Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1882-12-05

and other notes .............. l,s85, 200 O.
loeh. Sloo,Zslouo U
The foreign commerce of the United States dur
ing the last fiscal year, including imports and eX
ports of merchandise and specie, was follows:
Exports of merchandise .. s749, 742, 272 OF
Specie. NEUTRALITY-SUSPICIOUS.. 494I7,479 OF
Aol]i SlS9, 9o9, I3O W
Imports OF merchandise ......... $724, 6S9, 574 %
Specie. OBSERVATION-DISCLOSURES. 42,477,39e co
Total S767, III, 964 90
Excess of imports over exports of
merchandise .................... SIS, 902, 6S3 90
This excess is less than it has been before in any
OF the previous six years. appears by the follow
ing table The year ending June 80 1916 the ex-
cess OF exports over imports of merchandise was
Sli6'196434 81 1877, Sl51, 1884, 94 1878 S2O7 sl4
SO z go sz65 COL 1850 sl67 6S3,9i2 1881,
NATIONAL BANKS.
During the year there have been orpaniz.d IN
National Banks OF these institutions there are now
in operation 2. 500, larger number than ever be
fore The value of their notes in actual circulation
on July l, 1882, was 1924. $685. 5s. / commend to
your attention the Secretary's views in respect to
the circulation and to the mode by which that re.
suit may in his Judgment be avoided.
SILVER COINAGE.
In respect to the coinage of silver dollars and the
retirement Of the silver certificates, have seen
nothing to alter, but much to confirm, the senti.
ments to which gave expression last year A COM
parison between the respective amounts of silver
dollar circulation on November l. 1881 and on No
Vember l. lssz shows slight increase of a million
and half OF dollars; but during the interval there
had been in the whole number coined an increase Of
$50 co., 600. OF the eighty millions thus far ninted
little more than thirty-ve millions are in circula
ton. The mass OF accumulated coin has grown sn
great that the vault room at present available for
storage is scarcely sufficient to;contan it. II isnot
apparent why it is desirable to continue this coinage
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 mentioned the effect which is likely To en- .
sue from the supply of gold certificates whence the
issuance for which Congress recently made nr,vis
ion and which are now in active circulat on Yon
cannot fail to note with interest the discussion hy,
the Secretary as to the necessity of providing by
legislation some mode OF freeing the Treasury of an
excess.
REVENUE REDUCTIONS ADVOCATED,
heartily approve the Secretary's recommended.
tions of immediate and extensive reductions in the
annual revenues of the Government. 1t will be re-
membered that urged upon the attention of Con
gress at its last session. the Importance of relieving
the industry and enterprise of the country from the
pressure from unnecessary taxation 1t is one Of
the tritest maxIms of political economy that all
taxes are burdensome, however widely and nm
IDENTIFY imposed, and though there have always been
among our people wide differences OF sentiments as
to the best methods Of raising the national revenues
and, indeed, as to the principles upon which taxa
ton should be based, there has been substantial ac
cord in the doctrine that 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 appropriate legislation such ex.
cess VIII continue TO increase from year to wear
For the fiscal year ending June So 1852 the surplus
revenue amounted to 800 600 900 for the fiscal
year ending on tie seth of June last, the surplus
more than Sl45 OOo,O 600
The report Of the Secretary shows what dlsposI-
ton has been made Of these moneys. They have
not only answered the requirements of the Sinking
Fund, but have afforded large balance, applicable
to other reductions of the public debt But renew
the expression OF my conviction that such q rapid
eXtiDguishment Of the national Indebtedness as is
now taking place is by means a cause for con.
graduation 1t is cause, rather for serious anne.
henson. l. it continues, it must speedily be fol.
lowed by one Of the evil issues so c early set forth
in the report of the S, cretary viz either the sur.
plus must lie idle in the treasury or the Govern.
ment will be forced IL buy, at market rates bonds
not redeemabie, and which, under such crcum.
stances cannot fail to command an enormous pre-
mum, or the swollen revenues will be devoted to
eXtrayagant expenditure, which as experience has
taught, is evtr the bane OF Overlooking treasury
IL was made apparent in the course of the animated
discussions which this quest IN aroused at the last
session OF Congress, that the policy of diminishing
general approval Of the members of both Houses
regret that by the of conflicting views as to
the best methods by which that policy should be
made operative none OF its benefits have as yet been
reaped.
In fulflment of what l de- m my constitutional
duty, but with little hope that | can make a valua.
BILE contribut to this yexed question: shall pro-
coed TO intimate briefly own views in relation to
t. Upon the showing OF our financial condition at
the close of the last fiscal year, felt justified in re.
commencing to Congress the, abolition of internal
thy. H.
various forms and distilled Spirits and fermented
liquors. and except the special tax upon the manu-
acturers and dealers in such articles. venture now
to suggest that unless il shall be asceftaned that
| the probable expenditures of, the Government for
the coming year have been untlerestimated all in
ternal revenue tax which relate to distilled spirits
| can be Prudently abrogated. Such course, il &C.
companied by simplitcatiOn OF the machinery of
collection which would thus be easy of accomplish.
| ment, might reasonably be expected to result in
diminishing the cost of such cob ection by at least
two million and half of dollars, and the retirement
from office Of from fifteen hundred to two thousand
persons The system of excise duties has never com
mended itself to the favor Of the American people
and has never been resored to except for supplying
deficiency in the Treasury, when by reason of
special eNgencies the duties on imports have proved
inadequate for the needs of the government The
sentiment OF the country doubtless commands that
the present excise tax shall be abolished as soon as
such course can safely he pursued And it seems T.,
me, however, for various reasons that so sweeping
measure as the total abolition of internal revenue
taxes would for the present be unwise step
Two OF these reasons are deserving Of special men,
| ton:
First 1t Is by means clear that even il the ex
listing system Of duties on imports is continued
without modification, the duties will alone be suf
hcient for all the needs Of the Governments. 1t is
estimated that one hundred million dollars will be
required for pensions during the coming year and it
may well be doubted whether the maximum annual
demand for that Object has yet been reached. The
uncertainty upon this question would alone Justify
In my Judgment, the retention for the present Of
that portion Of the system of internal revenue
which is the least Objectionable to the people
Second-A total abolition of the excise tax would
almost inevitably prove a serious, if not unsur.
mountable objection to a thorough revision of the
tariff, and to any considerable reduction on import
| duties.
THE TARIFF COMMISSION.
TIE present tariff system is in m ny respects IN.
Just. 1t makes unequal distributions in both of its
burdens and benefits This fact was practically re-
| cognized by majority of each House of Congress
in the passage Of the Act creating the Tariff Com.
mission. The report of the Commission will be
placed before you the beginning of this session
and will, trust, furnish such information as TO the
condition and prospect of the various commercial
| agricultural, manufacturing mniug and other in
terests OF the country and contain such suggestions
for statutory revision will practically aid your &C
| ton upon this lmT ortant subject.
| CUSTOMS RECEIPTS.
| The revenue from customs for the fiscal year end
ing June 80, 1879, amounted to sl37 900 OOO 1t ha
in three succeeding years reached first sls6 600 600
then SIPS 900 600, and finally as has already beer
stated, S226 900 COO. The income for this service
for the fiscal year which will end June 80 1888 viii
doubtless be considerably in excess OF the sum last
mentioned if the tax domestic spirits is to be re
tanned. 1t plain the required large reduction from
customs revenue are entirely feasible.
A REVISION OF THE TARIFF ABSOLUTELY MEG
| ESSARY.
| While recommending this reduction am far from
| advising the abandonment of the policy Of SO dis
eliminating in the adjustment of details as to aor
aid and protection to domestic labor But the pres
| ent system should be so revised as to equa'izs tn
public burdens among all classes and occup .tions
| and bring it into closer harmony with the presen
| needs of industry Without entering into miaut,
details, which under the present circumstances i
quite unnecessary, | would recommend an enlarge
ment OF the free list to include within it tn
numerous articles which yield inconsiderable--a sim
plifcation of the complex ahd Inconsistent schedu,
| Of duties upon certain manufactures particularly
those Of cotton, iron and steel, and substantial
reduction Of duties upon those articles and upOI
sugar, mOasses, silk and wooden goods II general
revision of the tariff shall be found to be img ract
caole at this session. express the hope that at least
| some Of the more conspicuous inequalities OF the
present law may be corrected before your final ad
iOurument them ia that specifically referred