Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1881-12-15

| cert. during eacE year. From 1862 to
| 1873, inclusive the exports for specie ex-
eeeded their imports. The largest excess
| OF such exports over imports was
reached during the year 1864, when it
| amounted TO s92 pa 1929, hut during the year
ending June 80 1880, the imports of coin and
bullion eXcef ded the exports by s75.S9l. 39l,
and during the last fiscal year the excess OF
imports over exports was S91. 1860.
In the last annual report OF the Secretary of
! the Treasury the attention Of Congress was
/ called to the fact that 1863 65l $50 Ill 8 per
/ centum bonds and S233, 573 $50 in per centum
! bonds would become Tedeenable during the
! year ana Congress was asked to authorize the
REFUNDINa
! OF these bonds al lower rate Of interest The
/ bill for snch refunding having failed to
/ become law, the Secretary of the Treasury
| III April last notified the holders of the
! sl95 b90, 400 6per-centum bonds then out
standing that the bonus would be paid at
| par on the LIST day of July following or
that they might be continued" at the pleas
| ure OF the Government TO bear interest at
/ the rate Of 81 pcrcentum per annum. I'm
der this notice Si7s.l55,150 of tho
| 6-qer-centum bonds were continued at
the lower rate and sl7. 635, $50 were re-
deemed. In the month OF May like notice
was given respecting the redemption or con-
hngance OF the 1898, s4l, $50 of 5-per-centum
bonds then outstanding, and of these
s40l. 100000 were continued at 81 per
cautam per annum, and S3S, 1856, 456 re-
deemed. The 6-per-eentum bonds of the
loan of Feb. s, 1861, and of the Oregon
war debt amounting together to 3l4, l25, $40, /
having matured during he year, the Secretary
OF the Treasury gave ngtce OF his intention to
redeem the same, and such as have Teen pre-
scented has been paid from the surplus revenue.
There have also been redeemed at par SIC, 49,
100 Of the 81 per centnm "contnred" bonds.
making to al Of bonds redeemed or which |
have ceased to bear interest.
THE REDUCTION OF THE ANNUAL INTEREST
ON the public debt through these transactions
Is as follows By reduction of interest to 81
per cent. 510i7 395, 227, by redemption OF !
bonds 7635, 234 900 total, 81. $50, 1892 The
81 per centum bonds being payable at the |
pleasure OF the Government, available for |
the investment of surplus eeyenue without the
payment OF premiums.
Unless these bonds can be funded at much |
lower rate of interest than they now bear, |
agree with the Secretary of the Treasury that |
no legislation respecting them is desirable. 1t |
is q matter for congratuation that the bust |
ness Of the country has been SO prosperous |
during the past year as to yield by taxation |
large surplus of income to the Government. |
II the revenue laws remain unchanged, this |
surplus must year by year increase on ac- |
count of the reduction OF the public |
debt and its burden Of interest, and because |
Of tie rapid increase Of our population. In |
1850 Just PRIOR to the institution of our inter- |
nal revenue system, our population but slightly |
exceeded 3 1,O00600. BY the census of 1880 it /
is now found TO exceed $4,000, 600. 1t is esti- |
mated that even if the annual receipts and ex- |
uenditures should continue as at present the |
tire debt could be paid IL ten years. In |
view, however, Of the heavy load OF taxation |
which our people have borne, We may well con- |
slider whether it is not the part of wisdom to |
reduce the revenue, even if We delay little |
the payment of the debt.
It seems to that the time has arrived |
F.la and
lief from their present enormous burden, and |
that by due economy in the various branches /
OF the public service tins may readily be af- |
forded. therefore concur with the Secretary |
in recommending
THE ABOLITION OF ALI. INTERNAL REVENUE |
TAXES,
except those upon tobacco in its various |
forms, and upon distilled spirits and fer |
mented liquors, and except also the special |
tax upon the manufacturers of and dealers |
in such articles. The intention of the latter |
tax Is desirable affordlng the officers Of |
the Government proper supervision of these |
articles for the prevention of fraud. | agree |
with the Secretary of the Treasury that the law |
imposing stamp tax on matches, proprietary |
articles, playing cards. checks and drafts may, |
with propnetv. lie repealed, and the law also |
by which banks and bankers arc assessed upon |
their capital and deposits. There seems to be |
general sentiment in favor Of this course. In |
the present condition OF our revenues the |
was never imposed in this country until it was
demanded by the necessities of war, was never /
exacted, l believe, in any other country, even |
in lts greatest exlgencles. Bankers are re- |
quired to secure their circulation by pledging |
with the Treasurer of the United States |
bonds of the general Government The in |
terest upon these bonds, which at the |
time when the tax was imposed was |
per cent, is now i'll most in |
stances 31S per cent, and besides the entire |
bS-l
no increase allowable. When tho existing |
banks had practically monopoly OF the bust |
ness there was force III the suggostiou that for |
tie franchise to the favored grantees the Gov |
ernmcnt might very properly exact tax on |
Circulation, but for years the system has |
been free and the amount of circula- |
tIon regulated by the public demand. |
The retention of this tax has been suggested |
as a means Of reimburslng the Government for |
the expense OF printing and furnishing the |
circulating notes If the tax should be re-
pealta 1t Hoald certainly be proper to require |
tue nitlcGsl banks to pay the amount OF such !
expense to the Comptroller of the Currency
1t is perhaps doubtful whether the imnedi- |
ate reduction Of the rate of
TAXATION iron LIQUORS AND TOBACCO
ia advisable. III view OF the drain upon the |
treasury which must attend the payment of ar
reats OF pensions. A comparison, however, of |
tue 5mouut OF taxes collected under the vary
ilg rates Of taxation which have at different |
tluass prevailed suggests the ntimation that
Sosac r'dact may soon be made without dim
luptlon Of the revenue.
THE TARIFF LAWS
also need revision. but that due regard may |
lie paid to The conflicting interests Of our citi-
naus. important changes should Zoe made with
CAUTION. II q careful revision cannot be made
t this session, commission, such as was
lately approved by the SeLate and is now recon-
mended By the Secretary of the Treasury,
wo,;id doubtless lignten the labors Of Congress
when, vor this subject shall be brought to its
considt raaol.
SECRETARY OF WAR
The accompanying report of tho Secretary OF
War Will make known the operations of that
department for the past year. He suggests
measures Tor promoting the efficiency OF the
arIny hy adding TO the number of its officers
snd recommends the legislation necessary to
increase the number OF enlisted men to 80 600
the maximum allowed by law. This he deems
necessary 70 maintain quletness on our ever
shifting frontier, to preserve peace and suppress
dlsord and msraudlng III tho new elements
| 10 protect settlers and their property against
| Indians. and Indians against the encroach-
| meuts Of lntruders; and TO enable peaceable
| immigrants 10 establish homes in the most
| remote parts of our country. The army is
| now necessarily scattered ever such a vast
| extent of territory, that whenever an out
| break occurs, reinforcements must be hurried
| from many quarters over great distances
| and always at heavy cost Tor transportation
! Of men, horses, wagons and sup
| plies. | concur in the commentator
! Of the Secretary for Increasing the
| army to the strength OF $4,000 enlisted men.
| Il appears b the Secretary port that in the
/ absence of Disturbances ON the frontier, the
| troops have reen actively employed IN collect
| ing Indians hitherto hostile and locating them
/ on their proper reservations that Sitting Bull
| aud his adhereats are now prisoners at Fort
| Randall; that tive Utes have been moved
/ to their new reservation in Utah: that
! during the recent outbreak OF tie Apa-
| ehes il was necessary to reinforce the
! gsrIson in Arizona by troops withdrawn
| from New Mexico, and that some Apaches
1 are now held prisoners for trial, while some
/ have escaped and the majority Of tie tribe are
/ now on their reservations. There is need of
I legislation 70 prevent intrusion upon the lands
/ set apart for the Indians. large military
I force, at great expense, is required TO patrol
/ the boundary line between Kansas and the
! Indian Territory The oaiy punishment that
I ST present can he inflicted IL the lorClpie re-
/ moval Of lie lntrudersand Tie imposition Of
! pe1uniarx inc which, most cases It Is I'M
1 POSSIBLE TO collect. tt e should be a penalty
! by imprisonment in sach cases.
sIGSAL SERVICE.
/ The separate org .iizatIon Of the Signal Ser
vice II used by the Secretary Of War and flu
steteInsnt Of the advantages Of such perIna-
nent organization Is presented Ia the report Of
the Chief Signal Osfieey. A detsiled account
+ Of tue useful WORK performed BY the Signal
+ Corps ard the Wel Their Bureau Rre also gwen
IR that report
IKE EpIAN BUREAU.
ask your attention TO the statements Of the
SECRETARY Of Wax regarding the acquisitions
frequently inside by the Indian Bureau upon