Morris tribune., 1882-12-14

Excess Of exports over imports of
Tbs is is esp it has been oe
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
1875 .... ,79,643,ds1 1880 ......a6o' 6s3's25
ISIS 1885,. 257,sl4,2S4I 8s2 1900. 57'979,787
1879 ..... 1854, 661 1861
NATIONAL BANKS
During the year there have been organized
III national banks, and of these institutions
there are now in operation 1920. larger
number than ever before. The value Of their
notes in active circulation on July l, 1882,
was 1923, 656,458 recommend to your at
tentiou the secretary's views in respect tc the
likelihood of serious contraction of this cir
culation, and to the modes by which that result
may be, in his Judgment, averted.
SILVER.
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 l gave expression last
year. A comparison between the respective
amounts of silver dollars in circulation on
November 1881 and on November, 1882.
shows a slight increase of 81, 5OO, 900; but
during the interval there had been, in the
whole number coined, an increase of S26.UOO,-
600. Ofthe S12S, 900, 600 thus far minted lit
tie more than $50, 100000 are in circulation
The mass 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 desirable to con-
tinue this coinage now so enormously in excess
of public demand. As to the silver certificates,
in addition to the grounds which seemed last
year to justify their retirement, may be men,
toned, the effect of which is likely to ensue
from the supply. of gold certificates, for whose
issuance congress recently made provision,
and which are now in active circulation. -.
REDUCTION OF TAXATION.
You cannot fail to note with interest the dis
cussiOG by the secretary as to the necessity OF
providing by legislation some mode of freeing
the treasury of an excess of assets in the event
that congress fails 70 reach an agreement for
reduction of taxation. [ heartily approve the
secretary's recommendation of an immediate
and extensive reduction i'll the annual revenues
Of the government 1t Will be remembered
that urged upon the action of congress at its
last session the importance of relieving the in
dustry and enterprise of the country from the
pressure of unnecessary taxation. 1t Is
one Of the truest maxims of political
economy that all taxes are burdensome,
however wisely and prudently imposed; and
though there has always been among our peo-
pie wide differences Of sentiment as II the best
methods Of raising the national revenues-and
indeed as to the principles upon which taxa
ton should be bascd-there has been satsFan-
tial accord in the doctrine that only such taxes
ought to be levied as are necessary for WISE
and economical administration OF the govern
ment Oflate the public revenues have far
exceeded that limit. and unless checked by
appropriate legislation such excess will con-
tinue to increase from year to year. For the
fiscal year ended June 80. 1881, the
surplus revenue amounted to $780, OO,O 600.
For the fiscal year ended on the Goth of June
last the surplus was more than Sl45. 900,
600. The report Of the secretary shows what
disposition has been made of these moneys.
They have not only answered the requirements
of the sinking fund, but have afforded large
balance applicable to other reductions of the
public debt; but I renew the expression of my
conviction that such rapid exunguishment oil
the national indebtedness as is now taking place
is by no means cause for congratulatlon. 1
is cause, rather, for serious apprehension.
If it continues it must speedily be followed by
one of the evil results 80 clearly set forth IL
! the report Of the secretary. Either the sur
plus must lie idle in the treasury or the gov
eminent will be forced to buy at market rates
| it's bonds not then redeemable, and which, I'M
der such circumstances, cannot fail to com
mand enormous premium. or the swollen rev
enues will be devoted to e1travsgant expend
| fture, which, as experience has taught
| is ever the bane of an overfowing treasury
1t was made apparent in the course OF iii
animated discussion which the question
! aroused at the last session of congress that thu
| policy of diminution of the revenue by reduc
| ing taxation commanded the general approva
| Of members of both houses regret that be
| cause Of that conflict as to best method in whlcl
that policy should be made operative, none o
| its benefits have been reaped. In fuifillmen
| of what I deem my constitutional duty, hu
! with little hope that can make valuable con
| tribution to this vexed question. shall pro
| coed to intimate briefly my own views in rela
ton to it Upon the showing OF our financial
1 Al e
| felt justified in recommending to congress tn
| ABOLITION OF INTERNAL REVENUES
| except those upon tobacco in its various forms
| and upon distilled spirits and fermente
| liquors, and except also the special tax Ipo
| the manufacturers and dealers in such articles
| ascertained that the probable expenditures @
| the government for the coming yea
have been underestimate, internal taxes
| save those which relate to distille
spirits, can be prudently abrogatet
Such, accompanied by simplitcation of til
| easy of accomplishment, might reasonably b
| expected to result in diminishing the cost c
| such collection by at least So. 500, 900, and i
the retirement from Office of from ], 800 I
1000 persons. The system of excise dptie
has never commended itself to the favor of tn
American people, and has never been resorte
to except for supplying deficiencies in th
| treasury when by reason of special exigencie
| the duties on imports have proved inadt
quate to the needs of the government
The sentiment of'the country doubtless CON
mands that the present excise tax shall
abolished as soon as such course can safely b
pursued. It seems to me, however, for var
GUS reasons, that 80 sweeping measure as til
| total abolition of internal taxes would, for til
present. be an unwise step. Two of thes
reasons are deserving Of special mention
F1rst-It is by no means clear that, even
rs,k,r ,,fl fioc
tinued without modification Of those dutie
they alone will yield sufficient revenue fora
the needs of the government 1t is estimate
that $1OO,0OO,OOO will be required fl
pensions during the coming year, and il ms
well be doubted whether the maximum annu
demand for that object has yet been reache,
Certainly this question would alone just
fy, in my Judgment the retention for Il
present of the portion Of internal revenl
which is least Objectionable to the people
Second-A total abolition of the excise tax
would almost prove serious If not an unsul
| mountable objection to thorough revision
the tariff aud to any considerable reduction
import duties
UNJUST TARIFF.
The present tariff system is in many r
/ spects unjust 1t makes unequal distribution
, both of its burdens and its benefits This ia
was practically recognized by a majority
each house Of congress in the passage of Il
act creating the tariff commission. The repo
Of that commission will be placed before y
at the beginning OF this session aud will
trust, afford you such information as to &
, condition and prospects Of the various cor
mercal agricultural, mining. manufacture
I and other interests of the countr
| and contain such suggestions for stat
tory revision as will practically q
, your action upon this important subje'
The revenue from customs for the fiscal We
, | ending June 80, 1879, amounted to $13f
OOO, 900. 1t has in the three succeeding yea
, ! reached. first 1886, OOO,O 900, then SlSs