The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1882-12-15
THE TREASURY.
Annual Report of Secretary Folger ON tho
National Finances.


National Finances.
The report Il the Score airy of the Treasury is
a lengthy 'cumen nearly. IL not quite twice
the bulk of President Arthur's message-and
fairly bristles with tabular showings q the ma
tionsl finances We present below, in a
summarized form, the main points of
general interest contained in this, the most i'm
pOrCant OF AL the departmental reports. For the
fiscal year ending June 30 1892, the revenue OF
the Government exceeded the total or mary OK
penses S45,545,sl0, which together with so, 49,,
ca drawn from the ca n balance in the treasury,
was applied 10 reduction OF the national
debt. While the net increase of the revenue
from all sources was So 742,05S by the natural
growth and thr It of The country, and not by in
crease of tax levies, the expenditures Il
the Government decreased s27Sl- 4i8 I've
deere &c in the interest on the public
debt about balanced the increase I'm pensions.
II is estimated that IL the taxes should rem in
throughout the year now the surplus would
amount to about S75,000,OO0. The coinage OF
silv dollars under the p esent act up u Nov. l,
1892, had amounted to sl27,329,ssO There
we're on the first Ct last month - o
vaults. The Secretary thinks there should
| e a hat In the coin 'ge, that the department.
should be autho lied 10 coin only so niue as
will be necessary 10 supply the demand The
gold certificates are passed yer with simple
statement the amount ready for Issue lSl3S,-
$40, and the amount aetnnlly issue up to
stric i've or ew Y rk policy il entered into.
The total export Of coin and bullion for the
wear was SiLii7,i79; the total import, 81 /,
4T2 800. The cnage OF gold amounted
to $50 i13 AL about sll 01O,0On in excess OF any
previous year The minis did large st olSe OF
business in minor coins, of which there wer' no
less than i6 sos 725 pieces truck, worth ssh 1877.
10. Over 40,0O0.O0 of these pieces Were pennies
the rest for the most part. scent nickels, the
demand for which was very arEe. The total
stock of United States coin and bullion available
for coinage not count ny anything but z Id and
silver amounted, Oct l, to s773, si,71
The Secretary recommends the REPEAL OF the
special taxes on national banks. which, he says,
derives little or no profit on their circulation.
He says that nearly one-h tx or the Interest,"
bearing funded debt of the Uni ed States $780,
OOO. 600 il held by the banks NATIONAL state and
private, thus forming the basis of our own me-
dunn OF exc hange IL follows, he claims that
the debt could not be reduced more than that
amount without endangering the stabil-
ity OF our banking system. he
evil practice of Decentralization Of
checks by ,rional banks is Tnmadverted upon,
and those who pc sist in 1t plainly warned
that they will be prosecuet under the law
The Secretary saws, in regard to public moneys,
that, 30 ar as known, there IA We been
no losses TO q yer ment from public
officer engaged either in the receipt,
the safe keeping or the disbursement OF
the public funds. The cost per cent. OF col
lecting customs dues never so low as
now, and the internal eveuue service seems to
be l. most excellent condition. from an econom-
&c point of view The tai receipts of customs
were f2-2,559 lo4 o internal revenue, VI 6 S23,-
273 The Sec etarN strongly urges radical chan es
IN the classification of gar. Fo the est he
discusses tariff reform in come ton with the
general snbject Of the reduction II t9Xation.
Mr.. Foger would abolish all internal taxation
except that on spirits, fermen'e ed liquors and to-
bacco making reduction OF S22, ON, 600, and still
leaving a surplus of sos 900. That he won d
take from customs by general sys EN- of re-
duo ion, especially on raw materials in general,
and sugar in partlcular.
he repp state that foreign commerce Of
the cou try shows balance in favor of eypor 3
to the amount of early 6, 90, 90 Over per
cent OF exports consists of agricultural
products. The tonnage of vessels owned in the
United States and ENGAGED in the foreign ade,
il sill declin ng, but the TONNAGE Of those in the
domestic trad increased more than three
tim much foreign tonnage decrea- ed.
There were ,376 vessels built and documcnted
a. vessels # the United States during the year.
or these 5O2 steam vessels. OF he m
bined imports and exports Of merchandt- @ d
per cent only was conveyed in Anne &c n vessels.
| The Secretary makes no suggestion on the sub
ject of encouraging ship-buuding.
NJ . olger discusses the pleuro- pneumonia
question, niZing the fact that II Is confine
to cattle in certain districts Of the Atlantic
States and has no foo hold in the est lie
says at a'rangements are being made which
will justify the removal of the present ritsh
embaryo on American i've Ito There IL a
larg' deman for stock cattle In England VIII ch
this co ntry cou and wou supply. to g eat
extent, IL the EnglisI Government was not afraid
OF contagion