Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1883-12-06
sEoRErARY FoLaER,s REPORT.


SECRETARY F0LaER'S REPORT.
A Summary ofthe Topics Considered
Therein.
The report of Secretary Folger shows
that the ordinary revenues from all
sources for the fiscal year ended June
80th, 1888, amounted to 1898. 2S7 ,681. 96.
of this SUN, S2l4, TOE, 498.93 we're derived
from customs s144, 72O, 1858 9s from In
ternal revenue 1896, 1854 AZ from sales
Of public lands, and IS, IL l, DOB So from
tax on circulation and deposits Of nation al
banks.
The total ordinary expenditures for the
fams period were 1886, 40S, 1884; Of
which $66,012, b73.64 was paid out for
pensions, 500, 100, 1925 for interest on
the public debt, and $48, oil 1882 80 for
the military establishment, including
river and hsrbor improvements and
srsenals; leaving surplus revenue OF
1882 879, 444 Al, which with $l,-
299, 3l2 80 drawn frcm the cash balance
in the treasury was applied to the
redemption of sinking. fund bonds,
funded loans and other evidences OF
indebtedness.
Compared with the preceding fiscal
yeer there is nat decrease in receipts of
u, 237, 66S 80 and net increase in ex-
penditares OF $7,426, 697.97.
The estimated receipts of the curreat
fiscal year dncluding actual receipts Of
this first qusrter) are $343 900, 0oo;expen-
ditures, S258 600, 600; leaving surplus
OF $85, 900, 900; estimated amount due the
sinking fluid, $45, sl6, TAI o.; leaving a
balance of $50, 1888, 1858 50 Excluding, the
sinking fund the estimated expenditures
will be 1926, 855, 548, showing an expected
surplus of Sl06, Ia, 452.
TRADE DOLLARS.
As the trade dollar Ia a coin of the
United States, having the image aud
supersoription thereof, sanctioned as such
by penalties upon the counterfeiting OF
it, and once dignihed as legal tender in
payment of debts and dues, 1t should be
restored to its first state, or called in at
its nominal value and melted. In the
judgment Of the department It should be
called in and melted. The secretary S.
Inmates that there are now from
$5, 900, 600 to IS GEO, 900 trade dollars In
the country, and that nearly all the rest
Of the issue has found its way to the
melting Dot aud been reoast into the coin
Of China and Indie, or has in other ways
been converted into bullion or silver
ware. He suggests the bartering of
| standard for trade dollars, and the re-
coming OF the trade dollars thus acquired
into standard dollars, and counting them
as part of the silver bullion which the
act OF 1878 directs to be bought and
coined monthly. To ensure the retire
ment Of this trade dollars from ciroula-
tion, he recommends that the privilege of
redemption be limited to one year. 10
answer to this speculative objection, he
states that brokers hold but small part
of this coin, the larger part of the trade
dollars being held by those who took
them at their face for labor and traffic in
legitimate and honorable dealing. He
recommends also such amendments to
the coinage laws as will do away with
the existing resemblance some small
coins bear to those OF greater valus
The total amount of gold and silver
coin in circulation on June Both was
$765, 470,99
NATIONAL BANKs.
There were 1922 national banks in
operation on November 1st, and 261 pew
batks have been organized DUNG the
year. The national banks hold as Sc
curity for their circulation 1852, ST., 800
United States bonds. He recommends
that the internal revenue tax on theil
circulation (about IS 900 900 per year) bt
taken off and that the etrcu alton be per
United to be- increased to 80 per esnt Of
the market value OF the secured bonds
, Reference is made to the inoperati1n thu,
, far of the act prohibiting overoertificatioI
of bank checks.
> THE SURPLUS REVENUE.
) There is likely TO be continuing sur
plus in the treasury over the ordinary
! Government expenditures, and two propo
4 sitions for disposing OF the sans are dis.
! oussed. One is the parcelling OF the sur
y plus out among tue states This is
= objected to ON the same business principl,
: that a man who hash in his pocket hat
= better psy his debts with 1t than to Civ.
l it away or loan 1t on terms yielding nj
Y income. Another proposition is of pay
t ment from the surplus to certain etates
: which have not had their full proportion
e under the distribution act of 1886. Tn
is argued and reported against on tn.
u ground that the distribution was
= loan or deposit temporary il
i nature, liable to a demand for return
t whenever the wants OF the Fedora
b treasury needed repayment that tn,
: sane reasoning will apply to the surplus
II IL hand that if ths Government doles
ont the surplus in this way at this hour
it may demand repayment of the sam
Z the next that therefore 1t is as lust I,
i all concerned to keep hold OF the surplu
q in hand and apply it to the purposes o
!. The T7ni,sa s atss CON t.t pay aD'u uep.
g plus now existing or likely to arise fo
I" -FOUR years to come.
8 REDUCTION OF TAXATION.
II The estimates for tho .. g.
n wear shovv snrr,,, a ae5
" 600 600 mi, sn pIs ie ~; ,;, Vi 200,
r crease. There onoht ,o bs 1917, " ~
II taxation. The ssers,arv 100. ' uu' .oa .
re mend The aboIition 81 y uVen NV iecoin
'e and Tobacco Hs cons; aho 's a. on i'quof
the tarif corr nission 80 sAe iepVft
Al radno+;or IS ~ "u."u uieeu suoi
& thop,b 1. ~, ,e '@ii @o
y venient, will be ultimately han.tioial =
:, the special interests affected h
such reduction. The ayera0e radnc
y tion at which the commission aim.
y WAS not less than 90. and lil,alv n roo
Z 25 per cent. This reduetiou bowavs,
was not attained by the nat NJ ,hs Loo
= session, and 1--WE have a rsdno,;on :
4 $30. 900 600 less than was sonnbt Wv. ~
., expected +" The geer.tarv eroaast.
"a without recommending its aoontinne ~, ~,
IL q raI,,,t;o., n - PHoNi ehu