The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1881-12-14


iron and steel manniactures and
thereof; S1903S, ,665.S on nanufac-
tnres Of silk; sl0,S25, ,l15 u on man
u'actGres Of cotton, aud Sc, 1860
o. on wines and spirits, making a
total revenue from these sources of
3,05s, ,72a.Sl.
The expenses Of collection for the
past year were s6,4l9845 20. an in
crease over the proceeding year S3S7.
fl9G4. Notw itiistlnding this in
crease IN revenue from customs over
the preceding year, the gross value
lot imports, including free goods, Do
creased over twenty five millions Of
dollars The marked decrease in
the value of manufactured wool was
Sl41236,S2S, and in that Of scrap
iron sl2S,lG6.718. The imports Of
, sugar, on the other hand. showed
an increase of ST,457 Al; OF steel
rails, S4,3l5.52i ; OF bars, 81, ,154,2)4,
and ~ steel III bars. ingots. etc, ST.
620.O16. Contrasted with them; the
exports were as follows Domestic
merchandise, 1888 925, ,947; foreign
merchandise, &fS451 .399; total,
S902S77 .3t6. Imports Of ntrehau-
ehandise, SGi2664,62S. Excess OF
exports over imports Of mcgehan
idise, s59,,12,7f6. Aggregate Of ex-
ports and imports, SI.545,041 ,9T4.
Compared with the previous wear
there WIS IN increase Of S66. .ISS.68S
IN the value of the exports of nsr-
cbandise, and a decrease Of the val
ne of So, ,299,1 in the value Of the
imports. Tfie annualarerage Of the
excess Of imports of merchandise
over the exports thereof for the ten
years previous to June 90, 1873, was
sl04, ,>J6y22; but for the last six
years there has been an excess
o. exports over imports OF mer-
ciiahdlse amounting 10 Sf1S966S,
lO3- aa annual average Df Si96,77S,
0lI. Fhe specific value Of the ex-
ports 0 domestic merchandise was
s3l6.6lS413 IN 1870 and sSS3927, :
94l, ne 1881. an inereaseof s50I ,309,
IA. or i35 per cent The value of
imports was 1888 .4gS in 1870
aud s63G6862S ia 1881, an in
eredse OF s207 9U6.22 or Al per cent.
During each year from 1852 20
1879 iiclGs ve, the exports 0f specie
exceeded q c j. por.s The ereatests
xctss Of ch exports over imports
as reache during the wear 1861,
when it a.Iouuted TO s92, ,250.929.
Bat during q, yea7 ending June
39, 1880, tie imports Of coin and
bullion ey-cped tie exports by S35.-
s9l,3 ,39i aud during the last fiscal
year, TIE excess Of Imports over ex-
ports was S9l, ,l6s, $50.
THE RRyuyDI2G MEASURES.
In the last annual report Of the
Secretary Of tie Treasury the atten-
tiou OF Congress il called 70 the fact
that Si69,65l,O50 in five per eentum
baAds and S2J3.5l3.750 Ia six per
centum bonds woG.d bec9me ~
Ieema5lc during thc gear, and
Congress was asked to ag,nur-
ize the reiGnding Of these beads at Il
lower rate OF interest The bill for
such rclunding having failed to be-
come a law, the Secretary of the
Treasury in April last notified the
holders Of the S195,690,40J six per
centum bonds thea outstanding that
The bonds would be paid at par on
the first day OF July following or
that they might be continue" at
the pleasure of the Government 10
bear interest nj the rate OF three and
one half per ceptum per annum.
Under the notice sl7S,055 $50 OF the
six per eentum bonds were cnntin-
ued ut the lower rate and Si7 ,635,-
80 we're redeemed.
In the month OF May q Ike no
tice was given re- peeting the redemp-
ton or continuance Of the SI39,S4l
$50 of five per ceutun bonds then
outstanding, and Of these $f0i &c.
800 were continued ats per centum
per annum and s3S, ,335, $50 were re-
deemed.
The SIX per centnm bonds cf the
loan of February s, 1851, and Of the
Oregon war debt, amounting togeth-
er to s14,125,S00, having matured
during the year, the Secretary OF the
Treasury gave notice Of his atten-
ton to redeem the same, and such
! as have been presented have been
paid from the surplus revenue.
There have also been redeemed at
par s1G,179,100 of the 3 per centum
continued bonds, making total
of bonds redeemed or which have
ceased to bear interest during the
| year Of sf23, 1863, $50.
The reduction of the annual in
terest OF the public debt through
out the transactions are as follows !:
By the reduction Of interest to three
and one half per cent. s10,473.952 :
%; by redemption Of bonds, Sc, ,352,-
34U; total s16,S26, ,292.25.
The three and one-half / er centum
bonds being payable at the pleasure
OF the government are available for
the investment of the surplus reye-
laue without the payment Of premi-
ums. Unless these bonds can be
funded at much lower rate of IN
terest than they now bear. ! agree
with the Secretary Of the Treasury
that no legislation respecting them
is desirable.
REDUCTION OF REvENuE TAXATION
| 1t is matter for congratulatioa
I that the business Of the country has
been so prosperous during the past
( year, as to yield by taxation large
surplus of income to the Govern
tnent. If the revenue laws remain
unchanged, this surplus must, year
By wear, increase on account 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 revenue system, our
population but slightly exceeded
! 30000000. BY The census OF 1880
| il is found To exceed 50,GOo,0o0. II
! is estimated that even j! the annual
receipts and expenditures should
l....s-,.e A. - ,.rs-oyNf fla a,.fsra