Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1882-12-11
THE PRESIDENTS MESSAGE.

readers the PRESIDENT S views OIL the
important matters relating to the
country:
A full and interesting exhibit of
the operation of the treasury depart
ment is afforded by the report Of the
secretary. 1t appears that the ordi-
nary revenues from all sources for the
fscalyear ending June 80, 1882, were
as follows: From customs, $780,
410,73o; from internal revenue,
SAG, 497 ,595; from other sources,
500, 614,925; total ordinary receipts,
$403, 723, 250. The ordinary expend-
lures for the same period were: For
civil expenses, s15, O42 1856; for for
eig,n intercourse, 81, 307, 593; for
Indians, $9,736,747; for pensions,
SCI ,345,193; for military establish
ment, including river and harbor i'm
provements and arsenals, S42, 570,-
1914; for the naval establishment,
including vessels, machinery and i'm
provements at navy yards, SIS, 032,-
046; for miscellaneous expenditures,
including public buildings, light
houses and collecting the revenue,
S34,539,237; for expenditures on
account of the District Of Columbia,
So, $3.50, 543; for intesest on the pub
lie debt, Is71 ,077 POO. Total ordina-
nary expenditures, $257,9S1 ,439.
Leaving q surplus revenue of S145,-
1880, which, with an amount
drawn fol the cash balance in the
treasury of s2O,737,6 94, making
S166, 281 800, was applied to the re-
demption of bonds and other forms
of debt. The foreign commerce of
the United States during the last fis-
cal year, including imports and ex-
ports of merchandise and specie, was
as follows: Exports merchandise,
50,542,257 specie, $40 All ,479 !;
total, S799, $50, 1876. Imports-mer-
chandise, 1924, 639, 574; specie, $42,-
472 400; total, $767, 1854. Ex-
cess of imports over exports of mer-
chandise, $25, ,693. This excess
is less than it has been before for
any of the previous six years. Dur
ing the year there have been organ
lied III national banks, and of these
institutions there are now in opera
ton 2,269, a larger number than ever
before. The value of their notes
was 1926, $3.50, 458.
In respect to the coinage of silver
dollars and the retirement of silver
certificates, [ have seen nothing to
alter but much to confirm the senti-
ments to which I gave expression
last year. A comparison between
the respective amounts of silver dol
lar circulation on November 1. 1881
and on November L, 1882 shows {
slight increase of a million and {
half of dollars, but during the inter
val there had been in the numbe1
coined an increase of twenty-six mill
ions. Of the one hundred and TWEEN
ty-eight millions thus far minted lit
tie more than thirty-fve millions ar
in circulation. The mass of accum
ulated coin has grown so great tia
the vault-room at present availabl
for storage is scarcely sufficient t.
contain it. 1t is not apparent VIII,
, it is desirable to continue this coinag
now so enormously in excess of tn
, public demand.
You cannot fail to note with inter
est the discussion by the secretary a
, 10 the necessity of providing by leg
, islation some mode of freeing th
. treasury of an excess of assets. /
the event that congress fails to reac
an early agreement for the reductio
+ of taxation, I heartily approve th
Q secretary's recommendation of immt
date and extensive reductions in til
o annual revenue of the government
o 1t will be remembered that / urge
upon the attention of congress at i
q last session the Importance of relic,
e ing the industry and enterprise of tt
i country from the pressure of unne
! essary taxation. 1t is one of tt
+ tritest maxims of political econon
! that all taxes are burdensome no,
% ever wisely and prudently impose
, and though there have always BET
n among our people wide differences
Il sentiment as to the best methods
,r raising the national revenues al
# indeed as to the principles up,
which taxation should be based the
has been substantial accord in t
ie doctrine that only such taxes Dug
~ to be levied as are necessary for
~ wise and economical administrati
VI of the government. Of late the pu
le lie revenues have far exceeded til
u limit, and unless checked by apr
. pirate legislation, such excess W
a' continue to increase from year
he year. For the first fiscal year endi
III June 30, 1881, the surplus reven
e amounted to 500, 00O,O 900. For I
II fiscal year ending on the 30th of |;
81 June the surplus was more th
Id S145, 000,00 1t was made app
es ent in the course of the animal
NC discussions which this question arc
50 ed at the last session of congress Il
10 the policy of diminishing the re
ny nue. by reducing taxation commal
'i' ed the general approval of the me
iai bers of both houses. / regret t
ldl | hocorCa Of anndiat;,,o. n,