Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1882-12-14

Total',...'., '........"".S SdM, $40, IN
| Imports merchandise. e.............$i9I, ,G39, 90
Specie. .,..,,.........,........ 4?,ii2,3 ,3H
Total. tal..................,.... 500, II 80.
Excess Of exports over imports Of mcr
chandise, so, ,9O3GS3.
This excess is less than I; has been before in
any Of the previous six years, as appears by
the following table:
The year ended June 90, the excess OF cr
ports over imports of merchandise
lolO. ,'..,,...............S I9,G43,4S
iol OBSERVATION-DISCLOSURES. 15l, l52, 90
lolS,...... ACKNOWLEDGEMENTS. 201, Sl4, ,23,
1911 ACKNOWLEDGEMENTS. 26i, ,Gbl GCt
lcoU,..' OBSERVATION-DISCLOSURES. lbsGS3 81.
lcol.,'''' Observation-Disclosures. 9JlIl2, az
1857. Observation-Disclosures. Hj,gO9 GS.
During the year there have been organized
III Rational banks, and Of these institution.
there arc now in operation 2,2G9, q larger
number than ever before. The value of thcir
notes in active circulation on July /, 1882
was s32i ,6jG,45S. ! commend 10 your atten,
ton the sccretary's views In respect Ia
the likelihood of a serious contraction Of this
circulation, and to the modes by which that
result may in his Judgment be avcrted.
In respect to the
COINAGE OF SILVER DOLLARS
and the retirement Of silver certificates,
have seen nothing to alter but much to con
hrm the sentiments to which gave express
sion last year.
comparison between the respective
amounts Of silver dollars in circulation ia No.
yember, 1881, and November, 1SS2, shows an
Increase of Sl,50j,000, but during the interval
there had been in the whole number coined an
increase of S26,0OO,0OO. Of the SIPS ,00), coo
thus far minted, little more than 5000, 900
are in circulation. The mass of accumulated
coin has grown so great that the vault room
at present available for storage is scarcely
sufficient to contain 1t. It is not apparent
why 1t is desirable to continue this coinage,
now so enormously in excess Of public de-
mand. As to the silver certificates in adli
tion TO the grounds which seemed last year 10
justify their retirement, may he mentioned the
fleet which is likely to cn.uc from the sup
ply Of gold certificates for which issuance
congress recently made provision which are
nov in active circulation.
iUu cannot fail tr note with interest the dis
cussion by the secretary as to the necessity Of
providing by legislation some mode Of freeing
th" treasury Of an
ENCESa or ASSETS.
In the event that congress fails to reach an
cyrly agreement for the
REDUCTION OF TAXATION,
heartily approve the sccrctary's recommends.
ton OF immediate and extensive reductions in
IN the annual revenues Of the government 1t
will be remembered urged upon the attention
Ot congress at its last session the importance
vi relieving the industry and enterprise of the
country from the pressure from unnecessary
taxation. 1t ia one of the tritcst lnnxlms OF
political economy that all taxes are burden
some, however wisely and pru ulcn,y imposed,
ana though there have always been among our
people wide differences Cf sentiment as TO the
best methods of raising the national revenues,
and indeed, as to the principles upon which
taxation should be based, there has been sub
stanial accord in the doctrine that only such
taxes ought 10 be levied as are necessary for a
wise and economical administration Of the gov
enncnt. OF late the public revenues have
lar exceeded that limit, and unless checked by
appropriate legislation, such excess will con-
tinue to increase from year TO year. For the
fiscal year ending June 30 1851, the surplus
revenue amounted to Sl0O,000O00. For the
fiscal year ending on the 30th of June last, the
surplus was more than one hundred and forty
five millions.
The report of the secretary shows what dis.
position has been made Of these moneys. They
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 Of my conviction
that such rapid cstinguishmcnt Of the national
debt as is now taking place is by no means
cause for congratulation. 1t is a cause rather
for serious apprehension.
II 1t continues it must speedily be followed
by one of the dire results so clearly set forth
In the report OF the secretary; either the sur
plus must lie idle in the treasury, or the gov
will be forced to buy at market rates
its bonds not then redeemablc, and which, un-
der such circumstances, cannot fail TO COM
mand an enormous premium of the swollen
revenues, or will be devoted to extravagant
expenditure, which, as experience has taught,
is ever the bane of an overlowing treasury.
1t was made apparent in the course of the
animated discussion which this question
aroused at the last session of congress, that
the policy of diminishing the revenue by re-
ducing taxation, commanded the general ap.
proval OF the members Of both houses. | re-
gret that, because of conflicting views as to
the best methods by which that policy should
be made operative, none of its benefits have
rs yet been reached, In the fulillment Of
what deem my constitutional duty, but with
little hope that can make a valuable COntri.
button to this vcxed question, shall proceed
10 intimate briefly my own views in relation to
II. Upon the showing of our financial condi.
ton at the close of the last fiscal year felt
Justified In recommending to congress the
abolition of
INTERNAL REVENUE TAXES
except those upon tobacco In its various forms,
and upon distilled spirits and fcrmcnted
liquors, Gnd except also the special tax upon
the manufacturers and dealers In such
articles. | venture now to suggest that un-
less 1t shall be ascertained that the probable
expenditures of the government for the com.
Ing year have been underestimate all inter
nal taxes save those which relate to distilled
spirits can be prudently abrogated,
Such course is accompanied by simplii-
cation of the machinery of collection which
would then be easy Of accomplishment might
be reasonably expected to result in diminish
ng the cost of such collection by at least 81
)OO, 600 and in the retirement from office OF |
rom 1,500 to 1000 persons. The system ofex- |
Use duties has never commended itself to the |
Iavor OF the American people and has never
leen res0rtcd to except for supplying de- |
iciencies in the treasury when by reason of |
special exigoncies the duties on imports have |
proved inadequate for the needs OF the gov !
,rnment. The
SENTIMENT OF THE COUNTRY
doubtless demands the present excise tax shall |
,e abolished as soon as such course can safe
be pursued. II seems to me, however, for
'arious reasons that so sweeping n measure
is the total abolition Of internal taxes would
or the present be an unwise step. Two of
hese reasons are deserving of special men
ion.
First-lt is by no means clear that even II
he existing system OF duties on imports Is
continued without modification, those duties
lone will yield sufficient revenue for all the
Feeds OF the government. IL is estimated
100, 900 win be required for pensions dur.
ng the coming year and 1t may well be doubt
d whether the maximum annual demand for
hat object has yet been reached. The un-
crtainty upon this question would alone
Justify in my judgment the retention for the
resent OF that portion of the system Of inter
alrevenue which Is least Objectionable to the
eople.
second-A total abolition Of excise taxes
'ould almost inevitably prove a serious II not
n insurmountable objection TO the thorough
evision OF the tariff and to any considerable
xecution In import duties.
The present tariff system Is in many re-
poets unjust. II makes unequal distribu-
ons both OF Its burdens and its benefits
his fact was practically recognized by ma-
,rity OF each house of congress In the passage
the act creating the
Tariff Commission.
The report Of that commission will be placed
efore you at the beginning Of the session,