The Northern Pacific farmer. [volume] (Wadena, Minn.) 1878-1885, 1882-12-07
&0o,o7o,l5o 90
IS

Total. .......................$ 16G. 2Sl sos s.
FOREIGN COMMERCE.
The foreign commerce Of the United States
during the last fiscal year. including imports
and exports Of merchandise and specie, was az
follows
Exports Of merchandise. 775,O74.272
bpecle. 49,41I ,47S
Imports Of merchandise. .$724 $685. "a
specie. ACKNOWLEDGEMENTS. 42,472,3HC
E.os rs'' of export: owe; import: Of
This e1oess il less s than i; has besn befo1e
any Of the previous SIX years, as appears By
the following table:
1879 ..... ,!9.9+3,4ss1llsso ...... 1e7,ess,s21
1877 ....111' l52,094 1881 ....2b0. 7l2,7ls
1873 1879 ::$S3' 81 :S 1882 07e7'7s7
NATIONAL. BANKS
During the year there have been organized
III national banks, and Of these institutions
there are now IN operation 1890. larger
number than ever before The value Of their
notes in active circulation on July !, 1882,
was 1928, 666, 468. I recommend to your At
tentiou the secretary's views in respect to the
likelihood Of o serious contraction of this cir
culation, and to the modes by which that result
may be, in his judgment, averted.
SILVER
In respect to the coinage OF silver dollars and
the retirement OF silver certificates, have
seen nothing to alter but much to confirm the
sentiments to which I gave expression last
year. A comparison between the respective
amounts OF silver dollars in circulation on
November, 1881, and on November, 1882,
shows slight increase of 81 800, 900; but
during the interval thers had been, in the
whole number coined, an increase Of $26.O0O,-
g. -. ~
tie more than $35 ,OOO, 900 are in circulation
The mass Of accumulated coin has grown 80
great that the vault room at present available
for storage ia scarcely sufficient to contain It,
1t is not apparent why 1t is desirable to COD
tinue this coinage now 80 enormously In excess
ct public demand. As to the silver certificates,
in addition to the grounds which seemed last
year to justify their retirement, may be men,
toned, the effect Of which is likely to ensue
from the supply Of gold certificates, for whose
issuance congress recently made provision,
and which are now in active circulation.
REDUCTION OF TAXATION.
You cannot fail to note with interest ths dis
providing by legislation some mode Of freeing
the treasury Of an excess CT assets N the event
that conEreas fs!i5 10 reacl. m agreement for a
reduction OF taxation. I heartily approve the
seoretary's recommendation of CD immediate
and extensive reduction IN the annual revenues
" tu0 8otoiuH51At" IL WALK 10 ICu6nD91eV
that urged upon tho action OF congre5s at ita
last session the Importance cf relieving the in
dnstry and enterprise Of the country from the
pressure of unnecessary taxation, 1t is
one Of the truest maxms Of political
economy that all taxes are burdensome,
however wisely and prudently imposed; aud
though there has always been among our peo-
pie wide differences Of sentiment as to the hest
methods of raising the national revenues-aud
indeed, as to the principles upon Tl!ch taxa
inu should ye ,Eass u-tEaro Ens been 81 as1a1l-
t!al nchor,l il tbs do5trng that only suoh taxes
Ought TO be levied as ara necessary for WISE
| end economical administration of the govern
uenr Oriate the pupllc revenues have lar
exceeded that limit, aud unless checked by
appropriate Legislation such excess will con-
ttuue to increase from year to year. For the
fiscal year ended June 80 1881, the
For the hsoal year endea on the 9Gth Of june
last the surplus was more than $146, 600.
600. The report Of the secretary shows what
disposition has beer made Of these moneys.
They have not cniy answered the requirement.
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 rapid exungujshment Of
the national indebtedness a. IL now taking place
Ia by no means cause tor congratulation. Il
10 cause, rather, for eerious apprehension.
If 1t continues 1t must speedily be followed BY
one OF the evil results 30 clearly set forth in
tho report Of the secretary. Either the sur.
| eminent will be forced to buy st market rates
| Its honda not then redeemab1e, and which, un-
| dor such CIRCUMSTANCES, cannot fail to- com.
! rtand enormous premium, or the swollen rev
! enues will be devoted to extravagant expend-
itars: Which, INC ~ as experiences has ia Taught ut
It was made apparent in the course Of thu
| animated discussion which the question
| aroused at the last session Of congress that thu
policy Of diminution Of the revenue by reduc.
! Ing taxation commanded the general approve
OF metnbets Of both houses. regret that be-
| that policy should be made operative, none d
| ls benefits have been rsspetl In ,fulflimen
Of what I deem my constitutional duty, bu
! with little hope that can make valuable con
tributlon to this vexed question. ! shall pro-
coed to intimate briefly my own views in rela
condition 1t the close Of the last fsca1 gear,
felt justified in recommending to congress tn,
Abolition or INTERNAL REVENUES
| except those upon tobacco In ito various forms
And upon distilled spirits and fsrmente<
liquors, and except also the special tai upot
the manufacturers and dealers In such articles
l venture now to suggest that, Unless it shall u
| the government for the coming yea
have been underestimate. internal taxes
save those which relate to distilled
| spirits. can be- prudenty abrogated
6uoh, accompanied by simpli8ostion Of til.
| machinery OF collection, which would then b
| expected to result in diminishing the cost O
suoh collection by at least So. SOC, 600, aud il
the retirement from Office OF from !, 500 4
1000 persons. The systen Of excise dutiel
has never commended itself to the favor Of the
| American people. and has never been resortei
- nv ,i1ofv oAn{n mir On y,
treasury when BY reason Of special exigencie
| tho duties on imports have proved made
| quate to the needs Of the government
The sentiment Of the country doubtless com
| mAnds that the present excise tax shall b.
| abolished % soon as suoh course can safely b,
| pursued. 1t seems to me, however, for vari
| ous reasons. that 30 sweeping measure az thu
total abolition Of internal taxes would, for thu
| present, be an unwtse step. Two of thes>
reasons are deserving Of special mention.
Erst-1t Is by no means clear that, even Il
tho existing system Of duties on imports is con
they alone will yield sufficient revenue for al
the needs Of the government It is estimated
that 500, OOO, 900 will be required fo
pensions during tho coming year. and it ma.
we'll be doubted whether the maximum annua
demand for that object has yet been reached
II, In ny Judgment, the retention for tn
present Of the portion Of internal revenu
which Is least Objectionable to the people.
Ssoond-A total abolition Of the excise taxe
would almost prove serious II not an uusur.
mountable objection to = thorough revision o.
the tariff aud to any considerable reduction II
import dutiea
UNJUST TARIFF.
The present tariff system is in many re-
9peots unjuet It makes unequal distribution
both of its burdens aud ito benefits This fac
WAS practically recognized by majority o
each house Of congress in the passage OF tn
sot creating the tarj6 commission. The repor
Of that commission will be placed before 70,
ct tho beginning Of this session and will.
trust afford you such Information as to tn,
condition and prospects Of the various com
mercial, agricultural, mining. manufacturing
and other interests OF 1he country
and contain such Suggestions for state
tory revision a. will practically al,
your action upon this important subject
The revenue from customs forSthe fiscal yea
ending juno so, 1879, amounted to $l37,
0O0, 900. It has in the three succeeding year.
reached, first $lSa. 00o. 000:s then $l9S.,