The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1881-12-08
! ESTABLISHED 1910.
[ PRICE FIVE CENTS.

special value of the exports of domestic
merchandise was $37GGlG,473 In $50, and
S83,02j,5i7 In 1891, an increase of S6O7 ,4OJ,-
IA, or 50 per cent. The value Of
imports was $l35,95S, ,4Os in 1870, and
$Gl2,6Gi,G2S in 1881, an increase of $780,
700,220 or AZ per cent. during each year
from 1869 to 1870 inclusive. The
The largest excess of such exports
over imports was reached during the year
1861 when II amounted TO S02,ZS0,029, but
during the year that ended June $780,
the imports OF coin and bull
| lion exceeded the exports by
! 81 $50, ,130, and during the last fiscal year
the g cess OF imports over exports was
$9l $50. In the last annual report of
| t.. Secretary of the Treasury, the
| \ alton of Congress was called to
siact that $l69 6jl goo in five per cent.
H. Is and $20Y, ,573, ,507 in q per cent. bonds
v I'D become redeemed during the year,
o d Congress was asked to authorize the
Sunding of these bonds at low rate Of
| isterest.
! , The bill for such refunding having failed
70 become law, the Secretary
of the Treasury in April last notified the
holders of the $l95, 500 400 six per eentum
bonds then outstanding, that the
bonds would be paid at par on the
first day. of July following,
ana ON tnaU uuy cucy miShI pe Contiiiueu
at the pleasure of the. government to bear
interest at the rate of 81 per centum per an
mum. Under this notice $17S 055, $50 of the
six per centum bonds were continued
at the lower rate; SIG, ,352 so were redeemed.
In the month of May II like notice was
given respecting the redemption or con-
tinuance of the $439, ,Sil,350 of
of these $40l 504, 800 were continued at IL
per centum per annum and $3S,336, 400 re-
deemed. y
The six per centum bonds Of the loan Of
February 8th, 1861, and Of !!n original war
debt amounting together ~ $l4,125,S0O,
having matured during the year the Secre-
tary of the Treasury gayegNnatice of
have been presented have bespyaid from
the surplus revenues. Thefe have also
been redeemed at par SIG, ,l79 100 of the
81 per centum continued bonds, making
total of bonds redeemed or which have
ceased to bear interest during the year of
$123, 1863, $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.
S1O,413. 1925; by restriction OF bonds 637,-
234 600; total S, ,692, ,G20,220.
The 81 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 at much
lower rate of interest than they now bear.
] agree with the Secretary of the Treasury
that no legislation respecting them is deslr-
able 1t is matter for congratuatlon tha6
the business ofthe country has been SO pIT'
porous during the past year as to yield by
taxation a large surplus OF income 10 tne
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
of our internal revenue system our popula-
ton but slightly exceeded 30,OOO,VOO by
the census of 1880 it is now found to ex-
ceed so, 100000.
1t is estimated that even if the annual
receipts and expenditures should continue,
as at present the entire debt could be paid
in ten years. In view, however, OF tpe-,
heavy load of taxation which our people
have already borne, we will consider
whether 1t is not the part OF wisdom
to reduce the revenues, even if we delay
little the payment of the debt. 1t seems to
me the time has arrived when people may
Justly demand some relief from their present
onerous burden, and that by economy
in the various branches of the public. ser
wee tnlS may readily Oe dliOTueu' tiiclc-
fore concur with the Secretary in
RECOMMENDING ABOLITION
of all internal revenue taxes except those
on tobacco in its various forms, and upon
distilled spirits and fermented liquors, and
except also the special taA upon the manu-
facturers and dealers III s:s-:;sua -
The retention of the latter
able as atfording officers of the gov |rnment
a proper supervision OF these an ces Tor
Al. Of fta I'D loo
the Secretary of the Treasury tha he law
imposing a stamp tax on 2tches,
articles; playing ca,rdsy cheeks
and drafts, may with propriety be repealed,
and the law also by which
banks and bankers are as
sessed upon their capital and deposit.
There Sc. ms to lie a general sentiment, in
favor ofth IS course in the present condition
of our revenues The tax on de-
positi is especially unjust. 1t was
never imposed in this country until
it was demanded by the necessities of war
and was never exacted. believe in any
other country in great eyigencies hanks<-
are required to secure their circulation 6y
pledging with the treasurer OF the
United States bonds of the general
The interest on these bonds,
which, at the time when the tax was inn
posed, was per cent, is now in most IN
stances, 81 per cent. Beside, the entire cir
culation was originally limited by
law, and no increase was allowable
when the existing bonds had
a monopoly of the business.
There was force in the suggestion. that
for the FIR, n ,hise to the favored grantees
he goyernme It might very properly exact
4 tax on circulation, but for years
Lhe system has been free ana
The amount of circulation regulated by the
public demand. The attention of this tax
l..or gftfVf tod gC means
the government fer the
Expense Of printing and furnlsning
he circulating notes. If the tax should be
'spealed il would certainly be proper TO
-equire the national banks to ray
he amount Of such expense 10 the
perhaps doubtful whether an immediate re-
luctiOn Of the rate of taxation on liquors
md tobacco is advisable, especially IN view ..'
# the drain or the treasury which
must attend the payment OF ar
ears Of pensions comparison
loweyer Of the amount Of taxes comes
inder the varying rates Of taxation which
ave al different times been prevented, and
uggests an intinIatiOn that some reduction
ould be made without material diminuhoh
II the revenue.
The tariff laws also need revision, but
hat a due regard may be paid to the oon-N
letting interests Of our citizens, Important
aniion. II careful revision
annat be made az this session
commission such as was lately approved
~ the Senate and is now recommended oy
re Secretary Of the Treasury, would doubt
-ss lengtheil the lnbOrs ~ Congress when
rer this subject shall be brought 70 its con-
.dernfion.
wAE uErAETaEEI-
The rcc0rnuanying refrOrf of the Sccre-
srv II War will make knysn - you the
rsir1fi0us OF that department for
asf year He suggests measures
~ rrDmOfiug the efficiency Of Tire
-ruv without adding 20 the number Of It's
fHcers and recJmpends the legislation
ecessary 70 increase the number u en-
sfed men 20 30.0,o, the maximum allowed