The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1882-12-07

late, it is likely that ali of these bonds
will be paid during the next three years.
Whenever they are called for payment
the banks holding them, to keep up the cir
culation of their notes, must either deposit
lawful money in the treasury amounting in
the aggregate TO at least $500, 600, or pur-
chase and deposit these other United States
bonds. The cheapest of those bonds are at
q high premium in tho market.
The comptroller gives statisticics of the
taxation of the national banks, and agaiu
recommends repeal of the tax upon capi-
tai and deposits, in which recommendation
the secretary concurs. The capital invested
in national banks is Si62, ,3l1 col. The taxes
assessed upon them by the United States
and the States. for the year 1881 were $17,-
| 1S9,OSO, being at the rate OF three and seven
tenths per cent. The amount assessed by
the United States is nearly one-half of tho
! whole. A repeal of the laws providing for
it would still leave those banks liable TO an
assessment by the States of over eight mil
! lions of dollars per annum.
The interest-bearing funded debt of the
! United States wHs, on November ], S1,ilS,-
| OSO,2OO The total amount of bonds held by
| the national banks, state banks and savings
banks at the nearest corresponding date that
could be ascertained was $3.50, 9SS, ,S26, which
amount is not greatly less than one-half of
he whole Understanding de bt.
REDUCTION OF TAXATION.
Speaking of suggestions made of modes
of freeing the treasury from the excess of
assets, Secretary Folger says: 1.-THE radical
cure for the evil is in the reduction of tax
alton, so that no more will be taken from the
people than enough to carry on the govern
ment with economy: to meet all its oblga-
| tions that must be met from year TO year; To
pay off with reasonable celebrity the part of
the debt which it may pay at pleasure, and
to provide through the sinking fund for the
pa vment of that which will become payable
by and by. The evil comes from the hkeli-
hood of the government holding from time
to time large surplus TO be poured out i'll
volume ut uncertain and unforeseen
times, and at times often inoppor-
tune for the business of the country. There
could not be that surplus, surely not so great
aoue, if the subjects of taxation were les
sened and the rates made smaller upon these
retained.
In connection herewith should be borne il
mind the increasing expenditure for pen.
sions as likely 10 afiec. i'll some degree the
increase OF surplus.
PAYMENTS FOR PENSIONS.
The commissioner of pensions has fur.
nished to this department an estimate based
upon facts on his record which gives these
figures:
Number of claims filed to June 20,
loS2 80. ACKNOWLEDGEMENTS. Slts a.
Number admitted. ........ 4I2.7I6
Number on rejected files. 1868
Number pending. g.......... 2H,6IS
OF the number pending. 1898 are en-
titled to "urrears,' and the first payment in
the same, compiled from discharge or death
to date, would not fall below S2oOUNN,UOO.
The remaining 72.055 were tEl subsequent
to June -, 1880 and pension. when allowed,
would commence from date OF filing.
Last year he estimated that The average
value on the lst day of January, 1881, OF each
claim allowed out of tile class iii which are
the 1853 above, would be Sl,%N, and he
then reckonel that about iive-SiXths of that
class would be found valid claims. and
would be allowed
INTERNAL REVENUE.
Upon the subject OF internal revenue the
secretary says: l respectfully refer to my
last report for my views upon this subject.
They have not materially changed. Now, rs
then, il is recommended to retain tax on
spirits, tobacco and tormented liquors, rs
legitimate subjects OF needful taxation.
| Propositions have recently been made TO
abolish the whole system of internal revenue,
but neither public sentiment nor political
action indicates desire on the par; OF tax
| paying citizens to strike out this class OF
taxes. All the other subjects of internal
revenue may be released from taxation, un-
! less bank circulation be retained. 1t is a
franchise, privilege to furnish that, and il
is of profit to the banks and of expense TO
the government, and hence Is n preferable
! subject of taxation.
! The whole amount of internal
: revenue for the year ended
June 30. 1882, besides those
2 from spirits. fermrnted Ii
quors and tobacco, iS........ S13, 3,013,95G p
| The tax on circulation and de-
posts of national banks for
the same period is......... s,95G,79i C
I Making. 500, ,O30, $50 81
Deduct this amount from our surplu:
: revenue. and we have still Il surplus of about
t sos. .0OO,O10
To complete an efectual reduction o.
= taxation, it must be made on some principa
source of revenue. and such an one Is the
duties on imports collected under the tariff
= laws. and an additional obvious method o.
l avoiding a surplus in the treasury is q reduc.
2 ton of the revenues from those.
t THE TARIFF.
The revenues from customs for the cur
rent year are estimated at S225,000,OOO anC
under existing laws, and without disturb
e ing cause now unforeseen, we may expec
= that they will not diminish in future years
e 1t seems, therefore. that Il reduction shoul(
+ be made in the revenue from the customs.
f The whole amount of revenue from Gus
= toms for the fiscal year ended June 30, 1852
: has already been stated at something NOR
. than S2200OO,O00. The classes of mer
: chandise paying the largest amount of dutie
t from customs are the following, i'll the orde
= named: Sugar and molasses, wool an'
: manufactures from it, iron and steel, ant
the manufactures from them, manutac
lures of silk, manufactures OF cotton
h amounting to about one hundred and thirty
f seven and half millions. A substantial re
+ duction upon each of the class of article
n named is recommended. And it is believe
! that the time has arrived when Il reduction
$ duties on nearly all articles in our tariff
d demanded and is feasible. In addition I
= this, careful revision of the tariff should
# made with view to placing upon the frt
# list many articles now paying duty.
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