Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1882-12-08
NATIONAL nAxn.


During the year there have beea organized Ill
national banks, and of ;kose institutions there
are now in operation 2 269. larger number than
ever before. The value of their notes in active
REGULATION on July LIST, 1882 was 1921 ,b56 45S.
! recommend to your attention the secretary's
views In respect to the likelihood Of serious con-
traction of this circulation. aud the modes BY
which tina. result may be in his judgment
averted.
SILVER CERTIFICATES AND COINAGE OF SILVER.
In respect to the coinage of silver dollars and
The retirement of silver certificates, have seen
nothing to alter, but much TO confirm tho senti-
ments to which gave expression last year.
comparison between the respective amounts of
silver dollar circulation on November, 1851, and
on November 1882 shows q slight increase of q
million and a half dollars, but during the inter
val there had been in the whole number coined
an increase of twenty-six millions of the one
hundred and twenty-eight millions thus
far minted. A little more than thirty
Eve millions are in circulation. The
mass Of accumulated coin has grown so great
that the vault room at present available for stor-
age is scarcely sufficient to contain it. 1t is not
apparent why il is desirable to continue the coin
age now so enormously in excess OF public de-
mand-
As TO the silver certificates, in addition to The
grounds which seemed last year to justify their
retirement nay be mentioned the effect which is
likely to ensus from the supply of gold certificates,
for the ISSUANCE of which congress recently made
provision and which are new In active circulation
THE REDUCTION OF REvESUEs.
You cannot fail to note with interest the dis
cussiOn by the secretary to the necessity of
providing by legislation some mode of freeing
the treasury of excess of assets IN he event
that congress fails to reach early agreement
for the reduction OF taxation. L hereby approve
the secrctary's accommodation Of an i'm Mediate
and extensive reduction in the annual revenues of
the government. 1t will be renlenb ered that
urged upen congress at its last session the i'm.
portance of relieving the industry and enterprise
Of the country from the pressure of unnecessary
taxation. 1t IS of the truest maxims of polit-
icJ economy that all taxes a'e burdensome,
however wi;ely and prudently imposed, and
though there have always been among our peo-
Pile wide differences of sentiment as to the best
methods II ra;sisg the national revenue, and in
deed as to the principles upon which taxation
should be based there has been substantial accord
10 the doctrine that only such taxes ought to be
levied es are necessary for the wise and ecOnomi-
cal administration of government OF late the
public revenues have eXceeiei that limit, and IN
less checked by appropriate legislation, such ex-.
cess will continue to increase from year to year
For the fiscal year ended June Both, 1881, the
surplus was more than $l45, 100000 The report
Of the secretary shows what disposition has been
r2ade of these moneys. They have not only an
swcred the requi ements Of the sinking fund but
have afforded large balance applicable TO other
reductions of the public debt. Bnt renew the
express ion Of the conviction that such rapic ex-
tingui<hmen of the national Indebtedness as is
now taking place is by 20 means cause for con-
CALCULATIONS 1t is a cause rather for serious ap-
prehension.
If it continues, it must speedily be followed by
of tn lse evil results clearly set forth IN the
report of the secretary; ethe: the surplus must
be idle in the treasury, the COVE rnment will be
forced to buy at market rates its bonds not then
redeemable, and which, under such clrcum-
stances, cannot fail to command an enormous
premium; the smaller revenues will be devoted
to extravagant expenditures which, as expert
ence has taught u.s. Is ever the bane of the over
flowing treasury.
1t was made apparent in the course of the an
mated discussion which this question aroused ~
the last session Of congress that the policy oil
diminish ng the revenue by reducing taxation
commanded general approval of the members OF
both hsu>es. / regret that because of the conflict
ions as to the best methods by which that policy
should be made operative, more of its benefits
have not been reaped. Iu fulflllment of what l
deem my constitutional duty, but with little hope
that can make valuable contribution to this
vexed question, 1 shall proceed to intimate
briefly my own views in relation to it.
PRESIDENT ARTHURs PLAN FOR REDUCING
TAXATION.
Upon the showing of our financial condition at
the close of the last fiscal year, felt justified IN
recommending to congress The abolition oil inter-
"al rev ne "vcp, Ia Ipor t,.hI'c" 10 L: -.
oluaa {, N ant upon III nct Spirits an ~.
ne ted 'VHu.- AM 'Ncc?' a 20 tn special tax
upC.i the manufacturer ami dealer, in such ar,i-
clcs ! \tl uIr to suggest that unlcS, It
shalt be a.r, rtaintel that the probable expcndi
lures Of the government f. the coming ear have
been under estimated the interal taxes, save
those which retGe 20 distilled spirits, can be pru.
IDENTIFY abrOeatel
Such reduction accompanied by simp lfca-
tion Of the machines of collection, which would
then be easy of accomplishment, might reason
ably be expected result in diminishing the cost
of such collection by a. least two millions and a
half Of dollars and in the retirement from Office
fr>m l 500 to 1000 persons The system of ex-
else duties has never commended itself to the ia
vor of the American people, and has never been
resorted to except for supplying deficiencies in
the treasury, when, by reason OF special eNgen-
cieS, the duties on imports have proved made
quate to the needs Of the government.
The sentiment of the country doubtless CON-
mends the present excise law shall be abolished
US soon as such course can safely be pursued. 1t
seems to me, however, for various reasons, so
sweeping measure the total abolition OF in
te lal tax, would for the present be an unwse
step. Two OF these reasons are deserving of
special mention:
First, it is by no means clear that even if tho
existing system of duties on imports as contin-
ued without mGdifclt alton, that those duties alone
will yield sufficient revenue for all the needs of
the government. 1t is estimated that one hun
drtd millions of dollars will be required for
pension during the coming year, and it may we
be doubted whether the maximum annual de-
mand for that object has yet been reached. Un-
certainty upon this question would alone justify
in my judgment the retention for the present CT
that portion of the system of internal revenue
which is least objection able to the people.
Second, total abolition of excise taxes
would almost prove serious, if not unsurmount-
able. objection toa thorough revision of the
tariff and to any considerable reduction in i'm
port duties.