The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1882-12-09
only about sS4,eOO,OOO were in circulation

only about S34 900 were in circulation
ct the beginning Of last month.
Referring to the statistics given by the
Comptroller Of the Currency, the Secretary
cOneurs in his recon- mendation of repeal
Of the taS upon national bank capital and
deposits. The capital invested in national
banks is S462 ,34l ,69l. The taxes assessed
upon them by the United States and the
States for the year 1881 were $l7,l ,OS0
being at the rate Of 81 per cent. The
amount assessed by the United States is near
one balf of the whole. A repeal Of the laws
providing for it would still leave those
banks liable TO an assessment by the States
oil over eight millions of dollars per annurn.
Touching the matter of accepting instead
Of certifying bank checks, be says that the
opinion Of the Attorney General is that to
write the word accepted" across check Is
to the same effect as TO write the word good
there and that, though one may be called
"certiication" and the other an "aecept-
ance," they mean the same thing, and are
like acts that when the drawer has not
with the drawee the funds with which the
check may at once be paid, the writing oil
one word Just as much as the writing of the
other, is an attempt to accomplish result
forbidden by law.
The interest bearing funded debt of the
United States was on Nov. !, 81 AIS, ,OsO 200
The total amount of bonds held by the ma
tiODal banks State banks, and savings bank:
at the nearest corresponding date that could
be oscertained was $659, ,9SS 1926, which
amount is not greatly less than one-half oi
the whole interest bearing debt
In view Of the large annual surplus rev
enue and the rapid extinguishment Of the
public debt, the Secretary favors legislation
authorizing the department 10 apply its sur
plus to buying in the long bonds even at a
high premium rather than to paying off the
short bonds. He suggested also that the fifty
million dollars held as a fund for the re-
demption of national bank notes be treated
as public moneys,and deposited in the banks
which are public repositories. Only in
these ways he thinks, can an enormous ac-
cumulation of money in the Treasury and
great resulting embarrassment OF trade bt
prevented.
From the various objects of taxation un-
der the internal revenue laws the receipts
for the fiscal year ended June 30, 1882 were
as follows: Spirits, 500, 1873 ,4OS tobacco
1881 ,988; fermented liquors, $l6,l53,.
920 banks and bankers, 1925, ,45S; ad-
heslve stamps (including bank cheeks, S2,-
Sl8,455.14; friction matches, $2,272,25S
patent medicines, &C., 81 ,972, ,395.56), ST.
sos, Jos; penalties, ,lSc., 81 90 $50; collections
not otherwise provided for, $Sl $50 total
STAG, ,52S273. The increase of the revenue
from spirits during the last fiscal year was
S2,1l9, ,4S3 90; from tobacco in its various
forms OF manufacture, $4 ,536, ,407 from fer
mented liquors, S2.453,679 from taxes on
banks and bankers, 81 ,49l ,250; total in
crease OF internal revenue from all sources
$ll ,293, ,36l.42.
The whole amount OF internal revenue
for the year ended June 80, 1882, besides
that from spirits, iermented liquors. and to
bacco, is S,073.9j6; the tax on circulation
and deposits Of national banks for the same
period is SS,956,9 making S22, ,O3O, $50
and il this were deducted from our surplus
revenue it would still amount to SOS. .OO0 200
All internal taxes, therefore, the Secretary
says, might be abolished, save only those on
spirits, tobacco and iermented liquors LII
this respect he does not go so far as the Pres
ident, who, with greater wisdom, recon-.
mends that internal taxation be confined tC
distilled spirits only.
The Secretary earnestly recommends q
careful revision of the tariff, with view 10
substantial reductions, particularly uTon
sugar, WOOL iron. steel, silk goods, rse
cations, aud raw materials generally. TIL.
duty on sugar, he says, should be adjusted
according to some other standard than that
of color, which no longer indicates value
correctly.
The recommendation Of last year is re
peated, that the Secretary be authorized Il
refer to the Court ofClaims, in his discretion
any disputed claims against the Govern
ment involving important questions of law
or fact. -..-.
Amendments Of the Immigration law are
suggested, to render its working more effic-
leDt and to remove antiquities.
The report concludes with the usu Il de
tails in regardto to lighthouses, the co st sur
vcYy and similar routine matte.