Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1883-12-05

debt. AZ result the only bonds nov
outstanding which are redeemable =
; the pleasure OF the Government. are IL.
, three Ter cents. amounting - a5Oa
T3l5,pU.0uO, the - per cents. amount
ing TO about 100000, and the St31,
UrO,Oo four per cents are not payabl,
until l.si and 1901 respectively. Ii til,
surplus shall hereafter be as large Al
the Treasury estimates now indicate, TIE
three per cents may all BE- redeemed g.
least four ye-.rs before any Of the =
per cents can be called in. The latter
It the same rate OF accumulation 81
surplus, can be paid at maturity. and
the moneys requests for the rcdemp-
tlon of the four Der csnts vii
De III the Treasury many years before
those obilG atoms become payable
liner are coeent reasons why the Ma
tional Indebtedness shoald not be thus
rapidly extIugushed: chief among them
Is the fact that only by excess :
taxation Is such rapIdlty 2ttlinab,e. In
4 s! COMMUNICATION To Congress a, IS last
session. | recommended thts excise
taxes be abolished. except sIose rela:-
ing to distilled spirits. and that sUbStan-
tlal reductions also be made sn the
| revenues from customs. 4 statute has
since been enacted ; which the annual
/ tax and tariff receipts Of the Govern
I inent have been cut down TO the eXtent of
! At least fifty or sixty millions of collars.
/ While | have no doub1 that still further
reductions may be wisely made. | do not
/ advise the adoption AT this session of
! any mode of large dlmlnution of the
/ National revenues. The result of the
| legislation of the last session of Con
gress have not as Yet become sufficient
/ ly apparent 10 Justify any radical revlS
I ION or sweeping modification of the eX-
listing law i'm the interval which must
| elApse before the effects of the Act of
March Sd. los3 can be definitely ascer
tanned. A portion at least of the sur
| plus may be wisely applied to the long
| neglected duty Of protecting our Nation,
| and providing the first defenses for the
protection of our harbors. This is a
matter to which shall again revert.
THE NATIONAL CURRENCY.
| Immediately associated with the
financial subject Just discussed, Is the
important question of what legislation
IS needed regarded the national cur
rency. The aggregate amount of funds
now on deposit In the Treasury to sup
port the national bond circulation is
of this amount consists OF ; per cents,
which, AS already stated. are payable at
| the pleasure of the Government, and
Are likely to be called i'll within less
than four years, uIleSs. i'll the mean
time, the surplus revenues shall se
diminished. The probable effect of
such an extensive retirement OF the
securities, which are the basis of the
National Bank circulation. would be
such a contraction of the volume of the
currency as would involve serious EN-
barrassmepts. How can the danger be
obviated : The most effectual plan,
and one whose adoption at the earliest
opportunity shall be heartily approved,
has already been indicated: if the reve-
mes of the next forty years shall be
substantially commensurate with the
expenses. the Volume of circulation will
not be likely To suffer any material dis
Juro tEce but If, on the other hand.
there shall he great delay III reducing
taXatloa. II Will become necessary either
10 substitute some of the other forms of
currency In place of the national bank
notes or to make Important changes III
the laws by which their circulation Is
now controlled. In my Judgment. the
latter is far preferable. ! commend to
your attention the very interesting
and thoughtful suggestions upon this
subject which appear i'll the re-
port of the Secretary of the
Treasury. The objections which
he urges against the acceptance of any
other securities than the obligations of
the Government itself as foundation
for National Bank circulation seem to
ne iusueerable for averting the threat
ened contraction. Two courses have
been suggested, either of which is prob
ably feasible: one. the issuance of new
bonds, having many years To run, bear
ing low rate of interest and change
able upon specified terms for those now
outstanding: the other course, which
commends itself to my Judgment as the
better. Is the enactment of a law repeal
ing the tax on circulation and per-
hitting the banks to issue notes
for an amount equal to 80 per cent of
the market value, instead of as now the
face value of the deposited bonds.
agree with the Secretary i'll the belief
that the adoption of this plan will af
ford the necessary relief.
THE TRADE DOLLAR.
The trade dollar was coined for the
purpose of traffic in countries where
silver passed at its value ascertained by
weight and tineness. 1t never had le-
gal tender quality. Large numbers of
these coins entered, however, into the
volume Of our circulation. BY common
consent their circulation in domestic
trade has now ceased, and they have
now became a disturbing element.
They should not be longer permitted to
embarrass our currency system, and |
recommend that provision be made for
their reception by the treasury and
mints AS bullion at a small percentage
above the current market price of sill
yer of like fnenesS.
CONSOLIDATION OF CUSTOMS AND REVENUE
DISTRICTS.
The Secretary of the Treasury advises
A consolidation of certain of the GUS
toms districts of the country. and sug
gests that the President be vested with
power in relation thereto such "a Is now
given him in respect to collectors of in
ternal revenue, revised by Art. pl of
the Revised Statutes. The statistics of
this subject, which are contaiaea in his
report, furnish of themselves a power
| ful argument in defense of his views
At the adjournment of Congress the
nntnDeT OF ltlttTutl IcNchue CoiieCtiOu
district, WAS l26. Bv an executive act,
| executed June -. 1883. | directed that
certain of these districts be consolidat-
| ed. The result has been reductions of
one third of the number. which IS 1t
present but 81.
| INDIAN TRoU BLES.
| From the report of the Secretary Of
| War it will be seen that only III single
| instance has there been a disturbance
| of the quiet condition of our Indian
| tribes-a raid from Mexico into Arizona
by small party of Indians, which was
| pursued BY Gen. Crook into the noun
| tain regions from which II had come.
| IL il confidently hoped that a serious
outbreak will not occur agt N. and that
| the Indian tribes which have for so
many wears disturbed tue West will
| hereafter remain In peaceable s1bmis-
! sion.
| COAST DEFESsES.
again call your attention to the pres
ent condition of our extended SEA coast