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

war OeDI YOI0,z5U; OF old demand 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:
EXPORTS.
aiercnandise '.-.....-........ Silo,oi,zIz
Specie. Observation-Disclosures. 49,4i7, 479
Total. ...........S7 800, 15s, ISL
IMPORTS.
Merchandise. ..... S724, 639, 574
Specie Observation-Disclosures. ~, AZ, $3.50
Total. Observation-Disclosures. S767, Ill, 1864
Excess OF eyports'oyer imports of
merchandise observation-disclosures. 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 80. Excess Of exports over
| imports of merchandise:
1876. .....S 1868, 4S1 1850. 800. Ie7, 6S3, 92l
1877. 15l.i52, 1914 1881 ...... 259. 12,7I3
1878. ...... 257,Sl4,234 1882 .... 1892, 683
1879. 264, Sol ,6S6
NATIONAL BANKS.
During the year there have been Or
ganized III national banks, and of those
institutions there are now il operation
2,269, larger number than ever before
The value OF their notes in active circnla-
ton on July l, 1882, was 1924, 656,45S. /
recommend to your attention the secre1
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.
SILVER COINAGE.
In respect to the coinage of silver dol
lars and the retirement of silver certifi-
| Gates, have seen nothing to alter but
| much to confirm the sentiments 10 which
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 million aud a half of dollars.
| but during the interval there had been IN
| the whole number coined an increase of
26.000,000 Of the one hundred and TWEEN
! ty-eight millions thus far minted, little
| more than thirty-fve 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
ssuffcient to contain it. It is not apparent
why it is desirable to continue this coin
| age, now so enormously III excess of pub
lie demand. AS TO th- silver certificates
in addition to the grounds which seemed
| last year to Justify their retirement may
be mentioned the effect which is likely te
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 thu
discussion by the secretary as to the ne
cessity of providing by legislation some
mode of freeing the treasury of an exces:
of assets in the event that congress fails t.
reach an early agreement for reduction
of taxation. I heartily approve the secre
tary's recommendation of immediate ani
extensive reduction in the annual revenues
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 unnecessar,
taxation. 1t is one of the trues
maxims of political econom,
that all taxes are burdensome
however wisely and prudently imposed
and though there has always been among
our people wide differences of sentimen
as To the best methods OF raising the ma
tional revenues, and indeed as to the prin
cipies 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 ant
'. economical administration of the govern
ment. Of late the public revenues hav
far exceeded that limit, ant
unless checked by appropriate Legislation
such excess will continue to increase fror
year to year. For the fiscal year ende
l June 80, 1881 the surplus revenue amount
ed to S100,00O,00O; for tn
, fiscal year ended on the Both O
June last, the surplus was more tina
, $145, 100000. The report of the secretar
. shows what disposition has been made c
/ these moneys. They have not only al
swered the requirements of the sinkin
' fund, but have afforded a large balanc,
! | applicable to other reductions of the pull
lie debt, but renew tie expression of N
, conviction that such rapid extinguishmer
of the national indebtedness as is now tai
ing place is by no mean
cause for congratulation. 1t is
: cause rather for serious apprehension
: If it continues it must speedily be followe
f by one of the evil results so clearly set fort
d in the report of the secretary. Either tt
t surplus must be idle in the treasury, or I'll
a government will be forced to buy, at ma
Q ket rates, its bonds not then redeemabl
@ and which, under such circumstances, Cal
q not fail to command an enormous prem
ium, or the swollen revenues will be d.
voted to extravaganza expenditure which, {
T. experience has taught, is ever the bane (
an overflowing treasury.
1t was made apparent in the course {
7. the animated discussion which this que
IS ton aroused at the last session of col
d gress that the policy of diminution of tt
revenue by reducing taxation commando
3 the general approval of members of bot
. houses. regret that because of contiic
y ing views as to the best methods by whie
x that policy should be made operativ
none of its benefits have been reaped.
Y fulflment of what deem my constit
tional duty, but with little hope that l Ca
Y make valua DIE contribution to this ve1e
~ question, I shall proceed to intimate brie
" ly my own views in relation to it.
y Upon the showing of our financial CO.
dition at the close of the last fiscal year
IS felt justified in recommending to col
gress the abolition of internal revenue
3 except those upon tobacco in its vario
"a forms, and upon distilled spirits and fe
~, | mented LIQUORS. and except also the speci