The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1882-12-14
NATIONAL BANKA


During the year there have been organized
III national banks, and Of these institutions
there are now in operation 2,269, . larger
number than ever before. The value Of their
notes in sctive circulation on July l, 1882,
tentiou the secretary's views in respect tc the
likelihood of a serious contraction Of this cir
cu!ation, and to the modes by which that result
may be, in his Judgment, averted.
SILVER
In respect TO the coinage OF silver dollars aud
the retirement of silver certificates, I have
seen nothing to alter but much to confirm the
sentiments to which I gave expression lsst
year. A comparison between the respective
amounts Of silver dollars in circulation on
November. 1881, and on November, 1882,
during the interval there had been, in the
whole number coined, an increase of $28. .UOO,-
OOO Ofthe $12S 900, 900 thus far minted lit
tie more than $35, ,OOO, 900 are in circulation.
The mass Of accumulated coin has grown 50
great that the vault room at present available
for storage is scarcely sufficient to contain it.
1t is not apparent why 1t Is desirable to con-
tinue this coinage now 10 enormously in excess
OF public demand As to the silver certificates.
in addition to the grounds which seemed last
year to Justify their retiromont, may be men,
toned, the effect Of which is likely to ensne
from the supply Of gold certificates, for whose
issuance congress recently made provision,
and which are now in active circulation.
REDUCTION OF TAXATION.
You cannot fail to note with interest tho dis
cussion by the secretary as to the necessity OF
providing by legislation some mode Of freeing
the treasury Of an excess Of assets in the event
that congress fails 70 reach an agreement for .
reduction Of taxation. heartily approve tho
secretary's recommendation Of an immediate
sud extensive reduction III the annual revenues
Of tho government It will be remembered
that urged upon the action Of congress- at ito
aak aaaainn thA innn0rfAncQ nj fAliAVinN thA In.
dustry and enterprise Of the country from the
pressure Of unnecessary taxation It is
one Of the truest maxine Of political
economy that al taxes arc burdensome.
! however wisely and prudently imposed: and
though there has always been among our peo-
pie wide differences Of sentiment as Il the best
methods Of raising the national revenues-and
indeed, as to the principles upon which taxa
ton sbould-be based-there has been suhstan-
tiai accord in the doctrine that only such taxes
and economical administration of the goveru-
| ment Oflate the public revenues have far
exceeded that limit. and unless checked by
appropriate legislation such excess will con-
tinue to increase from yesr to year. For the
ssseuy sse yss1 snsa 9nRs 5SS
For the fiscal year ended on the 3Oth of June
last the surplus was more than $l45, ,OOO,-
900. The report Of the secretary shows what
disposition has been made Of these moneys.
1noy nave 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 extlnguisbment Of
the national indebtedness - 10 now taking place
is by no means cause for congratulati0n. 1t
10 . cause, rather, for serious apprehension.
II It continues it must speedily be followed by
one Of the evil results 40 clearly set forth in
! the report Of tho secretary. Either tho sur
| plus must lie idle In the treasury or the gov
ernment will be forced to buy at market rates
| its bonds not then redeemable. and which, un-
der such circumstances, cannot fail to COM
mand enormous premium, or tho swollen rev.
| enues will b devoted to extravagsnt oxpend-
| tture, which. % experience has taught,
10 ever tho bano OF IN overdowing treasury,
It was made apparent in the course OF tho
animated discussion which tho question
aroused ut the last session Of congress that the
| policy Of diminution Of the revenue By reduc-
! Ing taxation commanded the general approval
Of members Of both houses. regret that be-
cause Of that confiot - to best method in which
that policy should bo made operative. mono Oi
it, benefits have boen resped. In fulfillmen!
Of what deem my constitutional duty, but
| with little hope that can make valuable con-
tribution to this vexed question. shall pro
ceed to intimate briefly my own views In rela:
ton to it Upon tho showing OF our fnanciA!
eeua1tiep q ths sless ss ths last fiscal ysas.