The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1883-12-15
hTRltfS FROM THE PRESI-
DENTS MESSiGE.
THE FINANCIAL Frra RE

be estimated upon the basis of
existing laws, the Secretary is Of
the opinion that for that year. the
receipts will exceed s6O,OOO,OOO.
Ihe ordinary expenditure, inclu.
ding the amount devoted to the
sinking fund, heretofore the sur.
plus, as rapidly as it has aceumn-
lated has been devoted to the re.
duetlon of the national debt. As
q Result the only bonds now out.
standing which are redeemable at
The pleasure of the government.
arc the 3 per cents, smounting to
about s3o5,0OO,OOO; ~ per cents.
amounting to s2J0,OOO,OOO, and
si3i 100000 4 per cents. are not
payable until 1891 and 1907 res.
pectively. If the surplus shall
hereafter be as large as the Treas.
ury estimates now indicate, the 3
per cent. bonds may all be redeem.
ed at least four years before any
OF the A per cents can be called
IN, the latter at the same rate of
accumulation of surplus can be
paid at maturity, and the MONEYS
requisite for the redemption of
the 4 per cents will be in the
Treasury many years before thoss
obligations become payable. There
are cogent reasons, however, why
the national Indebtedness should
not be thus rapidly extinguishcd-
chief among them is the fact that
only by excessive taxation is such
rapidity attalnable.
REDUCTION IN REVENUE AND
TAXES.
In communication to Congress
ut its last session | recommended
that all excise taxes be abolished
except those relating to distilled
spirits, and that substantial re.
ducti0ns also be made in the rev.
enue from customs. A statute
has since been enacted by which
the annual tax and tariff receipts
of the government have been cut
down to the extent of at least
s5o,000,O00 or sGO,O0O,0O0. While
| have no doubt that still further
reductions may be wisely mrde,
do not desire the adoption at this
session ofany measures for a large |
of the national reve.
nues. The results of the legisla.
ton of the last session of Con.
gross have not as yet become suf.
ficlently apparent TO justify any
radical revision or sweeping mod
iications of the existing law in the
interval which must elapse before
the effects of the act Of March 3,
1888, can be definitely ascertained.
A portion, at least, Of the surplus
revenues may be wisely applied TO
the long neglected duty of rehab-
iiitating our nation and providing
coast defenses for the protection
Of our harbors. This is q matter
to which | shall again advert.
BANKS AND CURREN-
Cl.
Immediately associated with the
financial subject discussed is .he
question, what legisla-
lion is needed regarding the na.
Iional currency. The aggregate
amount of bonds now on deposit
n the Treasury to support the na.
.ion,l bank circulation is about
1850, 100000. Nearly $2OO,OOO,OOO
Df this amount consists of 3 per
cents, which as already stated are
payable at the pleasure of the gov.
srnment, aud are likely to be call
I'd in within less than four years,
inless in the meantime the surplus
'erenue shall be diminished. The
probable effect of such all exten.
live retirement Of the securities,
which arc the basis of the nation
Il bank circulation, would be such
! contraction of the volume of
he currency as to produce grave
commercial embarrassments. How
AN the danger be obviated The
most effectual plan, and one whose
Idoption at the earliest practica-
lie opportunity | shall heartily
has already been indica-
ed. If the revenues of the next
ew years shall be kept substan.
tally commensurate with the ex-
,enses. tho volume of circulation
will not be likely to suffer any ma.
erial disturbance, but if, on the
,ther hand, there shall be great
Ielay in reducing taxation, it will
,ecome necessary either to sub
titute some other form of curren-
v in place of the national bank
otes, or to make important
hanges in the laws by which their ,
REGULATION is now controlled. In
~ judgment the latter course is /
,r preferable. commend TO !
our attention the very interest
lg and thoughtful suggestions
pom this subject which appear in