Evening star. [volume] (Washington, D.C.) 1854-1972, 1883-12-04

LATIoN REcoXMRNpED-THK PROBLEM PRESENTED
BY THE ANNUAL sURPLUs-A FURTHER REDUCTION
OF TAXATION PRoPosED-No FURTHER REVISION
OF THE TARIFF RECOMMENDED AT THE PRESENT
TIME.
The annual report OF the Secretary OF the Treas
uy shows the total ordinary receipts for the last
fiscal year were $685.. 2S7, 5S1 IS. Of which sum
S214. 106, 496 SO is credited to customs and s14i
S9S TO internal revenue The total ordinary ex-
pendtures for the period were $65 is 1874, leav-
ing surplus revenue OF 1892 Al, which, with
ss 55, was applied to the redemption OF bonds
loans, consols and notes 1t Is estimated that the
requirement Of the sinking fund for the present
year will be $45,S16,14107 The total revenue ac-
tual and estimated, for the present fiscal year. is
9o967. After deducting the amount due the sinking
fund the estimated balance Will be &c., 49, 25S 49,
EN- for me next cai year are
ing sinking fund, $3.50, 125, a0495.
THE TRADE DOLLAR.
In reference to the trade dollar 1t is stated that
the reading Of the laws taught the people that the
trade dollar was coin Of their sovereignty, and,
for the redemption OF which, at an undated
value, their government was bound The real leg
isative purposes is be blindly sought for In ira
dition or in the record OF Congressional discussion
and Is fnd1catedn the joint resolution 1876 which
OF 1t, and held down the coinage OF it the call for
1t for expectation. 1t is plain that busy people,
finding this coin aloat In the channels of business
styled coin OF the United States, would readily
believe that 1t was authentic issue Of the govern
ment, and to be redeemed by the government. the
same as other money put out by it From time to
time, however, as 1t suits schemfng men and the
occasion fits, hue and cry is raised against it,
1t Is discredited In the marts, and un-
As it Is O coin OF the United States, having the
image and superscription thereof, sanctioned as
such by penalties upon the counterfeitng of it, and
debts and dues, it should be restored to its first
state, or called in at its nominal value and melted
In mt the Judgment OF this department. it should be
thus called in and melted Referring to the act OF
1873 relating to this cOin the Secretary states that
his department mas been and still is of the opinion
that correct legal Interpretation OF that act, in
connection with the joint resolution of 1885, denies
10 the trade dollar legal-tender quality. or the
remained abroad, there is good authority for saving
that much OF it found its way from China to India,
ana ha me tne at the mint IN Calcutta
country. A thorough and effective redemption of
1t can be brought about In this way: Let authority
be given by Congress to the Treasury department
10 barter for trade dollars at their nominal value
standard dollars at their nominal value and melt
ing the trade dollars to recon them into standard
silver dollars counting the trade dollar got In this
way as part OF the silver bullion which the act of
| monthly.
THE NATIONAL BANKS.
considerable space Is given to the subject OF ma
tional banks, and discussion Of the question as to
how national bank notes shall be kept in crcula-
ton, and what shall be taken as safe foundation
therefor, and yet be so low in price as that the
banks can afford to buy and deposit The Secre-
tary declares that he is not in favor OF anything as
security for national bank notes but the interest
bearing oDl1gatl0nS OF the United States govern
ment. plausible. and, the Secretary thinks. a
feasible proposition he says, Is for the government
10 offer new bond OF its own ISSUE at low OF
interest, to run long PERIOD in exchange for its
Jour per cents and fourand-a-half per cents allow
ing such a rate OF premium upon the latter. but
lower than that at present ruling, would induce
| the holders to surrender them and take the new;
ana TO make this security for bank circulation
YET" adds the Secretary, 81 am so averse to
recommending the creation Of another differ
lrent, the advantages Of the national bank circ1i
laton in safety. In uniformity OF value every
where, and in other matters OF convenience and
confidence, look upon such project as de1'aiei
resort. rather recommend, and SO do. that the
internal revenue tax upon circulation be taken off
In whole or in part. This is per cent per annuln,
and amounts 10 about three millions and quarter
each year" 1t Is argued that this tax may be
taken of altogether and the government not be a
loser The privilege accorded to national banks, it
Is stated, Is no longer, under existing laws,
so profitable to the banks as that they
az, or any greatly, wish to exercise it.
If this tax is not taken off by law and thus the cir
culaion kept in existence so expensive may it be-
come to the banks TO keep up their circulation that
they may cease altogether to do So for to do so is
not compulsory upon them; and In that case the
tax ceases with the cessation of the circulation.
1t Is further recommended that this department
be authorized To allow the banks, circulation to
the amount OF 80 per cent upon the average market
United States bonds deposited on security.
IL Is suggested that the taxation by states OF
government bonds held by national banks should
be forbidden and that the restriction placed upon
national banks, preventing them from making
loans on real estate, might be removed.
HOW TO DISPOSE OF THE SURPLUS.
That there is likely to be continuing surplus in
the Treasury over the ordinary expenses Of the
government, so long as the present revenue laws
remain, is seen by those attentive to fiscal affairs
The report says OF the proposition to parcel out the
surplus among the states that it is not good
sense, nor is it common prudence, to give away or
loan dsn means instead Of using them to pay
abundant prosperity, it Is easy to do SO.
In the Judgment Of the department., it is not
raise money by taxation to be donated to the
States to thus use money already raised in that
wa way ,r ANOTHER ne proposition sit Is Of payment from
had their full proportion Of money under the dis
trbuton act of 1885. After discussing the terms of
United States does out the surplus at this hour it
may demand repayment at the next hour. 1t is as
hand and apply it to the purposes OF the govern
ment.
THE CUSTOMS
Referring toports Of entry, which are maintained
at an expense to the government, 1t Is urged that
the consolidation of districts and diminution of
ports OF entry called for by sound business con-
siderations, and may be accomplished without in
creaSing smuggling or withdrawing proper facili-
ties for dOcumenting vessels
1t Is recommended that, in lieu of present salaries
and all mOietieS and perquisiteS and commissions
on disbursements received by collectors. naval
officers and surveyors. there be an annual salary
II there be legislation the tariff at this session
an improvement might be made in the provision re-
gardng th1rdclaSS or carpet woods, either by fixing
one rate OF duty for Them regardless OF value by
having broader contrast between the higher and
lower qualities.
REDUCTION OF TAXATION.
The estimates for the fiscal year ending June 80,
1884, show surplus revenue OF SIS, 600 600 per an
mum. This Is enough to pay all the three per cents
In about three and one-haH years, and before the
close OF the fiscal year ending June 80 1887. This
surplus kept up for the four Succeeding years to
September 1, 1891, would be more than $3.50 OOO0OO
or S10O,OOO,0OO more than enough to pay all the
bonds then falling due. The same annual surplus
until July 1, 1907, would amount, with the
500 600 left after paying the ner
cents, to about 81, AGO 100000, while the whole
amount OF the debt then redeemable is less than
$40 600 COO The estimated surplus OF $S5 600 600
year would pay the whole amount OF the interest
bearing debt in about fifteen years
After referring to the objections and difficulties
In the way of devOting all the surplus to paying
future generations to bear their portion OF the bur,
den 1t Is stated that there ought to be reduction
of taxation. 1t is estimated that an average of
about $4,000 600 each year until 1891, will be re-
qured for the sinking fund, and 1t is urged that I'm
egisating for the future the. revenues should not
be so far reduced to prevent the application each
year of about $4,000, 600 to the sinking fund 1t
has been generally conceded that the internal reye
nue. taxes, except those upon spirits fermented