Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1882-12-13
The Presidents Message.

The following contains the most I'M
portant parts Of the Presidents mes
sage:
The revenue (Which means the
taxes collected from the people, from
all sources for the year ended June
30th, 1882, amounted to S403, 525, $50.
The expenditures for the same time
were $257, 981, 430, leaving a surplus
of S145, 543,S1O The bonds redeem
cd amounted to $166,2S1 ,505.
The exports Of the year were, in
goods, $75O,542,272; in specie, $49,-
417,479. Imports, in goods, 1924
639,574, specie, S42, 472,390. The
excess Of exports over imports of
merchandise was $25, 902,6S3.
During the year there has been or
ganized III national banks, and of
these institutions there are now in OPP
Grafton 2,269, larger number than
ever before. The value of their notes
in active circulation OH July /, 1882,
was 1924, 656,45S.
OF the 12S,000,000 of silver dol
lars minted, little more than $4,000
600 are in circulation. The mass of
accumulated coin has grown so great
that the vault room at present avail
able for storage is scarcely sufficient
to contain it. 1t is not apparent why
it is desirable to continues this coin
age, now so enormously in excess of
the public demand. The President
recommends that the coinage of
silver dollars be stopped and the sill
yer certificates be retired.
The President recommends imme-
diate and extensive reductions in the
annual revenues Of the Government.
He says it is one Of the truest maxims
of political economy that all taxes
are burdensome. However wisely
and prudently imposed, 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 prin-
ciples upon which taxation should be
based, there has been substantial ac-
cord in the doctrine that only such
taxes ought to be levied as are necess-
airy for wise and economical admin
istration of the government. Of late
the public revenues have far exceed
cd the limit, and, unless checked by
appropriate legislation, such excess
will continue to increase from year to
year. For the fiscal year ended June
30th, 1881, the surplus revenue
amounted to $100,0O0,6O0. For the
fiscal year ended on the 30th of June
last, the surplus was more than $145,-
100000. The report of the Secre-
tary shows what disposition has been
made Of these moneys. They have
not only answered the requirements
of the sinking fund, but have afford
ed large balance applicable to other
reductions Of the public debt. But
! renew the expression of my convic-
ton that such a rapid extinguish-
ment Of the national Indebtedness as
is now taking place is by no means
cause for congratulation. 1t is a
cause rather for serious apprehension.
If it continues, it must speedily be
followed by one of the evil results so
clearly set forth in the report Of the
Secretary. Either the surplus must
lie idle in the Treasury, or the Gov
eminent will be forced to buy at mar
ket rates its bonds not then redeem
able, and which, under such circum-
stance, cannot fail to command an
enormous premium, or the swollen
revenues will be devoted to extrava-
giant expenditure, which, as experience
has taught, is ever the banc of an
overflowing Treasury.
Upon the showing of our financial
at the close of the last fs-
cal year, / feel justified in recommend
ing the abolition of internal revenue
taxes, except those upon tobacco in
its various forms and upon distilled
spirits and fermented liquors, and ex-
cept also the special tax upon the
of and dealers in such
L venture now to suggest that UNI
less it shall be ascertained that the
probable expenditures of the Govern
ment for the coming year have been
underestimate, all internal taxes,
save those which relate to distilled |
spirits, can be prudently abrogated.
Such course, if accompanied by a
of the machinery of