St. Landry democrat. (Opelousas, La.) 1878-1894, 1881-12-17

outstanding, only about $4,000 has been re-
deemed the past year. The suggestion that
| this amount may be properly dropped from
future statements of the public debt seems
! worthy OF approval. SO also does the suggeS-
relieving the calendar of United States Courts
i'll the Southern District of New York by the
| transfertO another tribunal of the numerous
suits there pending against the Collectors.
The revenue from Customs for the past year
was $l9S ,O59616 o., an increase OF Sll.6i,6ll4 AZ
oyer that of the preceding year Sl6s ,o9s, 562 80
OF this amount was collected at the port OF
New York, leaving $5O, Isl 1853 as the amount
collected at all the other ports of the country.
OF this sum 1887 1888 was collected on
its manufactures; S2l ,462 534 "a on iron and
steel and manufactures thereof; $l9o3s ,665.sl
on manufactures of silk; $lO,s25. ll5:2l on man
! and spirits, making a total revenue from these
sources of Sl53 O5S, Posi-. The expenses of
collection for the past year were ST, AIS, 80 20
| an increase over the preceding year of $751;
| 4l0Ol. Notwithstanding the increase in reVe-
| nue. 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 i'll the value
of unmanufacturcd wool, Sl4,023,6S2, and on
that OF scrap and pig iron, Sl2,S7o,6'l The
value of imports of sugar, on the other hand,
showed an increase of s., 45I Al of steel rails
S4,345,52i of barley s., l54 204, and of steel in
bars, ingots, etc, s620,oi6. Contrasted with
| this, the imports were rs follows: Domestic
merchandise, $40 S39 ,2J9.47; foreign mcrchan
disc, SIS, 45l.3l9 Total, S7oa,3H,s46. Imports
| VI lleECIhuulSe, SD4- ODf ,OZS. 1LActSS VI tA-
ports over i'm ports of merchandise, $5?7l2,'ls.
Compared with the previous year there was
an increase of $66, 3s,6So in the value OF ex-
290, lis i'll the value of imports. The annual av-
erage of increase of imports of merchandise
over exports thereof for ten wears previous to
June 80 1873 $685. 22, but for the last six
years there has been an excess OF exports
over imports of merchandise amounting to
S,ls0,G6S l03, an annual average of Sl!H,USO OIL.
| The specie value of the exports of domestic
merchandise was 1916 6l6,4 I3 in 1870 and 1888,
1884 in 1881, an increase OF S}o' 300, IA or l5
per cent. The value of imports was SES5,
40S in $50 and $6i2 ,65l 62S jim 1881, an Incl ease
of s20&, 20 or 81 per cent During each year
from lS62 to 1879 Inclusive the exports OF spe-
Gle exceeded the imports. The largest excess
of such exports over imports was reached
during the year 1864, when 1t amounted to
S92, 204 929, but during the year ended June 30.
| 1880, the imports of coin and bullion exceeded
the exports by S75, S9l 1871, ard during the last
| fiscal year the excess of imports over exports
was sol, 6S $50.
| In the last annual report of the Secretary of
| the Treasury the attention of Congress was
called to the fact that S469, 65l $50 i'll five per
centum bonds and S203 ,5I3, $50 in six per cent
UNI bonds would become redeemable during
the year, and Congress was asked to author
| iZe the refundin of these bonds ut lower
rate of interest. The bill for such refundins
| having failed to become 4 law, the Secretary
of the Treasury in April last notified the
| holders Of the 95,640,toO six per centum
| bonds then outstanding that the bonds would
| be paid at par on the first day OF July follow
| ing, or that they might be continued at the
pleasure of the Government to bear interest
at the rate of three and one half per cent I'M
| per annum Under this not ce l1S0l5, $50 OF
| the six per centum bonds We're continued at
the lower rate, and ST., s55, $50 were redeemed.
In the month of May like notice was given
| respecting the redemption or continuance OF
| the S439sH.35O OF five per cent. bonds then
outstanding, and of these $40l, 800 were
| continued at three and a half per centum per
annum and SsS .336, 400 redeemed. The six per
centum bonds of the loan of February Sth,
1865. and OF the Oregon war debt. amounting
together to sl4 1851 500, having matured during
the year, the Secretary of the Treasury gave
notice of his intention to redeem same, and
such as have been presented have been paid
from the surplus revenue. There have also
been redeemed mt par Si6,lI9, 100 of the three
and one half per ccntum continued bonds,
making total of bonds redeemed or which
have ceased to bear interest estimated during
the year of $i23 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 81 OF ,sa5 ,227; by redemption of bonds.
S635 pa 900; total, 81 6S2 $40 2225. The 81 per
centum bonds, being payable at the pleasure
of the Government, are available Tor the in
vestment of surplus revenue without the pay
| ment of premiums. Unless these bonds can
be funded at much lower rate of interest
than they now bear, l agree with the Secreta-
ry of the Treasury that no legislation regard
ing them is desirable. 1t is a matter for con-
graduation that the business of the country
| has been so prosperous during the past year
| as to yield by taxation large surplus of in
come to the Government
| If 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 the rap
id increase of our population. In 1850, Just
| prior to the institution of our internal
slightly exceeded 10000, oOO BY the Census
| of 1880, it is now found to exceed fifty mil
| lions 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 the heavy
| 4S< ,s11, n1
| ready borne, we may well consider whether
| it is not the part of wisdom to reduce the rev.
| enue even if we delay little the payment of
| the debt.
ABOLIsHING INTERNAL REVENUE TAXES.
| 1t seems to me that the time has arrived
| when the people may justly demand some re-
| lief from their present enormous burden. and
| that by due economy in the various branches
| of the public service this may readily he uf-
| forded. l therefore concur with the Score
! tary in recommending the abolition of all in
ternal revenue taxes, except those upon to.
! bacco in IT'S various forms and upon distilled
spirits and fermented liquors, and except
also the special tax upon the manufacturers
of and dealers in such articles. The retention
of the latter tax is desirable as atfordng the
officers of the Government a proper supervi
sion of these articles for the prevention
of fraud. .-.= -
agree with the Secretary of the Treasury
that the law imposing stamp-tax upon
matches, proprietary articles, playing cards,
checks and drafts, may with propriety be re-
pealed; and the law also by winch banks ana
bankers are assessed upon their capital and
deposit. There seems to be general senti-
ment in favor of this course.
In the present condition of our revenuesthe
tax upon deposits is especially unjust. 1t was
never imposed in this country until it was de-
manded by the necessities of the war, and was
never exacted, believe, in any other coun-
try, even in the greatest exigencies. Bankers
are required to secure their circulation by
pledging with the Treasurer of the
United States bonds of the General Gov
eminent and the interest upon these bonds
which at the time when the tax was
imposed was 8 per cent. is now, in most In
stances, 31a per cent, and besides, the entire
Giro ulation was originally limited by law and
no increase was allowed. When the existing
banks had practically monopoly of the bus
mess there was force in the suggestion that for