Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1881-12-07

Compared with the previous year, there was an
increase Of S66 1888 6SS in the value OF exports OF
merchandise, and decrease OF S25, go 11S in the
value of imports. The annual average Of the ex-
cess of imports of merchandise over exports
thereof for ten years previous to June 20, 1873,
was S104 BOG 922, but for the last six years there
has been an excess of exports over imports OF
merchandise amounting to S11s, ,O66, ,6Sl 05 an
annual average Of S196, ,77S,017. The specie value
Of the exports Of domestic merchandise was
S376, GIG 473 in 1870 and 1888 g25 9i7 in 1880,
increase Of S507 800, ,474, or 1876 per cent Of the
values of imports, which was applied as follows:
To the redemption Of bonds for the sinking fund,
S74, 81 900; fractional currency for the sinking
fund, S109 05; loan of February, 1861, 81
418,OO0 1O-i0s Of 1864 So 016, 15O 5-20s Of 1862,
$500; 5.2Os Of 1864, So 400 5-2Os Of 1865 s37,.
300 consols Of 1865, Sl43, 100; consols Of 1867,
1853, 150 consols Of 1868, 1887 400 Texan in
demnity stock, 81, 900; demand compound inter-
est and other notes, S1S $50; and to the increase
Of cash in the treasury, Sl4, ,637, ,023.93 Total,
800, ,069, ,40i 9S
The requirements Of the sinking fund for the
year announced were $50, 7S6, ,064. 02, which sum
included balance Of $40, ,Si7, l2S.7S not provided
for during the previous fiscal year. The sum Of
S74, ,4S0 201 05 was applied to this fund, which
left deficit OF $1,000, 1913 AZ. The increase of
the revenues for 1881 over those Of the previous
year was 500, 352, 901 TO- II is estimated that the
receipts during the present fiscal year will reach
s4Oo,OOO,O 900 and the expenditures s27O, 600,
leaving surplus of $4,000, 600 applicable to the
sinking fund and the redemption Of the public
debt.
Iapprove the recommendation Of the secretary
OF the treasury that provision be made for the
early retirement of silver certificates, and that
the act requiring their issue be repealed. They
were issued in pursuance Of the policy Of the gov
ernment to maintain silver at near the gold
standard, and were accordingly made receivable
for all customs, taxes and public debts About
sixty-six millions of them are now outstanding.
They form an unnecessary addition to the paper
currency, a sufficient amount Of which may be
readily supplied by the national banks. In ac-
cordance with the act Of February 2S, 1873, the
treasury department has monthly caused at least
81 900 in value Of silver bullion to be coined
into standard silver dollars. One hundred and
two millions Of these dollars have been already
coined, while only about S34 600 900 are in circu-
lation. For the reasons which he specifies con.
cur In the secretarys recommendation that the
provision for the coinage OF fixed amount each
month be repealed, and that hereafter only so
much be coined ~ shall be necessary to supply
the demand. The secretary advises that the
issues Of gold certificates should not for the pres
ent be resumed, and suggests that the national
banks may properly be forbidden by law TO retire
their currency except upon reasonable notice Of
their intention so TO do. Such legislation would
seem to be justified by the recent action of GER
tain banks on the occasion referred to in the sec
retary's report. OF the fifteen millions OF frac-
tional currency still outstanding, only about
eighty thousand has been redeemed the past
year. The suggestion that this amount may
properly be dropped from future statements of
the public debts seems worthy OF approval. So
also does the suggestion of the secretary to the
advisability of relieving the calendar of the
United States courts in the Southern District of
New York by the transfer to another tribunal of
the numerous suits there pending against col
lectors.
THE PUBLIC REVENUES
The revenue from customs for the last fiscal
year was St.S, l59 6I6O2, an increase OF S11 ,63,
Gil AZ over that of the year preceding; Sl3S, ,09S,
562 80 Of this amount collected at the port of
New York, leaving $50 25l, 1863 as the amount
collected at all the other ports Of the country. OF
this sum, S47, ,9I7, ,137 63 was collected on sugar,
melado and moasses; S27, ,2S5, ,624 rs on wool and
its manufactures; SCI 49,, ,534 "a on iron and steel
and manufactures thereof; S1903S 665 81 on man
ufactures OF silk; SO, ,825, 11521 manufactures
Of cotton; and $50 469 643 0i on wines and spirits
making total revenue from these sources of
S133, 1858, 720S1. The expenses of collection for
the past year were &c. 419 3i5 90 an increase over
the preceding year Of S3S7, ,4lO04.
Notwithstanding the increase in the revenue
from customs over the preceding year, the gross
value OF the imports, including free goods, de-
creased over twenty-five millions of dollars. The
most marked decrease was in the value OF un-
manufactured wool, S14, 023. 6S2; and in that of
scrap and pig iron, 81, ,S1O671 The value of i'm
ports Of sugar, on the other hand, showed an in
crease OF S7,457 474, OF steel rails S4 345 521 of
barley 80 l54 2oi, and Of steel in bars ngos, &c,
Sl,670,O46
Contrasted with the imports during the last fis-
cal year the exports were as follows: Domestic
merchandise, sSs3, 925 A7; foreign merchandise,
SIS 45l, 800; total, S902 377 ,3i6 imports OF mer
chandise, S6i2, GA, ,62S excess OF exports i'm
ports Of merchandise, $3.50 49, 7lS; aggregate of
exports and imports, sl,J5,0 ,0il ,974; compared
with the previous year there was an increase OF
sec, 73s, ,6Ss in the value OF exports of merchan-
disc and decrease OF S25, go 1lS in the value of
imports The annual average OF the cash i'm
ports OF merchandise over exports thereof for ten
years per ton June 30 1873 was slO4 sO6, ,922, but
for the last six years there has been an excess OF
exports over imports of merchandise amounting
TO 81, ,1S0 66S 103; annual average of S196, 49,
OIL The special value Of the exports OF domes-
tic merchandise was S376, ,6l6,4 473 in 1870 and
1888 925 947 in 1881, an increase Of S307 800 474
or 1876 per cent The value Of imports was S435,-
95S 408 In 1870 and S642, ,664 62S in 1881, an in
crease OF S206 706, 90 or Al per cent. During each
year from 1862 to 1874 inclusive, the exports of
specie exceeding the imports the largest excess
OF such exports over imports was reached during
the year 1854, when 1t amounted to 80, ,280, 929,
but during the year ended June 30, 1880, the i'm
ports of coin and bullion exceeded the exports by
S75, ,S91, ,391, and during the last fiscal year the
excess OF imports over exports was S9i, l6S, $50
In the last annual report OF the secretary of the
treasury the attention Of congress was called
TO the fact that S469 651 ,050 in five per centum
would become redeemable during the year, and
congress was asked to authorize the refund
ing Of these bonds at a lower rate Of interest
The secretary OF the treasury gave notice of his
luteutlOu W Ttuccm lnt shmt, anu SUCH Us nave
been presented have been paid from the surplus
revenues. There have also been redeemed at par
sl6,179. 100 of the three and one-half per centum
continued bonds, making total of bonds re-
deemed or which have ceased to bear interest
during the year, Of sl23, ,969,650. The reduction
Of the annual interest on the public debt through
these transactions is as follows. By reduction of
interest to three and one-half per cent So 49,
952 %; by redemption Of bonds, Sc, 352, $40 90;
total SIG, S26, ,292 90 The three and one-haf per
centum bonds being payable at the pleasure of
the government, are available for the Investment
of surplus revenue without the payment OF pre-
miums. Unless these 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 for congratuation that the busi-
ness OF the country has been 80 prosperous during
the past year as to yield by taxation large sur
plus OF income to the government. II the reve-
nue. laws remain unchanged this surplus must
year by year increase on account Of the reduction
a l.l.. -