The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1882-12-06

iS anOrued by tho report of the Secretary.
RBVENUEs.
1t appears that the ordinary revenues from
all sources for the fiscal year ended June 20,
; lSSs; were "a follows; From customs, S29 40
l3O25; from internal revenue, Sl46, ,49T. .50545;
from sales of public lands, S4,753 lt0.3T; from
tax on circulation and deposits of National
banks, S&e56, 1915; from repayment Of inter
est by Pacific railway companies, SSi0, ,5Ji3T;
from sinking fund for Pacific railroad com
panies, S126,27l42; from customs, fees, fines,
pcna tics, etc. Sl3i, ,s}4 900; from fees, consular,
letters patent aud lands, S2,63s, ,9!O.Bli from
l4,959.s5; from profit on coinnge, bullion de
positS and assays, 81, llG,GG73; from Indian
trust funds, S5,7J5, 2i3.52; deposits by iudivdu-
from revenues Of the district OF Columbia,
Sl,uS,l!64i; from miscellaneous sources,
$:55ei i4i5.43; total ordinary receipts, StO3525,-
NATIONAL EXPENDITURES
The ordinary expenditures for the same
period were: For civil expenses, SlS,Oi5,SS8.42;
for foreign intercourse, Sl,:ST, ,55;l 10; for In
dams, $lTj5 Ti7 40; for pensions S6I 3t5 iq9 %;
for the military establishment including river
and harbor improvements and arsenal, Si3,-
5'O,49i.la; for the naval establishment includ-
navy yards, Sl5034, ,Oi5 20; for miscellaneous
expenditures, including public buildings,
lighthouses and collecting the revenue, S3i,-
03ar25t 30; for expenditures on account OF
tho District of Columbia, $3,E3l5E 1887; FOR
interest on the public debt, s7l,O77, ,2oi.5a. The
O6l43o.5T, leaving Il surplus revenue of
Sl45,5i] sl0Il, which, with an amount, drawn
500, ,T37 G94s 81, making it Si682 SOS 81 was np
piled TO the redemption of bonds for the sink
ing fund, SJOOiC 1900; of fractional currency
for the sinking fund. S5,IO5,553; of the loan OF
of March, 1863, sl.t52,G o; Of the funded loan
1881, $4,000; Of zoos of Isas, $@, 100
of zoos otlS6t, SI,40) OF 5-20S OF 1855,
$50 o; of l0-iUs OF 1874, s2jt55J; of con
soils of 1855, SS5IjO; OF cunsols OF 1857, Si0S2jJ;
of COnsolS OF 1865, SIil, tOJ; Of the Oregon war
debt, SGi5,25J; of the old demand compound
interest and other notes, SlS,3jo. Total, $685.
''' FOREIGN COMMERCE..
The foreign commerce of the United States
during the last fiscal yCnr incluainS imports
and exports OF merchandise and specie was as
follows: Exports Of merchandise, 500, ~, 2t;;
specie, $ie,4lT47a. Total SIm,959,l55: Imports
OF merchandise, So &Gj9,5.i; specie $t2,it23JO.
Total S1GI, ,lILgGi. Excess of exports over i'm
ports OF merchandise, S2h0026S}.
This excess is loss than il has beon before
for any of the previous six years as appears y
the following table: Year ended juno 30,
excess Of exports over imports of merchandise
SG1 4}i 1879, S2ii, ,Gil ,GfB; tSsJ, SlG1 GS3G
1881, 2jl,II3,Tle; lss:, s25,9OA6S}.
NATIONAL RANKS ORGANIZED.
During the year there have been organized
III National Banks, and of these institutions
there arc now in operation 22da, larger mum
Der than ever before. The value of their notes
in active circulation on July l, lsS2, was S3}i,
6jj,45N. | recommend to your attention the
Secrctarys views in respect to the likelihood
OF Il serious contraction OF this circulation.
and the modes by which that result may In mis-
judgment be avcrtcd.
In respect to tho coinage OF silver dollars
and the retirement of silver certificates. have
seen nothing to alter but much to confirm the
sentimcuts 20 which | gave expression last
year. A comparison between the respective
amounts of silver dollars in circulation
November |, 1881, and November /,
lSS2, shows slight increase of a million and
half dollars, but during tho interval there
has been lu the whole number coined an in
crease of twuuty-siN millions. Of the ono
hundred and tSveuty-Cight milton dollars thus
far minted little more than thlrty-ffyc millions
4iFs n a.. "a VTGh
coin has grown so great that the vault room, mt
present availQble tor storage, Is scarcely sun
is desirable to continue this Coingge, now SO
enormously In excess OF public demand. As
the silver certificates III addition to the grounds
which seemed last year 70 Justify their retire
ment NAV he mentioned the effect which is
Gates for whose issuance Congress recently
made provision asd which are now in active
circulation.
You cannot fail to uOtC with interest the
discussion 10y the Secretary as to the necessity
OF providing by legislation some mode of free
ing the Treasury OF au excess of assets. In
the event thHt Congress fails 10 reach an early
agreement for the reduction of taxation, I
ton OF immediate and extensive reductions in
the annual revenues of the Government. 1t
will be remembered that urged upon the at
tention of Congress at Its last session the i'm
portanCo of relieving the industry aud enter
unnecessary taxation. 1t is one Of
tho triotest maNims OF political econ
however wisely and prudcntly imposed, and
though thCrG have always boon among our
people wide differences of sentiment as to the
best methods OF raising the National revenues
and index, as to tho principles upon which
taxation should be based, there has bccu sub
stRntial accord in tho doctrine that only such
taxes ought to he levied rs are necessary for
a wise and economical administration of gov
crnmont OF late the public revenues have
far exceeded that limit. and unless checked
by appropriate legislatf5u, such excess will
For the fiscal year ended June 20. 1851,
the surplus revenue amounted to SlO)UO9,u0J.
For the fiscal year ended ON the 3Gth Of June
last the surplus was more than ono hundred
Secretary shows what disposition has been
made of these moneys, they have not only
answered the requirements of the sinking
fund but have Afforded large balance uppH-
cable to other reductions of the public debt;
but l renew the expression of my conviction
that such rapid CNtinguishment of the Ma
tionnl Indebtedness rs is now taking place is
by no means Il cause OF cOugratulattou. 1t
is cause rather for serious apprehension.
If 1t continues IL must speedily he 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 Govern
ment will be forced to buy, at market rates,
its bonds not then rGdoemable and which under
such circumstances cannot tail TO command an
enormous premium, or the swollen revenues
will be devoted to eNtTdvaPHnt expenditures,
which as experience has Taught is ever the
bane of nu oVcrfowing treasury.
REDUCING TANATIOS.
II was made apparent in the course of the
animated discussions which this question
aroused at the last session of Congress- that
duCiug- taxation commended the general APP
prOvul of the members of both houses. L re-
grCt that because of conflicting views as to
the best methods by which that policy should
yet been reaped. In fulhllmeut of what [
deem my constitutional duty, but with little