Morning journal and courier., 1883-12-05
THE NATIONAL REVENUES. The latter. at the same rate of accuu

The latter, at the same rate of accumula- ] ton of surplus, can be paid at maturity, and the moneys requisite for the redemption of the per cents will be in the treasury many years before those obligations become payable. There are eogent req not be thus rapidly extinguished Chief snleng them
 is the fact that only by excessive taxation is such gress at last session. recommended that all excise taxes be abolished, except those relating to distilled in revenue from customs. statute has since boen enacted by which annual tax and tariff receipts of at least ty sixty millions of dollars While have doubt th1t still further reductions may be wssy any measures for large elimination of the national revenues The results of he legislation at the last session of Congress havs not as yet become cent ly apparent to justify radical revision or sweep ing mod ,tication of existing laws.
 of the Ae of March B. 1884, bs definitely ascer- tained portion the surplus revenues may bili atins nation and provlding coast defences for the protection of harbors. This is matter ed with the financial subject just discussed the i
 portant question what egslaon is needed regarding bonds now on deposit the treasury support the rational bank circulation is about S50 000 Near $20O of this amount consists of per cenis which. already stated payable at the pleasure of the government and are likely to be called iu within lees than four years unless meantime the sur plus revenues sh al be diminished The probable feet of such extensive retirement O the securities shca the basis of the national Ink circulation would be such contraction of the volume of the rency to produce commercial embarrassment.
 
 plan whose adoption at the earliest practic- able opportunity shall heart approve has already sbalI bs kept substantially commensurate with the expsnses the volume of circu aton will not be A ely other hand there shall bs great delay in reducing tax stinn it will become necessary either to substitute bank notes or to make important angea in the laws by which their circulation ia now control ed h judgment the latter course is far preferable. mend to your attention the very interesting and thoughtful suggestions upon this subject which ap pear m the secretsry rePers me IF wnlcn ties than the oblsatiepa of the government itself as insuparable for averting the threatened contrac- tion. Two courses have been suggested, either of which ia' probably feasible. One is the issuance of new bonds having many years to run. bearing 8 low rate of interest, and eIchangeabe upon specified terms with those outs and1ng The other WnIcn cornmends ttsen to my own Judgment as bet is the enactment Of law repeating the tax cir cuStion, and permitting the banks to issue notes for an amount equal to 80 per cent Of the market value instead Of as the face value of their deposited bonds. agree with the secretary in the belief that relief The trade dollar coined for the purpose of traffic in countries where silver passed st it's value nscert&ined by its weight and hneness. It never had legal tender quality. Large numbers of these coins entered, however, into the volume of our our meAtio trade has ceased and they have thus bs- come disturbing element. They should Rot be longer permitted to embarrsss our currency system I recommend that provision for their reception by the treasury and the hints bullion at small per centage above the current market price of silver of
 The Secretary of the Treasury advises 8 consoida- ton Of certain of the customs districts of the coun try and suggests that the President be vested with Ruch power in relation thereto Is now given him tn to collections of internal revenue by sec ton Sl4l of the revised statutes. The statistics on this subject which contained in his r.port fur ntsh of themselvesa strong argument in defense or his views. At the adjournment of Congress the num- Der of internal districts WAS l26 By execu tive order dated June 25 directed that certain of these districts be consolidated. The result has been a reduction of one-third their number which present is but sS.
 INDIAN QUESTION.
 From the report of the Secretary of War it will be in only single instance has there any