The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-12-05

f94 QrO o.
From proceeds ofsales Of Government
profanity; .r..;......;.. sii.e5s IS
From profits OIL coinage, bullion de-.
nsitaanu 5lli, 693 70
From milan trust funds. 5S0IH3 =,
From deposits by individuals from -. n
. surveying public land,... .......... 205e sos 80
From revenues Of the District Of
From %ss:iisarous ,s is 4 4
Total ordinary receipts. To-, go, 80 Is
The ordinary expenditures Tor the same
period weres n
For civil expenses m $3.50. iz3 SG4 p
For foreign 5Ss 10
For For gs5 g g
For military establishment, incl,ii. A., !
Ing river and harbor Improvements
and stsenals..;-c;; .";..." 4c,s7Oi94 10
ing vessels. machinery aud Iu.
pEoyements at navy yards .....,-.. 1905, ole 70
For MISCELLANEOUS expenditures, In, i 81.
Guiding public buildings light NJ
houses and collecting the revenue. 1850, 1877 80
For expenditures on account Of the
District Of Columbia. ..m.......... 1890 6i3 81
For interest on the public dcbt...... 4t07720G 70
Total ordinary expenditures, $257, 0Sl,-
439 81, leaving Il surplus revenue Of ,$l45,.
543 (which, with the amount drawn
from. the cash balance in theS Treasury of
$50, 737, G94 81, making SIC, 228l sos 81, which
was applied to tho redemption OF bonds
for the sinking fund, SG05,509, $50 90 OF
fractional currency for the sinking fund,
$5S, 705, 553 OF loan OF July and August,
1861, S2502 ,05d00 OF the loan OF March,
1868, S2l4.720,000 90 Of funds loan Of 1881,
$3l ,l94, 450 90, OF loan Of 1883 100000 90,
Of the loan OF February, 1861, S3O3, 0OO, coo
OF five twenties of 1872, S2l6,O00,000 OF five
twenties OF 1864 $40, coo, 600 Of five twenties
Of 1865, $3.50, 600 o.. ten forties Of 1864, SIS.
455, 900 Of consols Of 1866, S40,S25,OOO OF
consols Of 1865, Sl4, Ito, 900 OF Oregon war
debt. SG6, 250, 900 Of old demand compound
interest and other rates 81 $780, 900.
Total sl6,G2s, l50,555. 7 IN
The foreign commerce Of the United
States during the last fiscal year, includ.
ing imports and exports Of mcrchan.
disc and specie was rs follows: Exports,
merchandise, Sc, 542 PSI; specie, S40,4l7,.
40, total, S799,050, 1856. Imports, merchan.
disc, S724 ,GSS,574; specie, 4, 472,30O; total,
$751;, 1854. Excess of exports over i'm.
ports Of merchandise, S25,002,GS3.
During the year there have been organ.
lied one hundred md seventy.one national
banks, and OF these Institutions there are
now in operation 2,2G9, a larger number
than ever before. The value OF their notes
in active circulation July l, 1882, was $3 1921
CSC, 45S. I commeud to your attention the
secretay's views in respect Of the like
lihood Of q serious contraction OF this cir.
culation, and to the modes by which that
result in his judgement may be averted.
In respect to the coinage Of silver dollars
and the retirement Of silver certificates l
have seen nothing to alter and much to
confirm the sentiments to which ], gave
expression last year. A comparison be-
tween the respective amounts OF silver
circulated on November !, 1881, and on
November !, 1882 shows slight increase
OF a million and half OF dollars, but dur.
ing the interval there had been in whole
numbers coined m increase Of 10000, 900
Of the l2S, 100000 thus far minted. Alittle
more than 81, 100000 are in circulation.
The mass Of accumulated coin has grown 80
great that the vault room at present ayaila-
Bile for storage is scarcely sufficient to con-
tain. it. 1t is not apparent why tits desirable
to continue this coinage, now SO enormously
in excess Of the public demand. As 10 the
silver certificates in addition to the grounds
which seemed last year to justify their re-.
tirement, it may be mentioned that the
effect which is likely to ensue from the sup
ply OF gold certificates, for whose issuance
Congress recently made provision and
which are now in active circulation, you
cannot fail to note with interest the discus.
sion by the Secretary as to the necessity Of
providing by legislation some mode Of
filling the Treasury Of excess OF assets in
the event that Congress fails to reach an
early agreement for the reduction Of taxa
ton. ~"
REVENUE REDUCTION.
I heartily approve the secrctary'a recon-
mendation Of Immediate and extensive re.
ductions in the annual revenues Of the
Government. It will be remembered that
urged upon the attention OF Congress at
it's last session the importance OF relieving
the industry und enterprise Of the country
from the pressure Of unnecessary taxation.
1t is one OF the tritest maxims Of political
economy, that NIL! taxes are burdensome,
however wisely and prudently imposed,
and though there have always been among
our people wide differences Of sentiment rs
to the best methods Of raising the national
revenue, and indeed as to the principles
upon which taxations should be based, there
has been substantial accord in the doctrine
TINT only such taxation ought to be levied as
IRE necessary for wise and economical
administration Of the government. OF late
the public revenues have far exceeded that
limit, and unless checked by appropriate
legislation such excess will continue to in
crease from year to year. For the fiscal
year ended June 80, 1881, the surplus reve.
nuo amounted 10 one hundred millions Of
dollars. For the fiscal year ended on the
3Oth OF June last the surplus was more
than one hundred and f6rty.hve millions.
The report of the Secretary shows what
disposition has been made of these
moneys. They have not only answered
the requirements Of tho Sinking Fund, but
have afforded a large balance applicable
10 other reductions OF tho public debt.
But I relew the expression j. OF my
conviction TINT such rapid extinguishment
Of the National indebtedness Us is now
taking place is by no mcans a cause ior
courrninlation. It Is cause, rather, for
serious apprehension. II It continues II
must speedily be followed by one Of the
evil results clearly set forth III tho report Of
Secretary. { Either the surplus must BIZ
idle in the Treasury, or the Government
will be forced 10 buy at market rates It's
bonds not then redeopsble, and which,
under such circumstances, cannot fall Ia
command an enormous premium, or the
swollen revenues will be devoted TO ex'
trayacaut expeaiit;ro which, as experience
hus taught, is eyer the evil Of an overflow
Ing treasury. ~ . Il 7, N.
1t was more apparent u the course o
tho animated discussions which this CUES
ton aroused at the last session Of Congress
that tho policy Of diminishing the revenue
" .fsa4''pg t'f''''op1 s'4Y'Pa'a y