Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1882-12-09

the silver certificates. in addition to the
their retirement, may be mentioned the effect
which is likely to ensue from the supply OF
gold certificates, for whose issue Congress
recently made provision, which are now in
active circulation.
OUR EXCESS
You can not tail to note with interest the
discussion by the Secretary as to the necessl.
ty of providing by legislation some mode OF
In the event that Congress fails to reach an
early agreement for the reduction OF taxa
ton, 1 heartily approve the secretary's
recommendation of immediate and extreme
reductions in the annual revenues OF
the Government. 1t will be remembered that
I urged upon the attention of Congress at its
last session the importance of relieving the
industry and enterprise of the country from
the pressure from unnecessary taxatlon. IL
is one of the tritest maxims of political econo-
, nv that all taxes are burdensome. however
| wisely and prudentiy imposed. and though
there have always been among cur th pep peSt
methods of raising the national revenues,
and, indeed, as to the principles upon which
| taxation should be based, there has been sub
| ~Stantial accord in the doctrine that only such
taxes ought to be levied as are necessary for
a wise and economical administration OF Gov
clllllGlt. Vi idtS ~ pubihS
far exceeded that limit, and unless checked
by appropriate legislation such excess will
the fiscal year ended JUNE 80, 1851, the sur
plus revenue amounted to 100000, 600; For
the fiscal year ended on the Goth of June last,
the surplus was more than Sl45 200, 600. The
report Of the Secretary shows what DISPOSE
ton has been made of these moneys. They
have not only answered the requirements OF
the sinking fund, but have afforded a large
balance applicable to other reductions of the
public debt; but 1 renew the expression ofmy
conviction that
SUCH RAPID REIMBURSEMENT OF THE ma
TIONAL INDEBTEDNESS
as is now taking place is by no means a cause
for cOngratulation. 1t Is a cause rather Tor
serious apprehension. If it continues it must
/ speedily be followed by one of the evil results
so clearly set forth in the report of the Secre-
tary-either the surplus must lie idle in the
Treasury, or the Government will be forced
to buy ut market rates its bonds not then re-
deemable, which, under such circumstances
can not fail to an prem
to extravaganza expenditure, which, as exper-
fence has taught, is ever the bane OF an over
flowing treasury.
REDUCING TAXATION.
1t was made apparent in the course of the
animated discussions which this question
aroused at the last session of Congress that
the policy of diminishing the revenue by re-
ducing taxation commanded the general APP
proval of the members of both houses. re-
gret that because of conflicting views as to
the best methods by which that policy should
be made operative none of its benefits have
as yet been reaped. In fulfililnent of what L
deem my constitutional duty, but with little
to this vexed question, / shall proceed to init
mate briefly my own views in relation to it.
Upon the showing OF our financial c2ndi.
ton at the close OF the last fiscal year, l felt
jul tilted in recommending to Congress the
abolition of internal revenue taxes except
those upon tobacco in its various forms and
and except, also, the special tax upon the
manufacturers and dealers in such articles:
be a5certained that the probable expendi-
lures of the Government for the coming year
have been und~erestimated, all internal taxes
save those which relate to distilled spirits,
can be prudently abrogated. Such a course,
if accompanied by a simpliication of the
machinery of collection, which would then
be expected to result in diminishing the cost
of such collection by ut least two millions
from office of from 900 to 1000 ersons. The
system of excise duties has never commend
ed itself to the favor of the American people
and has never been resorted to except for
supplying deficiencies in the Treasury when
by reason of special exigencies the duties on
imports have proved inadequate for the
needs of the Government.
The sentiment of the country doubtless
demands the present excise tax shall be
abolished as soon as such course can safely
be pursued. 1t seems to me, however, for
various reasons, so sweeping a measure as
the total abolition of internal taxes would for
the present be an unwise STEP. Two of these
reasons are deserving of special mention. l..
It is by no means clear that even if the exist
ing system of duties on imports is continued
without modification those duties alone will
yield sufficient revenue for all the needs of
the Government. 1t is estimated that one
hundred millions of dollars Will be required
for pensions during the coming year, and it
may well be doubted whether the maximum
annual demand for that object has yet been
reached. Uncertainty upon this question
would alone justify in my Judgment the re-
tention for the present of that portion of the
system of internal revenue which is least OBJ
] JnsfInnnhln n tho nnnrln , total abolition
of excise taxes would almost inevitably prove
a serious if not an insurmountable obstacle to
Il thorough revision of the tariff and to any
considerable reduction in import duties.
THE TARIFF.
The present tariff system is in many re-
spects unjust. 1t makes unequal distributions
both of its burdens and its benefits. This fact
was practically recognized by a majority OF
each house of Congress in the passage of the
port of that commission will be placed before
you at the beginning of this session, and will
1 trust, afford you such as to the
condition and prospects of the various com
mercial, agricultural, manufacturing, mining
and other interests of the country and con-
tain such suggestions for statutory revision
important subject.
H E FRO CUSTOMS
for the fiscal year ending June 30, 1873
amounted to Sls7. Ooo, 600. It has in the three
succeeding years reached, first, sls6, oOo. 600
then S19s, 900, 900, and finally, as has been al
ready stated, $4,000 600. The income from
eAS VI SAS LS..Sh Sh' AAS 80 GIN
on June 30, 1883, will doubtless be considera-
bly, in excess of the sum last mentioned. II
the tax on domestic spirits is to be retained il
is plain, therefore, that large reductions from
the customs revenue are entirely feasible
While recommending this reduction 1 am fan
from advising the abandonment of the policy
of so discriminating in the adjustment of de.
tails as to afford aid and protectionto domes.
tic labor, but the present system should be
so revised as to equalize the public burden
among all classes and occupations and bring
it INTO closer harmony with the present needs
of industry. Without entering into minute
details, which under present circumstances is
quite unnecessary, / recommend an enlarge
ment of the free list so as to include within it
the numerous articles which yield inconsid-
cradle revenue; a simplification of the com.
pick and inconsistent schedule of duties upor
! certain manufactures, particularly those OF
cotton, iron and steel and a substantial re
ductfon of the duties upon those articles ant
!, upon sugar, molasses, silk, wool and wooden
goods. If n general revision of the tariff shall
: be found to be impracticable at this session,
> express the hope that ut least some of the
more conspicuous inequalities of the present
law may be corrected before your final ad
) journment. One of them is specially referred
5 to by the Secretary. In view of a recent de
5 cision of the Supreme Court the necessity o
an,an1ipr tho Law Inv wbi,I, tl,a lutI- ctarS rf