Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1881-12-15
IMPORTS AND EXPORTS.

iggots &c. ST, 2OO.46. COntrasteu with the I'M
ports were as follows: Domestic merchandise,
500 $50 259 AZ: foreign merchandise, SI84 5l399;
total 50 973 773.46. The imports OF merchan-
disc was St 1926 646 IS the excess Of exports over
imports Of merchandise, S59I, Fills. he
aggregate Of exports over imports was so 4JO,-
4l9.74. Compared with the previous
year there was an increase of 500 13S, 6oS IN the
value Of exports of merchandise, and decrease
of $2j 290, lis in the value Of imports. The an
nual average Of increase Of imports OF merchan-
disc over exports thereof tor ten years previous
to } une 30 1873 was Sl4 SS9.Z2, but tor the last
six gears there has been an excess OF exports over
imports of merchandise amounting to 81 $50
Cos 1913 an annual average of 81 1851 $50, Ia. The
specie value Of exports Of domestic merchandise
was s. 100 1918 in 1870, and s., 639 ,2o9.4I n
1871 an increase Of So ,O73, 094.l4 or LOO per
cent The value of imports was 1859,
ISL % in 1870 and 1926, 646.2S in 1881,
an incease of S206, 1920, ORTIZ per cent. during
each year from 1862 to 1879 inclusive. The eX-
ports Of specie exceeded the imports. The larg-
est excess Of such exports over imports was
reached daring the year 1864, when 1t amounted
to 1922 049.29, but during the year ending June
30 1880 che imports of coin and bullion exceeded
the exports by S75S 1881, aud during the last
fiscal year the excess Of imports over exports were
S9l1 ,686. 80.
REDEMPTION OF BONDS.
In the last annual eport of the secretar
Of the treasury, the attention of ongres
was called to the fact that 81 696 ,5lO.5O in five
Der cent bonds and 81 OBS 1877. 80 in six per cent
bonds would become redeemabIe during the year,
and congress was asked to authorize the refund
ing of the bonds at lower rate of inter
est. The bill for such refunding having
failed TO become law, the secretary of the
treasury in April last notified the hol:erS of the
ST $50 904.00 per centum bonds, then outstand-
ing, that the bonds would be paid at par on the
lst day of July, following, and that they might
be continued ut the pleasure of the government
to bear interest at the rate of u per centmm per
annum Under this notice 81 $50 ,55l.5O of he
six per eentum bonds were continued at the
lower rate, and SIG ,352 30 were redeemed in the
month of May. A like notice was given respect
ing the redemption or continuance of the 81 $685.
1880 Of five per cent bonds, then
outstanding, and Of these $4O15, $4,000 were con-
tnued at "a per cent. per annum, and 1888 .364j0
redeemed. Tho per cent. bonds of the loan o.
February s, 1861 and of the Oregon war debt,
amounting together TO Sal ,2l5.00, having ma
tered 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 revenue. There have
also been redeemed at par $l6l, 79l of >e three
and one-half per cent. continued bonds,
making total of bonds redeemed, or
which have ceased to bear interest,
estimated during the year OF 81 ,239, $3.50.
REDUCTION OF INTEREST.
The reduction of the annual interest on the
public debt through these transactions is as fol-
lows: BY reduction of interest to "a per cent,
$40 ,473 ,952.27 by redemption of bonds, Sc 352,-
$40. Total, SIG, 500 ,292 %. The 3A per cent.
bonds being payable at the pleasure of the gov
eminent, are available for the investment of
surplus revenue without the payment of premiums.
Unless these bonds can be refunded at a much
lower rate of interest than they now bear. agree
with the secretary of the treasury that no legisla
ton respecting them is desirable. 1t is a matter
for congratulation that the business of the coun-
try has been prosperous during the past year as
to yield by taxation large surplus of income to
the government. If the revenue laws remain I'M
changed this surplus must, year by year, 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 O.
OF our INTERNAL REVENUE SYSTEM,
our population but slightly exceeded $4,000 900
by the census of 1880. 1t is now found to exceed
$4,000 600. 1t is estimated that even if the an
nual receipts and expenditures should continue as
at present, the entire debt could be paid in ten
wears.
TAXES To BE REDUCED.
In view, however, of the heavy load of
taxation which our people have already borne,
we may well consider whetherit is not the part Of
wisdom to reduce the revenues, even if we delay
n little the payment of the debt.
1t seems to me that the time has arrived when
the people may justly demand some relief from
their present enormous burden, and that by due
economy in the various branches of the public
service this may readily be afforded ] therefore
concur with the secretary in recommending the
abolition of all internal revenue tax, except
those tobacco in its various forms and distilled
spirits and fermented liquors, and except also the
special tax upon the manufacturers of and
dealers in such articles. The intention OF
the latter tax is desirable, as aifording
the officers of the government a proper
supervision of the articles for the prevention
of fraud. agree with the secretary OF the treas
ury that law imposing Il stamp tax on matches,
proprietary articles, playing cards, checks and
drafts may with propriety be repealed, and the
law alse by which banks and bankers are assessed
upon their capital and deposits. There seems to
be a general sentiment in favor of this course IN
the present condition of our revenue. The tax
on deposits is especially unjust. 1t was ncyerim-
posed in this country till it was demanded
by the necessities of war, and never
eXacted, l believe, in any other county,
even in its greatest exigencies. The bankers are
the holders of bonds, and to seek reinvestm
through other channels will disturb the bushes
of the country. 1t is doubtful whether the gov
eminent is required to secure their crcua ton by
pledging with the treasurer of the United States
bonds of the general government. The intereSS
upon these bonds which at the time when the tax
was imposed was per cent, is now in most in.
stances 81 per cent and besides the entire ercu
lation originally limited by law, aud no in
practically monopoly of the business. Thi,
was foreign to the suggestion that for the fran
chise to the tayoring granters, the government
might very properly exact a tax upon the cir
cuation, but for years the system ha.
been free. and the amount of circulatioy
controlled by the public demand. The retention Of
this tax has been suggested as a means of REIN
bursting the government for the expense of printing
and furnishing the circulating notes. If the ta1
should be reported it would certainly seem proper
to require the national banks to pay the amount
of such expense to the comptroller of the currency
1t is perhaps doubtful whether the reduction o.
taxation upon liquors and tobacco is advisable
especially in view of the drain upon the treasury
which must attend the payment of arrears O
pensions. A comparison. however of the amoun
of taxes collected under the varyng rates of taxa
tion which have at different times prevailed sug
gest the intimation that some reduction may soor
be mace without diminutiOn of the revenue. TIT
tariff also needs revising, but that a due regar
may be paid to the conflicting interests of Oul
citizens, important changes should be made will
caution. If a careful revision cannot be made 4
this session. commission such was lately ap
proved by the senate and is now recommended By
the senate, and now recommended b,
the secretary Of the treasury would
doubtless tighten the labors of congress when
ever this subject is brought to its consideration
The accompanying report of the Secretary of Wa
will give the operations of that department 70
thepast year.
RIVERS AND HARBoRs.
The report of the chief ofengineers furnishes
detailed account of the operations for the i'm
proyement of rivers and harbors. l commend {
your attention the suggestions contained in thi
report in regard to the condition eff our fortified
tions especially our coast defences, and recon
mend increased strength of the engineer battalion
by which the efficiency of our torpedo systeE
would be improved. l also call your attention t
his remarks the improvement of the Sout