The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1882-10-20


From sales of public lands. 4,763,15O ~
From tax on circulation and
deposits of national banks. s,956,79f 45
From repayment of interest
by Pacific Railway compa-
mes OBSERVATION-DISCLOSURES. oiu,OOf oi
From sinking fund for Pacific
Railway companies. ....... 706,2u az
From customs, fees, fines, PEN
alues, etc. tc.................. l,dio,ooo w
patent and lands ........"' 2,63s,99O 81
From proceeds of sales of
government property ... 31f,959 81
From profits on coinage, bull
lion deposits and assays. 4,116,6a3 73
From Indian trust funds. b,100,2i3 22
From deposits by individuals
for surveying public lands. 2,0j2, ,306 56
From revenues of the District
of ofColumbia. 17l5,1l6 Al
From miscellaneous sources. 3,3S3,i45 43
Total ordinary receipts, sos, 3,525, ,250 %
The ordinary expenditures for the same
period were:
For civil expenses. es............s .sls,oi2, 1886 AZ
For foreign intercourse ..u.... l,3GI5s3 ~
For Indians. s................... 3,l3O,l4l ~
For pensions. Observation-Disclosures. 6l,3lJ, lJ3 JJ
For the military establish
ment. including river and
harbor improvements and
arsenal. .................... 1850, l0i 10
For the naval establishment,
including vessels, machinery
and improvements at navy
yards ...................... 1902, ,O4G &c
For miscellaneous expendi-
lures, including public build
ings, lighthouses and col
leciing the revenue .,.,.,.. $34539 1857 90
For expenditures on account
of the District of Columbia. 3,330N3 81
For interest on the public debt 7l,O11,2O6 20
Total ordinary expenditures. $257, 1851, ,430 81
Leaving surplus revenue of Sl45,543,-
S10.71, which, with an amount drawn from
the cash balance in the treasury of $2J,-
737, 37,69LS4-making S166, ,28l ,50j.55--was ap-
piled to the redemption of bonds for the
sinking fund.- $61079, 1900; of fractional
currency for the sinking fund, sos, 1O5,55;
of loan of July and August, 1861, 62,572O50;
of loan of March, 1868, $i,472,900; of fund
ed loan of 1881, $37 10, ,450; of loan of 1858,
$1,000 of loan of February, 1861, $303,000;
of fye-twenties of 1862, S2100; of five
twenties of 1854, S7,400; of fiye-twenties of
1865, $1,000; of ten-forties of 1864, $254,550;
of consols of 1860, SS6,4jO; of consols of
1867, $40S,250; of consols of 1868, S141 400
of Oregon war debt, SG75,2j0; of old de-
mand, compound interest and other notes,
S1S,350. Total, S1GG,2Sl, ,505.55.
The foreign commerce of the United
States during the last fiscal year, including
! imports and exports of merchandise and
specie, was as follows: Exports, merchan-
disc, $50, ,542,257; specie, $49,4l7,479. Total,
$199, 1856.
Imports, merchandise, 1924, ,639, ,574; specie,
| $i99,472,390. Total, $i67, 1864.
Excess of exports over imports of mer-
chandise S25,902, 6S3
This excess is less than it has been before
for any of the previous six years, us appears
| by the following table:
| Year ended June 80, excess of ex-
ports over imports of mer-
chandise-1S76. S76................ S79,6i3,4 ,4S1
| 1877 Observation-Disclosures. 151. .152, ,09i
| 1915. Observation-Disclosures. ZJl,ol+2d4
| loiJ. ..............,.... zpf,ooI ,ooO
! 1850. NEUTRALITY-SUSPICIOUS.. 16T, ,6S3.S1
1901 .......... ........,........... ZoJ, az, 10
! 1882 Observation-Disclosures. $685.. .6S3
During the year there have been organized
| III national banks, and OF these institutions
there are now in operation 2,2G9, larger
number than ever before. The value of their
notes in active circulation on July |, 1882,
was 1921, ,656,l5S. | commend to your at
tention the secretary's views in respect TO
the likelihood of serious contraction of this
circulation, and to the modes by which that
result may, in his judgment, be averted
Ia respect to the coinage of silver dollars
and the retirement of silver certificates,
have seen nothing to alter but much to CON
firm, the sentiments to which | gave express
sions last year. A comparison between the
respective amounts OF silver-dollar circula-
yember l, 1852, shows slight in
crease of a million and hall
of dollars; but during the interval
there had been in the whole number coined
IN increase of twenty-six millions. OF The
one hundred and twenty eight millions thu.
far minted, little more than thirty-iive mil
lions are i'll circlation. The mass of accu-
mulated coin has grown so great that the
vault-room at present available for storage il
scarcely sufficient to contain it. 1t is no
apparent why it is desirable to continue thi,
coinage, now so enormously i'll excess of the
public demand. As TO the silver certificates
i'll addition to the grounds which seemed las
year to justify their retirement, may be men
toned the effect which is likely to ensut
from the supply of gold certificates, fol
whose issuance Congress recently made pro
vision, and which are now III active circula
ton.
THE SURPLUS REVENUE.
You cannot fail to note with interest the
discussion by the secretary as to the neces
sity of providing by legislation some mode o
freeing the treasury of an excess of assets
In the event that Congress fails to reach al
early agreement for the reduction of taxa
ton, | heartily approve the secretarys re
commentator of immediate and exten
sive reductions in the annual revenues of tn,
government. Ii will be remembered that
urged upon the attention of Congress at it
last session the importance of relieving
: lIle industry anu enterprise OF lne cOuu
try from the pressure of unnecessary taxa
ton. 1t is one of the truest maxims of po
litical economy that all taxes are burden
some. However wisely and prudantly i'm
posed, and though there have always beel
among our people wide differences of senti.
ment ms to the best methods of raising the
national revenues, and, indeed, as TO tin
principles upon which taxation should b,
based, there has been substantial accord il
the doctrine that only such taxes ought I,
, be levied as are necessary fora wise and eco
: nOmicai administration Of the government
OF late the public revenues have far eE
ceeded the limit, and, unless checke,
/ by appropriate legislation, such eXces
l Will continue to increase from yea
/ to year. For the fiscal year ende
9 June SO, lSSl, the surplus reyenu
amounted to one hundred millions of dollars
/ For The fiscal year ended on the thirtieth o
q June last the surplus was more than on
= hundred and forty-iye millions. The repoI
Q OF the secretary shows what isposition ha
/ been made of these moneys. They have nc
Q only answered the requirements of the sink
4 ing fund.- bat have Hnurded Il large balanc
- applicable 10 other reductions of the publ
g debt. But lreuew the expression of my con
yicton that such rapid eXtinguishment of tn
s national Indebtedness us Is now taking pluc
= is byno means a cause for congratulauon.
e is a cause rather for serious apprehension
h . n