The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1881-12-15

Eive-twenties of 1856. ............. 4T0o %
ConsO!s OF lS66... ................. 1A2lO ~
COnso.s OF iS6s ...................... o0S.!S ~
Texas indemnity stock ........... 100000 %
Old demand, compound-interest,
and other notes. ................. 1,638000 90
10 the increase Of cash in Treas
ury...... NEUTRALITY-SUSPICIOUS.. I4so0tsUs0 ~
The receipts Of last year were greater than
the year before by "a, So, 90l. TO- The customs
revenues were increased FL, 63s, -, and the
revenues 81, 256,Oll, 80. There was decrease
0fexpenditures a. follows: In the Interior De-
partmcnt for pensions, e6sl, 'S9.4S; for premi'
ums ON purchased bonds. 81, 81, 07l.6l; and in
terest on the debt, e1S,sa ,ssa9a The receipts
for the present year are estimated at $4,000
900, and the expenditures at $s70,0O000.
The report recommends that National Banks,
ct any time within two years prior to the expi-
ration OF their corporate existence, be allowed
to extend the period Of succession by amend
ing the article Of association by the votes Of
shareholders owning two-thirds of the capital,
II the bank be found to be in good shape.
THE TREASURY RESERVE.
The Department. the report declares, has
pursued the policy long established Of retain
ing as a reserve for redemption of bonds about
70 per cent. of the notes outstanding. In adj
dition, sufficient money has been kept in the
Treasury to meet all other demands and obi
cations outstanding. The reserve has never
been below ~ per cent, and never above As
per cent, of the outstanding notes. The lib
eral purchase and coinage Of silver, and the
receipt Of them for public dues, has failed 10
raise the market value of silver, 1t IL recon-
mended that measures be taken to repeal the
act requiring the issue of silver certificates,
and for the retirement Of such as may be in
circulation. 1t is recommended that National
Banks be prohibited from retiring their cur
rency except after a previous notice of inten-
tioI4 SO to do, the length of such notice to be
fixed by law. The compelling OF such notice
would prevent the banks from suddenly con-
tracing the volume OF currency, and creating
the embarrassment that followed the passage Of
the S-per-cent. Refunding bill of Congress at
the last session.
Between June 2, 1874, and 1873, silver coin
was not legal tender In payment Of United
States bonds. The report asks whether foreign
bondholders who acquired their bonds during
this period may not regard the payment Of
these bonds now with silver coin as breach OF
faith. This Government, the Secretary says,
is abundantly able to discharge its debts in
money which Is everywhere accepted as true
standard of value. Further, on the subject Of
silver coinage Mt the rate of S2,0OO,OOO per
month, he says:
1--WE furnish the world with the largest por-
ton of both silver and gold, and our exports
command the best money of the world. as they
ever should do, and will, unless we bind our
selves to accept Of a poorer. We need not ap-
pear anywhere as supplicants when we clearly
may be the contractors. Some of the Euro
pean nations whose concurrent action is neceS-
sary to any result that Is sought, do not yet
appear ready to accept limitation, and when
ready they may ask for ratio that will be in
convenient for US to adopt, and reduce the
ratio of silver below the standard of our coin
age. The most potential means of bringing
about any concert of action among different
nations would appear to be for the United
States to suspend for the present the coinage
of silver dollars. 1t is, therefore, recommend
ed that provision for the coinage of fixed
amount each month be repealed, and the Sec
rotary be authorized to coin only 80 much as
will be necessary to supply the demand.
1.-THE revenue from customs for the past
fiscal year was $685. 1884, $500, an increase of
s11, gil, ~ over that of the preceding year.
OF the amount collected, $13s, sos, O6,. 80 was
collected ut the port of New York, leaving
SIS, Isl 1853 as the amount collected at all the
other ports of the country. The expenses of
collection for the past year were $S,4l9, 345.oO,
uA AACACuoC OVCA tuC RICCculu8 ycuI VI SOCS,s
41O.O4, while there was an increase in the rev.
cnue from customs over the preceding year of
over $l1 100000"
There was a decrease in the value Of inn
ports amounting to over $25OOO,OOO, manufact-
tured wool and scrap and pig-iron showing the
most of this decrease.
REDUCTION OF TAXATION
The report declares that an equalization and
simplification of the tariff is necessary, but
leaves the method and degree to Congress
without q recommendation. The question of
disposing Of the surplus Government revenues
is in this connection taken up. The Depart
ment Is embarrassed in dispOsng Of the sur
plus in an economic and lawful way. While
there is an alleged stringency in the money
market, the call for millions of bonds Is slowly
needed. and its offerto purchase bonds is not in
full accepted. The entering of the market and
buying of bonds at their current rates il not
recommended, because experts show that
this cannot be done without q loss to the
Treasury. The announcement, too, Of such
purpose would put up the market
price. The report suggests that, in view
of this existence of a surplus Of revenue, it
might be well to lessen certain taxes. A re-
duction of the tax on liquor and tobacco is not
recommended. But bank checks matches and
proprietary taxes are suggested a. proper ones
to lessen. 1t IL further recommended that IL
Congress determines on a decrease of the rev.
enue, 1t seek that end as well through revis-
ion of the existing Tariff laws as through an
abatement Of the internal revenue.
REMINDING MEASURES.
On the subject of the refunding measures Of
the year the report says:
ION the LIST of November there remained
outstanding of bonds bearing three and a half
per cent. interest, payable at the pleasure of
the Government after proper notice, $563 3SO,-
go. included in which were 81, OBS 500 called
bonds not matured. If the excess of revenues
over expenditures should continue as during
the past year, its application to the payment of
the bonds can be made at the discretion of the
Secretary, and to that extent the Government
will be relieved from the necessity Of paving
any premium Of consequent redemption of its
bonded debt"
Concerning future refunding measures the
report, while making no recommendations,
declares that it fears short-term bonds bearing
q lower rate than 81 per cent. cannot be mar
keted. N is suggested, IL any be issued, that
they be made not shorter than ten-year obliga-
tons.
The attention Of Congress is called to the
presence Of pleuro-pneumonia among cattle
IA uluCtcut SGct1OuS O1 tue Country, ana 10 the
necessity of Quarantining imported cattle.
1t Is recommended that q better appropria-
ton be made for the lifc-saving service; that
the pension laws be extended to the revenue
marine service; and that the project for tho
search for the Jeanette. suggested by Cap.
tain Hooper, be acted upon.
"A butcher at Buffalo, N. Y, pur-
chased q fine young black bear from
Michigan, weighing 225 pounds. The
animal was Gagged in . hollow log, and
vas taken to the meat-market, where
he was placed in the ice-cellar. Bruin
to gnaw nearly through the
log, and it became necessary to secure
him in some way. Finally, the services
Of hardy individual were obtained,
who volunteered to tackle the bear and
,ubdue him. The man stripped, for
The reason, as he said. that bears will
not show fight under such circum-
stances. He then descended, and in an
hours time succeeded in putting col
ar around the animals neck. He was,
however, bitten three times, but stuck
70 the work brsvely.
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