News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1883-12-27
Making. ..--......-.-..-...S
Was applied to the redem7


Refunding certificates. 1Og.I5O 90
Old demand compound interest,
and other not -s.............. 49, 300 90
Total. .....................S1 34, IFS, 756 Sc
Compared with the previous fiscal
year, the receipts of 1888 have decreased
SIS, 172, 04S. IS. aud there was an in
crease Of 50 93L $50 O5, making net
decrease of IS. 237, G6S. 49,
The expenses Of the first quarter of
the year were $95, 666, 911O3. The Sec
rotary estimates that for the next three
quarters they will be &247, OBS, OS2. 81,
and shows these figures for the year:
GRAND TOTALS.
Total receipts S343, 900. roo 90
Total expenditures. ........... 25S. 0OO 600 90
s85.OoO. ooO 90
Amount due the sinking fund. 45.816,74i o.
Leaving balance Of. 800. .s39. 1s3. 258 90
Excluding the sinking fund, the esti-
mated expenditures for the year 1885
will be S236 SO, 54S, showing an ex.
pected surplus Of S106, IA, 452.
STANDARD SILVER DOLLARS.
On Nov. l. 1888. under the act of
of standard silver dollars amounting to
1856, 720, $40; there were in the Treasury
at that date SIG 3S6.O17 There were
then IN circulation, and IN the uaiuts on
account of profits on the coinage not vet
deposited IN the Treasury, $40, 33I, $50.
There were in circulation on Nov l,
1882, S35 3S3. 7S6. The coinage between
the LIST Of November, 1882, and the same
date in 1888 hal increased S2S 39l ,GG9;
the amount in circulation for the same
time had increased 81. 136. 321 thus
keeping up the great disProportion be-
tween the amount ready to be supplied
and the demand for them, heretofore
noted in the reports of this department.
TEE TRADE DOLLAR.
1t is possible, says the Secretary, to
make an estimate Of the amount that
would come to the Treasury for redemp-
ton if authority were given therefor.
The whole issue of the coin has been
S35, $50, 446. Some of that has disap-
peared in manufactured articles; it is
estimated from one to two millions. II
is calculated that fivc-sixths thereof
went abroad in the beginning, and it is
believed that but small part of that has
by our people but from five to eight
millions.
thorough and effective redemption
of it can be brought aboutin this way
Let authority he given by Congress to
the Treasury Department to barter for
trade dollars, at their nominal value,
standard dollars at their nominal value,
and melting the trade dollars to recon
them into standard silver dollars, count
ing the trade dollars got in this way as
part of the silver bullion which the
act of 1878 empowers and directs to be
bought and coined monthly. Should
the trade dollars have been so abraded
in use as to have lost a considerable part
of their original weight, which is not
much to be apprehended, deduction
might be made from the price, and frac-
tional payments made in subsidiary and
minor silver coin.
The coin circulation of the country on
June 80. 1888, is estimated, from the
statistics of coinage and net imports of
coin, to have been S765, 470,993.
HOW TO REDUCE.
AS to the question, What legislation
is necessary TO relieve the people of
y
il should not be assumed that the
surplus in the Treasury will be con-
sumed by lavish expenditures for objects
of doubtful expediercy or legality. or
that the scE-ul- winch has been pro-
claimed, of exacting money from the
people for the purpose of returning 1t to
them by fltering distribution through
State governments. will find any favor
with Congress or the people. In the
recommendations of the President and
those of this department, and the action
of Congress, and in the expression of
public opinion, there has been sub
stantiaI concord as to how the needed
reduction of the revenue should be
brought about
1t has been generally conceded that
the internal revenue taxes, except those
upon spirits. fermented liquors, and
mon tie circulation o. banks, might
well be abolished. There has been diff
ference whether the tax upon tobacco
should be abolished OF la"dified. There
were but few advocates # the immediate
total abolition Of taxes upon spirits on
fermentcd liquors. My last report said
that taxes upon spirits AM tobacco, he
ino, up0n filings not nCcdful, should be
retained rather than those upon the
common Dccessares of life, which, as a
T1ropositfon. Is not to be controverted.
R1t If was cc~lcCded 10y all that a sub
stantiaI rel fction should be made upon
nearly all imported r~ticles subjected to
duties.
HOW TO INCREASE OUR SHIPPING.
There appear but two methods by
which orr foreign shipping can be di-
rectlv overwhelmingly, by subsidies
and by allowing the free purchase of
foreign ships. Whether either or both
IF these means shall be adopted will de-
pend on the judgment of Congress |
it Is better to resort to them
han to suffer the yearly loss of eighty !
our per cent of the freightage on ex-
ported and I'M ported merchandise.