Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1883-12-12
For civil and lniscel-

For civil and miscel-
laneous, including
light houses and COL
lecting the revenue
for quarter ending
Septe,I Der 80, 1883,
actual. ......... sl5,ass, 7ee ~ &5l,l14,2oO 50
For Indians. ?,s3sso 5. 4l2e,e, 9 4s
For PENSIONS. 80. 16, 49,, 261 90 90, TIA, I38 "
For military establish
ments, including
Notifications river
and harborimprove-
ments and arsen.ls. 1852, 204 80 &c, 487,795 81
For naval estsblish-
men ts, including
vessels and mactin-
cry and improve
ments at Davy yards 4, 199 299 50 L., 500, 200 81
For expenditures
account of District
Of Coumbia....::. 1,13s,ese IL 2,6ll,16s 50
For interest on public
debt ............:.. 14,7s7 2s7 s6 SO. ,7o2 o.
Total ordinary ex-
penditurrs. .:...... 67,s42cso SO 300 81
Total receipts, actual
and estimated. ..... 343,0o0,0OO 90 .............
Total expenditures,
actual and estimated 258,00O,OOO 90 .............
Total ............... 100000 90 .............
Estimated amount
due sinking fund.-. As, 8l6,7n OF ...........
Leaving balance of.[ IS, l83,258 90 commencement.
The Surplus Revenue.
If 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 $50, 0U0,000 the ordinary expenditures,
including the amount devoted to the sinking
fund Hitherto the surplus, az rapidly as it has
acc umulated, has been devoted to the reduc-
ton of the national debt; as result, the onlv
bonds now outstanding which are redeemable
at the pleasure of the government are the three
per cents, amounting to $3O5,O0O, 0OU.. The
~ per cents amounting to $3.50, 000,-
600, and tie $751;, O0O, 900 of per cents
are not payable until 1891 and 1907 respective.
ly. If the surplus shall hereafter be as:]arge
as the treasury estimates now indicate, the 8
per cent. bonus may all be redeemed at least
four years before any of the ~ per cents. can
be called IN. The latter, at the same rate Of
accumulation Of surplus. can be paid at ma
turlfy and the Smoliea requisite for the re-
demption Of the. per cents. will be in the
become payable. There are cogent reasons,
ness should ' not be- thus '1 rapid-
~ extinguished. Chief among them is
the fact that only by excessive taxation is such
rapidity attainable.jH In Communication to
the congress at its last session, recommended
that all excise taxes be abolished except those
relating to distilled spirits, andthat substantial
reduction also be mads in the revenues from
customs. 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 s5o,ooo.ooo or s6o, 900:
further REDUCTIONS may be wisely made, I
do not advise the adoption at this session Of
any measures for large dlmnution of the ma
tionat revenues: The results of the legislation
uf the last session of congress have not as yet
become tuffick ntly apparent to justify any rad
zeal revision or sweeping mod'6cations Of the
elaIse before the effects Of the act OF March 3,
1889, can be definitely ascertained, portion
at least of this surplus revenues may be wisely
applied to the long neglected duty of rehabil.
itatiDg our nation and providing first defenses
for the protection of our harbors. This is Z
matter to which I shall again avert.
The National Banks.
Immediately associated with the financial
subject just discussed. is the important ques-
national currency. The aggregate amount of
bonds now on deposit IN the treasury to sup
port the national bank circulation il about
$3.50, 10000 Nearly $500, goo Of this
amount consists of 8 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, menntlme,: the
shrplus revenues shall diminished. The prob
able. effect soE such I'm extensive .1e,ilanient
OF the securities which are.,thes basis of The
national bank circulation would be such con-
traction OF the volume Of the currency as to
pTOuuCoI tsEaVH COQ0g8IEtas D0G1809me0C.
How Gan tie dangerBe ebIiated2 The most
effect1af ptaal. and pfsHhsse adoption lot the
earliest practical opportunity shall heartily
approve, has already been indicated. If the
revenues OF the next four years shall be kept
substantially commensurate with the expenses,
the volume OF circulation will not be likely to
suffer any material disturbance; but if, on the
other hand. thefe shall be great delay III re-
ducng taxation ltswiIl 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 ls 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 secretary's report. The objec-
tions which he urges against the: acceptance OF
any other securities than the obligations of the
government itself q q foundation for the
national bank circulation, seem to
ne 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 low rate
qfeinteEest. and -e1chsngeeblera upousspeciAed
terms fdr stlose now Outstanding The olher
COURSE which oommends itfelf 10 my own Judy
ment al the better, is the enactment Of law
repeating the Tux on circulation and permitting
the banks to issue notes for an amount equ
to 9 per cent. of the market value, instead Of
as now tie face value Of the deposited bonds.
agree with the secretary In the belief that
the adoption Of this plan win afford tho me-
osssazy relief.