The Northern Pacific farmer. [volume] (Wadena, Minn.) 1878-1885, 1883-12-13
s67.o42,0oO SO $3.50. 057.so9 g.
$34s,ooO.coo DOL
25s.OOO, 700 col
45.816.741 OIL
90 1o3 OSQ O9t

II the revenues for the fiscal year which will
end on June 80, 1885, be estimated upon the
basis of existing laws, the secretary is Of the
opinion thst for that year the receipts will e1
lures, including the amount devoted to 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 ouly bonds now outstanding which are re-
deemable at the pleasure of the government are
the 8 per cents. amounting to S3O5.OOO.OOO:
4l2 per cents, amounting to spzoU, uUL, UUu;
and the 1871, 10000 4 per cents are not
payable until 1891 and 1907 respectively. II
the surplus small hereafter DO az large as the
treasury estimates now indicate, the 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 accumula-
ton OF surplus oan be paid at matur-
i,y, and the moneys requisite for
the redemption Of the 4 per cents will
become payable 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 rapidly attainable.
REDUCING THE REVENUE.
In communication to congress at its last
session recommended that all excise be abol-
ished except those relating to distilled spirits,
and that substantial reduction also be made
in the revenues from customs. A statute mas
since been enacted by which the annual TAX
and tariff receipts of the government
have been cut down to the extent
of at least fifty or sixty millions OF dollars
While have no doubt that still further reduc-
tons may be wisely made, d. not advise the
adoption at this session of any measures Tor
largo diminution of the national. revenues
The results of the legislation Of last session Of
congressshave not as yet become sufficiently
apparent to Justify any radical revision or
sweeping notifications Of existing law. ln the
interval which must elapse before the effects
Of the act of March 8, 1883, can be definitely
ascertained, portion, at least Of this surplus
revenues may be wisely applied to the long
neglected duty of rehabilitating our navy and
providing defenses for the protection of our
harbors This is q matter to which shall
again advert. immediately associated with the
financial subjects just discussed is the import
ant question, What legislation is needed re-
garding the national currency? The aggregate
amount of bonds now on deposit in the treas
urv to support the national bank circulation is
about 1850, OOO, 600; nearly 5000, DOC, 600
of this amount consists of per cents, which,
as already stated, are payable q the
pleasure Of the government and are likely to
be called in within less than four years, unless
meantime the surplus revenues shall be d.
minished. The probable effect Of such %
| are the basis Of the national bank circulation
would be such contraction Of the volume OF
the currency % to produce grave commercial
embarrassment How can the danger be obvi-
ated? The most e6ectusl plan, and one
whose adoption ct the earliest practical
opportunity I shsll heartily approve. haa
already been indicated Il the reye
nues b Of 6 the naxt four years shall
kept suhstautiallx oomn9ensurate with the sx-