The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1883-12-07

| luuleS. bTallI, WHOSE NatiOnal Quiet Tor
its great National staple, coffee, Is through
duty upon that product. Our petro-
leum exports are hampered in Turkey and
other Eastern ports by restrictions as to
storage and by OnerOus taxation. For
these mischefs adequate relief Is not al
ways provided by reciprocity treaties like
that with Hawaii, or that lately negot-
ated with Mexico and now awaiting the
action of the senate. Is 1t not advisable to
| provide some measure OF equitable retail
alton in our relations with governments
| which discriminate against our own? Ii,
| for example, the executive were empow-
cred to apply to Spanish vessels and car
goes from Cuba and Porto Rico the same
| rules Of treatment and scale Of penalties
for technical faults which are applied to
our own vessels and cargoes in the An
TILES a resort to that course might not be
barren of good results.
| FINANCE AND REVENUE,
The report of the Secretary of the Treas
ury gives full and interesting exhibit Of
the financial condition OF the country. 1t
/ shows that the ordinary revenues from all
| sources, for the fiscal year ended June 30,
| 1888 amounted to $3.50. .S7, 5Sl.95, whereof
there was received from the customs, S2l4,-
| 706, 1868; from internal revenue, Sli4-
72O,3tS.9S; from sales of public lands,
| 81, 80, e64. AZ; from tax on circulation and
deposits of national banks, SO, III, o.. So;
from profits on the coinage of bullion
deSposits and assays, S4, AGO, 20J II; from
2S7, Sl.95. For the same period the ordi-
nary expenditures We're, for civil expenses,
| 81, 343, 2S5. u; for foreign intercourse
~, 49, g75.2; for Indians, $780,, 1854 I;
for pensions, 500 OH, $780,; for the Mill
tary establishments and arsenalS, S4S,9ll,-
3SI93; for the naval establishments, includ-
Ing vessels aud imprO yements at navy
| yard, 81 2333, 452. II; Tor miscellaneous eX-
pendltures. including public buildings,
| iightnouses, and collecting the revenues,
S40 o9S, 49,. Is; for expenditures on account
OF District OF Columbia, So, $40 S4s; for
interest on the public debt, S 8, 100 1871 %.
Total, S2j5, 40S ~ "a. Leaving surplus
revenue OF ol3 ,S79, 44+4l, which, with an
amount drawn from the cash balance in
the treasury of 81, 100, 312. 55-Sl34 IT'S, Co.
8-Was applied to the redemption OF the
sinking fund, and S4i, 700 Of fractional
currency. For the sinking fund.- SAC, $50. 80
or the funded loan of 1881 were continued
az IL per cent; SCI, $50, $50 of the loan Of
ssqly and August, Isl, were continued at
sl-2 per cent. and 50 ,59l.6 0 of the
funded loan of 1877, sl4ls,S of the fund.
ed loan OF 1881, $40, 80 Of the loan of Feb
ruary 1861, SIS, 900 of the loan of July and
| August, 1851, S2G6,6JO of loan of March,
1868, 81 $50, of loan of July, 1882, SAT, $50;
OF 5-2Js of 1852, Sl0,SOO; of 5-2,s of 1864,
", $50; Of POS IF 1865 So, 600; of lO-4Os of
1868, sl33, SO; of cOnsols Of 1866, $40, so; of
consols Vt 1867, $s35, 20 I; of consos of ISIS,
sls4, 65n; OF Oregon war debt 40; of
refundlng certificates, Sl09, 100; of old de-
mand compound interest and other notes,
Sl3,3OO. Total, 1874, IT'S, 1885,
There are cogent reasons, however, why
| the national Indebtedness should not be
| thus rapidly extinguished. Chief among
| them Is the fact that only by excessive
taxation is such rapidity attaintble. In a
communication to the congress, at its last
| session, recommended that all excessive
taxes be abolished, except those relating to
distilled spirits, and that substantial re-
auctions be also made in the revenues from
| customs. A statute has since been en-
| acted by which the annual tax and tariff
| receipts of the government have been cut
| down to the extent of at least $50, 900
| or $50, O00,00. While have no doubt that
| still further reductions NAV be wisely
| made, do not advise the adoption at this
| session OF any measure for a large diminu-
| ton of the national revenues. The results
| OF the legislation of the last session of con-
| gress have not as yet become sufficiently
apparent to Justify any radical revision or
sweeping notifications of the existing
| law.
In the interval which must elapse before
| the effects Of the act Of March 3, 1888, can
be definitely ascertained, a portion at
| least of the surplus revenues may be wise
ly applied to the long neglected duty OF
rehablitating our nation and providing
defenses for the protection OF our harbOrs.
This is matter to which l shall again
advert
| M NTH ha emo
cial subject just discussed is the important
question, What legislation is needed re-
garding the national currency? The az
| gregate of bonds now on deposit in the
treasury to support the national bank cir
culatiOn is about $3.50, 0C0 900. Nearly 5000,
OOO, 600 of this amount consists of 8 pei
cents, which, as before stated, are paya-
BILE at the pleasure of the government, and
are likely to be called in within less
than four years, unless, 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
contraction of the volume of the currency
as to produce grave commercial embarrass.
ment. How can the danger be Obviatedi
The most effectual plan, and one whose
adoption at the earliest practical opportu-
nifty | shall heartily approve, has already
1
next four years shall be kept substantially
commensurate with the expenses, the vol
ume of circulation will not be likely to Suf-
fer any material disturbance. But If, on
the other hand, there shall be great delay
in reducing taxation, 1t will become neces-
sary 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 CONTROL
ed. In my Judgment the latter course Is
far preferable.
commend to your attention the very in
teresting and thoughtful suggestion on this
subject which appears in the secretary's
report The objections which he urges
against the acceptance Of any other secu-
| rites than the obligations of the govern
ment itself as foundation for national
bank circulation seems 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 low rate of interest, and
exchangeable upon the specified terms of
those now outstanding. The other course,
which commends itself to my Judgment
as the better, Is the enactment of law
repeating the tax on circulation. and per-
hitting the banks to issue notes for an
amount equal to 80 per cent. of the market
value, instead of, as now, the face value
secretary in the belief that the adoption
Of this plan will afford the necessary re-
lief.
RECEIPTS AND DISBURSEMENTS.
The revenue for the present fiscal year,
actual and estimated, Is as follows:
-