Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-12-07


451 ,39a-total 500, 377, SAT; imports of
merchandise, $642, 664, 62s; excess of ex-
ports over imports of merchandise, $3.50,
712.71s. Aggregate of imports, $154, 5O4,
lit.
Compared with the previous year there
was an increase of $50, 73S. 6SS in the value
of exports of merchandise and gross in
crease of $25, 800, 11S in the value of i'm
ports The annual average of the excess of
imports over exports of merchandise for the
ten years previous to June 80, 1873 was
$101, 706, s22 but for the last six years
there has been an excess of exports over
imports of merchandise of 81, 1850, SOS, 105,
an annual average of $196, IT'S, el7. The
specie value Of the exports of merchandise
was $37, 661, Alb III 1870 and $3.50, 925, 947
in 1881, an increase of 800, 100, 947, or 1875
per cent. The value of imports was S435,-
95S, 40S in 1870 and $642, 664, 628 in 1881.
ali increase of $206, 706 $40, or At per
cent.
IMPORTS AND EXPORTS OF SPECIE.
From 1862 to 1879, inclusive, the exports
of specie exceeded the imports. The largest
excess Of such exports over imports was
reached during the year 1864, when it
amounted to 500, $50, 929; but during the
year ending June 30, 1880, the imports of
coin and bullion exceeded the exports by
$75, S91, s9l, and during the last fiscal year
excess of imports over exports was SOL,
1853, $50.
REFUNDING OPERATIONS.
In the last annual report of the Secretary
of the Treasury the attention of Congress
was called to the fact that $469, 651, $50
in five per cent. bonds, and $203, 573 $50
in six per cent. bonds would become
redeemabIe during the year, and Com
gress Was asked to authorize the
refunding of these bonds at lower rate of
interest. The bill for such refunding having
failed to become law the Secretary of the
Treasury notified the holders of the ont
standing per cent. bonds that they would
be paid at par ON the first day of July, 1851,
or refunded at 81 per cent interest, at the
option of holders. Under this notice, $17s,-
055, $50 of the 6 per cent bonds was contin-
ued at 81 per centum, and 1877, 635, $50 re-
deemed. In the month of MAY like notice
was given to the holders of outstanding 5
per cents; of these $401, 5e4, 800 were CON
| tinued at 81 per centum interest and $685.
BAG, $50 redeemed.
OREGON WAR DEBT.
The six per cent. bonds of February s,
| 1861, and of the Oregon war debt, amount
| ing. together, to $14 125, 800 having ma
tured during the year, the Secretary gave
notice of his intention to redeem the same,
and such as have been presented have been
redeemed at par from the surplus revenues.
TOTALS OF REDUCTIONS.
There has also been redeemed at par SIG,
179, 100 of the 81 per cent continued
bonds, making a total of bonds redeemed,
or which have ceased to bear interest dur
ing the year, of 1923, s69, $50.
| H.
est on the public debt by these transactions
is $16, 1926, 1872. The 81 per cent. bonds
| being payable at the pleasure of the gov
eminent, are available for the investment of
surplus revenue, without the payment of
premiums, unless these bonds can be fun
| ded at a lower rate of interest. [ agree
with the Secretary that no legislation on
this subject is desirable.
| The President then congratulates the coun-
try upon its prosperity, and estimates that
if receipts and expenditures continue as at
present the entire debt will be paid in ten
years. He thinks, however, that tax
alton may be reduced, and that
with economy in the public
services all internal taxation may be abolish
ed, except upon whiskey and tobacco, and
upon manufacturers and dealers in such ar
ticles. He recommends that the stamp tax
upon matches, proprietary articles, playing
cards, ETC., be abolished. He also recon-
mends the repeal of the law taxing banks
upon their capital and deposits.
He says the tariff laws need revision, but
that changes should be made with caution.
If careful revision cannot be had at this
session of Congress, he thinks special COM
mission should be appointed for. the pur-
pose.
THE WAR DEPARTMENT.
The President submits the report
of the Secretary of War; and
calls attention to it's statements and recon-
mendations. He recommends that the
number of enlisted men in the army be in
creased to 80, 600 and also that the number
of officers be increased. He says: 1.-THE
army is now necessarily scattered over such
a vast extent of territory that, whenever an
outbreak occurs, re-enforcements must be
hurried from many quarters over great dis
tances, and always at heavy costOf transpor-
tation of men, horses, wagons and supplies.
| | concur in the recommendations of the
Secretary of War for increasing the army to
$4,000 men" He makes other recommen-
dations, touching the Signal Service Bureau
and the relations of the War Department to
the Indians. He also calls attention to GER
tain of our Notifications, and recommends
an increase thereof. The estimates for the ex-
penditures of the year 1883 are $44 541 276
THE NAVY.
The President says: ~ cannot too
strongly urge upon you my conviction that
every consideration of national safety econ
omy and honor imperatively demand thor
ough rehabilitation of our Navy" He ear
nestly recommends such appropriations as
will accomplish an end which seems SO de-
sirable. He makes strong, forcible and
eloquent appeal for the means necessary to
increase the efficiency of this important
branch of the Government.
THE PosT-sFFIoE DEPARTMENT.
He calls attention to the report of the
Postmaster General, which he says is
a gratifying exhibit of the growth
and efficiency of the postal
service After giving resume of the re-
ceipts and expenditures of the department
for the fiscal year, and calling attention to
the general statistics presented in the Post
master Generals annual report, the Presi-
dent says: "Ash has already been stated, great
reductions have recently been made in the
expenses of the Star Route service. The in
vestigations of the Department of Justice
and the Post Office Department have resulted
in the presentation of indictments against
several persons formerly connected with
that service, accusing them of these
offenses against the United States.
have enjoined upon the
officials who are charged with the conduct
of these cases on the part of the Govern
ment, and upon the eminent counsel who
before my accession to the Presidency were
called to their assistance, their duty of pros
ecuting to the utmost extent of the law all
parsonS who NAV he fnund charceable with