Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1881-12-15

caused at least So, 600, 900 in value of silver
bullion to be coined into standard dollars One
hundred and two millions of these dollars have
been already coined, while only about 1884,
OOO 900 are in circulation. For the reasons.
which he specifies, | concur IN the secretarys
recommendation that the provision for coinage
of the specified amount each month be re-
pealed, and that hereafter only 80 much be
coined rs shall be necessary to supply the de-
mand.
GOLD CERTIFICATES.
The secretary advises that the issue OF gold
certificates should not for the present be re-
sumed and suggests that the national banks may
be properly forbidden by law to retire their cur
rency, except on reasonable notice of their in
tention to do 80. Such legislation would seem
to be justified by the reconstruction of certain
banks on the occasion referred TO, IN the
secretary's report OF the 5000, 600 Of
ing ine'''U5aIt only about $4,000 has been
redeemed the past year. The suggestion that
this amount may properly be dropped from
future statements of the public debt seems
worthy of approval SO also does the sugges-
ton of the secretary as to the advisability Of
| relieving the calendar of the United States
courts in the southern district Of New York by
the transfer to another tribunal OF the numer-
| GUS suits there pending against collectors
| THE REVENUE
| from customs for the past fiscal year was
| S19S 159, ,676.02; an increase OF 81 ,637,-
| 611.42 over that Of the preceding year;
| $13S, ,09s, $50. 80 of this amount was col
| lected at the port of New York, leaving $oO,-
25I. 523. SO as the amount collected at all the
| other ports of the country. OF this sum
S47. .977, 1878 was collected on sugar and
| mo!asses, ST, ,ZS5, 624. 7S on wool and manu-
factures, So, 462, 534 "a on iron and steel and
! manufactures of silk, $10,S25, 115.2l
on manufactures of cotton, Sc, ,469,
| 643 Oh on wines and spirits, making the
total revenue from these sources
| 1888, ,05S, 72O 81. The expenses of collec-
| ton for the past year have been S6,419 345 20,
an increase over the preceding year of $780,
| 41004 Notwithstanding the increase in rev.
| enue from customs over the previous year the
gross value of the imports, including free
| goods decreased over $25, 900, 900 Tho
facured wool S14,O23, $50. and in that of
scrap and pig iron $l2, SlO,67l. The value
| Of imports on sugar, on the other hand, showed
an increase Of $7,45T,f7 of steel rails s4.
340, 52l, of bar iron 81, 81, 2O4, and of steel
| III bars, etc, $500, ,O46.
Compared with the previous year. there vas
| an Increase 0f merchandise and decrease of
| SGG, I3S, OoS ii the value of imports. The
| annual average increase OF imports OF mer-
| chandlso over exports thereof. for ten years
previous to June 80. 1878, was S1,48S, 922,
but for the last six years there mas been an ez-
cess of exports over imports of merchandise
| Of $l,lSO,G6S, lO3, annual aver
age of $l96,77S,0l7. The specie
| Ndlue OF the eADOfIS OF uOHleStlC
merchandise was .$37G, GIG, ,473 in 1870 and
| 1888, ,925, 947 in 1881, an increase of $307,-
| 3O9, 474, or l35 per cent. The value Of i'm
ports was S435, ,95S, ,40S in 1870 and So 42,-
664, ,62S in 1881, an increase of S206, 7O6,
| 22O, or ~ per cent during each year. From
1862 TO 1879. inclusive, the exports of
specie exceeded the imports. The largest ex-
cess of such exports over imports was reached
during the year 1864, when it amounted to
$92, 204, 929, but during tie year ending
June 80, 1880, the imports of coin and bull
| ion exceeded the exports by P75. .S91 ,391, and
during the last fiscal year the excess Of i'm
ports over exports was S91, 1856 600
REFUNDNG.
In the last annual report of the secretary Of
the treasury the attention of congress was called
to the fact that P469, 651, ,050 in 5 per CEN
tum bonds and S5Z03, 573, 750 in per centum
bonds were to become redeemabe during the
| year, and congress was asked to authorize the
retunding of these bonds at lower rate of in
| terest The bill for such refunding having
| failed to become law, the secretary of the
treasury in April last notified the holders of
the S195, $50, 400 = per cent bonds then out
standing, that the bonds would be paid al
par on the first day of July follow
ing, or that they might be continued
at the pleasure of the government, to bear in
terest at the rate of 312 per centum per an
mum. Under this notice $175, ,O55, $50 of the
| per centum bonds were continued at the
lower rate, and S17, ,632, go redeemed. In
the month of May like notice was given re-
specting the redemption or continuance of the
S439, ,S41 $50 of per cent bonds then out
standing; of these S40l, 5O4, 900 were con-
tinued at gig per centum per annum, and $685.
336, ,450 redeemed. The 6 per cent bonds
of the loan of February s, 1861 and of the
Oregon war debt amounting together to $14,-
| 121, 800 having matured during the year the
secretary of the treasury gave notice of his in
tention to redeem the same, and such as have
been presented have been paid from the sur
plus revenue. There have been also redeemed
at par $16, 179, 100 of the gig per centum
continued bonds, making total of bonds re-
deemed or which have ceased to bear interest
during the year of $123, ,969,65O.
THE PUBLIC DEBT
The reduction of the annual interest on the
public debt through these transactions is as
follows:
By reduction OF interest TO 5is per
By redemption Of bonds ....... 6,352.34O 90
The 3Io per centum bonds being payable at
the pleasure of the government are available
for investment of surplus revenue without the
payment of premiums Unless these bonds car
be funded at a much lower rate Of interest thai
| they now bear, | agree with the secretary OF the
treasury that no legislation respecting them is
| desirable.
| REDUCTION OF REVENUE
tits a matter for oongratulation that the bust
ness of the country has been so prosperous dur
ing the past year as to yield by taxation large
surplus of income to the government II 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 in
stitution of our internal revenue system,
our population but slightly exceeded 30.
100000. By the census Of 1850 i
is now found to exceed $4,000, 600.
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 load OF taxation
which our people have already borne, we may
we'll consider whether it is not the part Of wis
, dom to reduce the revenues, even If we delay
, a little the payment of the debt 1t seems tc
me that the time has arrived when the people
; may Justly demand some relief from
their present enormous burden ano
that by due economy in the various
branches of the public service this may readily
be afforded. l therefore concur with the sec
retary in recommending the abolition Of all in
ternal revenue taxes except those upon tobao:
CO in its various forms, and upon distilled
spirits and fermented liquors, and except alst
the special tax upon the manufacturers of ant
dealers in such articles. The retention of th'
latter tax is desirable as affording the officers
} of the government proper supervision o
these articles for the prevention o
, of the treasury that the law imposing staml
tax on matches, proprietary articles, playing
cards and drafts may with propriety be re
pealed, and the law also by which banks ant
} bankers are assessed upon their capital anl
deposits. There seems to be q general senti
4 ment in favor of this course, aud in the presen
) condition of our revenues the tax upon deposit
) is especially unjust 1t was never imposed il
D this country until it was demanded by tn
0 necessities of war, and never exacted, be
, lieve, in any other country eve
Y in its greatest exigencies Bankers ar
required to secure their circulation b.
pledging, with the treasurer of the Unite
0 States, bonds OF the general government Tn
interest on these bonds, which at the tim
8 was g per cent, is now in most instances 81
: per cent, and besides, the entire circulation
8 was originally limited by law, and no increas
E was allowable when the existing banks ha
b practically monopoly Of the business Their
) was the suggestion that for the franchise
J! the favoring grantees the government Nigh
II nr0narly n nm rirculatinn Rr