The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1882-12-09


The sinking fund for The Pacific railroad com.
panies. STy6,2Tl.t2 from customs fees, hnes,
Rengs at ets OS from e s fse e
proceeds OF sales of Government property,
yl5,a5a.Sb; from profit on coinage, billion,
trstfunds, s., EOS sis ~; from deposits bv in.
dividuals for surveying public lands. S2u52,.
$685.; from revenues of the District of Co
sources, ss,3ss.l15.Is. Total ordinary receipts,
ExPESDITUREs.
The ordinary expenditures for the same
period were: For civil expenses, SIS i2 ,3S6f3;
for foreigE Intercourse, sl,sS5,5sll9: for In,
forthe rnilitacye stablis hmentl fhcluding river
and harbor improvements and arsenal, $40, &c.,
44D for the naval establishments, including
vessels aS mac s,h S5 and tmproyements at
light houses and colecting'the revenue, 81, :,
539,2SI.50; for expenditures on account of the
on tbe 0 oil de5a ~ so tot interest
nary expenditures, S257, 1881, 439, 81 leaving a
surplus revenue of sI45.54S, sl07l, which, with
a Tsasar S5fSS s2R ST. ssaSss n
5O5.55 applied to the redemption of bonds for
the sinking fund; $780, ~ 500 Of fractional.
currency for the sinking fund 500, 553 Of loan
of July and August, 1861; s62, 572 $50 of loan of
March 1865; SAP 300 of the funded of 1881 !;
81, l9i,450 of 1883; sl,000O0O of the loan OF
= "
100000 of the eos of 1864 600 OF the 5-2os of
1865 S6j0000 of the TO- 0s of 1884, S25i $40 OF the
eonsols OF 1868; $500 Of the consols of 1861 !;
S4OS, go of the consols of 1861 Sal 400 of the
Oregan war debt; 1913 $50 of the old demand !;
compound interest and other notes SIS, 1850; ;
total, Sl66,2sl 505.55. - p y ~ tf % n
FOREIGN CoMMBRoB,
| The foreign commerce the United States
during the last fiscal year, including imports
and exports OF merchandise and specie, was
as follows:
OBSERVATION-DISCLOSURES s7So7i2,272; specie,
II Imports Merchandise, S724 ss9,574; specie,
s42 AZ 800 total s767, III 1884, DNcess 81 ex-
ports over imports of merchandise, S25 9O2, 6s3.
THIS EXCESS
is less than IL has been before in any of the
previous six years, as appears by the follow
ing table, Year ending June 80, excess of ex-
5Issl ISL, Si5i 1872 ooi ISIS s,o7sii Pa isfs;
s26i ,6el SOD 1880, ,9ls; 1881, S259,7l2,.
rs; 1882 SIS 1902 ,6s3 tfI'
NATIONAL BANKS.
During the year there have been organized
III National banks, and of these institutions
there are now in operation ., 1853, a largernum-
Der than ever before The value of their notes
IN active circulation on July LIST, 1882, was
SS2t.656,45S. commend to vour attention the
Secretary's views in respect to the likelihood
OIL serious contraction OF their circulation,
ana to the modes nc; o by which that re
COINAGE OF SILVER DOLLARS.
In respect to the coinage of silver dollars
and the retirement of silver certificates 1
have seen nothing to alter, but much to con-
firm the sentiments to which gave express
sion last year. A comparison between the
respective amounts of silver dollars in circu-
lation on November l, 1881 and on November
l. 1889, shows a slight increase of q million
and half dollars but during the interval
there had bean, in the whole number coined
an increase of twenty six million. OF the one
hundred and twenty eight millions thus far
minted little more than S35 000, 900 are in cir
culation. The mass of accumulated coin has
grown so great that the vault room at present
available for storage Is scarcely sufficient to
contain It, 1t is not apparent why it is desir-
able to continue this coinage now so enor-
mously in excess of public demand. As to
the silver certificates, in addition to the
grounds which seemed last year to Justify
their retirement, may be mentioned the effect
which IL likely to ensue from the supply of
gold certificates, for whose issue Congress
recently made provision, which are now in
active circulation.
OUR EXCESS REVENUE.
. You can not tail to note with interest the
discussion by the Secretary as to the necessi-
ty of providing by legislation some mode of
freeing the Treasury of an excess of assets
In the event that Congress fails to reach an
early agreement for the reduction of taxa.
ton, l heartily approve the Secretary's
recommendation of immediate and extreme
| the Government. 1t will be remembered that
urged upon the attention of Congress at its
last session the import ance of relieving the
! industry and enterprise of the country from
the pressure from Unnecessary taxation. 1t
is one of the tritest maxims of political econo-
my that all taxes are burdensome. however
| wisely and prudently imposed, and though
| there have always been among our people
| wide differences of 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
| stantial accord in the doctrine that only such
| taxes ought to be levied as are necessary for
| wise and economical administration of Gov
eminent. OF late the public revenues have
| far exceeded that limit, and unless checked
| by appropriate legislation such excess will
| continue to increase from year to year. For
the fiscal year ended June 80 1881, the sur
| plus revenue amounted to $l00,000,000; For
| the fiscal year ended on the Both of June last
the surplus was more than l45,000,000. The
| report of the Secretary shows what DISPOSE
ton has been made of these moneys. They
have not only answered the requirements of
| the sinking fund.- but have afforded a large
| balance applicable to other reductions of the
public debt; but renew the expression of my
| conviction that
| SUCH RAPID REIMBURSEMENT OF THE MA.
| TIoNAL INDEBTEDNESS
as Is now taking place is by no means a cause
| for cOngratulatiOn. 1t is a cause rather for
serious apprehension. If it continues it must
| speedily be followed by one of the evil results
| so clearly set forth in the report of the Secre-
| tary-either the surplus must lie idle in the
Treasury, or the Government will be forced
| deemable, which, under such circumstances,
| can not fail Co command an enormous prem
ium, or the swollen revenues wall be devoted
fence has taught, is ever the bane of an over.
| flowing treasury.
| REDUCING TAXATION.
| 1t was made apparent in the course of the
animated discussions which this question
aroused at the last session of Congress that
| the policy of diminishing the revenue by re-
ducing taxation commanded the general APP
| proval of the members of both houses. re-
| greet that because of conflicting views as to
| the best methods by which that policy should
| be made operative none of its benefits have
as yet been reaped. In fulfillment of what
deem my constitutional duty, but witch little
| hope that can make valuable contribution