The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1882-12-05

before IN any of the previous six
years, rs appears by the following
table: Year ending June, 10, ex-
cess of exports over imports Of mer-
chandise, S176,797, 434; 1877, $751;
152,094; 1873, $i07.S14, 234; 1879,
$264,661, 500; 1880, $l676S3,7 ZIP; 1881,
$259,712,71S; 1882, 259,026,030.
NATIONAL BANKS.
During the year there have been
organized I'll national banks. OF
these Institutions there are now in
operation 2,269, larger number
than ever before. The value Of
their notes in actual circulation on
July /, 1882, was $324,656,45S. l
commend to your attention the
secretary's views in respect to the
circulation, and to the modes by
which that result may be in his
judgment may be avoided.
SILVER.
In respect to the coinage of silver
dollars and the retirement of silver
certificates, have seen nothing 10
alter but much to confirm the senti-
ments to which gave expression
lasi year. A comparison between
retrospective amounts Of silver dol
lars in circulation on November 1st,
1881, and on November 1st. 1882,
shows g Sloh- increase Of a 81, 500,-
900, but during the interval there had
been in the whole number coined of
the increase OF $26,000010 Of one
and the $4,000, 900, thus far minted,
little more than S3,000,000 are in cir
cula1ion. the mass OF the accumu-
lated coin has grown so great, that
the vault room at present available
for storage is scarcely sufficient to
contain it. 1t Is not apparent why
it is desirable to continue this coin
age so enormously IN excess of the
public demand. As to the silver GER
Jificates, in addition to the. grounds
which seemed last year to justify
their retirement, may be mentioned
the effect which is Likely 10 ensue
from the supply of gold certificates,
for which reinsurance congress re-
Gently made provision and which are
now in active circulation. You caa-
not fail to note with interest the dis
cussion by the present secretary to
the necessity Of providing by legi.-
lation is0me mode of freeing the
treasury of an excess which fails to
react.
REDUCTION OF TAXES.
L heartily approve the Esecretary's
recommendations of the immediate
and extensive reduction in the an
Of "a
It will be remembered that l urged
upon the attention of Congress at
its last session the Importance of
relieving the industry and enter
prise of the country from the pres
sure of unnecessary taxation.
1t is enc Of the tritest maKims
of political economy that
all taxes are burdensome
however wisely and prudently i'm
posed, and though there have al
ways been among our people wide
differences Of sentiment as to the
best methods of raising the national
revenues, and indeed as to the prin-
p ciples upon which taxation should
be based, there has been substantial
accord in the doctrine that only such
taxes ought to be levied as are neces-
Sary fer a wise and economical ad-
ministration Of the government. Of
late the public revenue far exceeded
that limit, and unless checked by
appropriate legislation such excess !
Will continue to increase from year
to year. For the fiscal year ended
June 3Oth, 1892, the surplus revenue
amounted to $100,000,000. For the
fiscal year ending on the Goth Of
June last the surplus was more than
SI45,000,000. The report of the Sec
rotary shows what disposition has
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 reductions of the
public debt, but | renew the express
sion Of ray conviction that such
rapid eXtlnguishment of the national
indebtedness as is now taking
place is by no means
cause for congratulation. 1t is cause
rather for serious apprehension.
If il continues, it must speedily be
followed by one Of the evil issues 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 buv at
market rates, its bonds which have
not become Tedeemable, and which.
under such circumstances, cannot
fail to command an enormous pre-
MUM; or the swollen revenues will
be devoted to extravaganza expendi-
lures, which, as experience has
taught, is ever the bane of an over
flowing treasury. 1t was made an
parent, in the course Of the anima-
ted discussion which this question
aroused at the last session of Con-
gress, that the policy of diminishing
the revenue by diminishing taxa
ton, commanded the general apprO-
val Of the members of both Houses.
I regret that the cause Of the con-
fiicting views as to the best methods
by which that policy should be made
operative. none of its benefits have
as yet been reaped.
In fulfllment Of what [ deem nv
constitutional duty, but with little
hope that I can make valuable
contribution TO this vexed question.
| shall proceed to intimate, briefly.
my own views in relation to it.
Upon the showing OF our financial
condition at the close Of the last ifs
T 4 T.