The Middlebury register and Addison County journal. [volume] (Middlebury, Vt.) 1883-1885, 1883-12-07


pubic debt. -. 14,797,291 96 s9,1O2,TO2 "a
penditares ...... 67,9i2O9o SO si9O,O57, 900 CT
---- ---
Total receipts, ac-
tual and estima-
ted ............. sS43,OOO0OO 90
Total expenditures,
actual and esti-
mated ........... 25s,OOOOOO 90
Total. ......... ss5,OOOOOO 90
Estimated amount
due the sinking
fund. 45,s1674 OF
Leaving a balance
of................ S39,1s3,25S 80
THE SURPLUS REVENUE.
If the revenue for the fiscal year which
will enl on June 30, 1885, be estimated upon
the basis of existing laws, the secretary is of
the opinion that for that year the receipts
will exceed $50, 900, 00) the ordinary eApendi-
lures including the amount devoted to the
sinking fund.
Hitherto the surplus as rapidly as it has
accumulate has b en- devoted to the reduc
ton of the national debt As a result the
only bonds now outstanding which are re-
deemabe at the pleasure of the government
are the per cents, amounting to about
$}0j, U0J,O00.
The u ] per cents, amounting to $780, 900, =
600, and the s75' ,OOO,OOO 4 per cents. are not
payable until 1891 and 1884, respectively.
If the surplus shall hereafter be as larga as
I'll > treasury HOW lllulcu eSUne Unrpe per cent.
bonds may al, b. redeemed at least four
years before any of the four and one-half per
cents. can be called in. The la ter, at the ac-
cumulation of the surplus can be paid at ma
turity, and the moneys requisite for the re-
dem ption of the four per cents. will be in the
treasury many years before these obligations
become plyab g.
There are cogent asons, however, why
the national indebtedness should not thus
rapidly be extinguished. Chief among them
is the fact that only by excess. We taxation is
such rapidity atiainable
In a communication t. the Congress at its
last session, | recommends that all ex Use
taxes be abolished, except those relating 10
distilled spirits, and that sub itantial re-
ductions also be made IN the revenues from
customs "A statute has since been enacted by
which the ann lal tax and tariff receipts of
the government have been cut down to the
extent of at least fifty or sixty millions of
dollars.
While ] have no doubt thai still further
reductions may be wisely made, 1 do not
advise the adoption at tlis session OF any
measure for large diminut on of the national
revenues. The results of the lie gislat,on of
tn last session of the Congress have not, as
yet, boone sufficiently apparent to justify
any radical revision or sweeping modification
of existing law.
In the interval which must elapse before
the effects of the act; OF March 3, 1888, can
b. definitely ascer aimed, portion at least
OF the surplus revenues may be wisely APP
piled to the long ne sle ctel duty of rehabiii-
tatng our nation and providing coast de-
fences for the protection of our harbors.
This is a matter to which | shall again
a ivert.
THE NATIONAL CURRENCY.
Immediately associated with the financ al
subject just discussed is the important ques-
ton, what legislation is needed regarding the
national currency. The aggregate amount
of bonds now on deposit IN the trca Jury to
support the national bank circulation is
about Sj500J0,0O0. Nearly S!OOO0J,OOO of
this amount consists of three per cents,
which, as already stated, are payable at the
pleasure of the government. and are likely
TO be called in within less than four years,
unless meantime the surplus revenue shall be
diminished
The probable effect of such an extensive
retirement of the securities, which are the
basis of the National bunk circulation, would
be such a contract of tine volume of the
currency as to produce grave commercial
embarr assments.
The most efrectua plan, and one whose adoption
at the earliest practicable opportunity shall heartily
approve, has already been Indicated.
II the revenues of the next four years shall be
kept substantially commensurate with the ex-
penses, the volume OF circulation will not be likely
TO suffer any material disturbance. But il, on the
other hand there shall be or at delay in due NJ
taXation IL will become necessary either to substi-
tute some other form of currency III place of the
national bank notes or to make important changes
in the laws by which their circulation is now con-
ir0led.
In my Judgment the latter course is Far prefer
able. commend to your attention the very linz
terestng and thoughtful suggestions upon this sub
Ject which appe II in the secretary's report.
Inc objections which ne urges against the ac-
ceptance of any ether securities than the obligations
of the government itself as foundation for ma
tonal bank circulation seem to me insuperlble
FOR averting the threatened contraction two
courses have be IN suggested, either of which is
probably feasible. One is the issuance of new
DIS IN RIM h.4a riptr LOU
OF Interest and eXchangeable upon specified terms
of those now outstanding. The other course, which
commends itself to my own judgment as the better,
is the enactment of law repeating the tax cir
cuaton and peimting the banks to Issue notes for
an amount equal to 80 per cent Of the value,
instead Of as now the face value II their deposited
bonds. agree with the secretary N the belief that
the adoption OF this plan would ato.d the neccs-
sary relief.
THE TRADE DOLLAR.
The trade dollar was coined for the PURPOSE of
traffic in counties wnere silver passed at its value
rs ascertained by its weight and likeness. 1t never
had legal lender quality arge numbers OF
these coins entered, how Yer, into the volume of
our currency. BY common consent their crcula-
ton in domestic trade has now ceased, and they
should not be longer permitted TO embarrass our
currency system. | recommend that provision b.
made for their Exception by the treasury and tn,
mints as bullion, AT a small percentage above the
current market price OF silver of like fneness
THE CUSTOMS DISTRICTS.
The secretary of the treasury advises a consoida-
ton OF Certain OF the customs distress OF the coun-
try. and suggests that the President be vested with
snch power in relation thereto AS is now given him
IN respect to collectors of internal revenue by
ton BAL of tn revised statutes. The statistics
upon this subject which contained in his report
furnish of themselves s.rJng argument in defence
Of his views.
INTERNAL REVENUE DISTRICTS.
At the adjournment Of Congress the number of
internal revenue collection districts was l2O. BY
executive order, dated June . j. ISIS. directed that
certain of these district: be consolidated. The
result has been n reduction OF one-thrd their
number, which is at present but 81.
THE SECRETARY OF WARS REPORT.
From the report of the secretary OF war, it will
be seen that IN only a single instance has there
been any disturbance OF the quiet condition of our
Indian tribes. \ raid from Mexico into Arizona
was made in March last by small party OF Indians,
which was pursued by General crook into the
mountain region from which il had come. It is
confidently hoped that serious outbreaks will not
again occur, and that the Indian tribes which have
for so many years disturbed the West will he rcafter
remain in peaceful submission.
OUR DEFENCELEss SEA COAST.
| again call your attention 10 the present con-
lfe -