The sun., 1883-12-05

Total prndiinrcs. actual and estimated 2aSotsn %
Es,.s nniSfS amount due the sinking Fund sSsi"7t s % %
Leaving balance Of ............. 3a is3.2as 81
If the revenue for tho fiscal year which will
end on jun" 30. 1888. be estimated upon the
basis of existing laws. the Secretary in OF the
opinion that for that yenr tho receipts will ex-
coed ESQ. n0O. coo tho ordinary expenditures in
cudinR the amount devoted to the sinking fund.
Hitherto tho surplus rs rapidly as It hts &c:
cumuinied lns boon devoted to the reduction OF
tho national debt.
As result Tho only bonds now outstanding
which are rctoemahe Mt tho pleasure "f he
cents. amounting to s250.00O. 900: ana the
III lsSi and 1907. Respectively. res '' ''"'' ~
WHAT SHALL BE DONE WITH THE SURPLUS?
II the surplus shall hereafter be- us large M
the Treasury estimates now indicate. tho thrie
rer cont. bonds mny all be redeemed Mt Iesst
per cents can 10 called in. Tho latter. at the
same rate OF accumulation OF surplus. can be
nnid mt maturity. and the moneys requisit. for
tle redemption OF tho four per cents will be In
tho Treasury many years before those obliga-
tions lGcom" payable.
national in !ebtcdncss should not bc thus
rapidly ex'ingnished Chief among them is the
rapidIty attn,iabc.
In communication to the Congress at its
last session ! recommended that all excise
taxes b. abolished except those relating to
distilled spirits. and that substantial reduce
tions DO also made in tho revenues from GUS
toms; A statute has since been enacted by
which the annual tax and tariff receipts of the
Gnvernment have been cut down TO the extent
While l have no doubt that still further re-
duc'i4ns may hc wisely maln. do not adv so
the adoption at this session niany measurcs Tor
large dim.nution of the national revenues. Tho
results of the legislation OF tn. last session Of
| the Congress hnNc not ms yet become sufficient
| swenpin. mod fcaiions OF existing law
IN IN" interval WHICH must elapSe before the
intel ase"rtained. n portion at least OF tho
SURPLUS revenues may bo wisely applied to the
@nF ay o. d 9Tr niS
| OF our hnrbors. This Is matter to which
| shall again advert.
Immediately associated with the financial
| subject Just discussed Is the important purs-
| ton. What legislation Is needed regarding the
The aggregate amount OF bonds now on de.
| posit in the Treasury TO support tho national
| bank circulation is about s3Jo0O0.O00. Nearly
| S2DWODDOD of this amount consists OF three pei
cents. which. MS already stated, are payable y,
the pleasure Of the G2vsrnmcnt;, and are ikel,
to bc called in within less than four years. un.
less menhtime, the surplus revenues shall bt
tircnent OF the securities which nre the basis
| oi the ationni bank circulation would be suci
a contraction OF the volume of tho currency ns
| to produce .rnvn commercial cmbairuss Inc nts
How can thus danger be obviatci2
The most eiinctual plan, and one whose ndop
tion At the earliest Practicable opportunity
shall heartily approve. has already been ind
II tho revenues of tho next four years shal
| be kept substantially commensurate with the
| expenses. tho volume OF circulation will not b,
Likely To- suffer any material disturbances.
delay In reducing taxation. 1t will become noces
snry either to substitute some other form o
or to max" IMPORTANT I Changes IN the the laws Si b
which their circulation Is now controlled.
ll my judgment tho latter course is fa
very interesting and thoughtful suggestio
upon this subject which appear In the Secre
The objections which he urges against tn
accnpianee OF any other securities than tn
foundation for national bank circulation seen
to me insupcrablc.
For averting the threatened contraction tw
courses have b..n suggested. either OF whic
hew OoEus hayns many years to run behrlh
a less rnta OF interest. and exchangsabe uGo
srecilied terms Of those now outstanding. Th
. | olhrr course winch commonds itself to my ow
Judgment hs the better. in the enactment oi
iaw repeaiins the tax on circulation and pei
: amount equal to nnety PER cent. OF til
marks' marx, value instead Of: as now. the fac
\ with the Secretary IN tho belief that the adoI
, tion o. ibis plan would afford the necessary ri
! llei. Tho trade dollar Mas coined Tor the pu
5 pose OF frame IN countries where silver phssc
q It's ,hIu. as ascer'ahed by it's weight nm
inen"ss. ~ n"ver had a legal tender aualit
: Large numbers OF these coins entered, nov
I ever, into the volume OF our currency By con
n mon consent their circulation in domest
!. trade has now ceised. and they lave thas b,
. come Il disturbing element. They should n,
be longer permitted 10 einbarrhss our curr1n,
a system. Irgcommsnd that provision bs mao
for their reception by tho Treasury and Il
: mlnis AS bullIon al sniA percentage abo'
IN" curront market price OF silver Of Ike I'M
q ness.
i The Secretary OF the Treasury advises q col
i soilhallon OF certain OF the customs dlstrc,s
a the country, and suggests that ths PresideI
b. vested with such power in relation there
~ is now given him In respect To collector.
Internal Ieyenue by section 3.l4l Of the II
y vlsed Statutes. The statistics upon this su
: ject. which are contained in his report. furnl'
Q OF themselves strong argument in defence
Il his views. At the adjournment OF Congre
: tho number Of internal revenue collection di
y tricts was 1875. BY executive order dated Ju
}, 25. 1858. l directed that certain ot these d