The times. (Owosso, Mich.) 1882-1897, 1883-12-07

II the revenue for the fiscal year which
will end on June 80, 1885, be estimated upon
the basis of existing laws the Secretary is OF
the opinion that for that year the receipts
will exceed by 100000, 600 the ordinary ex.
penditures. including the amount devoted to
rapidly as it has accumulated, has been de-
voted to the reduction of the national debt.
AS result, the only bonds now outstanding
which are redeemable at the pleasure of the
government are the per cents, amounting
amounting to $3.50, OOO, OOO and the S737, 600,
600 of 4 per cents, are not payable until 1891
and 1907, respectively. If the surplus shall
hereafter be as large as the Treasury esti-
mates now indicate, the 3 per cent, bonds
may all be redeemed at least four years be-
for any OF the l-2 per cents. can be called
in. The latter, at the same rate of accumu.
latiOn of surplus, can be paid at maturity,
and the moneys requisite for the redemption
of the per cents. will be i'm the treasury
many years before those obligations become
payable.
THE TRADE DOLLAR.
The trade dollar was coined for the pur
pose of traffic in countries where silver pass
ed at its value aScertainedby its weight and
fineness 1t never had u legal tender quail
ty. 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 i'm the United States become a disturb
ing element They should not be longer
permitted to embarrass our currency system.
l recommend that provision for their recep-
ton by the treasury and minis as bullion nj
asmall percentage above the current market
price of silver OF like fineness be made.
CONSOLIDATION OF REVENUE DISTRICTS
The Secretary Of the Treasury advises o
consolidation OF certain Of the customs dis
trictss of the country, and suggests that the
President be vested with such power in re-
latiOn thereto as is now given him by Sec
ton 3,141 of the Revised Statutes. The
statistics on this subject which are contain
ed I'm his report furnish OF themselves o
strong argument In defense Of his views. AZ
The adjournment of Congress the number Of
internal revenue collection districts was l2G
directed that certain Of the districts be con
solidated. The result has been reduction
OF One-third their number, which mt present
is but cighty-three.
INDIAN AFFAIRS.
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
condition of our Indian tribes-a raid from
Mexico Into b;.i Arizona by small party Of
into the mountain regions from which Il
had come 1t Is confidently hoped that Sc
rious outbreaks will not again occur, and
that the Indian tribes, which have for so
many years disturbed the West, will here
after 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
arlIiOred ships, against which our existing
defensive works could give no adequate pro
lection. Those works were built before the
Introduction Of modern heavy rified guns
into maritime warfare, and IL they are not
put In an efficient condition we may easily
be subjected to humiliation by hostile
power greatly inferior to ourselves.
TORPEDO DEFENsEs.
As germanc to this subject call your at
tention to the importance of perfecting our
submarine torpedo dcfenses. The board
authorized by the last Congress to report on
the method which should be adapted for the
of heavy ordnance adopted to
modern. warfare has visited the principal
iron and steel works In this country and In
Europe. y Is hoped that It's report will be 50
made and that Congress will therefore be dis
posed to provide suitable facilities and
places for the manufacture of such guns as
are now imperatively needed.