Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-12-05
OUR FOREIGN COMMERCE.

- $1,000 """----"' . -"
OUR FOREIGN COMMERCE.
The foreign m of the United States du-
ring the last fiscal year, i including imports and
exports of merchandise and specie, were as fol-
$40, III, 479; total, $3.50, $50, 1856. Imports, merchan-
disc, s724 ;ese. 57l; specie. s424, z23 4sO; total. 1907;
merchandise, 81, 902, 6sS. The excess is less than
as appears by the following table: Year ended
June so, 1876. excess of exports over imports Of
9 s9e7sfhgli; 1s s7s,o 81 55l. s ST. $50 S1'is ,iSz' ass l si2
1881, S25e, 7I2,71s; 1889, s2.592.6sS.
NATIONAL BANKS.
During the year there have been organized III
national banks. OF these institutions there are
now in operation 2269, a larger number than ever
before. The value OF their notes in active eircula-
to your attention the secretsry's views in respect
10 the Likelihood OF a serious contraction of thi.
may, in his Judgment. be ayerted-
COINAGE OF SILVER.
In respect TO the coinage of silver dollars and
the retirement OF silver certificates, l have seen
nothing TO alter, but much to confirm. the senti-
ments 10 which i gave expression last year. A
| comparison between the respective amounts OF sill.
yer dollars in circulation on November L. 1881, and
November l, 1882. shows a slight increase of 81 $780,
eco, but during the interval, there had been in the
whole number coined an increase OF s26,0 900. OF
the SIPS, 600, 600 thus far minted, little more than
SIS. 600, coo are in circulation. The mass of accu-
room. at present available for storage, is scarcely
sufficient to contain it. 1t is not apparent why it
mously 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 ensue
from the supply of gold certificates for which issu-
ance Congress recently msde provisions, and
which are now in active circulation.
THE EXCESS OF ASSETS.
You cannot fail TO note with interest the discus
sion by the secretary as to the necessity of pro-
yidiug by legislation some mode of freeing the
treasury OF an excess of assets.
In the event that Congress fails to reach an
early agreement for the reduction Of taxation. 1
heartily approve the secretaIy's recommendation
of immediate and extensive reductions in the an
nual revenues of the government Ii will be re-
membered that / urgea upon the attention of Con-
eress at its last session the importance of relieving
the industry and enterprise of the country from
the pressure from unnecessary taxation. II is one
OF the title maxims OF political economy that all
taxes are burdensome-
EXCESS OF REVENUE.
However wisely and prudently imposed, and
though there have always been among our people
wide differences OF sentiment as TO the beat
methods OF raising the national Ieysnues. and, in
deed. as TO the principles upon which taxation
should be based, there has been substantial accord
In the doctrine thGt only such taxes ought 10 be
ley!ed as are necessary for q wise and economical
administration OF the government. OF late the
public revenues have far exceeded that limit, and
unless checked by appropriate legislation such