Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1882-12-07

of a serious contraction of their circulation,
and to the modes by which that re-
suit may, in his Judgment, be averted.
COINAGE OF SILVER DOLLARS.
In respect to the coinage of silver dollars
and the retirement of silver certificates I
have seen nothing to alter, but much to con-
6rm the sentiments to which gave express
sion last year. A COMPARISON between the
respective amounts of silver dollars in ctrcu-
IatiOu on November /, 1881, and on November
l, 1882, shows d slight increase OF million
and a half dollars, but during the interval
there had been, in the whole number coined1
an increase of twenty six million. OF the one
hundred and twenty eight millions thus taf
minted little more than SS5,OOG GOO are IN CIR
culatiOn. The mass of accumulated coin has
grown so great that the vault room at present
available for storage is scarcely suthc1ent to
contain it. 1t Is not apparent why it's desir-
able to continue this coinage now so enor-
mously in excess of public demand AS to
grounds which seemed last year to justify
their retirement, may be mentioned the erect
which is likely to ensue from the supply OF
recently made provision, which are now In
active circulation
OUR EXCESS REVENUE.
You can not tail to note with interest the
ty of providing by legislation some mode of
freeing the Treasury OF an excess OF assets
early agreement for the reduction OF taxa
ton, heartily approve the SeOretary's
FecomhoHud!loH Oh uhnSu1aIo anu oAet0l
reductions in the annual revenues OF
the Government. It viii be remembered that
urged upon the attention Of Congress 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 6cOnO-
my that all taxes are burdensOme. however
wisely and prudently imposed, and though
there have always been among our people
wide differences of sentiment as to the best
methods of raising the national revenues,
and, indeed, as to the principles upon which
taxation should be based, there has been sub
stantial accord in the doctrine that only such
taxes ought to be levied as are necessary for
awise and economical administration of Gov
eminent. OF late the public revenues have
far exceeded that limit, and unless checked
by appropriate legislation such excess will
cOntint1e to increase from year to year. For
the fiscal year ended June So 1881, the sur
plus revenue amounted to 500, 800, 600; For
the fiscal year ended on the 30tn OF June l8St,
the surplus was more than $l45, 0O0, 900. The
report of the Secretary shows what DISPOSE
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 reductlons OF the
public debt; but renew the expression OF my
conviction that
SUCH RAPID REIMBURSEMENT OF THE MA
TIONAL INDEBTEDNESS
as is now taking place is by no means a cause
serious ser apprehension. IF it continues it must
speedily be followed by one of the evil results
so clearly set forth in the report of the Secre-
! tafy-either the surplus must lie idle in the
Treasury, or the Government viii be forced
| to buy at market rates its bonds not then re-
| deemable, which, under such circumstances,
| can not fail to command an enormous prem
ium, or the swollen revenues VIII be devoted
| to extravagant expenditure, which, as eXper-
fence has taught, Is ever the bane of an over
| flowing treasury
| REDUCING TAXATION.
| It was made apparent in the course of the
| animated discussions which this question
| aroused at the last session Of Congress that
| the policy of diminishing the revenue by re-
proval of the members of both houses. re-
| gret that because Of conflicting views as to
| the best methods by which that policy should
| "a nave
| deem nv constitutional duty, but win little
| hope that can make valuable contribution
to this VeXed question, snail proceed TO init
| mate briefly my own views in relation to it..
| Upon the showing of our financial cond1-
ton at the close of the last fiscal year, felt
| ju> titled in recommending to Congress the
! abolition of internal revenue taxes except
! those upon tobacco in its various forms ana
| upon distilled Spirits and fermented liquors,
and except, also, the special tax upon the
manufacturers and dealers In such articles.
| I venture now to suggest that unless 1t shall
be ascertairied that the probable expendf-
lures of the Government for the coming year
have been underestimated, all internal taxes
save those which relate to distilled spirits
can be prudently abrogated. Such Course
| if accompanied by simplihcation OF the
machinery of collection, which would then
be easy of accomplishment. might reasonably
be expected to result in diminishing the cost
of such collection by at least two millions
and a half of dollars and in the retirement
! from Office of from 800 to 1000 ersonS. The
| system of excise duties has never commend
ed itself to the favor of the American people
! and has never been reSUrtGd to except fOI
supplying deficiencies in the Treasury when
| by reason of special exigencies the duties on
imports have proved inadequate for the
needs of the Governments.
The sentiment of the country doubtless
demands the present excise tax shall be
abolished as soon as such course can safely
be pursued. It seems to me, however, fol
various reasons, so sweeping measure a
the total abolition of internal taxes would fol
the present be an unwise step. Two of these
reasons are deserving OF special mention.
1t is by no means clear that even If the exist
| ing system of duties On imports is continued
without modification those duties alone vii
yield sufficient revenue for all the needs o
the Government. 1t is estimated that ont
hundred millions of dollars will be required
for pensions during the coming year, and i
| may well be doubted whether Ghe maximum
annual demand for that object mas yet peer
| reached Uncertainty upon this question
would alone Justify in my Judgment the re
tention for the present of that portion of thu
system of internal revenue which is least OBJ
jectiOnable to the people. 2. total abolition
of excise taxes would almost 1neVltaply prov
| a serious if not an insurmountable obstacle q
| a thorough revision of the tariff and to an!
considerable reduction in import duties.
THETARIFF.
The present tariff system is in many re
, | sDe cts unjust. 1t makes unequal distribution
both of its burdens and its benefits. This fac
was practically recognized by majority Q
each house of Congress in the passage OF tn
/, act creating the Tariff Commission. The re
port of that commission will be placed befor
you at the beginning OF TINS session, ana WI
[ trust, afford you such information as to tn
condition and prospects OF the various com
; Tnercial AGRICULTURAL, manufacturing. m1n1n
; and other interests of the country and con
tain such suggestions for statutory rev1sio
as win practically aid your action upon thi
: important subject.
THE REVENUE FROM CUSTOMS
; for the fiscal year ending June 80, 1877
T amounted to SI37, OOO, 900. 1t has in the thre
succeeding years reached, first Sl86 600, 90
3 then S19S 600, 900, and finally, as has been a.
t ready stated, 500 600, O00 The income troI
s this source for the fiscal year, which Will en-
J. on June 80, 1888, will doubtless be considers
: | bly in excess of the sum last mentioned.
e the tax on domestic spirits Is to be retainer
It is plain therefore, that large reductions troI
: the customs revenue are entirely feaSlDl
b from advising the abandonment OF the polie
q of 50 discriminating in the adjustment OF o.
: tails as to afford aid and protection TO dome;
r ! tic labor but the present system should
u | SO revised as to equaliZe the pubic PURGE
n among all classes and occupations ana Drln
# it into closer harmony with the present neeC
[; of industry. without entering into minu
}; quite unnecessary, recommend an enlarg
IF nnept of the free list so as TO 1nclude within
e the numerous articles which yield 1nconsiS
I; | cradle revenue; q sfmplfnc0t1On OF Gne con
esl MEX and inconsistent schedule OF duties upC
|; | certain manufactures, particularly those
D; cotton iron and steel and substantial +
duction of the duties upon those articles al
mon sugar molasses, silk, wool and wooit
10 ! goods. If general revision or the tariH shi
= be found to be impracticabie at this session
- | exDress the hope that at least some of d
. more conspicuous inequalities OF the prese
= / law may be corrected before your nnal q
q | tournament. One of them is specially referrt
a to by the Secretary. In view OF g recent
= cisiOn of the Supreme Court the necessity
tho TSTU f1v viii dutV StanOa