The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-12-05

eHpcr. Ing sept g GsrSOt .!ss
For civil and mIcellan.
eouS, including pub.
lie bldg llRht houses
and coll0ct'g the rev. ,,,o ma ,
enue slby bo,1sb 1tlS oIinttSSSS
For lndIAnS......... ..... 2,623y8go 81 i,lH,ogy
For Pensions .. ...., 10, IS 2bl I'll b3,II4,'oS
For military establish.
ment, including fOrtl.
dcltlons, river and
hsfbor improvement =. 49, -, :,
and Arsenel&....... ...... 18bl2,AA 81 2oItoI'o
For Naval establish.
ment, iaoludIng YES.
sells and machinery
and improvement a. a.. an a
Navy yards 4l99,2o9 OBJ l2,3UtIU
For expenditures &C.
um6Ia.-.. ... y. SC Il Il 2tu1Ss
For interest on public ..o -, =
I4'yIIZN So os''UE''V@
To..l expenditures So 90 90 % sI0O, OS70Os
TOlal receipts. actual and estlnatod ,sais 10000
mated .." 2ssoOoO
Total estimated amount Of the sink.
ing iund 4o,oLe,sib
Leaving balance SS,lsSZoo
II the revenue tor the fiscal year which
will end June 30th, 1886, be estimated upoI
the basis Of existing laws the Secretary II
OF the opinion that for that year the re
ceipts will exceed by $50, 100000 the ordi
nary expenditures including the amour
devoted to the sinking fund. Hitherto thu
surplus as rapidly as it has accumulated
has been devoted to the reduction OF the
national debt. As result the only bondi
now outstanding which are redeemable al
the pleasure Of the Government are the
three per cents, amounting to about SS05,
100000, the four and one-half per cents
amounting to $3.50, 100000 and the $751;
600, 900 Of four per cents are not payable
until 1891 and 1907 respectively. Ii the
surplus shall hereafter be as large as the
Treasury estimates now indicate, the three
per cent bonds may all be redeemed
at least four years before any OF the four
aud one half per cents can be called in.
The latter at the same rate Of accumulation
surplus can be paid at maturity and the
moneys requisite for the redemption OF the
four per cents will be in the Treasury many
years before those obligations become pay
able.
TOO RAPID REIMBURSEMENT OF THE DEBT.
There are cogent reasons, however, why
the National Indebtedness should not be
thus rapidly extipguished. Chief among
them Is the fact that only by excessive tax
alton Is such rapidity attained. In a COM
munication to Congress at its last session
recommended that all excise taxes be
abolished except those relating to distilled
spirits, and that substantial reductions also
be made In the revenues from customs. A
statute has since been enacted by which
the annual tax and receipts Of the Govern
ment have been cut down to the extent OF
at least fifty or sixty millions OF dollars.
While l have no doubt that still
further reduction may be wisely made
l do not advise the adoption at this
session OF any measures for large dimi.
mutton OF the national revenues. The re.
suits OF the legislation Of the Congress
have not as yet become sufficiently ap-
parent 10 justify any radical revision or
sweeping modification OF existipg,laws in
the internal revenue, which must elapse
before the effects Of the act OF March Slst,
1883, can be definitely ascertained. Apor.
ton at least OF the revenue may be wisely
applied to the long neglected duty Of re-
facilitating our nation and providing
coast defences for the protection Of our
harbors. This isa matter to which shall
again advert. Immediately associated
with the financial subject Just discussed Ia
the important question, whal1 legislation
needed regarding the national currency. The
aggregate amounted bonds now on deposit
in the Treasury to support the National
bank circulation is about $3.50, 900, 900.
Nearly 500. 0O0,0 900 OF this amount consists
OF 8 per cents, which, as already stated, are
payable at the pleasure OF the Govern
ment, and are likely to be called in within
less than four years unless, in the mean
time, the surplus revenue shall be diminish
ed. The probable effect OF such an extern
sive retirement OF securities, which are the
basis OF the National bank circulation,
would be such contraction OF the volume
OF the currency as to produce grave EN-.
barrassments. How can the danger be OBJ
waited ? The most effectual plan, and one
whose adoption at the earliest practicable
opportunity snail heartily approve, has
already been indicated. II the revenues
OF the next four years shall be
make 1t substantially commensurate with
the expenses the volume Of circulation
will not be likely to suffer any material
disturbance, but II on the other hand
there shall be great delay in reducing taxa
ton 1t 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 ia now controlled. In my
Judgement the latter course Ia far prefera-
BILE l commend to your attention the very
interesting and Thoughtful suggestions upon
this subject, which appear in the secre-
tary's report. The objections which he
urged against the acceptance OF any other
securities than the obligations Of the
Government itself "a foundation for Ma.
tional Bank circulation seem TO me in.
separable for avoiding a threatened con-
traction. Two courses have been suggest.
ed either OF which Is probably feasible.
One Is the issuance OF new bonds having
many years to run bearing low rate Of
interest and exchangeable upon specified
terms for those now outstanding. The
other course which commends itself to my
own Judgement as the better is the enact
ment Of q law repeating the tax on circula-
ton and permitting the banks to issue
notes Tor an amount equal to so per cent
OF the market value, instead OF as now the
face value OF their deposited bonds. I
agree with the Secretary in the belief that
the adoption Of this plan would afford the
necessary relief.
THE TRADE DOLLAR.
The trade dollar was coined for the pur-
pose Of traffic in countries where silver
passed at its value "a ascertained by its
weight and fineness. Itnever had legal
tender quality. Large numbers Of these
coins entered, however, into the volume Of
our currency. BY common consent their
circulation in domestic trade has now
ceased and they have thus become dis.
trrbing element. They should not be
longer permitted to enbarrass our currency
system. recommend that provision for
their reception by the treasury and the
mints as bullion at small percentage
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