov
eminent. The interest upon these 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 originally limited
by law, and no increase was allowable. When the
existing banks had practically monopoly OF the
business there force in the suggestion that for
the franchise to the favorte grantees the Govern
ment might very properly exact tax on
circulation, but for years the system has
been free and the amount of circulation
regulated by the public demand. The retention of
this tax has been suggested as means of REIN
bursting the Government for the expense of printing
and furnishing the circulating notes. If the tax
should be repealed it would certainly seem proper
to require the national banks to pay the amount OF
such expense to the Controller of the Currency 1t
is perhaps doubtful whether the immediate reduc-
ton OF the scale of taxation upon liquors and
tobacco is advisable especially in view of the drain
=.
OF arrears OF pensions A comparison, however, OF
the amounts of taxes collected under the varying
rates Of taxation which at different times prevailed,
suggested the intimation that some reduction may
soon be made without material diminution of the
revenue. The tariff laws, also, need revision but
that due regard may be paid to the conflicting in
terests Of citizens important changes should be
made with caution. II careful revision cannot be
made at this session, Commission, such as was
lately approved by the Senate, and is now rec
commended by the Secretary OF the Treasury, would
doubtless tighten the labors of Congress whenever
this subject shall brought to its consideration.
THE ARMY.
The accompanying report OF the Secretary of War
win make known the operations of the Department
for the past year. He suggests measures for pro-
noting the efficiency of the army, with adding to
the number OF its officers, and recommends the
legislation necessary to increase the number OF en-
listed men to 80, o00 the maximum allowed by law.
This he deems necessary to maintain the quetness
on our evershiftng frontier to preserve the peace
and suppress disorder and maraudng in the new
settlements, to protect the settlers and their prop
erty against Indians, and the Ind ms against the
Entertainments of intruders, and enable peaeeable
emigrants to establish homes in the most remote
parts Of or country. The army is now necessarily
scattered over such vast extent OF territory that
whenever an outbreak occurs reinforcements must
be hurried from many quarters over great distances
and always at heavy cost for transportation of men,
horses, wagons and supplies. [ concur in the
recommendation of the Secretary for increasing the
army to the strength of 10000 enlisted men. 1t APP
pears by the Secretarys report that in tie absence
of disturbances the frontier the troops have been
actively employed in collecting the Indians hitherto
hostile and locating them on their proper reserva-
lions that Sitting Bull and his adherents are now
prisoners at Fort Randall that the Utes have bees
the recent outbreak of the Apaches it was necessary
to reinforce the garrisons in Arizona by the troops
withdrawn from New Mexico, and that some Apsehes
are now held as prisoners for trial, while some have
escaped, and the majority Of the tribe are now on
their reservation. There is need of legislation to
prevent intrusion upon the lands set apart for the
Indians large military force, at great expense.