Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1882-12-07


sl07i: which, with an hmouuf drawn from
the cash balance IN the treasury OF so 7g7 6Sl "a {:
making Sl6d, 81 'o5.aA There was applied b the
G ~ ~ .tons s9ns io5 ,1T sSSs s G nnd t
fund, s.. SIS; Of loan OF July and August
1861, s5l57a,,5O; q loaa OF March, Is63, Sl,t7a-
800; OF funded loan Of 1871, S3i ,l9I4sO: OF loan
Of 1884 $4,000 OF loan Of February 1851. sSo1-
100; OF five-twenties OF 1864 $4,000; cf five
tventes OF 1885,. f1i0oO0; OF fivc-tweaties of 1865
$500; OF ten-fortes OF 1856 s5o Of consols Of
1861 $3.50: OF consols OF 1867. S40S 40; OF con-
soils Of lses, sl4l,4 400; Of Oregon war debt, s675
$50; Of old demand compound interest and other
no es, $ls.sS0; total. Sis, ,2si.5o5.5s.
THE FOREIGN COMMERCE
OF the United States during the last fiscal year,
including imports ard exports OF merchandise
and specie, WAS a. follows: Exports-Merchan-
disc. $50 7t22I2; specie $40 total, s7sa
Gle s424T2S90; total s767, III, ,O6l The excess Of
| exports over imports Of merchandise, SIS, ,901,
6sS This excess Is less than It has been before in
any Of the previous six years, as appears by the
following table: Year ended June 80, excess Of
exports over imports Of merchandise, 1876, s7p,-
6tS4s1; 1871 $751; 52O94; 1878 S257 7si4 23l; 1870
s6i COL e6S; 1880 sl676SS,9l 1884, s259 ia rs:
1882, s25,9oa,6s3
NATIONAL, BANKs
! During the year there have been organized III
national banks, and OF these Institutions there
are now In operaii 2a6e-a larger num-
notes in actual circulation on July /.
1892, was S32I,t56<5S. / commend to your
attention the Secretary's views In respect
10 the Likelihood OF serious contraction
OF this circulation and to the modes by which
| that result may, In his judgment, be ayerted.
COINAGI
In respect Of the coinage Of silver dollars and
the retirement Of silver certificates, have aeen
nothing TO alter, but much TO confirm, the SEN
| timents to which gave expression last year
comparison between the respective amounts OF
silver dollars In circula io1 oa Nov. l, 1881, and
on Nov. 1852, shows slighs Increase Of LOO,
/ 90. hfft 6urin0 the N arval thara tuA boa,,
the whole number coined an increase of $26 000.-
| 100. or the $3.50 O,0OO thus far minted title
more than $685. 600 are in circulation. The
mass of accumulated coin has grown so great
| til t the vault room at present available for
storage is scarcely sufficient to contain it. Il Il
not apparent why 1t is desirable to continue this
coinage now. so enormously IN excess Of the
| public demand.
SILVER CERTIFICATES.
As to the silver certificates, In addition TO The
| grounds which seemed last year to Justify Their
retirement, may be mentioned the effect which
| is likely to ensue from the supply of gold GER
tifcates for which issuance Congress recently
made provision, and which are now in active
| circulation.
REDUCTION OF TAXES.
| You cannot fail 20 notice with interest the
| discussion by the Secretary as to the necessity
of providing by legislation some mode or free
ing the treasury OF an excess Of assets. In the
| event That Congress- fails to reach an early
agreement for the reduction of taxation, heart
| lily approve the Secretary's recommendation oi
| immediate and extensive reductions in the an
nual revenues OF the Government 1t will be re-
membered that urged upon the attention OF
| Congress at it, last session the Importance OF
relieving the industry and enterprise of The
country from the pressure from unnecessary
taxation. 1t is one Of the tritest maxims OF
| political economy that all taxes are burden
some, however wisely and prudently imposed
| and though there have always ben
among our people wide differences Of sentiment
| as to the best methods of raising the national
| revenues. and. 1n0pAd IN fha
which taxation should be based, there has been
| substantial accord in the doctrine that only
| such taxes ought to be levied as are 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 con-
tinue 10 increase from year to year. For the
fiscal year ended June 80, 1881, the surplus rev.
| enue amounted, to $60,O00000. For the fiscal
year ended on the S0th of June last, the surplus
was moro than sl450t 900. The report OF the
of these moneys. They have not only answered
the requirements Of the sinking fund, but have
afforded a large balance applicable to other re-
ductions of the public debt. But renew the
| expression OF my conviction that such rapid cx-
| tinguishment of the national Indebtedness as is
now taking place is by no means o cause for
| c0ngratulation. 1t is a cause rather for serious
| apprehension II 1t continues, it must speedily
be followed by one Of the evil results SO clearly
set forth in the report of the Secretary. Either
the surplus must lie idle in the treasury, or the
| Government will be forced to buy, at market
rates, its bonds, not then redeemable, and
which, under such circumstances, cannot fail
| to command an enormous premium, or the
| swollen revenues will be devoted to extravagant
| expenditure, which, as experience has taught
| is ever the bane OF an overffowing treasury II
1 was made apparent in the course Of the animated
1 discussion which the question aronsed at the
last session Of Congress, that the policy oi
sne e. y f5s
1 bers of both houses. regret that because OF
! conflicting views as to the best methods by
| which that policy should be made operative
4 none OF its benefits have as vet been reaped. In
| fufiliment of what dOern NV constitutions
dug but with little hope tnat can make q
| valuable contribution to this vexed question,
shall proceed to intimate briefly my own views
| in re alton to it,:
| Upon the showing of our financial condition
at the close Of the last fiscal year felt justified
| in recommending to CONGRESS- the abolition of
nternal-revenuetaxe exceI t saose upon tobacco
in its various forms and upon distilled spirits
| and ferEented liquors, and except, also. the
| special tax upon the manufacturers and dealers
| In such articles. venture now to suggest that
unless it shall be ascet tanned that the probable
expenditures Of the Government for the coming
| year have been underesti matted all internal
taxes save those which relate to distilled spirits,
G can he l,Eude1tly abrosated Such course, L
| OF collection, thich Wuuld then be easy Oi
compi1shment might reasonably be expected
to result IN diminishing the cost OF suct
| H.
in the retirement from Office of from 500 to 00(
| persons. Tho system of excise duties has never
! commended 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 or
imports have proved inadequate for the needs o.
the Government.
The sentiment of the country doubtless com,
| mands that the present excise tax shall be abol
| lshed as soon as such course can safely be pur.
| sued 1t seems to me, however, for various
reasons, SO sweeping measure as the total abo
ition of internal taxes would, for the present b,
| an unwise step Two of these reasons are de-
| serving OF special mention.
/. It is by no means clear that even II the ex-
listing 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 500, 900, ,OOt
/ 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 ques-
/ tien would alone justify, in my Judgment, the
retention, for the present. of that portion Of the
| system of internal revenue which is least OBJ
| jectiOnabe to the people
1 .. A total abolition Of excise taxes would al
most inevitably prove a serious, If not an insur-
| mountahle objection to thorough revision OF
| the tariff, and to any considerable reduction In
import duties
THE PREVENT TARIFF SYSTEM
| is, In many respects, unjust. It makes unequal
distribution both of its burdens and its benefits
| TINS fact was practically recognized by q major
| ity of each house of Congress-, in the passage Of
the act creating the Tariff Commission. The re-
| pert of th,t commission will be placed before
| you at the beginning Of this session, and will,
trust. afford you such information rs to the con-
| dition and prospect OF thu various commercial
| agriculturai manufacturing, mining and other
| interests Of the country. and contain such sug-
gestiens for statutory revision as will prac' ical-
| ly aid your action upon this important subject.
The revenue from customs for the fiscal year
~ T.,x. .k.I ~ nnn