Mexico weekly ledger., 1881-12-08

ieas, % q is = I'm sS,slf n Isss' az \ !sod ssonsois or 1856,
$1as,150, 90; consols OF 1857. Ss5, s140oo; consols q
1893. sss7. 400. Loan inde ;n,dsss, s sI9ee o,s ss,py notes'
ury, sa4,os7,o2sq. Total, sslooe6e 4e4 es: The
ed to 1907 ,Os4.J2 which sum Includes a balance
of s4e, s1T 128 10, not provided for during tne pIe
vieg,s dseal H Yea at, The w sJn1 q 1ef s, ! dst; sft q VIZ
he increase j fresenues for 1881 over those Of
the PREVIOUS year was s2s,35aso1.1o. IL Is esn-
THE RECEIPTS
during the present fiscal year viii reach si0,Oo.
600 and the expenditures S21O,t 0O,0Uo, leavlng .
surplus Of .s $4,000 $1,000 AZ, app df a6s n nj lie debt.
approve the recommendation OF the SeeIetaIy "
the Treasury, that provision De maas LOT me
act requiring thefr Issue be repealed. They we're
issued in pursuance of the policy of the govern,
sfspaa rd and Were Accordingly etsSsf 81 4 made reseiyssbls
for all costums, ta&es and public dues ADout
sixty six millions Of them are now ont.sIan0ing.
currency q sufficient amount of which may be
readily supplied by the national banks. IN accord
ance with the act of February 2Sth; i eaS.ed in .
least two millions in value of silver bullion to pc
coined into standard silver dollars; lo2 million OF
these dollars have been already coined, whlie
only about 81 millions are in circulation.
For the reasons which he specifies, l concur IN
the Secretary's recommendation that the provi-
sion for the coinage of q fixed amount each
month be revealed; end that hereafter only so
much be coined as shall be necessary to supply
the demand.
GOLD CERTIFICATES.
The Secretary advices that the issue of gold
certificates should not, for the present, De re-
sumed, and suggests that the national banks may
properly be forbidden by law to retire their cur
rrencv, except npon reasonable notice of their In
teDtion to dc so: Such legislation. would seem 70
be justified by the recent action OF certain BANKS,
on the occasion referred to in the secretary's re-
port.
OF the sl50,OOO of fractional currency still out
standing, only about ss0,000 has been redeemed
the past year. The suggestion that this amount
may be properly dropped from future statements
of the public debt seems worthy OF approval. so
adyisab,lity Of Relieving the calendar Of United
States courts in the Southern District of New
York, by the transfer to another tribunal of the
numerous suits there pending against the Collee-
tors,
THE REVENUE FROM CUSTOMS
for the past year was sos, 1852 OF, an increase
of sli,. 81, e1l. ~ over that of the preceding: sl6s,-
0aS So 30 of this amount was collected ut the port
OF New York, leaving S0,251, 1853 as the amount
collected at all the other ports of the country. of
m nn1i same 81 s. 81 IS W on wool v",e1e' and II its sn mann NC
lures; s2l G2.j3434 on iron and steel, and manu-
features thereof; Sl9,0s8,675?sl on manufactures
of silk; s10:S25 ,1l521 on X anufactures Of cotton
/ end 8 ,464. Si10i ON wines and spirits, making a
total return from these sources of s133,55s, 72oSl.
The expenses of collection for the past year were
SG,419,3f5 20-an increase overt the preceding year
of 1857 ,Iin4,
notwithstanding the increase in revenue from
customs over the preceding year, the gross value
of the imports, including free goods, decreased
over twenty five millions of dollars The marked
decrease was the value of manufactured wool,
Si,023,6s2, and ON that Of scrap and pig iron, Sl2,-
s70,67l. The value of imports of sugar, on the
other hand, showed an increase of s7,i57 ,414, of
steel rails st,3i,,52l OF barley s2IA s0i, and Of
this the imports were as follows: Domestic mer-
chandise so, So, 25s. f6, foreign merchandise sis.-
sol ,3l9. Total. 50 2,37i.346. Imports of merehan-
disc, s6t2, 60, ,62s. Excess of exports over imports
of merchandise, S59, l 2,71s. Aggregate OF exports
and imports, si',45o,i l9.75, compared with the
previous year there was an increase of sos 1855
in the value of exports of merchandise, and a de-
crease of SIS, 200, iSs In the value of imports. The
annual average OF
INCREASE OF IMPORTS
of merchandise over exports thereof for ten years
previous to June 81, 1874, was slO4 -S,91,,, but for
the last six years there has been an excess of ex-
ports over imports Of merchandise amounting to
)! ,lS0,66S, ic3, an annual average of sl'S.lIs,ol7.
The specie value of the exports of domestic mer-
chandise was S316 sic, as in 1870 and $3.50, 90, 9ta
: III 1851. an increase of 1907 .3o,4zi OF 1875 per cent:
The value of imports was S435, 95S, iGs in 1870 and
s6i2, 6Gi .62S IN 1881, an increase of SAt6, sS2.2b, or a
per cent, During each year from 1862 to 1879 in
elusive, the exports of specie exceeded the i'm
ports. The largest excess of such exports over
| imports was reached during the year 1864. when
i it amounted to sss 9es, but during the veal
. lion exceeded the exports by s75,s 9 .s9l. and dur
. ing the last fiscal year the excess of imports ovel
! In the last annual report of the Secretary of tn,
A Treasury the attention of Congress was called {
I the fact that sid9, Col ,oH0 in fiye-per eentunl bond
would become redeenab'e during the year, an
congress was asked to authorize the rcfunding o
these bonds al u lower rate of interest. The bill
: for such refundiug having failed TO become a law
: the Secretary of the Treasury in April last notified
the holders of the Sl9l.690.0o0 six per ceutun
4 bonds then outstandingt that the bonds would b.
paid at par on the first day of July following, .
h that they might lie continued al the pleasure o
:, the government to bear interest at the rate o
i three and one half per centnm per annum. Tn
| Tor IN fafla l = 10 lA: 4 fhR s1v naF fpn
bonds were continued at the lower rate, and siI,
$50 were redeemed. In the month Of May
h or continuance ofthe $685. $40 of two per cen
bonds then outstanding and of these SOL, Oh, al
were continHed at three and q half per e,s,ntul
y per annum and So, 80, 100 redeemed. The ST
II per centum bonds OF the loan of February stf
ls lSbd and IF the
"A OREGON WAR DEBT.
s. amounting together to Sll, l25, 500. having mature
e. during the year, the Secretary of the Tressur
IT, gave notice of his intention to redeem some, an
IN such As have been presented have been pal
h. from the surplus revenue. There have also bee
redeemed at par Sii 1871 Ito OF the three and on
IT. half per centnm Continued bonds, making
total OF bonds redeemed or which have ceased I
bear interest, estimates during the year of SIS
=. @f9,So: Inc reduction of the annual interest o
~ The public debt through these transactions Is 4
ne follows: By reduction of interest to 34 per Gel
IN 900; total. sl,6s2,6 29.: rs. The 81 per eentui
~ bonds being payable At the pleasure of the go
. = eminent, are available for the investment OF su
~ plus revenue without the payment of premium
y unless these bonds can he funded AT a niue
lower rate of interest than they now bear l agrs
,s,inn 'r rs, s srain tSe 1I me !. aa adessnas 'hai no regi
ne for congrat llation that the business of the coul
N, as try has heen SO prosperous during the past ye'
~ as to yield by taxation a large surplus of incon
as to the government. II the revenue laws renal
he unchanged this surplus must year by year i
crease on account OF the reduction of the publ
debt and its burden of interest and because OF u
Is. rapid increase of our population.
its By the
yh CENSUS OF 1880
III 1t is now found to exceed fifty millions. 1t is {
q timatei that. even If the annual receipts and G
ne penditures should continue as at pre.ent, the e
oy tire debt could be paid in ten years. In vie'
N however, of the heavy load Of Taxation which o.
I'd people have already borne, We may well consi
er whether it is not the part of wisdom to rcdu,
the revenues, even if we delay a little the pa
ict / therefore concur with the secretary in rscoI
ed mend,ng the abolition of all Internal reven'
re- foims and upon distilled spirits and fermen,.
&c liquors, and except. also, the special tax upon Il
he manufacturers of and dealers in such article
The retention of the latter tax is desirable as
he f0rding the officers of the government a prop
ne supervision of these articles for the prevention
he ury that the law imposing, a stamp tax up.
matches. proprietary articles, playing care
checks and drafts. may, with propriesy, be /,
res bankers are assessed upon their capital and d
1as posts, There seems to be a general sentiment
of favor of this course. In the present condition
gu our revenues the tax upon deposits is especial
ur- unjust. 1t was never imposed In this country II
su- Ill il WIS demanded by the necessities of war al
cir was never exacted. ! believe. in any other cou
lis try, even in its greatest exigencies. Bankers q
lge required to secure their circulation by pledgi
on with the Treasurer of the United States bonds
the general government. The interest upon the
bonds. which. at the time when the tax was i
ep- posed vas e per cent, Is now In most instances
OF per cent; ana oes ues tHe entlre CIRCULATION "
,as originally limited by law and no increase "
by allowable When the existing banks had prae
mn cally a monopoly of the business, there was for
IN the suggestion that LOT the 1fancnise 70 the
| yOfed grantees the government might We