Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1881-12-14

Luoy we're accordingly made receivable Tor all
customs, taxes and public dues. About sixty
SIX millions of them are now outstanding. They
formed an unnecessary addition to the paper
currency, sufficient amount of which may be
readily supplied by the national banks In ae-
cOrdance with the act of February g. 1873, the
treasury department has monthly caused
at least $2,O0O,O00 in value of silver
bullion to be coinedintO standard silver dollars,
and 1O2, 10000 of these dollars have been al
ready coined, while only about 34000,000 are
in circulation. For the reasons which he speci-
fies, | concur in the secretary's recommendation
that the provisions for coinage Of an affixed
amount each month be repealed, and that here
after only so much be coined as shall be neces-
sary to supply the demand. The secretary adj
viseS that the issue of gold certificates should
not for the present be resumed, and suggests
that the national banks may properly be for
hidden by law to retire their currency except
upon reasonable notice of their intention SO to
do. Such legislation would seem to be justified
by the recent action of certain banks on the oc-
casion referred to in the secretary's report
OF the $15,000.000 of fractional currency
still outstanding, only about $4,000 has been
redeemed the past year. The suggestion that
this amount may properly be dropped from
future statements of the public debt seems
worthy of approval; $50. also, does the suggestion
of the secretary as to the ACCESSIBILITY of reiey-
ing the calendar of the United States courts in
the southern district of New York by the
suits there pending against collectors.
| The revenue from customs for the past
fiscal year were $191 596, 760.02, an increase of
81, 637 Gil 40 over that of the preceding year;
| $138, 09S, 562 80 of this amount was collected at
the port of New York, leaving $50. 251, 523. So as
the amount collected at all the other ports of
the country Of this sum $479, III. 39 was COL
lected On sugar and molasses, 1927, 285, 624.78
on wool and it's manufactures. $21, 1852, 534. 81 of
iron and steel and manufactures thereof 3d.
| 038 66581 on manufactures of silk, $40, $685.
1881 on manufactures of cotton, and Sc 469,-
64304 on wines and spirits, making a total
revenue from these sources of 1888, 058, 720.81
| The expense of collection for the past
year were $6,419, 345.20, an increase
over the preceding year of $780,
410.O4 notwithstanding the increases in
| revenues from customs over the previous year.
goods, decreased over $25,0O0,000. The
marked decrease was in the value of unmanu-
featured wool, $14, 023. $50 and in that of scrap
and pig iron, SO, 901, 671. The value of i'm
ports of sugar on the other hand showed an in
crease of ST. AS, 474 of steel rails 3d. 345, 521 of
barley So, ,204, and of steel in bars,
mgots ETC., $500, 046. Contrasted with the i'm
| ports wore as follows: Domestic merchandise,
$9,083, 1926, 947 foreign merchandise, $18, 451,-
399; total, 9O2,377, 346; imports of merchandise,
$642, 664, 629; excess of exports over imports of
merchandise, 59,712, 718; aggregate of exports
and imports, $15, 450,419.
! Compared with the previous year there was
an increase of $3.50, 738, 688 in the value of ez-
ports of merchandise and a decrease of $685.
| 1901 in the value of imports. The annual
average of increase of imports Of merchandise
over exports thereof for ten years previous to
June 30th, 1878, was 81. 488, 922, but for the
last six years there has been an excess of ex-
ports over imports of merchandise amounting
to 81, $50, 668, 103, an annual average of $780,
| 778,O1I. The specie value of the exports of
| domestic merchandise was S376, 616, 473 in 1870
and 1888, 1926, 947 in 1871, an increase of $3O7.-
800, 474 or 1876 per cent. The value of imports
was 1896, 95S, 406 in 1870 and $642, 664, 629 in
1881, an increase of $40, 676 220 or At per cent.
During each year from 1862 to 1879 inclusive
the exports of specie exceed the imports.
The largest excess Of such exports over imports
was reached during the year 1864, when it
amounted to $92, 204, 929, but during the year
ending June 80, $780, the imports of coin and
bullion exceeded the imports by 575, 991, 591,
and during the last year the excess of imports
over exports were S91, 1853 $50. In the last an
nual report of the secretary of the treasury.
the attention of congress was called to the
fact that 1869, Isl. 050in five per centum bonds,
and $203, 573,750 in six per centum
bonds would become redeemable during the
year and congress was asked to authorize the
refunding of these bonds at lower rate of in
terest. The bill for such refunding having
failed to become a law, the secretary of the
treasury in April last notified the holders Of the
1885, 500, 400 SIX per centum bonds then out
standing that the bonds would be paid at par
on the the first first day of July following
the pleasure of the government to bear interest
at the rate of three and one-half per centum
per annum. Under this notice $178, 055, $50 of
the six per centum bonds were continued at the
lower rate and ST., 635, $50 were redeemed. In
the month of May like notice given re-
specti1-g the redemption or continuance of
the $439, 841 $50 of five per ceut. bonds then
outstanding, and of these $401, 504, 900 were
continued at So per centum per annum and
$33, 1886, $50 redeemed of the 6 per centum bonds
of the loan of February 5, 1871, and of the Ore
gon war debt, amounting together to $14, 49,
500, having matured during the year, the secre-
ta1y of the treasury gave notice of his intention
to redeem the same, and such as have been pre-
sented have been paid from the surplus revenue.
There have also been redeemed at
par S16,17910O of the 81 per centum
continued bonds, making total of bonds re-
deemed, or which have ceased to bear interest,
estimates during the year of 1923, 969, $50. The
reduction of the annual interest on the public
debt through these transactions is as follows:
By reduction of interest to 81 per cent. ST.
047, 1896 227; by redemption of bonds $685.
234, 1000; total 81, 2.629,225. The 81 per
cent. bonds, being payable at the pleas
ure of the government are available
for the investment of surplus revenue without
the payment of premiums. Unless these bonds
can De 1unQ6Q aU d lnuCn lower rate OF INTEREST
than they now bear, [ agree with the secretary
of the treasury that no legislation respecting
them is desirable It is a matter for congratu-
lation 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 government.
REDUCING TAXATION.
If the revenue laws remain unchanged this
surplus must. year by year, increase Old account
of the reduction of the public debt and its bur-
den 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 100000
By the census of 1880 it is now found to ex-
coed 5O,OOO,000. 1t is estimated that even if
the annual receipts and expenditures should
continue as at present the entire debt could be
paid in 10 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 revenues even if we delay a
little the payment of the debt. It
seems to me that the time has arrived when
the people may justly demand some relief from
| +boi, o7,H hot xr