Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1883-12-14
SS5,OOO,OOO 90
45,Sl8.74l o.
$@.lS,25s 9s
Leaving a balance of.

IL the revenue for the fiscal year, which will
basis of existing laws, the Secretary is of the
opinion that for that year the receipts will
exceed sixty millions over the ordinary cx-
pcndtturcs, including amount devoted TO the
reduction of the national debt As a result
the only bonds outstanding which are redeem
able az the pleasure OF the Government are
the three per cents, amounting to about $751;
OOO.0OO The four and one-half Der cents
amounting to S2J0OO0,0OO and the SO, 600 90
OF four per cents are not payable until 1891
and 1907 respectively. IL the surplus shall
hereafter be as large as the treasury estimates
now Indicate the three per cent. bonds NAV
all be redeemed at least four years before any
OF the Tour and Onc-half per cents can he
called in. The latter, at the same rate of ac-
emulation of surplus, can he paid at matIr-
lily, and the moneys requisite for the rcdemp-
ton OF the four per cents will be in the Treas
ury many years before those obligations be-
come payable. There are cogcnt reasons
however, why the national Indebtedness
should not bc thus rapidly cxtingushed
Chict among them l. the fact that only 10y ex-
ccssivc taxation is such rapidity attainable.
In communication TO the Congress at its
last session, | recommended that all excise
taxes bc abolished except those relating &c,
distilled spirits, and that substantial reduc-
lions also bc made i'm the revenue from GUS
toms. statute has since been enacted by
which the annual tax and tariff receipts of the
Government have been cut down to the eX-
tent of at least $jOOOOODO or 800 OOOO0 While
have no doubt that still further reductions
may DC adviScdly made. / do not advise the
adoption at this session of any measures for a
The results of the legislation of last session
are not as yet become sufficiently apparent
TO justify any radical revision or sweeping
mOulncatlOn or the existing law. In the i'm
tcrval which must elapse before the effects of
the act of March 3. lSS}, can be definitely as
certained. n portion, at least, of the surplus
revenues may be easily applied to the long
neglected duty of rehabilitating our navy and
improving the coast dcfenses for the protec-
zion of harhOrs."
This is a matter to which will again advert.
Immediately associated with ~the financial
subject discussed i'm this important question
what legislation is needed regarding the mn.
tional currency The aggregate amount of
bonds now on deposit I'm the Treasury to sup
port the National Bank circulation Is about
SEb,OO,O0. Nearly $3OO,0OO,OO0 of this amount
consists of three per cents. which, as already
stated, are payable at the pleasure of the Gov
eminent, and are likely to be called i'm within
less than four years, unless meantime the
surplus revenues shall be- diminished Tho
probable effect of such an extensive retire
ment OF securities, which are the basis OF the
National Bank circulation. would be such n
contraction of the volume of the currency rs
10 produce grave commercial embarrass-
ments. How can the danger he ObviatedY
Inc most efcctual plan and one whose adop-
ton at the earliest practicable opp0rtunity I
shall heartily approve, has already been in
dicated. III the revenues of the next four
years shall he kept substantially commensu-
rate with the expenses. the volume of circula.
ton Will not bc likely to suffer any material
disturbance. but on the other hand, II there
snail DC great delay in reducing taxation il
Will become necessary either to substitute
some other form OF currency I'm place Of Ma
c cibOn D al hotes or 70 make important
Is now controlled. Inmy Judgment the latter
course IS far preferable. I commend to your
attention the very interesting and thoughtful
suggestions on this subject which appear i'm
the Sccretary's report. The Objections which
ne urges against the acceptance of any other
securities than the obligations OF the Govern
ment itself as foundation for National Bank
circulation seems to me insupcfable For
averting the threatened contraction two
courses have been suggested. either OF which
Is probably feasible. Ono Is the issuance of
new bonds having many years to run. bearing
low rate OF interest and exchangeablc upon
tpecincd terms Tor those now outstanding. The
other course which comments itself to NV
own judgment as the better one is the enact
men. men OF Jaw prohibiting the tax on circula-
ton and permitting the banks to issue notes
Tor an amount equal to ninety per cent. of the
market value instead of as now the face value
Secretary in the belief that the adoption of
this plan would afford the necessary relief
Inc trade dollar, coined for the purpose OF
trathc in countries where silver passed ct its
value as ascertatned by weight and fneness
never had a legal tender quality. Large mum.
oeIs OF tnese coins entered, however. into the
volume OF our currency. by common consent
their circulation in domestic trade has now
ceased and they have thus become adisturbin0
element They should not be longer permitted
10 eSnoarrass our currency system. I recon-
mend that provision for their reception by the
treasury and minis as bullion at a small per
silver OF like hneness.
The SECRETARY OF the Treasury advised n
consohdation OF certain of the customs dis
tr1cts or the country and suggests that the
PRESIDENT be vested with such power in rela-
ton thereto as Is now given him in respect 10
the collection OF internal revenue by section
Sltl OF the Revised Statutes. The statistics on
this subject which are contained in his report
furnish OF themselves a strong argument in
defense OF his views. At the adjournment of
congress the number OF Internal revenue col
lection districts WIS 126. By executive orders
dated June :. 1883. directed that certain OF
these districts be consolidated. The result
has been reduction of one-third of their
number, which at present is but So.
COAST DEFENSE.
again call your attention to the present
conoiton OF our extended sea coast upon
which 50 many large cities. whose wealth and
importance 10 the country would. in time of
war, invite attack from modern armored
ships. against which our existing defensive
works could give no adequate protection
Those works were built before the introduc-
ton OF modern heavy rined guns into mari
time warfare, and IL they are not put in
emcient condition, we may be easily subject
cd 10 humiliation by q hostile power greatly
inferior 70 ourselves. As german TO this sub
1ect. call your attention TO the importance
OF perfectinR our submarine tor
pedoes- The Board authorized by the last
Congress 70 report on the method which
should be adopted for the manufacture OF
heavy ordinance adapted TO modern warfare
has visited tho principal iron and steel works