The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-12-05

tion in November 1881, and November,
! lSSs, shows an increase of &, 10000, but
during the interval there had been in the
whole number comedian Increase of SO, ,0Oo,-
600. otthe $l2S,0OO000 thus far minted,
more than SIS OOa coo are in cir ulation,
The mass accumulated OF coin has grown
so great that the vault room at present.
available for storage is scarcely sufficient to
contain 1t. II is not apparent why II is de-
sirable TO continue this coinage now 80
enormously in excess otpublic demand,
As 10 the silver certificates in addition to
The grounds which seemed last year to
llashiy their retirement, may be mentioned
the effect which is likely 20 eusue from the
the supply OF gold certificates, for whose is
snauce congress recently made provision
ana which are now IN active circulation,
ou cannot fail to note with interest the
discussion by the secretary as % the ncces.
slty of providing 10y legislation some mode
OF freeing the treasury OF an excess of as
sets, In the event that congress tails to
reach an early agreement for the reduction
OF taxation, | heartily approve the secre-
tary's recommendation of immediate and
extensive reductions IN the annual revenues
ot the government. IL will be remembered
urged upon the attention of congress, at
It's last session. the importance OF
relieving the industry aud enterprise
loi the country from the pressure
OF Unnecessary taxation. 10 Is one OF the lri-
tests maNms of political economy that all
taxes ARE burdensomc, however wisely and
prudcntly imposed, and though there have
always been among our people wide differ
enCes OF sentiment as to the best methods
OF raising the national revenues and indeed
rs TO the principles upon which taxation
! should be based, there has been substantial
accord in the doctrin that only such taxes
ought to be levied as are necess.
aaNI AL
administration Of government. Oflate the
public revenues have far exceeded that
limit and unless checked by appropriate
: legislation such excess will continue TO in
J crease from year to year For the fiscal
year ended June 30th 1881, the surplus
! revenue amounted to 100000, 600; for the
fiscal year ended on the 3Oth OF June last
! the surplus was more than li5OOOO0O The
r report of the secretary shows what disposi.
7 tion has been made of these moneys They
I have not only answered the requirements
of the sinking fund, but have at.
= torded Il large balance applicable
$ to other reductions ofthe public debt. But
= renew the expression ofmy convection
r that such rapid extinguishment of the ma
l. tional debt rs is Eow taking place is by no
Q means II cause of congratulatlon, II isa
Q cause rather for serious apprehension. II
y IL continues II must speedily be followed by
l. one OF the evil results so clearly set forth
c in the reports of the secretary, either the
l. surplus must DO in the treasury or the gov
!. ernment will be forced to buy at
u market rates its bonds not then redeema-
bic, and which under such circumstances
II cannot fail to command an enormous pre-.
IS MUM, or the swollen revenues will be
D. voted to cxtravagant expenditure which, as
If experience has taught, is ever the bane OF
e an overilowing treasury. 1t was made ap-
y parent in the report OF the animated dis
L cussion which this question caused at the
y last session of congress, that the policy OF
g. diminishing the revenue by reducing tax
l. alton commanded the general
'r approval of the members OF
of both houses. regret that because OF con-
E. hicting views as TO the best method by
which that policy should be made opera
tive, none of its benefits have as yet been
N reached. In fultillment of what ! deem
n my constitutional duty, but with little
IN hope that can make valuable contribu-
s, ton to this vexed question, shall proceed
le to intimate briefly my own views in reia.
ct tion TO it
nj REDUCTIONS AND RECOMMENDATIONS.
e Upon the showing of our financial condi-
III ton at the close of the last fiscal year, I
felt justified in recommending to congress
the abolition OF internal revenue taxes, ex-
r cept those on tobacco In various forms and
" upon distilled spirits and fermented liquors,
IL except, Also the special tax upon the man
III uiacturers' and dealers In such articles.
D, venture now to suggest that unless IL shall be
l,- ascertained that the probable expenditures OF
y the government Tor the coming year have
s., been underestimated, all internal taxes,
Is save those which relate to distilled spirits,
e. can be prudently abrogated. Such a course,
" II accompanied by simpliiication of
ld the machinery of collection, which
- would then be easy of accomplish
i, ment, might reasonably be expected to
., result in diminishing the cost
D. OF such collection by Mt least 81, SOC, 900, and
y in the retirement from Office OF from 1900
T. TO 1000 persons. The system of excise lu-
u ties has never commented itself to the fa-
= yor OF the American people, and has never
'g been resortcd to except for supplying deil-
es ciencies in the treasury when by reason
/; OF special exieencies the duties on
g. imports have proved inadequate
le for the needs of the government
O. The sentiment of the country doubtless
> recommends that tho present excise tax
:. shall be abolished as soon as such course
D; can safely be pursued. II seems to me
y however, for various reasons, so sweeping
" a measure as tho total abolition of Internal
,; taxes would for the present be an immense
s. step. Two OF these reasons are desery.
y ing of special mention: First-it
e is by no means clear that even II the exist.
), ing system OF duties on imports Is COntin-
., ued without notifications those duties
1t alone will yield sufficient revenue for ali
!; the needs Of the government. 10 Is esti.
: mated that 500 900 900 will be required for
!. pensions during the coming year, and il
,f may well be doubted whether the maximum
It annual demand for that object has
e yet been reached. Uncertainty upon this
: question would alone justify, in my judg-
If ment, the retention for the present OF that
/ portion of the system of internal revenue
, which is least Objectionable to the point.
!, Second-A total abolition of excise taxes
: would almost inevitably prove u serious, ii
'. not an insurmountable, object to the thor
II ough revision Of the tariff and to any con.
}; siderable execution in import duties.
= THE PRESENT TARIFF SYSTEM
! is in many respects unjust. II makes une.
Il quail distributions both of its burdens and
J.. its benefits. This fact was practically
I recognized by a majority Of each house OF
r congress in the passage OF the act creating
the tarir commission The report OF
4 that commission will be placed
before you at the beginning of this session
4 and will, trust, afford you such informa.
+. ton as TO the condition and prospect of the
l various commercial, agricultural, manufac-
/. turing. mining and other interests of the
I. country, and contain such suggestions for
statutory revision as will practically aid
your action upon this important subject.
} The revenue from customs for the fiscal
7 year ending June 30, 1879, amounted 10
, Sl37 100000 IL has In three succeeding