The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1881-12-07

snail DC necessary W supply lic uVlhaAi.
The Secretary advises that the issue OF gold
certificates should not for the present be
resumed, and suggests that the
national banks may properly be
forbid by law to retire their currency ex-
cept upon reasonable notice of their lnten-
ton so to do Such legislation would seem
to be justified by the recent action OF GER
tain banks ON the occasion referred TO
in the Secretarys report. OF Sl5,OO,OOO 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
statement of the public debt seems
generally to meet with approval. so also
does the suggestion of the Secretary as TO
the ACCESSIBILITY of relieving the calendar OF
the United States Courts in the southern
district of New York by the transfer
to another tribunal of the numerous
suits there pending against collectors. The
revenue from customs Tor the past nsca'
year was Sl9S, l59,GT.O!, an increase OF sill
637Gll42 over that of the
year preceding; Sl3S,O9s, 1920 for
the fiscal year ending June 80, 1881,
the increase of the year 1881 of those of the
previous year, S2,935, 200, ITO. 1t is esti-
mated that the receipts dur
ing the present fiscal year
will reach $1,000 100000 and
of this amount was collected at the post of
New York leaving $50,25l 1858 as the
amount collected at all the other posts
of the country. OF this sum SH,-
077, 1879 was collected on sugar.
and molasses, $272, $3.50, 2i7.0S on wool and
its manufactures, 81, i62 53iI on iron and
steel and manufactures thereof $l9O3o,-
667.Sl on manufactures OF silk, SlO,o20,-
1881 on manufactures of cotton, and
S6,i69, 1901 on wines and spirits, making
tot al rpvpnun from those sources of 81 .,61O,.
5S7, 200Sl.
The exper ses of collection for the past
year were $6i, 1893 452, an increase over the
preceding year of SO, al ,00l Not
withstanaing the increase in the
revenue from customs over the preceding
year the gross value of the imports incIsd-
ing free goods, decreased over twenty-five
millions, with most marked decrease IN
the value of manufactured wood, $40, 236S2.
In that of scrap and pig
iron, Sl2S, 1861. The value of imported
sugar on the other hand showed an increase
of $7i,57474; of steel rails, Sl,3i552l; of
barley, $2l, 5i2 POI, and of steel in bars,
ingots, etc, $l6,2Oo46 Contrasted
with the imports during the last
fiscal year the exports were as
follows domestic merchandise SSS3, 025, 9i7;
an increase of $G6,73S,6SS in value of
exports of merchandise, and a decrease of
50, go 10 in the value of the imports
The annual average of the
excess of imports of merchandise,
foreign, 1851 800 total, 9O2, 377 ,3i6 I'm
ports of merchandise, 642 ga 62S; excess of
exports over imports of merchandise,
259,7l2,7lS; aggregate of exports and
imports, i,a5,Oil,97I; compared with
the previous year this was
to June 3Oth 1873, $lOi, 7O6,92l but for
the last six years there has been an excess
of exports over imports of merchandise
amounting TO 81 $50, 668, l05, an an
nual average Of $l96,77S.l7. The
special value of the exports of domestic
merchandise was S376,6l6,473 in 1870, and
1888 547 in 1881, an increase of S507 ,400,-
4H, or 30 per cent. The value of
imports was $435,05S,lOS in 1870 and
7W,2N or AZ per cent. during each year
from 1852 to 1870 inclusive. The
exports of specie exceeded the imports.
The largest excess of such exports
over imports was reached during the year
1864, when it amounted to 500 $50, go but
during the year that ended June 1850,
the imports of coin and bull
lion exceeded the exports by
$3.50, l39, and during the, last fiscal year
the excess of imports over exports was
S9ll ,6S6.50. In the last annual report OF
the Secretary of the Treasury, the
attention of Congress was called to
the fact that $i69 900 in five per cent. |
bonds and sos, 573, 5O7 in 6 per cent bonds |
would become redeemed during the year, |
and Congress was asked to authorize the |
retundng of these bonds at low rate of
interest.
The bill for such refunding having failed
of the Treasury in April last notified the |
holders of the Sl05,60O,400 six per eentum |
bonds then outstanding, that the |
bonds would be paid at par on the
first day of July following, |
and on thai day they might be continued |
at the pleasure of the government to bear |
interest at the rate of Si per ccntum per an.
mum. Under this notice $l7S, 055 $50 of the |
six per Centum bonds were continued |
at the lower rate; Sl76,35 80 were redeemed. |
In the month of May u like notice was |
given respecting. the redemption or con-
linuancc of the Si39Tl, $50 of
5per ccntum bonds then outstanding, and |
olthesc Si0l ,5A 900 were continued at IL |
per ccntum per anum and SIS 1896, 400 re- |
deemed.
The six per centum bonds of the loan Of |
February S,h, 1861, and of the original war |
debt, amounting together to $ll 1875 800 |
having matured duringthe year the Secre-
tary OF the Treasury gave notice of
intention to redeem the same and such as |
have been presented have been paid from |
the surplus revenues. There have also |
been redeemed at par SIG, 40, 100 of the |
- per centum continued bonds, making |
total of bonds redeemed or which have |
ceased to bear interest during the year of |
$l23069,Gj0.
The reduction Of the annual interest on |
the public debt through these transactions |
is MS follows:
by reduction of interest to 81 per cent |
$40, il3, 62,25; by restriction OF bonds 637,- |
81 900 total 81, 6S2, $40, 30.
The 3! Der cent. bonds being payable at |
the pleasure of the government, are avail |
able for the investment of surplus revenue |
without payment of premiums unless these |
bonds could be funded ut much |
lower rate Of interest than they now bear |
agree with the Secretary Of the Treasury |
that no legislation respecting them is desir- |
able. II is a matter for congratulation that |
the business ofthe country has been so pros. |
porous during the past year as to yield by |
taxation large surplus Of income to the |
government. If the revenue laws |
remain unchanged, 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 |
ofour internal revenue system our popula-
ton but slightly exceeded 100000. BY |
the census OF 1850 II is now found to cX.
coed 100000.
II is estimated that even II the annual
receipts and expenditures should continue,
as at present the entire debt could be paid |