Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1882-12-04

RITORY, MONDAY EVE.
number coined an increase OF 26,OOO,OOO.
More than $35OOO,OOO are in circula-
ton. The mass Of accumulated coin has
grown 80 great that the vault room at
present available for storage is scarcely
sufficient to contain it. 1t is not appar.
ent why il is desirable to continue this
coinage so enormously in excess of pnb.
lic demand. As to the silver certificates,
in addition to hegrounds which seemed
last year to justify their retirement, may
be mentioned tho effect which is likely
to ensue from the supply Of gold certif.
Gates whose issuance congress recently
made pro DIVISIONS for, and which are now
In active circulation..
You cannot fail to note with interest
the discussion BY the secretary as to the
necessity OF providing by legislation
some mode OF freeing the treasury Of an
excess Of assets. l heartily approve the
secretary's recommendation Of .immedi.'
ate and extensive reductions in the
annual revenues Of the government. It
viii aforementioned that I urged upon
the attention of congress, at it's last ses-
siop,ithe importance OF relieving the in
dnstry and enterprise of the country
from this pressure. 'iN+'
However wisely and prudently impos-
ed and thorough, there has always been
among our people wide differences of
sentiment as to the best methods for
raising the national revenues and in
deed as to the principles upon which tax.
alton should be based, there has been
substantial accord in the doctrine that
only such taxes ought to be levied as are
necessary for wise and economical ad-
ministration OF the government. OF late
the public revenues have far exceeded
that limit and unless checked by appro.
pirate Legislation such excess will con-
tlnue to increase from year to year. For
the fiscal year ended June 80, 1881, the
surplus revenue amounted to $100, ,00O, 600
For the fiscal year ending on the Goth of
June Inst, the surplus was more than
Sl45,O0000O. Tie report of the secretary
shows what disposition has been made OF
these monies. They have not only an.
swered 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 suggestion that such rapid extin-
guishment of the national indebtedness
as is now taking place is by no means q
cause for congratulation. It is q
cause rather for serious apprehenslons.
lfIit continues it must speedily be fol-
lowed by one of the evil issues 80 clearly
set forth in the report of the secretary.
Either the surplus must lie idle in the
treasury or the government will be
forced to buy at market rates its bonds
not yet redeemable, and which. under
such circumstances, cannot fail to CON-
mand an enormous premium, or the
swollen revenues will be devoted to the
extravagant expenditure, which as ex.
perience has taught, is ever the bane OF
an overfowing treasury.
1t was made apparent in the course ol
the animated discussions which this
question aroused at the last session o.
congress that the policy of diminishing
taxation commanded the general approx
al of the members of both houses. I re
gret that the excuse of conflicting view
as to the best methods by which tina
policy should be made operative wer,
such that none of its benefits have as We
been reaped. In fulltilment of what
deem my constitutional duty, but will
little hope that can make available con
tributions to this vexed question, shal
proceed to intimate briefly my own views
in relation to 1t.
Upon the showing OF our financial con
dition at the close OF the last fiscal veal
| felt justified in recommending to con
gress the abolition OF internal revenu,
taxes, except those upon tobacco in it
various forms and on distilled spirit,
and fermented liquors, and except ais,
the special tax upon the manufacturers
and dealers in such articles. I ventur,
now to suggest that unless 1t shall b,
ascertained that the probable expendi
lures of the government for the coming
year have been underestimated. all inter
nal revenue tax which relates to distille,
spirits can be prudently abrogated.
Such course, if accompanied by
simpliication of the machinery of collet
ton, which would thus be easy of az
complishment. might reasonably be e,
pected to result in diminishing the COT
of such collection by at least two mi
lion and half of dollars, and in the r,
tirement from Office of from fifteen hu,
NtSa w uWo lAouoduO pCInOuS AHS EY
tenn of excess of duties has never con
mended itself to the favor of the Aine
lean people. and has never been resorte
to except in supplying deficiencies in I'll
treasury when, by reason of special ex
gencies, the duties on imports ha,
proved inadequate for the needs of IL
government.
| The sentiment of the country doub
less commends that the present excl.
tax shall be abolished rs soon as such
course can safely be pursued. It seen
to me, however. for various reasons, th
so sweeping measure as the total alb
lltlon OF Internal tax would. for II
present, be an unwise step. Two or the
reasons are deserving of special mentio
first-it is by no means clear tha
; even if the existing system of duties {
; imports is continued without modific
ton, the duties will alone be sufficiel
for all the needs of the government.
is estimated that one hundred millic
dollars will be required +,
pensions during the coming year and
] may we'll be doubted whether the max
mum annual demand for that object b,
yet beeu reached. Uncertainty upon th
question would alone Justify. in N
judgment, the retention for the presei
tof that portion of the system OF intern
revenue which is least Objectionable
the people. Secona-A total aboiitic
OF the excise tax would almost inevitab
prove a serious, if not an insurmount,
BILE. objection to a thorough revision
the tariff and to any considerable redu
} tion in import duties.
The present tariff system in many re
poets is unjust. It makes unequal dl
tributions, both of its burdens and of j
benefits. This fact was practically r
cognized by majority of each of Il
houses of CONGRESS- in the nassa q of II