Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1883-12-07
FISCAL YEAR 1875.

FISCAL YEAR lSSl.
If he revenues for the fiscal wear which viii en-,
on June 30ISS3 be estimated upon the basis Of eN
iStng laws the secretary is OF the opinion that 70
that year the receipts will exceed S6o.eoO.ota Tn
ordinary expenditures including the amount de
voted to the sinking fund hitherto, aud all Surplu
as rapidly as il has accuruuated.h has been devote,
to the
REDUCTION OF THE NATIONAL DEBT.
As result the oulv bonds now outstanding whcl
are redeemabie al the pleasure of the government
per cents amounting $4,000 ,o0O. and the SoS7.
oa1,tsa four per cents are MT payable until lSS
and lSo1 respectively.
If the surplus shall hereafter be as large as thu
treasury estimates now Indicate the three PEI
cent bonlS may all be redeemed at least fou
years before any of the four and one-half pc
cents can be called in. The latter at the SAM
rate of accumulation of surplus can be
PAID AT MATURITY.
and the monies requisite for the redemption o
the per cents will be in thG treasury many year
before these obligations become payable. Their,
are eogent reasons however why the national in
/ ed. Chief among them is the fact tsat only
through excess of taxation is such rapidity at
/ tainabe
In communication to congress at its last Ses
T sion l recommended that all excise taxes b,
abolished except those relating to distilled spirits
and that substantial reduction also be made il
I the revenues from customs \ statute has since
been enacted by which the annual tax and tariff
receipts of the government have been cut down K
| lars. While have no doubt that still farther re
ductionS may be wisely made. do not advise the
adoption at this session of any measures for large
dlinlnution of national revenues The results oi
the legislation of the late session of congress have
not vet become sufficiently apparent TO Justify
i any radical revision or sweeping notifications oi
existing law in the interval which must elapSe be-
fore the effects of the at OF March 3d 1888 can be
| definitely aScertained
A portion at least of this surplus revenue may
be wisely applied to the long neglected duty of
rehabitating our nation and providing first class
! defenSeS for the protection of our harhorS This
/ is matter to which shall again advert. Inlme-
diatey associated with the financial subject just
/ discussed, is the important question: What leg.
islatiOn is needed regarding the National cIIrren
! cy. Inc aggregate amount OF bohuS now on de,
/ poSit IN the Treasury to support the National
1 Bank circulation is about $3.50, oO0, ,OuO. Nearly
SaOoO00,Ooo of this amount consists of per cent.
! bonds 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 in
the meantime, surplus revenues shall be demand
| ed.
The probable effect of such an extensive retire
ment of the securities which are the basis of the
national bank circulation. would be such Il con-
traction of the volume of currency as to produce
grave commercial embarraSSmentS. Hos, can the
danger be obvated, The most efectual plan and
one whose adoption at the earliest practical op-
portunity 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 disturb
ance but if on the other hand there shall be great
delay in reducing taxation it will become neces-
sIy either to substitute some other form of cur
rency in place of the national bank notes, or to
make important changes IN the law by which
their circulation is now controlled.
In my Judgment the latter course is far prefer
able. l commend to your attention the very in
tereSting and thoughtful suggestions ON this sub
ject which appear in the secretary'S report The
objections which he urges against the acceptance
of any other securities than the obligations of the
government itself as the foundation for national
bank circulation, seem to me iusuperable For
advocating the Threatened contraction. two
courses have been suggested, either Of which is
probably feasible One is the ifs uance of new
bonds having many years to run, bearing low
rate of interest and exchangeabIe upon specified
terms of those now outstanding.
The other course which presented itself to my
own judgment as the better one is the enactment
of a law repeating the tax circulation, and
permitting the banks to issue notes Tor you at an
amount equal TO per cent of the market value.
instead of as now the full value of the
tary in the belief that the adoption of this plan
will afford the necessary relief.
THE TRADE DOLLAR
was coined for the purpose of traffic in countries
| where silver passed at its value as cost aScer
tanned by its weight and fineness. 1t never had a
| legaI tender quality. A large number of those
coins entered, however, into the volume of our
! currency. By common consent their circulation
! has now ceased i'll the Tn ted States
Because a disturbing element, they Shoul not be
| longer permitted toembarraSs our currency sys-
! tenn recommend that provis on be ma Ie foI
| their reception by the treasury and mints, as
| bullion at small percentage above the curi ent
market prices of silver of like fineneSS. The Sec
| retary of the Treasury advises a consolidation OF
certain of the customs districts of the country,
and suggests that the president be vested with
such power in relation thereto as is now given
him in Report of Collectors of Internal revenue,
Section 3l41 of the revised statutes
The StatiStioS on the subject which contained
i'll his report furnish of themselves strong argll-
ment in defense of his views. At the adjournment
of congress the number of
INTERNAL REVENUE COLLECTION
districts was 1876. By executive orders dated June
25 1883, directed that certain of these districts
be consolidated. The result has been reduction
of one-third their number which at present is but
So From the
REPORT OF THE SECRETARY OF WAR
it will be seen that in only single instance has
there been any disturbance of the quiet condition
of our Indian tribes raid from Mexico into ArlZo-
ma by small party of Indians which was pursued
by Gea. Crook into the mountain regions from
which it had come. 1t is confidently hoped that
serious outbreaks will not again occur, and that
the Indian tribes which have for 50 many years
disturbed the west will hereafter remain III peace
able submission.
again call your attention to the present condi-
ton of our extended sea coast. upon which so
many large cities, whose wealth and Importance
to the country would, in time of war. invite at
tack from modern armored ships, against which
our existing defensive works could give no ade-
quate protection. These works Were built before
the introduction of modern heavy fiEed guns INTO
ma ritime warfare; and if they are not put in an
efficient condition. We may easily be subjected To
humiliation, by hostile power greatly inferior
to ourselves AS germane to this subject | call
your attention to the Importance of perfecting
our
SUBMARINE TORPEDO DEFENsEs.
The board authorized by the last congress to re-
port on the method which should be adopted for
/ the manufacture of heavy ordinances adapted to
modern warfare has visited the priEcipal iron and
steel works in this country and Europe 1t is
hoped that its report will be soon made and that
congress will thereupon be disposed to provide
suitable facilities and plans for the manufacture
of such guns are now imperatively needed
On several occasions during the past year officers
of the army have, at the request of the state
authorities. visited their military encampmentS
for inspection of the troops From the reports
of these officers am induced to believe that the
encouragement of stats militia organization by
the national government would be followed by
very gratifying results, and would afford 1t III
sudden emergencies the aid of large body Of
volunteers educated in the performance Of mill
tary duties. The seer etars OF
THE NAVY
August 5th. 1892 and March 3d. 1888, the work OF
strengthening our navy by the construction OF
modern vessels has been auspiciousy begun.
Three cruisers are in progress OF construction:
the Chicago of 1900 tons displacement. and the
Boston and Atlanta. each Of $500 tons. They are
to be built of steel with the tensile strength and
the ductibility prescribed by law, and in combin-
alton of speed. endurance and armament, are eX-
pected to compare favorablv with the best un-
armed war vessels OF other nations. fourth
vessel the Dolphin. " is to be constructed Of sim
liar materi2l and is intended to serve as fleet
dispatch boat.
The double turreted monitors, Puritan Ample
rate and Terror. have been launched on the Della
ware river ard contract has been made for the
supply of their machinery. A similar one the
Monadrosk. has been launched in California
The naval advisory board and the secretary re-
commend the completion OF the monitors. The
construction of four gun hoats, and also of three
additional steel vessels like the Chicago, Boston,
nSNYYN sTzFatFF az