The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1882-12-09
The Treasury Report.

Secretary Felger, in his annual report,
communicates information and opinions on
various topics He estimates the total reve-
nue. for the current fiscal year and the year
following at S415, OOO, 900 each, the expendi-
lures at 1926, OO0, 900 each, and the surplus at
1920, 000, 900 each.
He recommends that the provision requir-
ing the coinage of fixed amount of silver
dollars each moath be repealed, that the law
authorizing the issue of silver certificates also
be repealed, and that the certificates in circu-
lation be withdrawn as speedily as possible.
Otherwise the accumulation of silver will soon
exceed the capacity of the department to store
it. Of the $128, 1926, $50 thus far coined under
the act of Feb. %, 1878, only about $34 ,000,-
600 were in actual circulation at the begin
ming of last month.
Referring to the statistics given by the
Comptroller of the Currency, the Secretary
concurs in his recommendation of a repeal of
the tax upon national bank capital and de-
posts. The capital invested in national banks
is 1852, 341 ,601. The taxes assessed upon
them by the United States and the States for
the year 1881 were ST., 189, 080, being at the
rate of 81 per cent. The amount assessed
by the United States is near one-half of the
whole. A repeal of the laws providing for it
would still leave those banks liable to an as
SeSSulCuI ny luc DtalcS vi OfeT 0lSuI DllliOuS
OF dollars per annum. 4 i
The Understanding funded debt of the
United States was on Nov l, 81, AIS, 080, 200.
The total amount of bonds held by the ma
tional banks, State banks, and savings banks
at the nearest corresponding date that could
be ascertaned was 1868, 98S, 826. which amount
is not greatly less than one half of the whole
interest bearing debt.
In view of the large annual surplus revenue
and the rapid extinguishment of the public
debt, the Secretary favors legislation author
izing the department to apply its surplus to
buying in the long bonds even at a high pre-
MUM rather than to paying off the short bonds.
He suggests also that the fifty million dollars
held as a fund for the RECEPTION of national
bank notes be treated as public moneys, and
deposited in the banks which are public de-
positories. Only in these ways, he thinks,
can an enormous accumulation of money in
the Treasury and great resulting embarrass-
ment of trade be prevented.
From the various objects of taxation under
the internal revenue laws the receipts for the
fiscal year ended June 80, 1882, were as fol-
lows: Spirits, 500, 873, 408 tobacco, SAT ,391, :
988; fermented liquors, SIG, 1873, 800; banks
and bankers, SIS, 253 ,45S; adhesive stamps lin
Guiding bank checks, $2,318.455.14; friction
matches, 81, 272, 25S; patent medicines, &C.,
81, 978, 1856, 81, $50, 108; penalties, &C.,
$199, $50; collections not otherwise provided
for, $81, $50; total, STAG, 523, 273. The in
crease of the revenue from spirits during the
last fiscal year was So, 719, 433. 80; from tobac-
co in its various forms of manufacture, S4,-
536, 997; from fermented liquors, So, 453, $40;
from taxes on banks and bankers, 81, 491 ,250;
total increase of internal revenue from all
sources, $11, 293, 361.42.
The whole amount of internal revenue for
the year ended June 80, 1882, besides that
from spirits, fermented liquors, and tobacco,
is S13, 073, 1856; the tax on circulation and de-
posts of national banks for the same period
is So, $50, 794; making $22 900, $50; and if this
were deducted from our surplus revenue it
would still amount to S9S, 0O0, 900. All inter-
nal taxes, therefore, the Secretary says, might
be abolished, save only those ON spirits, to-
bacco, and fermented liquors.
The Secretary earnestly recommends a
careful revision of the tariff, with a view to
substantial reductions, particularly upon su-
gar, wool, iron, steel, silk goods, coarse cot
tons, and raw materials generally. The duty
on sugar, he says, should be adjusted accord
ing to some other standard than that of color,
which no longer indicates value correctly.
The recommendation of last year is re-
peated, that the Secretary be authorized to
refer to the Court of Claims, in his discretion,
any disputed claims against the Government
involving important questions of law or fact
Amendments of the immigration law are
suggested to render its working more eff
cient and to remove antiquities. ...-, a..
The report concludes with the usual de-
tails in regard to lighthouses, the coast sur
vey, and similar routine matter. ~.