The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1881-12-08
THURSDAY MORNING. DEC. 8.

WE FURNISH IKE WORLD
with the largest portion of both gold and sill
yer, and our exports command the best money
If the world, as they ever should do and will,
lnless We bind ourselves to accept of a poorer.
We need not appear anywhere as supplicants
when we clearly may be the controllers. Some
Of the European nations, whose concurrent ac-
ion is necessary to any result that is sought,
DO not yet appear ready to accept bi-metalism,
and when ready they may ask for ratio that
will be announcement for us to adopt and re-
luce the ratio of silver below the standard OF
BUR coinage. The most potential means OF
bringing about any concert OF actiontamong dill
Ierent nations would appear to be for the
United States TO suspend for the present the
further coinage of silver dollars. This is the
decided opinion in both France and America
Of the highest authorities on bimetalism, and
Of those who wish to bring silver into general
use and raise its value, A continuance OF the
addition to our silver coinage will
soon leave us no choice but that of an exclu-
sive silver coinage and tend to reduce us to
place in the commercial world among the
minor and less civilized nations 1t is there
fore recommended that the provision for the
coinage of a fixed amount each month be re.
pealed and the secretary be authorized to coin
only SO much as will be necessary to supply
the demand The effect of storing large
amounts of silver coin in the treasury vaults.
with the present law requiring the issue of
silver certificates, is to furnish paper curren-
cy not payable in gold or its equivalent.
The revenue from customs for the past fiscal
year was Sl9S, 159 676 OF, an increase of SILL
637, GIL ~ over that of the preceding year. OF
the amount collected, $l38 908, 562 80 was col
lected at the port of New York, leaving $780,
251, lib IS as the amount collected at all other
ports of the country. The expenses OF collec-
ton for the past year were Sc 419, 345. 90 an in
crease over the preceding year of 1887 .410.04.
While there was an increase in the revenue
from customs over the preceding year of over
eleven and half millions of dollars, 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
manufactured wool, $i4, 0236S2, and in that
of scrap and pig iron, So, 8i0,67l.
REVISION OF THE TARIFF
seems necessary to meet the condition OF many
branches of trade That condition has mate
rally changed since the enactment of 1864,
which formed the basis of the present tariff.
The specific duties imposed, for instance, on
iron and steel, in varisus forms, had then
proper relation to ad valorem duties imposed
on the articles manufactured from those
METALS but by large reduction in the values
and specific duty imposed now amounts in
many cases to an ad valorem duty of over 100
per cent, while the ad valorem duties on
manufactured articles have not been changed.
The demands of trade led to the importation
of iron and steel in forms not enumerated in
the tariff This produces uncertainty and en-
barrassment to business interests as we'll as to
the government, and what is instanced as the
case with irou and steel will be found to be
the case with other articles. An equalization
of the tariff and a simpication of some of its
details are needed. How far snch revision
shall involve a reduction of the tariff is
question for Congress to decide. The method
of a special commission for this has been sug-
gested aud may be wise. 1t is matter of
congratulation that the business of the country
SO thrives as to endure the onerous taxation
that is upon it, and yet grows and yields to
the government surplus over its needs. The
result is to embarrass this department in dis
posing of the surplus in lawful way and with
regard to economy. While there is alleged
stringeDcy in the money market, the call for
millions Of bonds is slowly needed and its offer
TO purchase bonds is not in full accepted.
There is another way in which to dispose of
the surplus, namely, TO enter the markets and
buy bonds at the current rates. Calculations
of exports show that at the premium that now
rules upon the 4 and Al per cent. bonds this
could not be done without loss to the treasury
which it is of doubtful propriety to make, and
it is almost certain that an announcement of a
purpose so to do would enhance the market
value of those bonds. Meanwhile the daily re-
ceipts from the community by the treasury
continue, the surplus over its needs increases
and money lies idle 1t seems that the plan
most just for giving relief is to reduce taxa
ton, and thereby diminish receipts and sur
plus The existing state of facts creates nm
wise .4ia. ABOUT an overlooking treasury ana
projects of the lavish expenditure of money.
Other considerations have been presented .such
as that If the public debt be fully paid and all
government bonds retired the best and safest
basis for the national bank system will he gone
and that desirable mode of investment for
savings bank, trust companies and fduciary
representatives will be taken away, and that
the return of the large sums paid to the holders
OF bonds to seek reinvestment through other
channels will disturb the business of the
country.
1t is doubtful whether in government like
ours, not designed for q paterna one, these
will be held as sufficient reasons for keeping
on foot large public debt. The report of the
commissioner of pensions indicates that very
considerable sums will be called for in paying
arrearaees of pensions, but this department is
not aware OF any other matter to materially
increase governmental expenditures It is
then for Congress to determine whether there
shall be reduction of the revenues derived
from taxation. A statement of receipts from
internal revenues shows them to be S135, 264,-
365.5l for The year. an excess over the proceed
ing year of ST., 256 Oil 80. The tax on liquors
and tobacco is tax on appetite or indul-
gences, legitimate subjects of taxation. A re-
duction OF that tax is not recommended. Other
objects from which internal revenue is derived
are the stamps on bank 2checks and matches.
The former is a tax on business, somewhat ir-
ritating and hampering in its nature. The lat
ter is tax on an article of hourly and neces-
sary consumption by all classes. 1t is urged by
some that the abolition of the stamp tax on
matches would not reduce the price of the arti-
Gle 10 the consumers. That claim does not
seem we'll founded when the cost of the stamp
is in so large iatio to the cost of the article.
There is also the duty derived from the proprie-
tary stamps. An abolition of the revenue
from these three sources would be an equal
lessening of burdens. The tax on the deposits
in national banks and upon their capital in the
Judgment of the department may with propri-
ETY. and justice be lessened, if not entirely re-
moved, whenever in is determined that the
public revenue exceeds the public needs The
tax on circulation is different in its nature.
1t is a tax on a franchise of profit to the fav-
ored grantee, and upon a subject in the fur
nishing of which to the national banks the
government is at an expense. There seems to
be reason that while taxation is the means
OF meeting governmental expenses, this tax
should not be among the first to be taken off.
The other source of revenue where reduction
may be made is the customs. 1t already APP
pears that the revenue from customs for the
year ended ended June 80, 1881, was $685.
1856 OF, being an increase of $11, 637, GIL AZ
over the preceding year.
TIE CLAIMS AGAINST THE GOVERNMENT,
presented to thEs department., often involve i'm
portant disputed questions of law or fact, re-
curing legal work, for which provision is
made by law. Authority from Congress to re-
fer any such claims as the Secretary may think
proper to the Court of Claims, would give to
the claimants and to the government proper
judicial trial and judgment. 1t is believed
that proper statute of limitations upon
claims would promote the substantial ends of
Justice. Attention is called to the troubles re-
garding standards, by which imported sugars
are classified for customs collections, but no
specific recommendations are made.
The Secretary reviews the years operations
in the refunding and redemption of bonds, re-
fers to bis predecessors work as eminenty
successful, and says: "On the LIST day of No
vember, there remained outstanding of bonds
bearing 3 IL per cent interest, payable at the
pleasure of the government, { fter proper no.
tice. 1868, $50 $50, included in which were $12 :
OBS, 800 called bonds, not matured." If the
excess of revenues over expenditures should
continue as during the past year, its applica-
ton to the payment of these bonds can be
made at the discretion of the Secretary, and to
that extent the government will be relieved
from the necessity of paving any premium of
the consequent redemption of its bonded debt
1t is not improbable that the subject of tn @
funding Of the public debt in bonds bearing
rate of interest less than that of any vet issued
will be considered by Congress during the pres
ent session. When that subject is taken up it
is respectfully suggested that it should be
borne in mind that the bonds now outstanding
known as the extended 6s and 5s, on interest at
the rate of 3 IL per cent, possess quality
seldom found in debt against a government
That quality is in the power that the govern
rnant has n calI than in for Davmant at any