Martinsburg independent. [volume] (Martinsburg, W. Va.) 1875-1900, 1881-12-10

decrease was in the value of unman
ufactured wool, Sl4,023 ,6S2, and II
that ofscrap andpig iron S12, 810,671
The value of imported sugar, on the
other hand showed an increase Of
Z ,457, 474; Of steel rails, S4,345,52l.
of barley $2,154, 204; and of steel il
bars, ingots, etc, 5000 &c. Con
trasted with the imports during the
last fiscal year, the exports were as
follows. Domestic merchandise,
$685. 2 ,947; foreign merchandise,
$1S,45l, 399; total $500, 377 ,346; i'm
ports of merchandise, S642, 664 ,62S:
excess of exports over imports OF
merchandise, $3.50, 713, us; aggregate
of exports and import 81, 545, 04l ,974.
Compared with the previous year,
there was an increase of $66, 73S, 6SS
in the value of exports of merchan-
disc, and a decrease of $50, 200, lis
in the value Of imports. The annual
average of the excess of imports of
merchandise over exports thereof
for ten years previous to June 30th
1878, was $104, sos ,922, but for the
last six years there has been an
excess of exports over imports of
merchandise amounting to $780,
Sos, Jos, an annual average of
1896, 77S,017. The specie value of
the exports of domestic merchandise
was 1876, 616 ,473 in 1870, and in 1881
$685., 924 ,947, an icrease of 135 per
cent. The value of imports was
$435. 95S, 40S in 1870 and $642, 1854 ,629
in 1881, an increase of AZ per cent.
During each year from 1862 to 1879
inclusive, the exports OF specie
exceeded the imports. The largest
excess of such exports over imports
was reached in 1864 when it reached
500, $50 ,929.
In the last annual report of the
Treasury the attention of Congress
was called tothe fact tina $3.50 ,651 $50
in five per centum bonds and
$203 ,473, $50 in six per centum bonds
would become redeemable during
the year, and asked Congress to
authorize the r%efunding of these
bonds at a lower rate of interest.
The bill for such refunding having
failed to become a law the Secretary
of the Treasury in April last notified
the holders of the 1896, 500 400 six
per centum bonds then outstanding
that the bonds would be paid at par
on the 9th day of July following, or
that they might be continued at the
pleasure of the government, to bear
interest at the rate of 81 per centum
per annum. Under this notice
SITS, 055, $50 of the 6 per cent. bonds
were continued, at the lower rate
and SIT ,635 $50 were redeemed. In
the month of May a little notice was
given respecting the redemption or
continuance OF the $439, Sal $50 of
five per centum bonds then outstand.
ing, and of these 1892, 504 $50 were
continued at 81 per cent per annum,
and 1885 ,450 redeemed. The six
per centum bonds of the loan of
February Sth 1861 and of the Oregon
war debt amounting together to
$l4 125 800, having matured during
the year, the Secretary of the
Treasury gave notice of his
intention to redeem the same, and
such as have been presented have
been paid,from the surplus revenues.
There have also been redeemed at
par Sl6,l79 100 of the three and one
half per centum continued bonds,
making a total of bonds redeemed,
Or which have ceased to bear
interest during the year of $123 $685.
$50 The reduction of the annual
interest on the public debt through
these transactions is as follows: BY
reduction of interest to three and
one half per cent, $10,474, 752,2 5; by
redemption of bonds, $685., $40;
total, $40, 1926 ,292. 25. The three and
one half per centum bonds, being
payable at the pleasure of the
government, are available for the
investment of surplus revenue
without the payment of premiums.
DECREASE OF TAXATION.
Unless these bonds can be funded
at a much lower rate of interest than
they now bear, | agree with the Sec
rotary of the Treasury that nc legis-
tion respecting them is desirable. 1t
is a matter for congratulation that
the country has been so prosperous
during the past year, as to yield by
taxation a larger surplus of income
to the government If the revenue
laws remain unchanged this surplus
must year by year increase on &C
count of the reduction of the public
debt and its burden of interest, and
because of the rapid increase of our
population. In 1860, just prior to
the institution of our internal reve-
nue. system, our population but
slightly exceeded 10000, 900. BY the
census of 1880 it is now found to
exceed $4,000, 900. 1t is estimated
that, even if the annual receipts and
expenditures should continue as at
present, the entire debtIcould be paid
in ten years. In view, however, OF
the heavy load of taxation which our
people have already borne, we may
well consider whether it is not the
part of wisdom to reduce the reVe-