Savannah morning news. [volume] (Savannah) 1868-1887, 1882-12-06

! W ASHINGTON, Dec. 0.-Ihe financial
exhibit of the Secretary of the Treasury
for the past fiscal year is recapitulation
of the report of Treasurer Gilfillan. already
published.
For the current year the receipts from
all sources, actual and estimated are
stated at $415, 900, 900 and the expenditures
| $295, ,000, ,000 leaving the excess of receipts
| $120 100000. From this deduct $44. .422.-
956 for the sinking fund leaves the surplus
| of revenue S7j,515.043 For the fiscal wear
| ending June 30, 1884, the estimated re-
| ceipts and expenditures are practically
the same as those of the current year, the
estimated surplus being $700,000 less
Z changes in the interest bear
ing debt during the past year shows
| the value of bonds redeemed to be Sl41 80
| $50, bonds exchanged into three per cents
S259, 10000, leaving outstanding of the
| continued skies and ives on November
1st, 1882, 1852, ,499600. OF this latter
amount $7,143. 80 have been called and
have ceased to bear interest. In addition
| to these reductions, calls are now out for
$50, ,000, 900, which will mature during the
next three months. The annual reduction
| of interest upon the bonds redeemed and
! called during the year amounts to $649, ,524
! The Secretary refers for a fuller discus
sion OF the subjects of silver dollars and
! gold and silver certificates to his report of
last year, and repeats his recoIhmenda=
tiOns that the provision for coinage of
fixed amount of standard silver dollars
| each month be repealed, and that the
! department be authorized to coin only so
| much as will be necessary to supply the
demand. His recommendation is renewed
for the repeal of the act requiring the
issue of silver certificates, and for a law
authorizing measures for their early
retirement from circulation.
The report of the Comptroller of the
| Currency upon the question of finding
suitable security for national bank circu-
| latiOn after the bonds shall have been re-
| deemed is referred to, but no recOmmen-
| datiOn is made upon the question of over
! certitication of bank checks. The Treasury
Department has asked the opinion of the
| Attorney General This opinion has been
that to write the word accepted" across
a check is to the same effect as to write
the word "goOd" there, and that, though
the one may be called certiticatiOn and
the other acceptance, they mean the same
| thing and are like acts. That when the
| drawer has not deposited with the drawee
funds with which the check may be at
| once paid the writing of one word just as
much as the writing of the other is for the
| same forbidden purpose, to produce the
| same forbidden result, That mas
much as the liability is the same,
| whether the check be marked with
one word or the other, either mark,
if iRcurring that liability, would seem to
! be sufficient to bring the case within the
prohibition of law. 1t remains to be seen
whether the banks which have INDUCED
in this practice will cease therefrOm on
knowledge of his opinion, or whether the
! Comptroller of the Currency or the law
officers of the government must enforce
the pains and penalties incurred by viola
tion Of the law.
In discussing the customs revenue the
receipts from duties on sugar are stated
at $40, 1882. In this connection the
! Secretary says: Il also ask the attention
of Congress to the classification of sugar.
| | ask now not whether il will be treated
| Of or if it is, how it will be treated Of in
any other document brought to the atten-
! tiOn of Congress, and the subject
is one of practical Importance.
! The duties standard of color
is no longer practical test of the saccha-
| rine strength of imported sugars, or of
their value for refining. The Supreme
| Court in a recent decision has interpreted
| the existing laws to be that the customs
| officers may not look beyond the apparent
! color and must classify invoices thereby,
! though satisfied that color is artificial
and made to get a lower rate
| adopted, doubtlesss, from the belief
that color showed value. The intention
! was to put upon sugar duties in effect
| dd CdlOrenl. AS it has come about, how
| ever, the grades of sugar highest in
value when thus artitiicially cOlOred come
in at the lowest rate Ofduty. The purpose
| of Congress in adopting the Dutch stand
| ard is measurably defeated. Provisions
| should be made for a just classification.
| This may be done by putting on an ad
! valOrem duty, by specific duty or by au-
| thOrizing some standard other than that
| of apparent color, Now domestic pro-
! ducers do not get the the protection meant
! to be given them The importers, too,
| are subject to embarrassment in fixing
/ the rate of duty on their goods and other
| wise.
! Upon the subject of reduction Of taxa
! tiOn the report says that what now per-
! pleXes the Secretary is not where from he
may get revenue enough for pressing
needs of the government. but whereby he
shall turn back into a flow of business
more than enough for those needs, that
/ has been drawn from the people.
! There are now in the Treasury unused
| assets to large amount, and the daily
| receipts into the Treasury from customs
and internal revenue taxation are about a
million and quarter dollars. 1t is plain
| from this, and the statement with which
this report begins of the estimates and
expenditures for the next fiscal year, that
| the receipts from customs and internal
| revenue are, and are likly to be, In excess
of the needs of the government.
From the inequality between the daily
large receipts and the comparatively
small daily disbursements, there comes an
evil effect upon the business of the cOun-
try. The collections by the government
are taken out the money market in sums
and at dates which have little or no agree
ment with the natural movement of
money, and are returned to il with the
same inadaptatiQn to commercial or
financial requirements. This problem the
Secretary discusses at some length in
connection with various methods Of bond
redemption, at present the only lawful and
advisable method of disbursing the exist
ing surplus of revenue. The Secretary
says it is, doubtless, good policy TO eXtin-
guish the long bonds Of the government
rather than those payable at its pleasure
for the time is at hand when
with the present rate of receipts and the
present rate of payment of the public
debt all the bonds subject to optional
time of payment will have been called in.
Then and there will be a surplus in the
Treasury. There will be no outlet for ii
save by the purchase at large premium
of long bonds, or the disburse-
ment of it through appropriations for
purposes DelOnu tne qrulndrY and
economical needs of the government. 1t
is therefore for Congress to consider the
prOpriety ofempOwering the department to
buy9long bonds at high premium. Ifit
shall deem it polite 10 make general pur-
chases of bonds at such premium for eX-
tinguishment, it should by law give to this
department express authority so to do.
and thus adopt that policy, A
radical cure. however, Of the evil of
an unmanageable plethora of public |
money is its reduction, so that no more
viii DE taken from the people than enough |
to carry on the government with economy, !
to meet all its obligations that must be /
met frOnly year to year, to pay off with /
reasonable celebrity that part of the debt. !
which it may pay at pleasure, aud TO pro- /
vide through the sinking fund for the pay /
ment of that which will become payable |
by and by.
The evil comes from the likelihood of |
the government holding from time to time /
a large surplus to be poured out in a /
volume at uncertain and unforeseen times. /
and at times often inoppOrtune for the /
business of the country. There /
could not be that surplus, sure |
ly not so great one, if the subjects |
of taxation were lessened and the rates |
made smaller upon those retained. 1t has I
not often occurred in public financial his /
tory that embarrassment has arisen |
through a superabundance Of revenues. |
The condition of the country i'll this re- /