Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1883-12-06

once expedieut- Thougn o. tus PSo.'e 80 .h;ss,
ms upon US II is to be considered that the oolec,
for which IL was in the main incurred was ths sVou
Of coming generations, as well as OF thAt Neu ~ ~
curred II and that IL is not unjust 10 tnem tnAt'
rsaninx measure OF the benefits it purchased
they should bear their share OF the burden oi pay
mert But as our Interest bearing puolle @ eso, ~ -
over one billion and quarter OF dollars lsl,Sl2
ls6 go In exact fguresl snd about S5o,Oooo and
about $40 200 vo0 OF il beyond our reach Tor pay
nent for about mine and seventeen years res ptct-
iyeiy. and NAV moi be brought in by purchase,
save AT heavy rates of premium, even IL II can by
paying those rates. there Is forced upon our AZ
fentio, the Question, how shall heaped-up sur
MIN, OF public money be avoided? The discussion
Of this question in former reports OF this depart
ment admits of but one consistent answer from u
now; the views therein expreessd have not been
given up. There ought 10 be a reduction tof ia1a-
lion
THE SINKING FUND.
In connection herewith IL Is proper TO call at
tsntion to the statutes providing for SINKING
fund .., o,o, - /,
3se5 Of United States Revised Statutes II Is pro-
vided that the coin paid Tor duties on imported
goods shall be set apart special fund TO be ap-
piled. first to payment in coin OF the interest on
The bonds and notes of the United States; second,
to the purchase or payment of ] per cent OF the
entire debt of the United states TO be made within
each fiscal year and in addiHon ,neIe'o; an R
amount equal TO the interest on all bonds Detohe-
ing to the sinking fund, as the secretary o. tne
treasury shall from time to time direct Inns 90
Hsation 10 regard the coin received for duties on
imported goods. as pledge Tor the Rraoual e1-
tinction OF the national debt, has been observed
by This department and an account kept OF the
amounts applied from year TO year TO the sinking
fund defailed statement OF which Is submitted
with this report
by the government with its creditors, at a time
when its bonds were regarded as OF far less value
in the market OF the world than at the present
time will be he'd sacred until the debt is extin-
guished Ii is true that the debt has been paid
much more rapidly than 1t would have been, had
only the amount OF the sinking fund been applied
TO its payment but the obligation still remains 10
set apart annually theamount required by Law, to
be applied to the extinguishment OF the pubic
amount thus required have varied somewhat, as
the amount OF the debt has unequally varied by a
more or less rapid payment of it.
The estimate of the sinking fund for the current
fiscal year is fixed at S45,sl6, I4l-47, and the
amount required will increase from year TO year
at the rate OF ABOUT sl,0OO,VOo until lsyl. II is
estimated that average OF about SJ0O0O,OO0
each year until then will be required for the sink
ing fund. This will vary according TO the amount
actually applied in payment beyond the need OF
the sinking fund.
j consider therefore, that in legslating for the
future the revenues should not be SO far reduced
as to prevent the application each year OF about
s5o0OO,0os to The sinking fund Upon the esti-
mate OF SIS, ooooo as the surplus ior me cafrent
$1,000 O0O not wanted for the regular expendi-
lures OF the government or for the payment OF the
national debt through the sinking fund.
So the question still presses, what legislation is
necessary 10 relieve the people OF unnecessary
taxes? As elsewhere suggested, 1t should not be
consumed by lavish expenditures for objects of
doubtful expediency legality, that the scheme
which has been proclaimed. OF exscnng money o. y
them by iiltering distribution through state gov
ernments, will lind any favor with Congress or the
people.
those of this department and the action of Con-
gress, and in the expression OF public opinion,
there has been substantial concord as to how the
needed reduction of the revenue should be brought
about. It has been generally conceded that the
internal revenue taxes, except those upon spirits
fermented liquors, and upon the circulation OF
banks, might well be abolished. There has been
difference whether the tax upon tobacco should
be abolished or modified. There were but lew ad-
yocates of the immediate total abolition of taxes
upon spirits or fermented liquors; Ny last report
said that taxes upon spirits and tobacco being
upon things not needful should be retained rather
than those upon the common necessaries of life;
which, proposition, is not to be co ltroverted-
But it was CONCEDED by all that substantial re-
duction should be made upon nearly all imported
articles subjected TO duties.
To make start in the proposed reduction Of
iron N pnd aS nS tbe wor nda
In its report to Congress it said: Early in It's de-
liberations the commission became convinced that
q substantial reduction of tariff duties is demand
ed, not by q mere indiscriminate popular clamor,
but by the best conservative opinion of the country
including that which has in former times been most
strenuous for the preservation OF national in
dustrial defenses such reduction of the existing
tariff the commission regards not only as a due
recognition OF public sentiment and measure of
Justice to consumers, but one conducive to the
general industrial prosperity, and which, though
il may be temp rarily ineonyenient, Will be ulti-
mately beneficial 10 the special interests AFT -cted
by such reduction" Again: Entertaining these
views the commission has sought 10 present
scheme of tariff duties In which substantial Ie-
duction should be the distinguishing featsre.
The average reduction In rates, including that
from the enlargement of the free list and the
abolition of the duties on charges and commits
sions, az which the commission mas aimed, is not
less the average tn 20 per cent, and II is the
opinion of the commission that the reduction
ooal.O Ind aeruin hac
been the effort of the commission to make the
reduction apply IN commodities of nece sary gen
eral eonsumpt and 70 dimnisn S or Wltnnold
quiring more labor and which. being consumed
principally by the more wealthy classes, could
bear higher duties at the same time supplying
revenue and encouraging the higher arts without
being oppressive in their operation"
The chairman of the Senate committee on fl
nance in explanation of the bill before the SEN
ate last year, which after various amendments be-
came a law, estimdted at s45 600 0oo the reduction
of the revenue which would follow the changes in
the tariff proposed thereby,
These intentions and calculations have not been
verified.
The estimated receipts for the current year from
customs are Sl95, reduction of less than
SO. 600 u00 Considering that there has been less
depression of business during the past and current
year, 1t is probable, should business revive that
the revenues from customs under the present laws
will in succeeding years increase Iather than d.
minish.
the repeal OF internal revenue taxes proposed by
their Dill would effect reduction OF S34, 790, ,33i
The commissioner of internal revenue estimates
that the aggregate amount of reduction made by
the act will not be less than si3 0O0 000 per annum,
including the six millions of taxes on deposits of
national banks; but ne turther eStlmates tnat tne
augment the revenues from that source Hs TO make
the aggregate receipts from internal revenue for
this year size 600 00 or about 500 900 less than
those for the preceding year. The reduction, there
fsre, from all sources of internal revenue for the
current year appears to be about $40 100 600 less
tna frafffl hy fhQ n mn
mittee. We have, then a reduction OF S30,Ooo,OO0
less than was sought for and expected.
The question recurs: Shall we now seek again
Sor thar reduction which was not attained, and ia
It now advisable TO attempt reduction of the
revenues for future years TO arise from duties on
imporfsH There was general agreement that sub
stantial reduction of the tariff should be made.
The estimates of the tariff commission and of the
Senate committee show what was the contem-
plated reduction. The actual results SO far OBJ
iainei indicate that the reduction labored for has
not been effected by the new tariff act 1ti TO be
charged to the inc ease Of importations keeping
up the amount of customs revenue. he sta-
tstics of our foreign commerce show that there
has not been an increase charseable there
with. As to the principles of reduction, if a re-
vision be practicable, there seems to be little dis
agreement. The reduction should be made on
articles entering into general consumption as
necessares-a sugar, ,molasses and the.like-rather
than upon luxuries; upon raw materials, rather
than manufactured with due regard to the foster
ing of domestic industries and occupations, es-
pecially those not fully established. In the re-
port of this department last year. the reduction as
applied to the principal classes of dutable arti-
e1es Was considered somewhat in detail, and, ad-
herring to the views there expressed, repetition
ef them is unnecessary.
1t may not be deemed expedient SO soon to
make again a revision of the tariff TO effect re-
duction.
And there are considerations which are apt upon
this head The new tariff actwent into operation,
in all its parts the first day of July, 1855. There
has gone by since then but little over oRethird OF
fiscal year. 1t is q short time in which TO learn
with accuracy how so important and wide-reach.
industrial interests of the country, will perma-
nently affect the revenues. II is known that in
some respects the first effects of it may not be re
lied upon as stable. Wherein the provisions of II
lessened the duties upon foreign articles it stimu
lated importatons thereof, Immediately before the
first day of July. The goods were placed
in bonded warehouses, to be Withdrawn
at once after that day, on payment oi
duties at the new rates. Wherein it increased
the duties las it did in some instances by pro
visions 10 meet the adjudication of courts or the
rulings of this Department., it stimulated importa
tions prior to July l, 1884, with the purpose of tax
ing the benefit OF the lower rate prevalent up t.
that date. These accelerated importations were
tons of the same articles after the law took effect
SO that the lasting effects of the application of
10 the business of the country may not be know
with relab certainty, either in the general resul
upon the volume ofrevenue to be yielded by dutie
upon imports. or in its particular results upon rs
pecial classes Of goods and especial branches o
domestic industry.
Again, il may be deemed needful TO SO legislat
70 lin tfdn nd fnQa oc nnffa n