New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-05
THE PRESIDENTS MESSAGE.
Continued from First Page.

ariy day plan Tor sucn REORGANIZATION.
STATE OF TIKI NATIONS FINANCES
full and interesting exhibit Of the operations of
,hs Treasury Department Is afforded by thereport
a, the Secretary of the Treasury. II appears that
sbe ordinary revenues from all sources for the
fiscal year ended June 30. 1882. were as follows:
From customs, $22O,4iO,730 25; from internal
revenue, Sl46.497. 595 45; from sales of pu"lic
lands. S4,553140 81; from tax on circulation aud
dsposIts of National Banks. $S.956,70f 40; from
repsyment of. interest by Pacific Railway Compa-
mss SS40.554 81; from sinking fund for racine
tss. fines penalties. etc. 81 S43.3iS; from fees.
CONSULAR letters patent aud lands. S2.O3o,S"o W
from proceeds Of sales of Government property,
ysnas,ts aud assays 81, l18,6YJ 10: nom lndlan
trust funds, 50. 243 %; from deposits py IN
dsaao for ,roS qS Se District Of
Columbia, $1.715l76 Al; from miscellaneous
sources. So $50, l45 AZ; total ordinary recoipts
the same period were For Civi EXPENSES
$500. $50 Az for foreign intercourse
$780, ,5s3 49, for the military establishment, 10;
GLIDING river and nsro9r nsvaI estsblis-
meut including vessels machinery ahd nscoI
ments at navy yards. $l5 O32O40 ~ LOT ~ soos
,,a an,%n,,ses And collecting the re enue;
S34 $50 237 5O for expenditures on aceo%ns ;o "
the pisrl ,be OF pubo 1dSSs $0S 75 toa!
ordipary Expenditure, S2o7 ~ AZ Of ch viii
.sntp,us revenue of 81 45,o13.olo ~, WHICH, WV,
an amount Gf"" OF ir $40 9S7. 694 81. making
sne 5s sos -. was applied TO the REDEMPTION OF
bonds Tor the sinking I'M me s unknS fund $500 5
uonS the ,oau of July anu august iSooo55'
Sa2 s go; of the loan OF Match IISSI'
Eo%,22oo C00. of the funded loan ot ISL
Sd4,33,YV1g96 Of the loan of 1888 $ ,0OO OF the
Soon of February. 1851. S3O3OOo; OF rive 81
Twe.es Of 1.62 III 100; %. IF f IsGi SG 800 OF
gso4i %,,,. of 1854 S254 800; of consols of 1862
Ss 10. Of consols of 1867, SlOS. zoo OF cOnsoiS
Of 1865 S1l1 lOO OF OREGON war n6 hsr
Sis350; total. S1662s1.oO3 90 o..,,.5n-
qiTha forejgn commerce of the United States dui-
a., The last fiscal wear, including imports ana eX-
mort, OF merchandise and specie: was a. - ,o
Exports-mercnandise, 500 24Z.Zo| snecie' qd" ~
4i7470; total $7g9 959' 49, mp 72 ssd
total S567 111,964 Excess OF eAPEtts over Ini.
morris of erchandise S25.9O26o3. lh's excess Is
less than it has been before a9[ ANY Un +J Year
snded lime 30 excess of exports over imports Oh
merchandise 1876, $79643' Isl; lsaa SI2 , d c9
$50 Slo7 6s3,9i2; 1881, $259,7l2,7le, 1852,
S25, 902Gs
NATIONAL BANKS AND CURRENCY.
npriup the wear there have been organized III
National banks and of these institutions there are
now IN operation 2,269, larger number IMAM ever
before The value their notes III active circuls-
t,on ON July l,1SS2 was 1924, 656,45S. commend
IN
10 the likelihood of a serious contraction OF this CIR
culation, and to the modes by whlch that result
NAV. IN his Judgment, be averted.
In respect TO the coinage of silver dollars and the
rstrement of silver Itcates. have seen nothing
IN altar but mach to confirm. the sentiments TO
which gave expression last year. comparison
between the respective amounts OF silver HOlai CIR
.ulation on November l. 1881 anu on NoNelnpel
$3.50 sho,ys a slight Increase of "a million anu
hall dolar, but during the interval there had been
Ia the whole number coineu All increase y, ,E,
sIx millions OF the one hunured ana tWehty,cIeht
millions Tins far mmted, little more IMAM lnlrty-
five millions are in circulation The mass OF accu
muated coin has grown so great that the Naui.
room at present available Tor storage is scarcely
suffcent to contain II. IL is not apparent why IL
is desirable to continue tins courage no" 80 onIl
mously la eAcess OF the public demand. AS To tDe
silver certificates in addition TO the grounds when
seemed last year to Justify their retirement, may
be mentioned the effect which Is Hkely 10 enSue
from the supply OF gold certlhcates, Tor whose IS,
susnce Congress recently made piovislon aud
which are now IN active circulation.
REVENUE AND TAXATION.
You cannot fail TO note with interest the dis
cusson by the Secretary as to the Necessity OF pro-
viding by legislation some mode oil freeing the
Treasury of an excess Of assets III the event that
Congress fails 10 reach an early agreement TOR the
reduction of taxation. | heartily approve the Sec
retary's recommendation OF INN ediate and extern
sye reductions IN tho annual revenue, oil tie OoV-
eminent. 1t Will he remembered that urged upon
the attention OF Congress NJ us ldSt etSSoh, tbc
importance of relieving the industry ana enterprise
of tue country from the pressure OF unnecessary
taxation 1t Is one of the tfitest maAlms O.. polt-
ieal economy that all taxes are buruens0me now
ever wisely and prudently imposed, anu though
there have always been among our people wlde
differences of seLineut rs to the best nethads OF
Kissing the Nauuunl revenues, and indeed as To the
principles upon which taxation should be baSed'
there has been substantial accord IN the doctrine
that only such taxes ought to bv levied as are he.
cesOary Tor wise and economical administration OF
the Government. OF late the public revenues nave
far exceeded this limit, and unless checked oy APP
propIate legislation such excess viii continue 10
Increase from year TO year. For the fiscal year
which ended June 301SS1, the surplus revenue
.tpu,utsd 10 ~lOOOOO,OOO. For the uScal veal
ended ON the tn rtieh of June last, the surplus wa'
more than 81 3D. 000. 900. The report of the Secre
tary shows what disposition has been made Of
these moneys. They have not ouly answered. the
leuuireuiants of the sinking fund, but have
Afforded IA large balance applicable 10 other reGuc
tons OF tho public debt. ~
that such rapid exriguishment of the National IN
debteduess as is now taking place is.by no means
cause tor congr atulatOn. 1t Is cause rather iol
serious app. ebension. IL it continues. ii must
speedily be followed by one OF the evil results Sc
clearly set forth III the report oil the Secretary
Either tho surplus must DO idle IN the Treasury, OIL
the Government will be forced to buy at maxi
rates its bonds. not then redeemaDe, aud wheel
under such circumstances cannot iaii 10 command
an enormous premium. or the swollen revenues
will be devoted 10 extravagant expenditure. winch
as experience taught, is ever the bane oil al
OVERLOOKING treasury. 49,
II was made apparent in the course OF the ami
mated discussion winch this question aroused at th'
Iast session of Congress that the policy of diminish
ing the revenue by reducing taXtion commanded
The general approval OF the members OF boil
Houses. regret that because of conflicting view
as to the best methods by which that policy shonit
be made operative none of its benefits have rs yc
been Ieaped ln'fulblment Of what ueen my con
stitutoual duty but will little hoIe that cal
make vaiable contribution to thus Vexed question.
shall proceed to Intimate briefly my own views II
relation TO IL.
REDUCTION OF INTERNAL REVENUE.
Upon The showing OF our financial condition II
the close of the last fiscal year felt ustie0 in re
commenting to Congress the abolition Of interna
revenue taxes, except those upon tobacco in 1t