The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1883-12-08
THE NATIONAL DEBT.


Congress at its last session ] recommended
that all excise taxes be abolished except those
relating to distilled spirits, and that substan-
tial reductions also be made in the revenues
from customs. A statute has since been enact
cd by which the annual tax and tariff receipts
of the Government have been cut down to the
extent of at least <50.0OO,000 or $50, 0O0,0 600
While have no doubt that still further reduc-
tons may be wisely made, / do not advise the
adoption at this session of any measures for
large diminution of the national revenue. The
results of the legislation of last session have
not as yet become sufficiently apparent to
Justify any radical revision or sweeping modi-
ications of existing law. In the interval
which must elapse before the effects of the
act of March 3, 1888, can be definitely as
certained, portion at least of the surplus
revenues may be wisely applied TO the long
neglected duty of rehabilitating our ma
ton aud providing coast defenses for the
protection of our harbors. This is a matter to
which l will again advert.
NATIONAL CURRENCY.
Immediately associated with the financial
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 treasury to sup
port the national bank circulation is about
S350,000OO1. Nearly So 10000 of this amount
consists of per cents, which, as already stat
ed, are payable at the pleasure of the Govern
ment. and are likely to be called in within less
than four years unless, in the meantime, the
surplus revenues shall be diminished The
probable effect of such an extensive retire
ment of the securities which are the basis of
the national bank circulation would be such a
contraction of the volume of the currency as
to produce grave commercial embarrass-
meRts. How can the danger be obviated?
The most eifectual plan, and one whose adop-
ton at the earliest practicable opportunity /
shall heartily approve, has already been indi-
Gated. 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 dis
turbance; but, on the other hand, if there
shall be great delay in reducing taxation, it
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
is now controlled. In my Judgment the latter
course is preferable. ] commend TO your at,
suggestions on this subject which appear in
the Secretary's report. The objections which
he urges against the acceptance of other
ment itself as foundation for national bank
circulation, seem to me insuperable.
THE TRADE DOLLAR
was coined for the purpose of traffic in coun-
tries where silver passed at its value, as ascer-
tanned by its weight and business. 1t never
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 disturbing ele-
ment They should not be longer permitted
to embarrass our currency system. / recon-
mend that provision be made for their recep-
ton by the Treasury and mnts as bullion, at
n small percentage above the current market
price of silver of like tineness.
CUSTOMS DISTRICTS
The Secretary of the Treasury advises a
consolidation of certain of the customs dis
trictS of the country, and suggests that the
President be vested with such power in rela-
ton thereto rs is now given him in respect to
collectors of internal revenue by section Bal
of the Revised Statutes. The statistics on
this subject which are contained in his report
furnish of themselves a strong argument in
a e 10 A hn uIf ,a,nt nf
Congress the number of internal revenue col
lection districts was l25. By executive orders
dated June 25 1883, directed that certain of
these districts be consolidated. The result
has been reduction of one-third their num-
Der, which at present is but eighty-three.
INDIAN TRIBES.
From the report of the Secretary of War 1t
will be seen that in only single instance has
there been any disturbance of the quiet condi-
ton of our Indian tribes-a raid from Mexico
into Arizona by a small party of indians, which
was pursued by Gen. Crook into the mountain
region from which they had come. 1t is con-
tdently hoped that serious outbreaks will not
again occur, and that the Indian tribes which
have for so many years terrified the West will
remain in peaceable submission.
SEA COAST DEFENsEs.
again call your attention to the present
condition OF our extended sea coast, upon
which there are so many large cities whose
wealth and Importance to the country would
in time of war, invite attacks from modern
fensive works could give no adequate protec-
ton. These works were built before the in
PRODUCTION of modern heavy ritied guns into
maritime warfare, and IL they are not put in
an efficient condition we may easily be sub
jected to humiliation by a hostile power great
ly inferior TO ourselves. As german to this
subject | call your attention 10 the import
ance of perfecting our submarine torpedo
defenses. The board authorized by the last
Congress to report on the method which should
be adopted for the manufacture of heavy ord
nance adADtpl TO modern warfare has visit
ed The principal iron and steel works in this
country and Europe. 1t is hoped that its
report will soon be made, and that Con
gress will thereupon be disposed to provide
suitable facilities and plans for the manufac
ture of sucn guns as are now imperatlyely
needed.
STATE MILITIA.
On several occasions during the past yea
officers of the army have, at the request of the
State authorities. united their military en-
campments for inspection of the troops. From
the reports of these officers, | am induced Il
believe the announcement OF the state mill
tia organization by the National Government
would he followed by very gratifying results
and would afford it in sudden emergencies the
aid OF large body of volunteers, educated In
the performance OF military duties.
THENAvY.
Tho Secretary of the Navy reports that un
der the authority of the acts of August 8, 1882
and March 3, 1883, the work of strengthening
our navy by the construction OF modern yes
sells has been auspiciously begun. Three
cruisers are in process of construction; thu
Chicago of $500 tons displacement, and tn,
Boston and Atlanta, each of 1900 toms They
are to be built OF steel, with the tensile
strength and ductility prescribed by law, anC
combination Of speed, endurance and arm
ament are expected TO compare favorabll
with the best unarmed war vessels of othei
nations. A fourth vessel, the Dolphin, is Il
be constructed of similar material, and Is in
tended to serve as IA fleet dispatch boat. Thi
double-turreted monitors Puritan, Amphitrit,
and Terror have been launched on the Della
ware River and a contract has been made TO
the supply of their machinery. A simla
monitor, the Monadnock, has been launched
| in California. The Naval Advisory Board ant
| the monitors, the construction of four gun
| boats and three additional steel vessels lilI
the Chicago, Boston and Dolphin, as an i'm
portant measure of defense. The Secretar,