The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1881-12-08

present be resumed, and suggests shat
the Udliunal banks may be properly
IOi bldden by law tn retire their curren'
cN except upon reasonable notice u1
their intentIon so to do. Such leglSla-
tion would seem To BE- justified BY the
recent action of certain b INKS or the
occasion referred 10 in the Secretary s
report. Or the fifteen millions frac
tioi al currency still outstanding, only
about 10000 has been redeemed the
past year. The suggestion that this
amount may properly bs dropped from
future statements of the public debt,
seems worthy of approval. So also
does the suggestion OF the Secretary as
To the advisability OF relieving the cal
endar of the United States Court in
the Southern district of New York by
the transfer to another tribunal OF
the numerous suits there ptndlng
against collectors.
THE BALANCE OF TRADE.
The revenue from customs for he
past fiscal year was S19S, l59, 676 O2, an
increase of S11, ,637, ,61l.42 over tnat ur
Sl3S, ,09S, 562.39 was collected at the
port of New York, leaving $50, ,25l, tl3.
63 as the amount collected at all the
other ports of the country. OF this
sum S47, 1888 was collected on
sugar, melado and mOlasSes; $27, ,2S5,
624 rs on wool and its manufactures
$21 ,462, ,534. "a on iron and steel and the
manufactures thereof $19, ,03S, ,665.Sl ON
manufactures of silk; $10,S25, 1921 on
manufactures OF cotton, and So, 469,-
643 O4 on wines and spirits, making a
Total revenue from these sources of
$133, ,05S, ,720.S1.
The expenses of collection for the
past year we're SO, 419, ,345.2 20, an increase
over the preceding y ear of $3S7, ,4l004.
NUtwi. hsJanding this increase IN revr-
nue. from customs over the preceding
year, the gross value of imports, in
Guiding free goods, decreased over
twenty-five millions of dollars. The
marked decrease in the value of un-
manufactured wool was $40, 1928,
and in that of scrap and pig iron $l2S,-
106, us. The imports of sugar, on the
other hand, showed an increase of ST.
457, ,474; of steel rails, $4,3l5,52l; of
bars, So, ,154, ,2O4, and of steel in bars,
ingots, ETC., Sl,620,046. Contrasted
with them, the exports were as follows:
Domestic merchandise, 1883, 1925, ,947 I;
foreign merchandise, $1S, ,45l ,399; total,
1902, ST. ,346. Imports of merchandise,
$642,664, 1928. Excess of exports over
imports of merchandise, $59,712.7l
Aggregate of exports and imports, 81
645, O41,974. Compared with the ipre-
500. 1886 in the value of the
exports of merchandise, and a
decrease of $25. .29O,11S in the
value of the imports. The annual
average of the excess of imports of
merchandise over the exports thereof
for the ten years previous to June 30th,
1878, was $1O4, ,SO6, ,922; but for the last
SIX years there has been an excess of
exports over imports of merchandise
amounting to 81, lSO, ,66S, 103, an annual
average of Sl96, ,778,0l7. The specific
value of the exports of domestic mer-
chandise was 1916, ,6l6, ,473 in 1870, and
1888, ,9Z7, ,947 in 1881, an increase of
$5U7, ,3O9, ,474, or 1876 per cent. The value
of imports was $435, ,95S, ,409 in 1870 and
S643, 664, 1928 in 1851, an increase of
S2O7, ,7O6.22 or Al per cent.
During each year from 1862 to 1879
inclusive, the exports of specie ex-
ceeded the imports. The greatest ex-
cess of such exports over imports was
reached during the wear 1864, when it
amounted to $92, ,2S0, ,929. But during
the year ended June 3OCh, 1880, the i'm
ports of coin and bullion exceeded the
exports by $75, ,S9l ,391, and during the
last fiscal year, the excess of imports
over exports was $9l, l6S,65o.
THE REFUNDING MEASURES.
In the last annual report of the Sec
retary of the Treasury the ATTIC ntion of
Congress was called to the fact that
$3.50, ,65l $50 in five per centuIl bonds
and $2O3, ,573, $50 III six per centum bonds
would become redeemable during the
year, and Congress was asked to au-
,hOriZe the refunding of these bonds at
4 lower rate OF interest. The bill for
such Iefunding having failed to become |
4 law, the Secretary of the Treasury in |
April last notified the holders of tie |
S195, 800, 400 six per centum bonds tn n |
that the bonds would be |
paid at par on the first day of Juy |
following, or that they might be 'cCn.
.inued' at ,he pleasure of the Cove Il
nent bear interest at the rate of |
Lree d OHe-half per centum per an
lum. Under the notice $178, 655, $50 of
,he six per centum bonds were contin-
led at the lower rate and S17, ,635, ,250 |
we're redeemed.
In the month of May a like notice |
was given respecting the redemption |
)r continuance of the $439, ,841, $50 of |
i've per centum bonds then outstand-
ng, and of these $401, 100000 were con.
,inued at three and a-half per centum
and $38, 1886, ,450 redeemed.
L u6 SIX per C6uJuIu UOIuS Oh Inc loan /
If February 8, 1851, and of the Oregon
var debt, amounting together to $l4,-
rs, 300, having matured during the
1ear. the Secretary of the Treasury
rave notice of his intention to redeem
he same, and such as have been pre-
Iented have been paid from the surplus
'evenue. There have also been re-
ieemed at par S16, 1901 of the three
md a-half per centum Continued
ponds, making total of bonds re-
ieemed or which have ceased to bear
interest during the year of 1928, ,969, $50.
In the reduction of the annual inter- +
sst of the public debt throughout the
are as follows: By the
'eductiOn of interest to three and one
lalf per cent, $40, ,473, 95225; by redemp.
ion of bonds, 1852, $40; total, $16,-
326, 1922
The three and one half per centum |
ponds being payable at the pleasure of |
Jhe government are available for the |
Investment of the surplus revenue |
without the payment of premiums. |
Unless these bonds can be funded at a |
much lower rate of interest than they |
now bear, agree with the Secretary of |
jhe Treasury that no legislation re- |
Specting them is desirable.
OF REVENUE TAXATION.
1t is a matter of congratulatisn that |
The business of the country has been so
during the past year, as to |
yield by taxation large surplus of in
come to the (AOVpTnmnOt If tha rpVe-