National Republican., 1882-12-05

10 strike out this class OF taxes, All the other
subjects OF internal revenue may be released from
taxation, unless bank circulation be retained. 1t
is lranGhise, n privilege TO furnish that, ana II
is of profit TO the banks and Of expense to the gov
ernment, and hence is Il preferable subject OF tax
alton The amount derived from 1t was 81, S,l9O,-
yolso the last year, yet as the banks are liable TO
assessment by the States, aud thus to bear share
OF pubcb utdens, 1t is advisable to strike of the
Federal taxation on their circulation.
The whole amount of internal reve-
nuo for the year ended June 30, 1882,
besides those from spirits lermented
liquors, ana tobacco Is ,073, ,056 81
The tax on circulation and deposits
OF national banks for tho same pe-
riod is s,95679i &c
Making ............................ 22O3O75O 81
Deduct this amount from our surplus revenues,
and we have still surplus OF about SOS 100000.
To complete an eifectual reduction of taxation,
1t must be made OH some prinCipaE source ot revo-
lected under the tariff laws, aud All uddiuonals
obvious method of avoiding II surplus in the
Treasury is n reduction of the revenues from those
The subject of the repeal of the tax on circula-
ton and deposits of national banks, and those
upon adhesive stamps, and those derived from
banks and bankers, has been much discussed in
Congress. 1t Will be seen, however; that the re-
peal OF nll these taxes would relieve put portion
of the difficulty.
The revenues from customs for the current year
are estimated at S235,OO0OOO, and under existing
laws, and without a disturbing cause now unfore-
seen, we may expect that they will not diminish
In future years. 1t seems, therefore, that reduc-
tion should be made in the revenue from the GUS
toms.
In reading the testimony before the tariff COM
mission 1t is to be observed that with scarcely an
exception, the representative of every industry,
while coneeding that general reduction OF the
tariff Is proper and necessary has claimed that its
peculiar product can submit TO no reduction of
the protection now afforded,
While the views of the manufacturers are to be
weighed 1t is manifest that they Will never be
able TO agree upon reduction of the tariff duties,
AL agree that revision OF the tariff is neces-
saty The action of Congress in creating a COM
mission for that purpose renders discussion on
that point unnecessary. The action of that COM
mission in detail is not yet known to this depart
ment Whatever may be its recommendations,
they will, no doubt, receive respectful considera-
tion
The Secretary of the Treasury, however, cannot
feel that he relieved of responsibility because of
tnut commission. He deems 1t proper, therefore,
TO make some recommendations upon the subject.
The whole amount of revenue from customs for
the fiscal year ended June so, 1882, has already
been stated at something moro than 500, 900.
The classes of merchandise paying The largest
amount OF duties from customs are the following,
III the order named: Sugar and molasses, wool
and manufactures from 1t, iron and steel and the
manufactures from them, manufactures of silk,
manufactures of cotton, amounting to about
s375Oo,OOo. a substantial reduction upon each
of the class OF articles named is rec
commended. And IL is believed that tho time
has arrived when reduction of duties on nearly
all the articles in our tariff is demanded and Is
feasible.
In addition to this, careful revision of the
tariff should be made with view to placing upon
the Tree list many articles now paying duty:
IuppcdrS buhJ lHe luIBesL uSTlNeu from
any class of products under the customs tariff, is
that from sugar.
Sugar is necessary of life for all classes in this
country. The average duty on it is equal TO two
and half cents per pound, and TO nearly 53l2 per
cent. ad valorem. The amount of cane sugar
produced in this country is estimated at IL per
cent. of the whole quantity consumed, and 1t is
apparent that nearly the whole amount of revenue
from this source is paid by the consumer, the
competition by homo production not being sufi-
cient seriously TO affect the price The progress of
industry in the production of sugar from sorghum
and the beet is not forgotten. 1t is entitled to
consideration. 1t is believed, however, that u
substantial reduction of the duty upon sugar may
be made without injustice to the producers of It
in this country.
Upon wool and iron and steel, and their manu-
factures, large reduction must be made to mate
rally lessen the revenues derived from them as
the amount OF imports Will increase as the duties
are lessened.
1t will probably be found that in general the
reduction can chiefly be made on the raw nate
rial or coarser manufactures. rather than those
upon which d greater amount of labor has been
bestowed. The duties on manufactures Of silk, it
is believed, may be reduced without injustice TO
manufacturers in this country.
The cotton tariff is found 10 be complex and in
consistent and it Is no dubt true that in most of
the coarser classes of cotton fabrics our manuact
urers can compete with the world without protec-
ton. L,
Wines and spirits, which afford the largest
amount OF duty next to the five classes enume-
rated, being articles of luxury may well bear any
rate of duty deemed necessary for the revenue.
Without going further into details, the Secretary
earnestly recommends careful revision of the
tariff, with u view 10 substantial reductions
The accomplishment of this is recommended to
of the approaching financial situation rs II Is
presented, and has fully discussed the subject in
some OF its bearings
FOREIGN COMMERCE..
There has been an increase in tho principal
crops of the country in 1882 over those of
1881. Over rs per cent. of the exports of do
nestle merchandise is in products of agricul-
ture. 1t is reasonable to expect an increase in
the exports of merchandise and an increase
in the balance of trade in our favor. This
expectation appears also to be justified by the
fact that the exports of breadstutis for the first
four months of the current fiscal year at the
principal ports, exceeded such exports for the
corresponding months of the preceding fiscal
year by $4, ,570,0s4. The exports Of petroleum
for the fiscal year just closed exceeded those
for the preceding fiscal year by $10,917,097.
IMPORTS OF MERCHANDISE.
The imports of merchandise for tho last
fiscal year exceeded those of the preceding
year by $S,974,946.
During the fiscal year ended June 30, 1882
the exports of specie We're $49,d17,479, and
the imports $40, Az, ,390-a difference of $6,945,-
0S9. In the preceding fiscal year there was
an excess of imports over exports of $9l, 1885,
$50. This change came, probably, from the
falling off in exports of merchandise for the
year.
The report of the Bureau of Statistics shows,
in detail, the state of 'the foreign commerce
Of the United States.
COMMERCE AND NAVIGATION.
The tonnage of vessels owned in the United
States at the close of the fiscal year 1882, by
the records of the Register of the Treasury,
was 4,165,9 1888 tons. of this, 1892 ,29i tons
were in 21S5 vessels registered for the for
eign trade, and 2,S736 630 in q, 1873 vessels en-
rolled and licensed for the coasting trade and
fisheries There was a decrease of 43,292 tons
in vessels in the foreign trade, and an in
crease of 151 ,491 tons in those in the domestic
trade. The increase in the tonnage of this
class of vessels for the fiscal year ended June
80, 1884, was but 6,924 tons.
After giving statistics of commerce and nav
igation, and abstracts of the reports of the rev.
enue marine and liie-saying service, the light
house establishment, coast and geodetic survey,
the marine hospital service, steamboat inspec-
tion service, and other establishments under
Treasury, the report gives the following figures
regarding tbs finances of
THE DISTRICT OF COLUMBIA:
The net expenditures on account of the Dis
trict Of Columbia for the fiscal year 1882 were
$3,33O, ,543S7. The revenues deposited in the
Treasury for the same period were 81 ,715, ,17641.
Since December /, 1881, the bonded indebt-
edness was reduced by operation of the sink
ing fund -, ,250, $50, and the annual interest
charge upon the District debt was reduced
$13, 1866. Since the office of the commits
sioners of the sinking fund of the District of
Columbia was abolished, and their duties and
powers were transferred to the Treasurer OF
the United States by the act of Congress OF