River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1881-12-15

1851. S59, 100 %
1868 .. 337 400 90
Loan indemnity stock ...... 10, 600 90
Old demand compound inter
est and other notes ...... 49, $40 w
And to the increase of cash in
tho treasury. .......-..... Il 637, O22 90
Total 500 .O69 404. 9S The requirements OF the
sink ng fund for the year amounted to $50 1885,
064.U2 which sum includes balance of $40 ,Sl7,-
l2s.73 net provided for during the previous fiscal
year. The SUN OF S74 $50 20l.05 was applied to
this fund which left a deficit of Sl5 POS. ST3.4T.
The increase of the revenues for 1881, over those
of the previous year S29 1852 g0l. 10. Ii is
estimated that the receipts during the
fiscal year will each $500 900 900 and the expen-
ditures $270, 800 900, leaving a surplus Of $780,
600 900.
In pursuance Of the policy Of the government
10 maintain silver at the gold standard,
silver certificates accordingly issued and
made receivable for all customs, taxes
and public dues. About sixty-six millions
OF them now outstanding. They formed
an unnecessary addition to the paper currency,
sufficient amount Of which may be readily sup
piled by the national banks in accord
ance with the AIT OF February 18th
1873 the treasury department has monthly
caused at least two millions IN value OF silver
bullion to be coined into standard silver dollars.
One hundred and two million OF these dollars
have been already coined while only about
thirty fogr millions are in circulation. For the
Ttdnhbe winch NC sDttiutsf touCuT Int DCSic-
tarys recommendation that the provision for
coinage of fixed amount each moth be re-
pealed and that hereafter emily SO much be
coined rs shall be necessary to supply the de-
msnd.
GOLD CERTIFICATES.
The secretary advises that the issue of gold
certificates should not fer the p eset 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 be JUST
fed by the recent action OF certain banks on the
occasion referred to in the secretary's report.
Of the Sl5 600 900 fractional curr ncy still out
standing only about $50 GOO has been redeemed
during the past year. The suggestion that this
amount may properly be dropped fir IN the future
statements of the public debt, seems worthy OF
approval SO also does the suggestion of the sec
rotary to the adsisability OF relieving the cal
endar of the United States courts in the southern
district OF New York, by the transfer to another
trisunal of the numerous suits there pending
against collectors.
REVENUES.
The revenue from customs for the past fiscal
year $40, l59 1862 an increase of Sll ,637,
Gil AZ over that of the preceding year; Sl3S O9S,
$3.50 OF this amount was collected at The port of
New York leavi.g $50 25l ,523 So as the amount
collected at all the other ports of the country. Of
this sum S47 9I7 1877 SO col eeted sugar
and molasses, $27 s5624.7S ON wool and its
manufactures, $2l ,462, 534, "a ON iron and steel
and its manufactures thereof Sl9 03S 665S 81
On manufactures of silk, SO S25, 1921 on
manufactures of cotton, So 469 64304 on
wines and spirits, making a total revenue from
these sources of Sl33 05S ,I20.Sl. The expense of
collection for tn past year were So, AIS 1920,
an increase over the preceding year of $751;
4l0.04 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 Ct
manufactured wool $40 236 50, and in that of
scrap and pig iron. SIPS 1867
IMPORTS AND EXPORTS.
The valve of the imports of SUI
gar on the other hand should be
an increase Of S74 ,574.74; of steel rails, S43,-
1925. Of barley So 542 o. and of steel in bars
ixgots Sc, Sc 20O46. Contrasted with the i'm
ports were as follows: Domestic merchandise
$50 $50 $50 AZ. foreign merchandise 1874 5l3 99
total 50 973, 773.46. The imports of merehan-
disc So 426 646 2S the excess Of exports over
imports of merchandise 1897 1918 The
aggregate of exports over imports was SIS, AGO.
4i9T4. Compared with the previous
year there was az increase of $50, 73S ,6SS in the
value of exports of merchandise and decrease
of S25 POO, is in the value Of imports. The an
nual average of increase of imports of merehan-
sise over exports thereof for ten years previous
to June 30, 1873. was Sl4SS922, but for the last
six years there has been an excess of exports over
imports of merchandise amounting TO 81 1850
66S 1893 an annual average of 81 963 ,IS0.l1. The
specie value of exports of domestic merchandise
was So ,766, l64 73 in 1870, and So S39 259.47 in
1871 an increase of SO 073 094.74, 1876 per
cent. The value of imports was 81 359,
5SI 0S in 1870, and Sc, 426, 646.2S in 1881,
an incease Of $206 1872 90 or Al per cent. during
each year from 1862 10 1879 inclusive. The ex
ports of specie exceeded the imports. The larg-
est excess of such exports over imports was
reached during the year 1864, when it amounted
IN m he
30 1880 ,he imports of coin and bullion exceeded
the exports by S7JS 1881 aud during the last
fiscal year the excess of imports over exports were
1911 1856 50.
REDEMPTION OF EoNDs.
In the last annual repor Of tie secret ar
of the treasury the attention of ongles
was called to the fact that 81 696 50, in FIVE
per cent bonds and s2,035, so in six per cent
bonds would become redeemable during the year
and congress asked to authorize the refund
ing of the bonds at lower rate OF inter
est The bill for such refunding having
failed to become law the secretary of the
treasury in April last notified the holders OF the
81 $50 ,g04. 90 per centum bonds, then outstand-
ing that the bonds would be paid at par on the
lst day of July, following, and that they might
be con inucd Mt the pleasure OF the government
to bear interest at the rate of ~ per eentum per
annum Under this notice 81 $50, 55l. so of the
six per centum bonds were continued at the
lower rate and SIG 1852 80 were redeemed in the
month of May. A like notice was given respect
ing the redemption or continuance of the % S9S,-
1880 of FIVE. per cent bonds, then
outstanding, and of these Sf,0l5 049,00 were con-
tinued at u per cent per annum and 1888 ,364. 90
redeemed. The 6 per cent. bonds of the loan o.
February 8 1861, and of the Oregon war debt,
amounting together to Sal ,2l500, 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 e three
and one-half per cent. continued bonds,
making total OF bonds redeemed, or
which have ceased to bear interest,
estimated during the year OF 81, $3.50.
REDUCTION OF INTEREST.
The reduction of the annual interest on the
public debt through these transactions is as fol-
lows By reduction of interest to 81 per cent,
Sl0,473 95227; by redemption OF bonds, 50, 3o2,-
$40 Total SIC S26 292 Is. The 3H per cent.
bonds being payable at the pleasure of the gov
eminent are available for the investment oil
surplus revenue without the payment of premiums.
Unless these bonds can be refunded at much
lower rate of interest than they now bear, agree
with the secretary Of the treasury that no eglsla-
ton respecting them is desirable. 1t is matter
for congratulation that the business of the eonn-
try has been so prosperous during the past year as
to yield by taxation large surplus of income TO
the government. If the 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 population. In
| 1860, lust prior to the institution O.
OF ouR INTERNAL REVENUE SYSTEM,
our population but slightly exceeded 10000 900
by the census Of 1850. 1t is now found to exceed
so 0s 0G0. II is estimated that even II the an
nual receipts and expenditures should continue as
1 at present. the entire debt csald be paid IN ten
/ years.
TAXES TO BE REDUCED.
! In view, however, of the heavy load OF
/ taxation which our people have already borne,
/ we may well consider whetherit is not the part OF
/ wisdom TO reduce the revenues, even il We delay
! a little the payment of the debt.
1 1t seems to me that the time has arrived when
I the people may justly demand some relief from
/ their present enormous burden aud that by due
/ economy in the various branches OF the puohc
service this may readily be AFFORDED. l therefore
I concur with the secretary in recommending the
/ abolition of all internal revenue tax, except
those on tobacco in its various forms and distilled
spirits and ermented liquors, and except also the
1 special tax upon the manufacturers OF ana
/ dealers in such articles. The intention oil
/ the latter tax is desirable, Gs alerdlng
the officers of the government proper
1 supervision Of the articles for the prevention
of fraud. agree with the secretary 81 the treas
/ ury that q law imposing stamp tax on matches,
I proprietary articles playing cards. checks anu
I drafts may with propFiety pe repealed, and the
( law alSs hy which banks and bankers are assessed
! upon their capital and deposits. There seems %
be general sentiment IN favor OF this course 70
. -. 8 anna Il