The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1881-12-10


of the sl5,OOOOOO of fractional currency still
outstanding. only about $4,000 has been re-
deemed the past year; The suggestion tina, that
future statements of the public debt seems
worthy of approval. So also does the sugges-
ton OF the Secretary as to the advi~ability of
relieving the calendar of United states Courts
in the southern District of New York by the
transfer to another tribunal OF the numerous
suits there pending against the Collectors
The revenue from Cdstoms for the past year
was Sl9S, O59 $40 %, an increase of Sll6}l6ll42
over that ot the preceding year. SlhSU3', '623l
OF this amount was collected Mt the port OF
New York, leaving SjO2jl, ll3.63 rs the amount
collected at all the other ports of the country
of this sum ST9,Tl3L@ was collected on
sugar and molasse5; So, 2>j, G2t.I4 on wool and
its manufactures; S2l ,463 5}l.}i on iron and
steel and manufactures thereof; SO O3~,6d5ol
on Manufacture OF SIR tlO,s43 ! lo.1i on Iilh
utactures of cotton, and S646A.643Ol on wines
and spirits, making u total revenue from THESE
sources of Sl33,OjS, 72OSl. The expenses OF
collection for the past year were Sb,il9,3ia.2O-
an increase over the preceding year OF $751;
il00l. Notwithstanding the increase in reVe-
nue. from Customs over the preceding year,
the gross value of the imports, including iree
goods, decreased over twenty-five millions OF
dollars. The marked decrease was In the value
OF unnanufacturcd wool, Sll,02}6S2, and ON
that OF scrap ana pig iron, Sl2,SouI. Inc
value Of imports of sugar, on the other hand,
showed an increase of S7.ij7,ITl, OF steel rails
Si,3i5 81, OF barley - l5l poi. and of steel in
bars, ingots, etc, SG2O,Oi6. COntrH~tCd with
this, the i'm ports were rs follows: Domestic
merchandise $40 .o5l2jnII: foreign me"han-
disc, SlS,i0l,bl9. lOtul, NiO-,biI1tN. Imports
of merchandise, S6i2,Gbi6S. Excess of eN-
ports over i'm ports of merchandise, Sl9,I2IlS.
Compared with the previous year there was
an increase of sGG.13S6sS in the value OF eN-
ports of merchandise, ana n decrease of So,
2yO lis in the value of imports. The annual av-
erage OF ncreas' Of imports of merchandise
over exports thereof for ten years previous 10
June 5OlSI3 was sos Dj9Z2 but for the last six
years there has been an excess OF exports
over imports of merchandise amounting 20
&i,tNOHbN, lu}, an annual average OF olHb.U0olt.
| The specie value of the exports of domestic
merchandise was S3i6,GlG, iI5 in 1870 and >sS}-
92j,9l1 in ISL an increase OF SiO13OJiIi or 1873
! per cent. The value of imports was Si31,gjS,
i0S in 1870 and >6i2 CPS in lSS, an inc ease
of 500, IS2.2O or & per cent. During each year
| from lN62 10 1873 Inclusive the exports OF spe-
| Gle exceeded the imports. The largest excess
! OF such exports over imports W:l~ reached
| during the year 1854, when it amounted to
q12,2Ol ,9-l, but during the year ended June 30,
! 1880 the imports of coin and bullion exceeded
the exports by So, S9 ,39l, and during the last
/ fiscal wear the excess OF imports over exports
| In the last annual report of the Secretary of
! the Treasury the attention of Congress was
called to the fact that >lG9 6j $50 in 1iv" pnr
! cCutun bonds and S2O35i3,Iju in six per cent
| UNI bonds would become redcruubie daring
| the year, and Congress was asked to author
! iZe the rounding Ot these bonds at Il lower
| rate OF interest. The bill for such rounding
! having failed to become a law, the secretary
| of the Treasury in April last notified the
/ holders # the Sl5GlU,iOO six per cCntum
| bonds then outstanding that tine bonds would
| be paid at par on the first day OF July follow
/ &,
! pleasure of the Government to bear interest
mt the rate of three and Oue-haf per Ccutum
/ per annum. Undc' this notice Sis O1j, ljO OF
/ the six per Centum bonds were continued ut
| the lower rate, and Sl7 ,f}5 go were redeemed.
! In the month of May "a like notice was given
respecting the redemption or continuance of
| the &l33,Sll,3jO OF i've per cent. bonds then
out standing, and of these SiOl ,5O4 900 were
continued at three and n half per centum per
annum and SIS 1876 400 redeemed. The six per
centum bonds of the loan of February Sth,
1856. and OF the oregon war debt, amounting
together to Sll, $500, having maturCd during
the year, the Secretary OF the Treasury gave
| notice of his intention to redeem sam0, and
such as have been presented have been paid
from the surplus revenue. There have also
! been redeemed mt par Sl6,l19lOO of the three
and one halt per centum "continucd" bonds,
| making a total of bonds redeemed or which
have ceased TO bear interest estimated during
the year of SI23, 1863 900.
The reduction of the annual interest on the
public debt through these transactions is as
| follows: BY reduction of interest to 50 per
! cent. 81 ,OiI,39j,22I by redemption of bonds,
S63j 23i, 900; total, Sl,GS2 629 22j. The 81 per
| Centum bonds, being payable at the pleasure
| Vestment OF surplus revenue without the pay
| nent of premiums. Unless these bonds can
! be funded at much lower rate Of interest
| than they now bear, agree with the Sccreta-
| ~ of the Treasury that no legislation regard
ing them is desirable. 1t is a matter for con
! graduation that the business of the country
| has been so prosperous during the past year
| as to yield by taxation large surplus OF in
| come to the Government
| II the revenue laws remain unchanged TINS
| surplus must year by year increase, on ac-
| count of the reduction of the public debt and
its burden of interest and because of the rap
id increase of our population. In 1860, just
revenue system, 40 our our ooo population but
| of 1880 it is now found TO exceed fifty mil
lions. 1t is estimated that even if the annual
receipts and expenditures should continue rs
| at present, the entire debt could be paid in
ten years. In view, however, of the heavy
load of taxation which our people have al
ready borne, we may well consider whether
it is not the part OF wisdom to reduce the rev
| enue, even il we delay a little the payment of
| the debt.
| ABOLIsHING INTERNAL REVENUE TAXES.
1t seems to me that the time has arrived
| when the people may justly demand some re-
that by due economy in the various branches
| of the public service this may readily be af-
fordPd. l therefore concur with the Secre-
| tary in recommending the abolition of all in
| ternal revenue taxes, except those upon to-
| baccO in its various forms and upon distilled
spirits and termented liquors, and except
| also the special tax upon the manufacturers
| of and dealers in such articles. The retention
| of the latter tax is desirable as affOrding the
! officers of the Government Il proper superVi-
sion of these articles Tor the prevention
| of fraud.
l agree with the Secretary of the Treasury
that the law imposing a stamp-taX upon
matches, proprietary articles, playing cards,
! checks and drafts, may with propTiety be re-
pealed; and the law also by which banks and
bankers are assessed upon their capital and
deposit There seems to be a general senti-
ment in favor of this course.
In the present condition of our revenues the
tax upon deposits Is especially 1t was
never imposed in this country until it was de-
! manded by the necessities of the war, and was
never eNaCted, believe, in any other coun-
| try, even in the greatest eXigencies. Bankers
| are required to secure their circulation by
pledging with the Treasurer of the
| United states bonds of the General Gov
eminent, and the interest upon these bonds,
| which Mt the time when the tax was
imposed was per cent. is now, in most In
| stances 81 per cent and besides, the entire
nirCnlntinn ORR nnllN limifnl hN Inv md