The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1882-12-14

that the ordinary enues from all sources
follows: Prom customs, 500 40, 1925 from
internal revenue, Sl46, ,49z ,595 45 from sales of
tulatfon and deposits OF national banks,
S5,956, 79445; from repayment OF interest by
! Pacific railway companies, SSfO, ,554.37 from
the sinking fund for The Pacific tailroad com
panies. $7s6,27l42i from, customs fees, fines,
lar, Letters patent and lands, s. 63s 990.97 from
1913 $50. 50; from profits on coinage, bullton,
deposits and assays, 4. .1l6, ,69373; from Indian
trust funds, S. res, ,243 p; from deposits by in
8o6.s6; from reventirs OF the District of Co
sources, S. sIs5 lI5.45. Total ordinary receipts,
~ ExPENDIrUREs. -.
Tne ordinary expenditures for the same
period we're For civil expenses, SlsOi2 1856 ~
LOT Ioreign intercourse :! 80 " ior Or IN. IN
fOrthe military yestablishment, including river
and rbOrimprOvementsand arsenal, ,S43,51Qsr !
494i9i for the naval establishment sdncinamg
vessels. machinery and improvements az }
light houses and collecting the revenue, S}i,-
$50 $3.50; for expenditures on account of the
District OF Columbia, S3 $50. .543;sl Tor interest
on the public debt, Sli OF, ,206. TO- total ordi-
surplus revenue of S1i5,5i3,sl0.7l, which, with
an amount drawn from the cash balance in
4 505.55 applied to the redemption of bonds for
the sinking fund; $500 1n 500 of fractional
1T nd pk is9 @ & of 10 oa1
March 1863 81 ~, 800 of the funded loan of 1881
Z
February, 1861; S303,OO0 of the 5 EOS of 1862
100000 of the 20s of 1864 40 600 of the 204 of
IS53 q the 0-40s OF 1861 $500 oi I L!le
S4Os, ESQ of the consols of 1865; Sl4l 400 of the
Oregan war debt, S675,250 of the old demand;
compound interest and other notes SIs,S5oi
total $I6G, ,5O5.55.
FOREIGN COMMERCE.
The foreign commerce of the United States
and exports of merchandise and specie, was
" E1I,. NT,r,l,,,,4iso s-so 10 90. sr,acia
I S+9,4l7,479; total, S79959,736.
Imports- -NIerchandise $324 SO 5Ili specie,
ports over imports OF merchandise, S2J9O2,6 6S3.
THIS EXCESS
is less than it has been before in anv of tho
ing table: Year ending june 30, excess OF OK
I ports over imports of merchandise: 1876, S79,-
6t3isi lS!7, Sl5l 529s 1873 S2G7sl423! lS5';
rs; 1852, SIS, ,9o26s}.
NArIoNAL BANKS.
During the year there have been organized
there are now in. opera ion 2,269 a largernum-
Der than ever before. The value of theirnotes
S82i CSC AS. i Commend to vo1r attention the
secretary's views IN respect to thelilSelihood
and to the modes by which that re
suit may in his Judgment, be averted.
-.H COINAGE OF SILVER DOLLARS.
In respect to the coinage of silver dollars
and the retirement of silver certificates ]
have seen nothing to alter, but much 10 CON
sion last year. a comparison between the
! respective amounts Of silver dollars in circu-
J latiou on November /, 1881, and on November
j, 1882, shoas a slight incrcasc of million
and half dollars but during the interval
there had be n, in thn whole number coined,
an increase of twenty-stx million. of the one
hundred and twenty eight millions TINS far
culation. The mass Of accumulated coin has
grown 40 great that tie yau t room az present
available for storage is scarcely sufficient to
contain it. It is not apparent why tits desir-
able to continue TINS co mage now so enor-
T IN : in ff n
Ir0u1ds vbicI, seemed last TeaT To i1stifv
their retirement, NAV be mentioned the effect
which is likely to cnsne from the supply OF
recently made provision, which are now in
active circulation.
i OUR EXCESS REVENUE.
You can not tail to note with interest the
ty of providing by legislation some mode of
freeing the Treasury of an excess of assets.
early agreement for the reduction of taxa
ton, 1 heartily approve tho Secrctary's
1 recommendation of Immediate and extreme
reductions in the annual revenues of
the Government. It viii be remembered that
| urged upon the attention OF Congress at its
last session the impor ance of relieving the
industry and enterprise OF the country from
thepressure from unnecessary taHnnon. ~
is one of the tritcst maxims of political econo-
my that all taxes are burdensomc. however |
wisely and prudently imposed ana though !
there have always been among our people /
wide differences of sentiment rs 20 the best |
methods OF raising the nahonai revenues, |
and, indeed, as to the principles upon which !
taxation should be based there has been sub !
sLantial accord IN the doctrine tnat only such !
taxes ought to be levied n are necessary for
awise and economical administration of Gov /
far exceeded that limit. and unless checked
by appropriate legislation such excess viii |
continue to increase from year to. year. For
the fiscal year ended juno 80, 1881. the sur
plus revenue aInounted 70 Sioo,g9Jguoo' 9' For
the fiscal year ended on the 3Oth 81 June last
the surplus more than $I45,000 600. Tho
report Of the secretary shows what disposl
tion has been made of these moneys. Thcy
have not only answered the requirements of
the sinking fund but have afforded large
balance applicable to other reductions OF the
public debt but ] renew the expression ofmy
Conviction that
SUCH RAPID ExTIseUIsHMENr OF THE Ma
l. - 81 TIONAL LNDEBTEDEEss
a. IS now taking place is by no means cause
.congratuation. It IS q cause rather for
Speedily b6s foiiowed by one Of the evil results
so clearly set forth i'm the report of the Secre-
Treasury or the Government will be forced
TO buy It market rates its bonds not then re-
can not fail to command an enormous prem
iuIn, or the swollen revenues VIII be devoted
I icnce has taught, Is ever the bane of an over
flowing treasury.
REDUCING TAXATION.
It was made apparent in the course Of the
animated disclIlsions which this question
aroused at the last session Of Congress that
ducfng taxation commanded the general APP
prOval of re members of both houses. Ire (
gret that because of conflicting views a. TO
the best methods by which that policy should I
be made operative none of its b anents have
as yet been reaped. In fulhllment Of what
deem my constitutional duty, but wi h Iiitle
hope that ] can make valuable contribution !
to this vexed question, shall proceed TO init !
mate briefly my own views in relation to IT,
Upon the showing OF our financial cOndi- I
ton at the close Of the last fiscal year, felt
iu tilted in recommending to Congress the
abolition of internal revenue taxes except
those upon tobacco in its various forms and :
upon distilled spirits and fermented liquors,
and except also, the special tax upon the
Manufacturers and dealers in such articles.
Z venture to suggest that unless IL shall
f be asc elfained that the probable expendi-
fures Of the Government for the coming year
have been undefest imated, all internal taxes
can be prudentiy abroga6ed. Such course, |
if accompanied by a simpiibcation OF the /,
machinery of collection which would then
be easy Of accomplishment might reasonably !
be expected to result in diminishing the cost
and n haIi Of dollars, and in the retirement
from Office Of from 500 to 1000 ersous The
system Of excise duties has never commend (
ed it-elf TO the favor Of the American people I
and has never been resOFted 70 except Tor
supplying deficiencies in the Treasury when
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. II seems 70 me, however, for
various reasons, 20 sweeping measure as
the totaI abolition Of internal taxes would for
the present be IN uuwise sep. Two of these
reasons are deserving of special mention ]. |
T u is by no means clear that even il the exist
ing system of duties on imports IS continued
/ without tnodtBcatlOn those duties alone viii Z
yield sufficient revenue for All the needs of
{ hundred millions OF dollars VIII be required /
for pensions during tile coming year, and IL
Inay Wp1l be doubted whether the maximum
u annual demand for that object has yet Deen
reached Uncertainty upon this question
would alone Justify in my Judgment the re
/ tentiOn for the present Of chat portion Of the
Z system Il internal revenue which n least OBJ I
of excise taxes would almost inevitalDly-pr prove
. a