River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1883-12-13


If the revenues for the fiscal year which will
| end on June 30, 1885, be estimated upon the
| basis of existing laws the secretary s of the
opinion that for that year the receipts will ex-
| coed by $50. 600, 600 the ordinary expendi-
lures, including the amount devoted 10 the
| sinking fund. Hitherto the surplus, as rapid
| " as it has accumulated has been devoted to
the reduction Of the national debt As result
| the oply bonds now outstanding which are re-
deemable at the p.sasnre of the government are
te per cents. amounting to S3 I'D, mp ,,, NM er,,,
and the S737, 0O0, 900 a per cents are not
, avsble until 1891 and 1907 respectively. If
the surplus snail hereafter De as large as tho
treasury estimates now indicate, the 3 per cent
bonds may all be redeemed at least four years
before any OF the 4l2 per cents can be called
in The latter at the same rate of accumuia-
ton of surplus oan be paid at matur
ty, and the moneys requisite Tor
tile redemption of the 4 per cents will
be in the treasury long before these obligations
become payable There are cogent reasons,
however, why the national indebtedness should
not be thus rapidly extingushed- Chief
among them ID the fact that ONLY by excessive
taxation is such rapidly attaiusble.
REDUCING THE REVENUE.
In communication to congress at lt5 last
session l recommended that all excIse De aool-
ished except those relating to distilled spirits,
and that q substantial reduction also be made
in the revenues from customs. A statute has
since been enacted by which the annual YAK
and tariff receipts Of the government
have been cut down to the extent
Of ut least fifty or sixty millions Of dollars.
While have no doubt that still further reduc-
tons may be wisely made, d9 not advise The
adoption at this session of any measures for
large dimnution of the ratloB2l revenues.
The results of the legislation of lsst session Of
congress have not as yet become sufficiently
apparent to Justify any radical revision or
sweeping notifications of existing law la the
interval which must elapse before the effects
of the act OF March 3, 1883, can be definitely
ascertained a portion, At least. OF this surplus
revenues may be wisely applied to the long
neglected duty of rehabilitating our navy and
providing defenses for tbs protection of our
harbors This is a matter 10 which l shall
again advert immediately associated with the
financial subjects just discussed Is the import
ant question, What legislation Is needed re-
garding the pational currency? The aggregate
amount Of bonds now on deposit in the treas
urv 10 support the national bank circulation s
about $3.50, 900, 600: nearly $500, 600, 900
Of this amount consists Of 3 per cents, which,
as already stated, are payable at the
pleasure of tue government, and are likely to
be called IN within less than four years, unless
meantime the surplus revenues shall be di-
minished The probable effect Of such
are the basis Of the national bank circulation
would be such contraction OF the volume OF
the currency as TO produce grave commercial
embarrassment How can the danger be obvi-
ated? The most effectnal plan, aud one
whose adoption at the earliest practical
opportunity I shall heartily approve, has
already been indicated If the reye-
nues Of the next four years shall
kept substantially commensurase With the ex-