The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1883-12-07

4 The results of the legislation of tho last Seg-
! sion of Congress have not as yet become suf-
ficiently apparent to justify any radical reyis-
| ion or sweeping notifications Of the existing
| law.
i Tin the interval which must elapse before the
| effects of the act of March g. 1885, can be def
initely ascertained, portion at least of the
surplus revenues may be wisely applied TO the
| lOng-negleetcd duty OF rehabllitating our Ma
| ton and providing defenSes for the pr0tec-
ton OF our harbors. This is matter to which
! shall again advert.
NATIONAL CURRENCY.
Inn lediately associated with the financial
| subj ct just discussed is the important ques-
| ton What legislation is needed regarding
| the National currency? Fhe aggregate OF
bonds now on deposit IN the Treasury to sup
port the National Bank circulation is about
1850 co., 600 Nearly 500 000. COO of this amount
consists of three per cents, which, as before
stated. are payable at the pleasure of the
! Government, and are likely TO be called in
| within &ss than four years. unless meantime,
the surplus revenues snail be diminished. The
! probable effect of such an extensive retire
ment of the securt es, which are the basis OF
| the National Bank circulation, would be such
q contraction of the volume of the curren-
cy as 10 produce grave commercial
embarrassmentS. How can the danger be OBJ
/ viated3 The most effectual plan, and one
! whose adoption at the earliest practical OPP
portunity shall heartily approve, has already
! been indicated. III the revenues of the next
four years shall be kept substantially COM
mensurate with the expenses. the volume of
circulation viii not be likely to suffer any ma
/ lETldl UlSI1TDdUC6. DuI II, on Ll6 OUnCT udIlQ,
there shall be great delay in reducing taxa
! ton. it viii become necessary either to sub
stitute some other form of currency in place
OF the National bank notes or to make inn
| portant changes in the laws by which their
circulation is controlled In my Judgment
! the latter course is far preferable
commend to your attention the very inter-
esting and thoughtful suggestions on this sub
! ject which appear in the Secretary's report.
! The objections which he urges against the &C
| ceptance of any other securities than the OBJ
fanif q q
/ dation for Nationalbank circulation seem to
| ME insuperable. For averting the threatened
| contraction two courses have been suggested,
either of which is probably feasible. One is
! the issuance OF new bonds having many years
to run, bearing a low rate of interest, and ex-
changeable upon the specified terms of those
! commends itself to my own Judgment as the
| better, is the enactment of a law repeating
| the tax on circulation, and permitting the
/ banks to issue notes for an amount equal to
I ninety per cent of the market value, instead
| of, as now, the face value of the deposited
bonds. ! agree with the Secretary in the be-
| lief that the adoption of this plan will afford
| the necessary relief.
RECEIPTS AND DISBURSEMENTS.
The revenue for the present fiscal year,
actual and estimated, from all sources is as
follows: For the quarter ended September 80,
1883, S95, 1861 %; estimated for the remain
ing three quarters of the year, SAT ,023 oS2.97.
The actual and estimated expenses are: For
the quarter ended September so, 1883, $67, 942,-
090.33; for the remaining three-quarters est-
mated, $780, ,909,6?.
Total receipts, actual and estimated, $685.
100000; total expenditures, actual and esti-
mated, $25S,OOO,O00, leaving balance of re-
/ ceipts over expenditures amounting to $780,
0OO,OW. Estimated amount due sinking fund,
i $45,Sl6, T4l0I, being net balance OF receipts
over expenses amounting to $39, 1873 258.93.
II the revenue for the fiscal year which will
end on June 30, 1885, be estimated upon the
basis OF existing laws, the Secretary is of the
opinion that for that year the receipts win
| exceed by S60.000,000 the ordinary eXpendi-
lures, including the amount devoted to the
sinking fund. Hitherto the surplus as fast
as it has accumulated, has been devoted to
the reduction of the National debt. As a
result, the only bonds now outstanding
which are redeemable at the pleasure of
! the Government. are the three per cents.
amounting to about S305, 600, 900. The
AZ per cents, amounting to $250,000.0o0, and
the S737, 900 O0j of four per cents are not pay
| 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 Az per cents.
can be called in. The latter, at the same
rate of accumulation of surplus, can be
paid at maturity and the moneys requisite
for the redemption of the four per cents. viii
be in the Treasury many years before those
! Obligations become payable.
THE TRADE DOLLAR.
The trade dollar was coined for the purpose
OF traffic i'll countries where silver passed at
its value, ascertained by its weight and fine
ness. 1t never had legal-tender quality.
Large numbers Of these coins entered, howey-
er, into the volume of our currency by COM
mon consent. Their circulation in domestic
trade has now ceased, and they have in the
United States become a disturbing element.
They should not be longer permitted to en-
barrass our currency system. | recommend
that provision for their reception by the treas
ury and minis as bullion alta small percentage
above the current market price of silver of
| like fneness be made.
CONSOLIDATION OF REVENUE DISTRICTS.
The Secretary of the Treasury advises con-
..JnE. 81 IL. n
the country, and suggests that the President
be vested with such power in relation thereto
as is now given him by Section g. al of the Re-
vised Statutes. The statistics on this subject
which are contained in his report furnish of
| themselves a strong argument in defense of
his views. At the adjournment of Congress
the number OF internal revenue collection dis
trictS was 1876 By executive orders, dated
June 70, 1885, directed that certain of the dis
tricts be consolidated. The result has been
reduction of one-third their number, which at
present is but eighty-three.
INDIAN AFFAIRS
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 con-
ditiOn of our indian tribeS-a raid from Next
co into Arizona by a small party of Indians,
which was pursued by Gen. 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 so many years disturbed
the West, will hereafter remain in peaceable
submission.
COAST EXPENSES.
again call your attention to the present
condition OF our extended sea coast, upon
which are so many large cities whose wealth
and importance to the country would in time
of war invite attack from modern armored
ships, against which our existing defensive
works could give adequate protection.
Those works were built before the introduce
ton of modern heavy rifled guns into mari
time warfare, and If they are not put in an
afhcient condition we may easily be subjected
f0 humiiatinD nv q hOStifn w urr0afIyy in
ferior to ourselves.
TORPEDO DEFENSES.
AS germane to this subject, call your att
submarine torpedo defenses. Inc board au t
thorized by the last Congress to report on the
method which should be adapted for the man
ufacture OF heavy ordnance adopted to mod
ern warfare has visited the principal iron and
steel works H. this country and in Europe. 1t
IS hoped that its report will be SO madtiand that
Congress Will therefore be disposed TO provide
suitable facilities and places for the manu-
facture OF such guns as are now imperatiyely
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 the inspection Of the troops
From the reports of these officers am in
duced to believe that the encouragement of
the State militia organization by the National
Government would be followed by very graf
lying results, and would afford. in sudden
emergencies the aid of large body of volun-
teers educated in the performance Of military
duties.
NAVAL AFFAIRS.
"A The Secretary of the Navy reports that, lin-
der the authority of the acts of August s,
1882, and March 3, 1883, the work of strength
ening our navy by the construction of modern
vessels has been auspiciousy begun. Three
cruisers are in progress of construction
Chicago, OF 1890 tons displacement and the
Boston and Atlanta, each of 1850 tons. They
are to be built OF steel, with the tensile
strengths and ductility prescribed by
law, and in combination of speed,
endurance and armament, are ex-
pected to compare favorably with
the best nnarmored war vessels of other
nations. fourth vessel, the Dolphin, is to
be constructed OF similar material. and is in
tended to serve as Il fleet dispatch boat. The
double turreted MONITORS Puritan, Ample
rite and Terror, have been launched on the
Delaware River, and contract has been
made for the supply of their machinery. A
similar monitor, the Monadnock, has been
launched In California. The Naval Advisory
Board and the Secretary recommend the
completion of the monitors, the construction
of four gunboats, and also of three additional
steel vessels, like the Chicago, Boston and
Dolphin, as an important measure OF materi-
al defense.
INTERNAL WATERWAYS.
The Secretary urges, also, the immediate
creation of au internal fast line of waterways;
across the peninsula of Florida, along the