Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1881-12-15
GOLD cxarrr,cArr..


certificates should not for the p,eselt be resumed
and suggests that The national banks may prop
erly be forbidden by Law to retire their currency
except upon reasonable notice of their intention
so to do Such legislation would seem to bs justi-
fed by the recent action OF certain banks on the
occasion referred to in the secretary's report.
OF the SIS 900 900 fractional curr ncy still out
standing only about $50 900 has been redeem ed
during the past year. The suggestion that this
amount may properly be dropped from the future
statements Of the public debt, seems worthy OF
approval. So also does tho suggestion Of the sec.
rotary Us to the adysability Of relieving the cal
sndar 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.
REVENUES.
The revenue froin customs for the past fiscal
year were $40 oi6.02 an increase Of $ll 637, :.
81 ~ over that of the preceding year; $l3S 098,
1929 Of this amount was collected at the port Of
New York, leavisg $50 Isl .523 SO as tho amount
collected at all the other ports Of the country. OF
this sum SIT ,977 1888 was collected on sugar
and moasses, $27, 2s5,624.7s on wool and it.
manufactures, $2l, 462, 534.34 on iron and stec
and its manufactures thereof $l903S 865.8l
on manufactures Of silk. $l0825,l 1882 OF
manufactures of cotton, $6,4696 4304 or
wines and spirits, making total revenue from
these sources Of 1888, 05s 72O.sl. the expense of
an increase over the proceeding year Of $751;
1900. Notwithstanding the increase in revenue
from customs over the previous year the
gross value Of the imports including free goods
decreased over twenty-five millions of dollars.
The marked decrease was in the value Of IN
manufactured WOOL $40 1852, and In that oil
scrap .nd pig iron. SIPS ,l06.7l.
IMPORTS AND EXPORTS.
The value Of the imports Of su
Il
an increase of STA, 574.74; of steel rails S43,
1926 of barley S21 ,542.04, and Of steel 10 bars
,ngots &c., Sc, 20046. Contrasted with the im.
ports were as follows: Domestic merchandise
$50, SS9 259 AZ. foreign merchandise, $l84 5l3 ~
otal, S9,9T3 773.46. The imports of lnerchan.
iise was Sc 426 ,646 2s the excess Of exports
imports of merchandise, s5s7 ,l27.ls. The
1914 Compared with the previous
year there was an increase Of 500, S,6SS in tho
value of exports OF merchandise, and a decreas
Of $25 200, Is in the value Of imports. The an
nual average Of increase Of imports Vt mcrchan
4ise over exports thereof for ten years preyiou:
to June 30, 1878. was $l4 1922, but for the las
six years there has been excess OF exports oveI
imports of merchandise amounting TO u ,lS0,
668 1903, an annual average OF 81 ,9d7 SOIL Tho
.pece value of experts OF domestic merchandise
was S3.766. I64.73 in 1870. and $S,s5s.259.l7 10
1871 ali increase Of sS,0T3, O94.7I, &C I35 per
cent. The value of imports wAs 1859,
5Sl. 0S in 1870 and So ,426 ,6l62S in 1881
an incease Of $206 1920, Al per cent. during
each year from 1862 to 1879 inclusive. The ey
parts of specie exceeded the imports The larg
st excess of such exports over imports wa,
reached during the year 1864, when 1t amounted
to 1922 Olg.2., but during the year ending June
80 1885, the imports Of coin and bullion exceeded
the exports by s75s 1891, aua during the last
fiscal year the excess Of imports over exports were
SOIL $3.50.
REDEMPTION OF BONDS.
In the last annual report Of the secretary
Of the treasury, the attention OF congress
was called to tho fact that 81 Cos $1,000, in tive
per cent tJnds and 81 035, 737 80 in SIX per cent
,onds would become redeemable during the year,
md congress was asked to authorize the reiund-
ng Of the bonds at lower rate Of inter-
est. The bill for such refunding having
lied to become law the secretary OF tho
treasury in April last notified the holders OF tho
81 $50 g01. 90 per centum bonds, then oatstand-
ing, that the bonds would be paid at ,A' on the
list day Of July, following, and that they might
," c1ltinued at the pleasure OF the government
o bear interest at the rate OF 81 per centun per
innum. Under this notice 81, $50 ,35l. o0 OF the
six per centum bonds we're continued at the
lower rate and Sl76, 1852 so were redeemed in the
month Of May. A like notice was gwen re-p'ct
IL, the redemption or continuance OF the sl,'s1,-
10 Of five per cent. bonds, ta-a
outstanding, and of these 81 Ol5 Oi0.00 were con-
tnned at 31l per cent per annum, and 1888 1854. so
redeemed. The per cent: bonds of the loan o.
February 8, 1861, and of the Oregon wpr debt
amounting together to Sal ,2l5.00, having ma.
tured during the year, the secretary Of the
treasury gave notice Of his intention to redeem
the same, and such as have been presented have
been paid from the surplus revenue. There have
also been redeemed at par Sl6l ,79l of the three
and onehalf per cent. continued bonds,
ms nj nj nj nf
which have ceased TO bear interest,
estimated during the year of Sl,239, 695.5O.
REDUCTION OF INTEREST.
The reduction OF the annual interest on the
public debt through these transactions is as fol-
lows; Bv reduction of interest to u per cent.
$40 ,473 1927; by redemption of bonds So 352,-
$40. Total, 6s26 ,25. The 81 per cent.
bonds being payable at the pleasure of the gov.
ernment are available for the investment OF
surplus revenue without the payment of premiums
Unless these bonds can be refunded at much
lower rate of ip.erest than they now BEAR | agree
with the secretary OF the treasury that no iegisa-
ton respecting them is desirable. 1t is matter
for congratulation that the business OF the coun-
try has been so prosperous during the past year as
to yield by taxation large surplus OF income to
the government. If tho revenue laws remain I'M
changed 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. IL
1860, lust prior to the institution O.
OF OUR INTERNAL REVENUE SYSTEM,
our population but slightly exceeded 10000 900
by the census of 1880. 1t is now found to exceed
500 000O II is estimated that even II the an
nua receipts and expenditures should continue IA
at present, the entire debt could be paid in ten
wears.
r,xEs TO DE- REDUCED.
In view, however, OF the heavy lead of
taxation when our people have already borne,
may well consider whetherit ia not the part OF
wisdom to reduce the revenues, even il We delay
a little the payment of the debt.
1t seems TO me that the time has arrived when
the people may justly demand some relief from
their present enormous burden, and that by due
economy in the various branches Of the public
service this may readily be afforded. l therefore
concur with the secretary in recommending the
abolition OF all internal revenue tax, except
those on tobacco in its various forms and distilled
spirits aud fermented liquors and except also the
special tax upon the manu- acturers of AMI
dealers in such articles The intention OF
the latter tax is desirable, as aG3rdlnS
the officers of the government . prope'
supervision ~ the articles for the prevention
N fraud. a. rec with the secretary of the treas
Iry that law imposing stamp tax on matches,
proprietary articles, playing cards checks and
oraiIs may with propriety be repealt Hdd the
law uls- hy which hanks and bankers ara assessed