The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1881-12-16

- follow:
TO the redemption Of bonds for
the sinking fund. zoo %
Fractional currency for the sink
Loan Of February. iasi...:........ 74Is.S@ @
E FsntSt,ss es u as 49, s0ls 5ss g
Five-twenties of 1S84........ a400 90
Eive-twenties of 1S65.............. 3,700 %
COnsols OF 1885,. ................. lI3l50 W
Consois OF 1S6 ...................... SSg, ICY W
Consols of 1885. ..................... 37,400 90
Texas indemnity stock. ....... 100000 90
Old demand, compOund-interest,
and other notes. ................ 1,63S000 90
TO the increase Of cash in Treas
ury. OBSERVATION-DISCLOSURES. A,o55,US VI
The receipts of last year were greater than
the year before by $29,35s SOLO. The customs
revenues were increased $ll. 6S, 81. ~, and toe
revenues $11, 255.O11 50. There was decrease
ofexpenditures as follows: In the Interior De-
parment for pensions, ssh, 7S9.4S; for premi-
ums on purchased bonds, 81, -, "a; and in
terest ON the debt, S13,24s, 1888. The receipts
for the present year are estimated at 1000,
600, and the expenditures at $27O. 100000
The report recommends that National Banks,
at any time within two years prior to the expt-
ration of their corporate existence, be allowed
to extend the period of succession by amend
ing the article of association by the votes Of
shareholders owning two-thirds of the capital,
II the bank be found to be in good shape.
THE TREASURY RESERVE.
Tho Department, the report declares, has
pursued the policy long established of retain
ing as reserve for redemption Of bonds about
10 per cent of the notes outstanding. In adj
dition, sufficient money has been kept in the
Treasury to meet all other demands and obi
cations outstanding. The reserve has never
been below IS per cent, and never above As
N mt ~ ho npvfc nAiv,op Thu lin,
eral purchase and coinage of silver, and the
receipt of them for public dues, has failed to
raise the market value of silver, 1t is recon-
mended that measures be taken to repeal the
act requiring the issue of silver certificates,
and for the retirement of such as may be in
circulation. 1t is recommended that National
Banks be prohibited from retiring their cur
rency except after previous notice Of inten-
ton 50 to do, the length of such notice to be
fixed by law. The compelling OF such notice
would prevent the banks from suddenly con-
tracing the volume of currency, and creating
the embarrassment that followed the passage of
the 3per-cent. Refunding bill of Congress at
the last session.
Between June q, 1874, and 1878, silver coin
was not legal tender in payment of United
States bonds. The report asks whether foreign
bondholders who acquired their bonds during
this period may not regard the payment Of
these bonds now with silver coin as breach OF.
faith. This Government, the Secretary says,
Is abundantly able to discharge its debts in
money which is everywhere accepted as true
standard of value. Further, on the subject of
silver coinage at the rate of 100000 per
month. he saws:
1--WE furnish the world with the largest por.
ton Of both silver and gold, and our exports
command the best money of the world, as they
ever should do, and will, unless we bind our
selves to accept of a poorer. We need not ap-
pear anywhere as supplicants when we clearly
may be the contractors. Some Of the Euro
pean nations whose concurrent action is neces-
sary to any result that is sought, do not yet
appear ready to accept limitation, and when
ready they may ask for a ratio that will be in
convenient for US to adopt, and reduce the
ratio of silver below the standard Of our coin
age. The most potential means of bringing
about any concert of action among different
nations would appear to be for the United
States to suspend for the present the coinage
Of silver dollars. 1t is, therefore, recommend
Cd that provision for the coinage Of fixed
amount each month be repealed, and the Sec
Rotary be authorized to coin only 50 much as
will be necessary to supply the demand.
1uc TcVCuuc 1TOu CuStOlAAo AO& OA0 PooS
fiscal year was $19S, 159, 676,Gs, an increase Of
81, 637, 81, ~ over that Of the preceding year.
OF the amount collected, $138, 800, $3.50 was
collected at the port of New York, leaving
S5925l, 1868 as the amount collected at all the
other ports of the country. The expenses of
collection for the past year were %, l9, $3.50,
an increase over the preceding year Of $751;
l1O.04, while there was an increase in the rev.
enue from customs over the preceding year of
over $11, SOC, 000."
There was q decrease in the value Of inn
ports amounting to over Sc, 0O0, 600, manufact-
tured wool and scrap and pig-iron showing the
most Of this decrease.
REDUCTION OF TAXATION.
The report declares that an equalization and
slmplification of the tariff is necessary, but
leaves the method and degree to Congress
withouta recommendation. The question Of
disposing of the surplus Government revenues
is in this connection taken up. The Depart
ment is embarrassed in disposing of the sur.
plus in an economic and lawful way. While
there is an alleged stringency in the money
market, the call for millions of bonds is slowly
needed, and its offer to purchase bonds is notin
full accepted The entering of the market and
buying of bonds at their current rates is not
recommended, because experts show that
this cannot be done without Q loss to the
Treasury. The announcement, too, Of such
Q purpose would put up the market
price, The report suggests that, in view
Of this existence of q surplus of revenue, It
might be well to lessen certain taxes. A re-
duction of the tax on liquor and tobacco Is not
recommended. But bank checks, matches and
proprietary taxes are suggested as proper ones
to lessen. It is further recommended that II
Congress determines ON decrease Of the rev.
enue, it seek that end as well through revis-
ion Of tho existing Tariff laws as through an
abatement of the internal revenue.
REFUNDING MEASURES.
On the subject Of the refunding measures Of
the year the report says:
ION the LIST of November there remained
outstanding of bonds bearing three and half
per cent. interest, payable at the pleasure of
the Government after proper notice, $563 $50,
$50, included in which were 81, OBS 500 called
bonds not matured. If the excess of revenues
| ever expenditures should continue as during
the past year, its application to the payment Of
the bonds can be made at the discretion Of the
Secretary, and to that extent the Government
| will be relieved from the necessity of paying
any premium of consequent redemption Of ita
bonded debt"
Concerning future refunding measures the
report, while making no recommendations