The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1882-12-07

specie, 42,472 800; total, $767,111, 964;
excess OF exports over imports of mer-
chandise. 1855, 6S3. This excess is less
than it has been before any of the pre-
yious six years as appears by the follow
ing table: The year ended June 30th,
excess Of exports over imports of mer-
chandise IN 1876, $79, 643, 4S1; 1877,
$151, 152, 094; 1878. 800, S14,2 PA; 1879,
$264. 661 ,666; 1880, $167 ,683, 9I2; 1881,
$259, 712,71s; 1882, s2.599. 6S3.
During the year there have been or
ganized Ill national banks, and of these
institutions there are now in operation
2,269, larger number than ever before
The value of their notes in active circu-
lation on July LIST, 1882, was 1924. $685.
45S,~ commend to your attention
the secretary's views in respect to the
likelihood of q serious contraction of this
circulation and TO The modes Dy which
that result may in his judgment be
aVerted. In respect TO the coinage of
silver dollars and the retirement of sill
yer certificates have nothing to alter
but much 10 confirm The sentiments
to which 1 gave expression last
year, comparison between the
respective amounts of silver dollars
In circulation in November, 1881, and
November, 1882. shows an increase of
81 500, 000O, but during the intervals
there had been, in the whole number
coined. an increase of SEE, 600 of the
$12S, COZ, 600 thus far minted, and little
more than $50, 900. The mass of ac-
cumulsted coin has grown so great that
the vault room at present available for
storage is scarcely sufficient 10 contain
II. 1t is not apparent who it is desira-
bic TO continue this coinage, now so
enormously in excess of public demand.
AS to the silver certificates, in addition
to the grounds which seemed last year
TO justify their retirement. may be men
toned the effect which is likely to en-
sue from the supply of gold certificates
for which issuance congress recently
made provision which are now in circu-
lation. You cannot fail to note, with
interest, the discussion by the secretary
as to the necessity of providing by leg
islation some mode of freeing the treas.
uFy of an excess of assets. In the event
that congress fails to reach an early
agreement for the reduction of taxation
l heartily approve the secretary's re-
commendation of immediate and exten-
sive reduction in the annual revenues of
the government 1t will be remembered
urged upon the attention of congress at
its last session the importance ofreliev-
ing the industry and enterprise of the
country from the pressure of unneces-
sary taxation. 1t is one of the tritest
maxims of political economy that
ALL TAXES ARE BURDENsoME
however wisely and prudently imposed
| and, though there have always been
among our people wide differences of
opiuion Us to the best methods of rails
ing the national revenues and indeed as
to the principles upon which taxation
| should be based, there has been substan-
| tial accord in the doctrine that only such
taxes ought to be levied as are necessary
for a wise and economical administra-
| ton of the government. OF late the
public revenues have far exceeded that
limit, and unless checked by appropriate
| legislation, such excess win continue to
increase from year to year. For the ifs
cal year ending June 80, 1881, the sur.
plus revenue amounted to one hundred
millions of dollars; for the year ending
on the Both of june last, the surplus was
more than one hundred and forty-f1ve
| millions. The report of the secretary
shows what disposition has been made
of these moneys. They have not only
answered the requirements of the sink
| ing fund but have afforded o large bal
ance applicable TO other reductions of
the public debt, but l renew the ex-
preston of my conviction that such
/ hAIlD Oc IA1b M
TIoNAI. DEBT
as Is Row taking place is by no means a
cause for Generalization. 1t is cause
rather for serious apprehension. 1t it
continues it must speedily be followed
by one of the evil results so clearly set
| fourth in the report of the secretary.
Either the surplus must lie idle In the
| treasury or the government will be
| forced TO buy at market rates its bonds,
| which have not been redeemable and
which under such circumstances cannot
| fail to command an enormous premium,
and the sWo0len revenues will be devOt-
| ed 10 extFavagRnt expenditure, which,
a. experience has taught, is ever the
bale of an overlooking treasury.
It was made apparent in the course of
the animated discussion which this
question aroused at the last session of
CSpgrSss that the policy of diminishing
the revenue by reducing taxation com
manded the general approval of the
members of both houses. / regret that
because Of conflicting views as to the
best methods by which that policy
should Be made operative, none of its
benefits have as yet been reach
ed. In ftlfiIiment of what ! deem my
constitutional duty, hut with little hope
| that ] can make valuable contribution
to THE vexed question shall proceed
to intimate briefly my own views in re-
lation TO it. Upon the showing of our
| financial condition at the close of the
last fiscal year felt justified in recon-
mepding that congress
ABOLISH Tue INTERNAL REVENUE TAXES
except those upon tobacco in its various
forms, aud upon distilled spirits and
fermented liquors, and except also the
| special tax upon the manufacturers and
dealers In such articles. l
venture now to suggest that
unless il shall be ascertained that the
probable expenditures of the govern
ment for the coming year have been
under estimated all internal taxes, save
those which relate TO distilled spirits
can be prudently sbrngated. Such q
course, if accompanied by sfmplifica-
ton of the machinery OF collection
which would then be easy of accom-
| plishment might be reasonably expected
to result in diminishing the cost Of such
collections at least two and half mill
| ions of dollars and the retirement from
| Office of from 1900 to 1900 persons.
/ The system of excise duties has never
| commended itself to the favor of the
| American people and has never been re-
sorted to except for supplying defcien-
cies in the treasury when by reason
of special axIgencies the duties on I'M
ports have proven inadequate for the
needs of this Government. The senti-
ment of the country doubtless demands
that the present excise tax shall be abol-
lshed as soon as such course can safely
be pursued. 1t seems TO me, however,
| for various reasons, that so sweeping a
measure as the total abolition of inter
nal taxes would, for the present, be
AN UNwIsR STEP.
Two of these reasons are deserving OF
special mention. First, it is by no means
clear that even if the existing system
of duties on imports is continued with
| out notifications those duties alone will
yield sufficient revenue for ali the needs
of the government.
1t is estimated that $100 000, 600 will
be required for pensions during the com.
ing year, and It may well be doubted
| whether the maximum annual demand
for that object has yet been reached.
Uncertainty upon this question would
alone justify. in my judgment, the re-
tentlon for the present of that portion
of the system of internal
revenue which is least objectionable to
the people. second, total abolition of
excise taxes would almost inevitably
/ prove serious if not an insuTmountable
objection to thorough revision of the
| tariff and to any considerable execution
| inimpOrt duties.
THE P!,EsENT TARIFF SYSTEM
is in many respects unjust. 1t makes
unequal distributions both of its bur-
dens and It's benefits. This fact was
practically recognized by majority of
each house of Congress in the pas
sage of the act creating the
tariff commission. The report Of that
commission will be placed before you
at the beginning Of this session and
will, / trust, afford you such informa-
tion as to the condition and prospect of
the VARIOUS commercial, agricultural,
manufacturing, mining and other inter
ests of the country, and contain such
suggestions for statutory revision as