The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1882-12-13

In respect 10 the coinage of silver
dollars and the retirement of silver
certificates, TO confirm the sentiments
To which gave expression last year,
4 comparison between the respective
amounts of silver dollar circulation
on November fst, 1881. and on Mo-
vember lst, 1882, shows slight in
Crease of a million and a half OF
dollars; but during the interval
there had been in the whole number
coined an increase Of 26.000,o00. OF
the one hundred and twenty eight
millions thus far minted, little more
than SIS, 10000 are in circulation.
The mass of accumulated coin has
grown 50 great that the vaul. room
{ al present available for storage is
scarcely sufficient to contain it. Ii
is not apparent why il is desirable
to continue this coinage, now so
enormously in excess of the public
demand A. to the silver certlti-
Gates, in addition TO the grounds
winch seemed last year to Justify
their retirement, may he mentioned
( the effect which is likely TO issue
rom the supply of gold certificates,
| for whose Insurance Congress recent
/ lv made provision and which are
now IN active circulation. You can
not fail 10 note with interest the dis
cussion by the Secretary az to the
necessity Of providing by legislation
some mode of freeing the treasury OF
an excess ofassets, in the event that
Congress fails to reach an early
agreement for the reduction of taxa
ton. | heartily approve the Secre-
tary's recommendation in the annu.
al revenues of the Government. 1t
will he remembered that | urged
upon the attention of Congress. at its
last session the importance of re-
lieying the industry and enterprise
ofthe country from the pressure OF
unnecessary taxation. IL is one of
the tritest maxims of political econ
omy that all taxes are burdensome,
however wisely and prudently im-
posed, anu though there nave al
WAYS been among our people wide
/ differences of sentiment az to the
best methods OF frai-iag the National
revenues, and indeed as to the prin-
ciples upon which taxation should
be based, there has beeh substantial
accord in the doctrine :hat only
such taxes ought to be levied as are
necessary for wise and economical
administration of the Government.
| OF late the public revenues have far
exceeded that limit, and unless
checked by an appropriate legisla-
tiou such excess will continue to in
crease from year to year. For the
fiscal year ended June 80. 1881, the
surplus revenue amounted to one
I hundred millions of dollars For the
/ fiscal year ended on the Both OF June
last the surplus was more than one
hundred and FORTY five millions.
The report Of the Secretary shows
what disposition has been made of
these moneys. They have not only
answered the requirement of the
sinking fund, but have afforded a
large balance applicable to other re-
ductions of the public debt. But |
renew the expression of my convie-
ton that such rapid extinguishment
/ of the national Indebtedness as il
now taking place is BY no means a
cause of congratulation. 1t is a
cause rather for serious apprehen-
sion. If it continues it must be
speedily followed by one of the evil
results so clearly set forth in the re-
port of the Secretary, either the sur
plus must be idle in the Treasury,
or the Government will be forced TO
huv at market rates. It's bonds not
then redeemable, and which under
such circumstances cannot fail to
command an enormous premium.
Besides the swollen revenues will be
devoted TO extravagant expenditure,
which as experience has taught is
ever the bane of an overfiowing
treasury
! 1t was made apparent in the
course Of the animated discussions
which this question aroused at the
! last session OF Congress that the pol
icy Of diminishing of the revenue
BY reducing taxation commanded
/ the general approval Of the members
( of both Houses. | regret that be-
cause of conflicting views as 10 the
best methods by which that policy
i should be made operative, none OF
It's benefits have as yet been reaped.
( In fulfillment of what | deem my
constitutional duty, but with little
hope that | can make valuable con-
/ tribution to this vexed question, !
shall proceed to intimate briefly 10y
own views in relation to il
I Upon the showing OF our financial
conditions, at the close Of the last
fiscal year, felt justified in recon-
mending 10 Congress the abolition
of all internal revenue taxes except
those upon tobacco in It's various
forms and upon distilled spirits and
fermensed liquors and wines, except
also the special tax upon the manu-
facturers of all liquors in such arti-
cles | venture now TO suggest that
unless il shall be ascertained tina.
til. probable expenditures o. the
Government for the coming year
have been underest:mated, all inter
nal taxes. save those which relate to
distilled spirits, can be prudently
abrogated. Such a course, if accom-
panied BY simpli6caiion OF the ma
cliuery of COLLECTION, which would
then be easy OF accomplishment,
might then be reasonably expected
10 result in diminishing the cost oi
such collection by at leasstwo million
and half dollars, and in the retire
meut from Office of fron fifteen hun
dred 10 two thousand persons, The
system of excise duty aas never
commended itself % the favor OF the
AmerioaA people, and has never
been resorted 70 except for supply
ing deficiencies in the Treasury
when by reason of special exi2en-
cies the duties on Imports have
proved inadequate EoE the needs OF
the Government. The sentiment OF
lie country doubtless demands tina:
the present excise tax shall bs "a boil