The Superior times. [volume] (Superior, Wis.) 1870-1912, 1883-12-15


OF year (esti-
First quarter. matedl.
For civil and miscel-
laneous, including
public buildings,
light houses and coli
lect1ng the revenue
for quarter ending
SepteIL Der &c. 1883,
actual. ......... 1885, 100 AZ t5I,lI4, 1870 5.
For of SssSI s. 5s . ill., IS q q
For military establish
III ents, including
Notifications river
and harbor improve
ments and arsenals. 1882 204 80 26 4s7. 795 6l
For naval stsblish-
is, including
vessels and machin-
cry and improve
ments at psvy yards 4,i99, 2ss 60 1850, 700 81
For expenditures
account OF District
of Coumbi . LBS. $3.50 Al 26lll63 "a
For interest on pubic
debt............... h,797, 2s7 % S9,7O2, 7O2 o.
Total ordinary ex-
penditures. ........ 679i2OsO 50 lsO,O57, 800 81
Total receipts, actual
and estimated. 81, 900, 900 90 ....
OF al expenditures
actual and estimated 25S, 600, 600 90 ,
Total ....-......-..- So,OOO,OOO 10 .............
Estimated amount
due sinking fund. 45,S16,741 OF ....,.,......
Leaving balance OF. SO, IS3. 258 SO .....,...,..
The Surplus Revenue.
II the revenues for the fiscal year which will
end on June 80, 1885, be- estimated upon the
basis of existing laws, the secretary is of the
opinion that fer that year the receipts will ex-
coed by S60, 100000 the ordinary expenditures,
including the amount devoted to the sinking
fund. Hitherto the surplus, as rapidly as it has
accumulated, has been devoted to the reduc-
ton of the national debt; as q result, the only
bonds now outstanding which are redeemsble
at the pleasure of the government are the three
per cents, amounting to 1906, coo, coz. The
Al per cents amounting to $3.50, 900,
COZ, and tie $737, 900, 900 of per cents
are not payable until 1891 and 1907 respective
ly. II the surplus shall hereafter be as large
as the treasury estimates now indicate, the
per cent. bonds may all be redeemed at least
four years before any Of the Al per cents. can
be called in. The latter, at the same rate of
accumulation of surplus, can be paid at ma
turlty and the monies requisite for the re-
demption of the per cents. will be in the
treasury many years before these obligations
become payable. There are cogent reasons,
however, why the national indebted
ness should not be thus rapid
ly extinguished. Chief among them is
the fact that only by excessive taxation is such
rapldity attainable. In a communication to
the congress at Its last session, recommended
that all excise taxes be abolished except those
relating to distilled spirits and that substantial
reduction also be made In the revenues from
customs. A statute has since been enacted by
which the annual tax and tariff receipts of the
government have been cut down to the extent
Of at least S50,000,000 or S6O, 900, 0OO
While have no doubt that still
further reductions may be wisely made, /
do not advise the adoption at this session of
any measures for large dIminution of the ma
tional revenues. The results of the legislation
OF the last session of congress have not as yet
become sufficiently apparent to Justify any rad
zeal revision or sweeping notifications of the
existing law. In the interval which must
elapse before the effects of the act of March 3,
1888, can be definitely ascertained, a portion
at least of this surplus revenues may be wisely
applied TO the long neglected duty Of rehebil-
itating our nation and providing first defenses
for the protection Of our harbors. This is a
matter to which l shall again avert.
The National Banks.
Immediately associated with the financial
subject just discussed, is the important ques-
ton, what legislation Is needed regarding the
national currency. The aggregate amount of
bonds now on deposit the treasury to sup
port the national bank circulation il about
1850, 100000. Nearly 100000, 000 OF this
amount consists of 3 per cents which, as al
ready stated, are payable at the pleasure of the
government, and are likely to be called in with
IN less than four years, unless. meantime, the
surplus revenues shall be diminished. The prob
able effect of such extensive retirement
national bank circulation would be such con-
traction Of the volume OF the currency as to
produce grave commercial embarrassment
How can the danger be obviated? The most
enectual plan, and OF whose adoption at the
earliest practical opportunity I shall heartily
approve, has already been indicated. II the
revenues OF the next four years shall be kept
substantially commensurate with the expenses.
the volume of circulation viii not be likely to
suffer any material disturbance; but if, on the
other hand, there shall be great delay in re
duclng taxationlt will become necessary either TO
substitute some other form of currency in
place OF the national bank notes, or to make
important changes in the laws by which their
circulation ID now controlled. In my Judgment
the latter course is far preferable. commend
TO your attention the very interesting and
thoughtful suggestions on this subject, which
appear in the secretsry's report. The obiec-
tons which be urges against the acceptance of
government itself foundation for the
national bank circulation, seem TO
me insuperable. For adverting the
threatened contraction two courses have
been suggested, either Of which is probably
feasible. One is the issuance OF new bonds
having many years to run, bearing a low rate
of interest and exchangeable upon specified
terms for those now outstanding The other
course, which commend5 itself to nv own iudg-
ment as the better, Is the enactment of law
the tax on circulation and permitting
the banks to issue notes for an amount equal
TO 8 per cent. Of the market value, instead of
as now the face value of the deposited bonds.
[ agree with the secretary in the belief that
the adoption Of this plan will afford the ne
ce5sary relief.
The Trade Dollar.
The trade dollar was coined for the purpose
of traffic in countries where silver passed at it's
value ascertained by its weight and fneness.
It never had a legal tender quality. Large
numbers of these coins entered, however. into
the volume OF our currency by common con-
sent. Their circulation in domestic trade has
now ceased. but as they have be come disturb
ing element they should not be longer per-
mitted to embarrass our currency system.
recommend that provision be made for their
by the treasury and mlnts as bull
hon at a small percentage above the current
market prices OF silver OF like fneness.
Consolidation Of Customs Districts.
The secretary of the treasury advises con-
solidation Of certain OF the customs districts OF
the country and suggests that the President be
vested with such power in relation thereto ar
is now given him in regard TO collectors Of in
terual revenue in section 3,141 of the revised
statutes. The statistics on this subject which
are contained in his report furnish Of them
selves strong argument in defense OF his
views. At the adjournment Of congress the
number of internal revenue collection districts
was 126. By executive orders, dated June 25,
1888, directed that certain OF these districts
be consolidated. The reJult has been reduc-
ton of one-thrd of their number, which at
present is but SO.
The War Department.
From the report Of the secretary OF war it
will be seen that in only q single instance has
there been any disturbance of the quiet condi-
ton of our Indian tribes A raid from Mexico
into Arizona by a small party OF Indians,
which was pursued by General Crook into the
regions from which il had come. 1t
is confidently hoped that serious outbreaks will
not again occur and that the Indian tribes
which have fer 80 many years disturbed the west
will hereafter remain IN peacesble submission
/ again call your attention TO the present
condition OF our extended sea coast, upon which
are SO many large cities whose wealth and i'm
portance to the country would In time OF war
invite attack from modern armored ships,
against which our existing defensive works
could give no adequate protection. Those
WORKS were built before the introduction OF
modern heavy rifed guns into maritime war
fare, and if they are not put In an efficient con-
dition we may easily be subjected to humiliation
by hostile power greatly inferior to ourselves
As germane to this subject / call your stten-
ton to the importance of perfecting our sub
marine torpedo defenses.
The board authorized by the last congress to