The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1882-12-08

der The direction OF he department Of state
A reasonable compensation therefore should
be provided by law.
DIPLOMATIC AND CONSULAR SERVICE.
A clause in the act making appropriations
for the diplomatic and consular service con-
templates the reorganization of both branches
OF such service on a 6alaried basis leaving
fees to inure 10 the benefit Of the treasury de-
partment cordially favor such project as
likely to correct abuses in the present system
The secretary of state viii present to you at an
early day plan for such reorganization
TIE TREASURY.
A full and interesting exhibit Of the opera
tons Of the treasury department is afforded
by the report of the secretary. It appears
that the ordinary revenues from all sources
for the present year ending June 30, 1882,
we're as follows: From customs, $221, no.
730 25; from internal revenue, $l46, 497 ,595 As;
from sales of public lands, 81, 753, 40 81; from
tax on circulation and deposits OF railroad
bonds, S., 956, 794 45; from repayment of in
terest by Pacific railway companies, $50, ssh
81; from sinking fund for Pacific railroad
companies, $796, 21. AZ; from customs fees,
fines, penalties etc, $134, 334. 800; from fees
for consular letters patent and lands, 81, $685.
800 81; from proceeds of sales of government
S34l, 959 IS; from profits on coinage,
bullion deposits and assays. 81, lie, 68 70;
from Indian trust funds, SIS, 705, 243 %; from
deposits by individuals for surveying public
lands. $2,052, 306 S.; from revenues of the
District of Columbia, 81, 70, lF6. Al from mis-
cellaneous sources, So, 383, rs 43; total ordi-
nary receipts, $403, 525, 25028
The ordinary expenditures for the same
period were: For civil expenses, $18, 042, $780, AZ;
for foreign intercourse, 81, 1897 ,58619; for
Il II A ~ f~..
1913. 95; for the military esta blishment, includ-
ing river and harbor improvements and arse
nal, $43, $40, 44 10; for the naval establish
ment, including vessels, machinery, and inn
provements at navy yards, $15, 032, 046 %; for
miscellaneous expenditures, including public
buildings, lighthouses and collecting the
revenue, $34, $50, 237.50; for expenditures on
accou4 Of the District of Columbia, 50, $780,
543S for interest on the public
penditures, 1857. 981, 1887, leaving sur
plus revenue of s145, $40, 61071; which, with
an amount drawn from the cash balance in the
treasury of $40, 737, 654 a.; making $166, 2S1,-
sos IS. There was applied to the redemption
of bonds for the sinking fund, 500, 079, $50; Of
fractional currency for the sinking fund,
s., 70s, 553; of loan Of July and August, 1861,
$62, 572, $50; of loan of March, 1868, 81, 472,-
800; of funded loan Of 1881, $37, 194, $50; Of
loan of 1858, 800, 600; of loan of February,
1861, $303, 900; Of five-twenties of 1862,
$4,000; of fVe-twenties of 1884, $40, 600;
of fve-twenties of 1865, $500; of ten
forties of 1854, 81, $50; Of consols of 1865,
$50, 450; of consols Of 1867, 44OS, $50; of con-
soils of 1858, $141, 400; Of Oregon war debt,
$675, $50; of old demand compound interest
and other notes, $3.50; total, $166, 281,-
50A55
THE FOREIGN COMMERCE.
Of the United States during the last fiscal year,
including imports and exports of merchandise
and specie was as follows: Exports-Mer-
chandise, $780, 742, 272 specie, $40 41T, 479; to-
tai, $799, $50, 1856. Imports - Merchandise,
$7A $50, 574; specie, $42, Az, 800; total, $751;,
III, 064 The excess of exports over imports
Of merchandise, $25, 902, 6S3. This excess is
less than it has been before any of the previous
six years, as appears by the following table:
Year ended June 30, excess of exports over i'm
ports of merchandise, 1876, $79,643, 481; 1877,
$151, 1872, 094; 1878, $257, 814, 234; 1879, 1894,
661 500; 1885, $167, 6S3 612; 1881, $685., 2, rs;
1882. $25, 902,6S3
NATIONAL BANKS.
During the year there have been organized
III national banks and of these institu lions,
there are now in operation 2,269-a largerpum-
Der than ever before The value of their
notes in actual circI lation on July l, 1892 was
1891, CSC, 458 I commend to your attention
the secretary's views in respect to the likeli-
hood of a serious contraction of this circula-
ton and to the modes by which that result
may, in his judgment be averted
COINAGE.
In respect to the coinage of silver dollars
and the retirement of silver certificates have
seen nothing to alter but much to confirm.
the sentiments to which gave expression last
year. A comparison between the respective
amounts of silver dollars in circulation on
November 1, 1881, and on November l, 1882,
shows slight increase of million and half
of dollars, but during the interval there had
been in the whole number coined an increase
of $26, 600 900. OF the 1928, 600. 600 thus far
minted, little more than $35, 000, 600 are in cir
eulaGon. The Il ass of accumulated coin has
grown so great that the vault room at present
available for storage is scarcely sufficient to
contain it 1t is not apparent why it is desir-
able to continue the coinage now, SO enor-
mously in excess of the public demand
SILVER CERTIFICATES.
AS to the silver certificates, in addition to the
grounds which seemed last year to justify their
retirement may be mentioned the effect which
is likely to ensue from the supply of gold GER
tificates for which issuance congress recently
made provision, and which are now in active
circulation
REDUCTION OF TAXES.
You cannot fail to notice with interest the
discussion by the secretary as to the necessity
Of providing by legislation some mode of free
ing the treasury of an excess of assets In the
event that congress fails to reach an early
agreement for the reduction of taxation, I
heartily approve the secretary's recommends
ton of immediate and extensive reductions in
the annual revenues of the government 1t
will be remembered that urged upon the at
tention Of congress at US last session the i'm
portance of relieving the industry and enter
prise of the country from the pressure Of I'M
necessary taxation. It is one of the tritest
maxims of political economy that all taxes are
burdensome, however wisely and prudently
impose, and though there have always been
among our people wide differences of senti-
ment as to the best methods of raising the
national revenues, and, indeed, as to
the principles upon which taxation should
be based, there has been substantial
accord in the doctrine that only such
taxes ought to levied as are necessary for
wise and economical administration
of the government OF late the public reve-
nues have far exceeded that limit, and unless
checked by appropriate legislation, such ex-
cess will continue to increase from year to
year. For the fiscal year ended June so, 1881,
the surplus revenue amounted to $780, 200, 600
For the fiscal year ended on the Both of June
last, the surplus was more than $145, 100000
Inc report OF the secretary shows what dis
position has been made Of these moneys
They have not only answered the require
ments of the sinking fund.- but have afforded
q large balance applicable to other reductions
Of the public debt But I renew the express
sion of my conviction that such rapid extin-
punishment of the national indebtedness as
is now taking place, is by no means
cause for eongratulation It is cause
rather for serious apprehension. If it contin-
ues it must speedily be followed by one Of the
e,nlv early set forth by the secre-
tary. Either the surplus must lie idle in the
treasury, or the government will be forced to
buy, at the market rates, its bonds, not then
re1eemable, and which, under the circum-
stances, cannot fail to command an enormous
premium or the swollen revenues will be de-
voted % extravagant expenditure, which, as
experience has Taught, is ever the bane
of an overfiowing treasury It was
made apparent in the course of
the animated discussions which thequestion
aroused at the last session of congress that tina
policy of diminishing the revenue by reducing
4 Il Z