Evening star. [volume] (Washington, D.C.) 1854-1972, 1881-12-06

ALe000Kys
In the annual report OF the Secretary of the
treasury, submitted TO Congress to-day. attention
Is called to the impracticabiity OF executing the
law as ft now stands requiring public disbursing
officers TO draw for funds, placed to their credit,
only in favor OF the persons TO whom payment is
to be made. passage OF a bin authorizing the
renewal OF the charters OF national banks upon the
expiration or their corporate existence is recon-
mended Relative 70 the reserve for the redenp-
ton OF the United states notes the report says
banking, reserve OF 10 per cent 10 meet current
obligations Is necessary. 1t Is recommended that
the act requiring the issue OF silver certificates be
repealed The issue OF gold certiic ates is conSid-
cred very objectionable. in view OF any possible
demand for the redemption In coin OF legai-tender
notes 1t Is suggested that Congress can prohibit
national banks from retiring their currency ex-
cept upon previous notice OF given length. The
question Is raised whether the notes OF the gov
eminent can and shall be maintained legal
tender currency since the government resumes the
payment OF its debt in gold and silver coin.
made for the redemption Of fractional paper cur
rency outstanding, and for the liquidation OF the
paelic debt which matured before 1890, and re-
mains outstanding. Referring to the payment OF
United states bonds I'm gold the report says equity
II not strict construction OF law requires that the
holders or such bonds should receive payment
thereof In gold or its equivalent, and that the
government Is abundantly able TO discharge
its obligations in money which is every
where accepted as true standard OF value.
Inc report urges as the most potential ms
OF bringing about any concert OF action In regard
bi-iiltttiiic SI3nuaTu 0fUSreDt nations.
that the United states suspend for the present the
further coinage OF silver dollars The report calls
atJentlon also to the necessity OF revising the
tariff To meet the condition OF many branches OF
trade. Considerable space is devoted to the dis
cusson OF the subject of the reduction oftaxation.
The tax on deposits I'm national banks and upon
their capital. in the Judgment of
the department., may, with propriety and
Justice be 1eSsened whenever it Is
determined that the public revenue exceeds the
public needs. There are other minor sources Of
internal revenue that might be given up. The
propriety of establishing new tribunal for the
TRIAL OF customs cases Is suggested. After review
ing the bond operations OF the year. the report
says, upon the authority OF men engaged In
financial operations, that new loan of
per cent would be taken up. IL IL by its con-
ditlon irredeemabie save by long term IL is
recommended in case OF new loan, that a long
t smn,9 OF payment be- given to the bonds
Congress is called to the necessity
OF more direct legislation respecting the auaran-
timing OF foreign cattle. The subject of prose-
cutting search for the Arctic exploring vessel
Jeannette, is also commended to the attention or
Congress.
DISTRICT OF COLUMBIA.
Under the head OF District OF Columbia Secre-
tary Folger says: The net expenditures on ac-
count Of the District of Columbia for the fiscal
year 1881 were $3.543,9l2O3. The revenues
deposited In the Treasury for the same period
were 81. DIG. 1922. From July l. 1881, the bonded
Indebtedness has been reduced by operation OF
the sinking fund 5i.573.3. and the
trct debt has been reduced SIs,sl6 &c.
Since the Offices OF the commissioners OF the sink
Ing fund OF the District OF Columbia abolished
ana Their duties and powers transferred to the
Treasurer OF the United States by the act OF Con-
gresS OF June II, 1875 the principal OF the funded
debt has been reduced 1898 900, and the annual
interest charge has been reduced s55, e.