New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-07-03
nrRr TRAhE IND TAxES.

The House has passed bill to reduce tax
alton not at all too soon. For the debt state
ment for July l shows decrease in
the public debt less cash on hand of
$12,56O, 500 20 in June, $76,177,256 81 dur
ing the last half year, and 1871, 6s4,351 26
during the last year. At the same time, while
the country is expanding 1871, 1000, 900 In pay
ment of debt the official returns show that it
is running into debt to Europe on merchandise
account and exporting gold to pay balances
due At such time, some decrease OF tax
alton, and consequent diminution in the rapid
ity of debt-paying, is certainly most desirable.
The payment of debt goes on whether dOmes-
tic trade is altogether prosperous or not, be-
cause it depends largely upon the amount of
revenue derived from duties on imports, and
these duties may yield the largest revenue
when an unnatural range of prices in this
country invites unusual imports and exposes
home industry to unusual competition. During
the past eighteen months the country has pad
500, OOO, 900 of Indebtedness, sos, $50, 1924 Of
during the first half of 1881, $50, l07, 094 50
during the last half of that year, and
$76,477,256 81 during the first half of 1882
On the very day after the debt statement for
J
ing to S., 2S6, $50 more were redeemed, and
dispatches from Washington state that another
call for bonds is about to be issued. The Sec
rotary has no power to limit the payment of
debt, without causing serious monetary dis
turbance, so long as Congress requires a rev.
enne to be raised that exceeds 10y ST 81, 100000
the current expenses OF the Government.
Though a greatly increased expenditure has
been rendered necessary for the coming year,
either by the action or neglect OF the last
Democratic Congress or by measures recently
passed, there would still remain very large
surplus revenue if Congress should fail to re-
duce taxation at this session.
The main changes in debt were decrease
of $l5.143, 100 in the bonds bearing 3l2 per
cent interest, an increase of $l,6l7,O00 in in
teIest due, an increase of $l,S20,610 in debt
on which interest has ceased, and an increase
of only 1858, 56l - in cash not covered by
certificates outstanding. The "cash balance
available,n $40, COZ, 474 26, is 1897 400 less
than it was June |, and Is, moreover, com
posed more largely of silver, which is really UNI
available for any purpose consistent with the
public honor or prosperity. About $o,2OO,oOO
in gold has gone out OF the country III June,
and $3l 100000 since January l, to meet
trade balances due abroad, but the import and
export returns show clearly that the sum thus
paid does not cover the whole of the balances
due so that, unless there is change in trade,
either i'll merchandise or securities, other gold
exports Will become necessary.
During the month of May imports of mer-
chandise exceeded exports by $l9,255, 1926.
I.t a..
1881, and exports were nearly $l5,000,00O
smaller. There are indications. however, that
the movement in June was less unfavOrable !;
judging from the New-York returns the excess
Of imports may have been not more than
So, 100000 or $10,000,00O, instead of nearly
500, 100000 as in May, and there is reason to
bope that the beg ming of lasting improve
ment may have been reached. In the five
months ending with May, the excess of imports
was $27,9S7, 426, adding June, the excess Tor