The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1881-12-14


1 approve the Recommendation of the |
secretary of the treasury, that provi- /
sion be made for the early retirement |
of silver certificates and that the act re- |
quiring their issue be repealed. They |
were issued in pursuance of the policy |
of the government to maintain silver at !
or near the gold standard, and were ac-
cordingly made receivable for all Gus
toms, taxes and public dues. About |
S66 100000 of them are now outstand- |
ing. They form an unnecessary addi- !
ton to the paper currency, a sufficient |
amount of which may be readily sup |
piled by the national banks.
THE COINAGE OF SILVER DOLLARS.
In accordance with the act of Febru-
airy %, 1873, the treasury department
has monthly caused at least 81 ,000, 900 in
value of silver bullion to be coined into
standard silver dollars. $4,000 900
of these dollars have been already
coined, while only about S34 100000 are
in circulation. For the reasons which
he specifies, | concur in the secretary's
| recommendation that the provision for
coinage of a fixed amount each month
be repealed, and that hereafter
only so much be coined as shall be
necessary to supply the demand. The
secretary advises that the issue of
gold certificates should not for the pres
ent be resumed, and suggests that the
national banks may properly be forbid
den by law to'retire their currency, eX-
cept upon reasonable notice of their in
| tention so to do. Such legislation
would seem to be justified by the
recent action of certain banks on the
occasion referred to in the secre-
tary's report. OF the SIS, 100000 of
fractional currency still outstanding,
only about 10000 has been redeemed
the past year. The suggestion that this
amount may properly be dropped from
future statements of the public debt
seems worthy of approval. So also does
the suggestion of the secretary as. to the
advisibility 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 collectors.
THE CUSTOMS REVENUE.
The revenue from customs for the
past fiscal year was Sl98, ,l59 ,676.02, an
increase Of $11 ,637 ,6ll.42 over that of
the year preceding. $l38 ,098 ,562.39 of
|
New York, leaving $50 ,25l 1883 as the
amount collected at all the other ports
of the country. OF this sum $47 ,977,-
1888 was collected on sugar, melada
and molasses; S27 ,2S5, ,624.78 on wool
and its manufactures; sol ,462, ,534.34 on
iron and steel, and manufactures there
of; $40 ,038 ,665.8l on manufactures of silk;
$40, 1926 ,1l5.2l onmanufactres of cotton
| n1oNV n
inc a total revenue from these sources of
$l33 ,059, ,720. The expenses for collec-
ton during the past year were sc, 49,
34520, an increase over the preceding
year of 1887 ,410.04. Notwithstanding
the increase in the revenue from Gus
toms over the preceding year the gross
value of the imports, including free
goods, decreased over $25 ,000, 900. The
most marked decrease was in the value
of unmanufactwed wool, STA ,023 $50,
and that of scrap and pig-iron, SO ,8l0,-
GIL. The value of imported sugar on
the other hand showed an in
crease of 81 ,457 .474, of steel rails 81 ,345,-
52l, of barley 50 i "a ,204, of steel in bars,
ingots, ETC., 81 ,62O,0 ,046. Contrasted with
the imports during the last fiscal year
the exports were as follows: Domestic
merchandise, 1888 ,925 ,947; foreign
merchandise, SIS, ,45l ,399; total, S902,-
377 ,346; imports of merchandise, S642,-
664 ,628; excess OF exports over imports
of merchandise $3.50 97l2,7lS; aggregate
of exports and imports, 81 ,545 ,O4l ,974.
Compared with the previous year there
was an increase of SOC 1873 ,6SS in the
value of exports of merchandise, and
decrease of sos ,290,llS in the
value of imports. The annual average
of the imports of merchandise over eX-
ports thereof for ten years previous to
June 80, 1873, was Sl04 ,S06 ,922, but for
the last six years there has been an eX-
cess of exports over imports of mer-
chandise amounting to 81 ,lS0 ,G68, ,l03,
an annual average of $l96, ,0l7. The
special value Of the exports of domestic
merchandise was 1916 ,6l6,474 in
1870 and 1888 ,925 ,947 in 1851,
an increase of $507 ,309, ,374, or
1876 per cent. The value of imports
was S435, ,95S ,408 in 1870 and S642 ,664, :
628 in 1881, an increase of $50 CTS ,220,
Or'forty-seYen per cent. During each
year, from 1862 to 1879 inclusive, the
exports of specie exceeded the inn
ports. The largest excess Of such eX-
, ports over imports was reached during
: the year 1864, when it amounted to
S92, $50, ,929 but during the year ended
, June 30, 1880, the imports of coin and
bullion exceeded the exports by $751;
89l ,39l, and during the last fiscal year
the excess of imports over exports was
S9l ,l6S $50.
THE LIQUOR TAX.
1t is, perhaps, doubtful whether the
, immediate reduction of the rate of
, taxation upon liquors and tobacco is
advisable, especially in view of the
drain upon the treasury which must
| attend the payment of arrears Of pen
: sions. A comparison, however, of the
amount of taxes collected under the
, varying rates Of taxation which have at
} dinerent times prevailed SUGGESTS the