Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-12-05

war 0eDG YOIO,zOUs OF Ola QeIQaQO COM
pound interest and other notes $1S,35O,
total $166, PSI ,5O5.55.
The foreign commerce of the United
States during the last fiscal year, including
imports and exports of merchandise and
specie, was as follows:
Merchandise .................... $775,074,272
Specie. ..................... 49,4i7, 40
Total. ................s7 81, SOC, 15s, ISL
IMPORTS.
Merchandise. ACKNOWLEDGEMENTS. S724, 639, 574
Specie 42,472, $50
Total. Observation-Disclosures. S767, Ill 1864
merchandise .............. s25, 9O2, 6ss
This excess is less than it has been be-
fore in any of the previous six years, as
appears by the following table:
Year ended June 30. Excess of exports over
imports of merchandise:
1876. ....s 79,64s, 4S1 1856. 1e7, 6Ss, 92l
1877 $500. 15l.l52,094 1884 :. 259, 7l2.7l8
1878....... 257, 8l4, 234 1882 ..... %, 1902 ,683
1S79....... 264,66l,6s6
NATIONAL BANKS.
During the year there have been or
ganized III national banks, and of those
institutions there are now in operation
2,269, larger number than ever before.
The value OF their notes in active circnla-
ton on July l, 1882, was 1924, 1866, 45S.
recommend to your attention the secre,
tary's views in respect to likelihood of a
serious contraction of this circulation, and
to the modes by which that result may be
in his judgment averted.
crTvEp CorN-xcC
In respect to the coinage of silver dol
lars and the retirement of silver certifi-
Gates, I have seen nothing to alter but
much to confirm the sentiments TO which
1 gave expression last year. A compari-
son between the respective amounts of
silver dollar circulation in November, 1881
and in November, 1882, shows a slight in
crease of a million and half of dollars,
but during the interval there had been IN
the whole number coined an increase of
26.O00,000. Of tine one hundred and TWEEN
ty-eight millions thus far minted, little
more than thirtyfve millions are in circu-
lation. The mass Of accumulated coin has
grown SO great that the vault room at
present available for storage is scarcely
sufficient to contain it, It is not apparent
why it is desirable to continue this coin
age, now so enormously IN excess of pub
lie demand. AS to thu silver certificates
in addition to the grounds which seemed
last year to justify their retirement may
be mentioned the effect which is likely to
inure from the supply of gold certificates
for whose issuance congress recently made
provision, and which are now in active cir.
culation.
REDUCTION OF TAXATION.
You cannot fail to note with interest the
discussion by the secretary as to the ne
cessity of providing by legislation some
mode of freeing the treasury of an excess
of assets in the event that congress fails to
reach an early agreement for a reduction
| of taxation. heartily approve the secre
| tary's recommendation of immediate and
extensive reduction in the annual revenue:
of the government. It will be remembered
that urged upon the action of congress
at its last session the importance of re
lieving the industry and enterprise Of thu
country from the pressure of unnecessary
taxation. 1t is one of the trues
maxims of political economy
that all taxes are burdensome
however wisely and prudently imposed
and though there has always been among
our people wide differences of sentiment
as to the best methods of raising the ma
tional revenues, and indeed as to the prin
| ciples upon which taxation should b,
based, there has been substantial accord il
the doctrine that only such taxes ought t.
be levied as are necessary for a wise an(
economical administration of the govern
ment. OF late the public revenues hav
far exceeded that limit. anc
unless checked by appropriate legislation
such excess will continue to increase from
year to year. For the fiscal year ende
June 80, 1881 the surplus revenue amount
ed to S1O0,0O0,000; for tn
fiscal year ended on the 3Oth o
June last, the surplus was more tha
$145, 100000. The report of the secretar
shows what disposition has been made Q
these moneys. They have not only an
swered the requirements of the sinkin
fund, but have afforded large balance
applicable to other reductions of the pull
lie debt, but I renew tie expression of m
conviction that such rapid extinguishmen
of the national indebtedness as is now tai
ing place is by no mean
cause for congratulation. It is
cause rather for serious apprehension
If it continues it must speedily be followe
by one of the evil results SO clearly set fort
in the report of the secretary. Either th
! surplus must be idle in the treasury, or tn
/ government will be forced to buy, at ma
, ket rates, its bonds not then redeemabl
and which, under such circumstances, cal
| not fail to command an enormous prem
ium, or the swollen revenues will be de
voted to extravaganza expenditure which, a
experience has taught, is ever the bane {
an OVERLOOKING treasury.
It was made apparent in the course G
. the animated discussion which this que!
| ton aroused at the last session of Col
gress that the policy of diminution of tt
revenue by reducing taxation commando
; the general approval of members of bot
? houses. l regret that because of conflic
ing views as to the best methods by whic
, | that policy should be made Operative
none of its benefits have been reaped. /
I fulflment of what I deem my constitt
tional duty, but with little hope that ca
make valuable contribution to this vexe
, question, I shall proceed to intimate brie
ly my own views in relation to it.
II Upon the showing of our financial col
dition at the close of the last fiscal year
5 felt justified in Recommending to col
gress the abolition of internal revenue
3 except those upon tobacco in its vario'
. forms, and upon distilled spirits and fe
mented liquors, and except also the speci