Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1883-12-05

81. $50, 700 90 ;fractional currency for sinking
fund, S45, $50. 90: of the funded loan of 1881.
continued at 81 per cent, s65 $50 25o. go; of
the loan of July and August, 1861. continued
at 81 per cent, $50, 594 600; of the funded loan
of 1907: 81 iis.S50 of the funded loan of
1881. .s7l9, $50; of the loan of February, 1861,
SIS, ,000, 900; of the loan Of July and
August, 1861, S266, 600; of the loan
of March 1868, SIG, 5000; of the
loan of July 1882. s47 $50 90; of five twen-
ties of 1862. sic. 800 90; of FIVE twenties of
1864. $40, $4,000: of five twentes of 1865.
500 900 90; of ten forties of 1864, Sl3, 1855 90 /;
of consuls of 1865, $40, SOC. 90; of consuls
of 1867, 1926. 700 90; of copsuls of 1865,
Sl5f.650. 90; of Oregon war debt, S545 900;
of refunding certificates, Sl06, $50 90; of old
demand compound interest and other notes,
300; tota,, Sl34, LIS, 1866. The reve-
nue. for the present fiscal year actual and es-
timated is as follows: source, actual
for the quarter ending September so, 1888.
from customs. S57.402, ,975 81; from
internal revenue. s29, ,662 ,07S GO; from
sales of public lands, S293. .26S. III;
from tax on circulation and deposits of na-
tional banks, 1857 .sO0ss; from repayment
of interest and sinking fund of Pacific rail-
ways, S52l, ,059.5l from customs fees, fines,
etc. S29s. 500 IS; from fees. consular letters
pdtcit duu ScoO,sVy COf lTom pttISSus
of sales of government property, Sll2, ,562.23;
from profits on coinage, ETC., $3.50. 229 46;
from deposits for surveying public lands,
Sl72 46l.3l; from revenue of the District of
Columbia, S256.0l7.99; from miscellaneous
sources, 81, ,237, lS9 63; total receipts S95,
966, ,9l7 .03; estimate for the remaining three
quarters of the year. Sl37 .597 ,024 33. $780,
331 92l 40 So, ,061 1864 49, 81 ,542. 1912, ST.
AIS, ,9i0.49 S90l, ,303. 90 50. 436. 790. 20, $751;
437.77, SO, 149, 7s0.54. S3l7. $3.50, 81 ,643,-
9S2 oil. 81 3S2 .Sl0.37; total. S247 .033 0S2 81.
The actual and estimated expenses for the
same period are for the quarter ending Sep
tember 80, 1888, civil and miscellaneous, in
cluding public buildings, light houses and
collecting revenues, $l5, 1856. 799. 42; for In
dians, 50 623 $50 "a; for pensions, SIG, 1885,
26l 9S; for military establishments, includ-
ing Notifications. river and harbor improve
ments and arsenals, Sl3, ,5l2 ,204 SO for naval
establishments, including vessels and machin-
cry and improvements at navy yard, S4, l99,.
299.69; for expenditures. account District
of Columbia, 81, I3S. $50 Al; for interest on
public debt, Sl4, ,797 ,297.96; total ordinary
expenditures, 67.942 ,090 33; for quarter
ending September 80, 1888. S5l, ia. .200.5S
S4 l26 1863 46, $53, IA, ,73S .02, 20, ,4S7, 795 81,
Sl2 800 700 81 81, GIL I63. SO. .S39, 702. .702 .04
Total receipts actual and estimated S343,-
O0O, 900. 90; total expenditures actual and es-
timated, S25S 900, 10000; Total amount
of receipts over expenditures, SS5,000,-
O0G 90; estimated amount due sinking fund,
S45.Sl6 al OF; leaving balance of $780,
49,, ,25s SO. If the revenue for the year,
which will end June 30, 1885, be estimated
upon the basis of existing loans, the Secre-
tary is of the opinion that for that year it will
exceed by sixty millions the ordinary expen-
IN, tlo pf dayntpd fp sinh ipu
fund. Hitherto the surplus as rapidly as it
has accumulated has been devoted to the re-
duction of the debt. As a result the bonds
now out standing, which are redeemable at
the pleasure of the government, are per
cents, ,affording it about3 30 million dollars. The
four and one-half per cents amounting to
$3.50. 200, 900, and the S737, ,009, 900 four per
cents are not payable until 1891 and 1907 re-
spectivelv. If the surplus shall hereafter be
rs large as the treasury estimate now indi-
Gates, the three per cent bonds may all be
redeemed at least four years before any of
the four and one-half per cents can be called
in. The latter, at the same rate of accumu-
lation of surplus, can be paid at maturity,
and the moneys requisite for the redemption
of the four per cents will be in the
treasury many years before these obliga-
tious become payable. There are cogent
reasons, however, why the national indebt-
edness should not be thus rapidly extinguish-
ed chief among them is the fact that only
BY excessive taxation is such rapidity attain
able. In communication to the Congress
at its last session. l recommended that all
excise taxes be abolished except those rela-
ting to distilled spirits, and that substantial
reductions also be made in the revenues
from customs. A statute has since been
enacted by which the annual taxes and
tariff receipts of the government
have been cut down to the extent
OF at least fifty or sixty millions of dollars.
While l have no doubt that still further
ductions may be wisely made, do not ad-
wise the adoption at this session of any meas
ures for large diminution of the national rev.
enues. The results of the legislation of the
become sufficiently apparent to justify any
radical revision or sweeping notifications of
existing law in the interval which must eapse
before the effects of the act of March Sd,
1888. can be definitely ascertained. A
portion at least of the surplus that re-
mains may be wisely applied to the
long neglected duty of rehabilitating our
nation, and providing coast defences for the
protection Of our harbors. This is a matter
to which shall advert Immediately. Con-
nected with the financial subject just discuss
ed is the important question, what legisla-
lion is needed regarding the national cur
rency? The agsr. gate amount of bonds now
on deposit in the treasury to support national
bank circulation is about $3.50, 900, 900.
Nearly $500. .0O0, 900 of this amount consists
of 8 per cents, which, as already stat
ed, are payable at the pleasure of
the government and are likely to
be called in within four years unless in the
meantime the surplus revenue shall be di
minished. The probable effect of such an ex-
tensive retirement of the securities, which
are the basis of National Bank circulation
would be euch a contraction Of the volume
of the currency as to produce commercial
embarrassment. How can the danger be obvia-
ted? The most effectual plan, and one whose
adoption at the earliest practicable moment
shall heartily approve. has already
been indicated. If the revenues of the
next four years be kept substantially
commensurate with the expenses, the
volume of the circulation will not be
likely to suffer any material disturbance;
but if on the other hand, there be great de-
lay in relieving taxation, it will become
necessary either to substitute some other
form of currency in place of the national
bank notes, or to make important changes in
the laws by which the circulation is now con-
trolled: in my judgment the latter course is
far more preferable. l recommend to your
Al FL