Arkansas weekly mansion., 1883-12-08


600; Of ivetwenties Of 1882, $40 600 900: of nve-
s 1ssS $3.50 os O3oi i Sf .snaoEtes n t lss5
ssS.oooo; Of consols Of isss @ 0sISis Of
Oregon war debt; x545 900; of rcfunding GER
pound interest and other notes, $4,000 Total,
| Sla.11S, 156. %.
The revenue for the present fiscal year net
ual and estimated is as follows:
Actual for the Estimated for
quarter end the three
SOURCE. ing Sept 30, quartcrsof
From customs So, ,4tr, 80 G7 $I:}1 jI1 tr,i n
enuc -. -. 2e,eea.O7s co 9o,ss7,7al 40
From sales OF pub
lie land 2,1Sl,G3J IL 5,067,:Sji 81
From tax on circu-
laton and depos-
it's of National
Banks. ........... 1,55,,soO SO I,5is,ise Is
From repayment
of interest and
sinking fund Pa
cifc X. r.. 5aI,o5o 81 1,47s,9IO n
From fees,
lar, letters patent
and and lands. ,,s .;..; sossos so s.aac,7ao 20
sale of Govern
ment property. ,56a p IG7,4S7 II
From profits
coinage, etc. o5o@o AZ 3Ip,7sO ;.
From deposits for
surveying public
From revenues of
the District of
Columbia. -. 25s,Ol7 20 I,6is9S2 OF
From misccanc-
Gus sourccs...... l27.Iso G3 2.3s2sio 2!
Totals sos s66.eI7 O3 s.i7, ,Ca3 ,oS. 81
ENrESSES.
The actual and estimated expenses for tho
same period are:
Forquartcr end For rcmaningS
ing Sept ~, lso3, quarters OF year
Object. actual. estimated
For civil and mis-
ccancouS, in
Guiding public
buildings, light-
houses and col
lccting the rev.
cnuc. .SI5 3s5. 30 4c s5l.Iii.eO0 IS
For For i",'Sn; p%nsi"ns. l6as5,$Gi Is q5,,;s 4!
For military cS-
tabli e hmcntS,
including fOrti-
hcationS, river
and harbor inn
prOvemcntS --.... -
arscnaS. ...... 13,jl2,-Nl ~ 2",iS','h ~
For naval cstab-
Gliding vessels
and machinery
Improvement - 10000 .o, ,,,I
of navy yards. 4l'o.@?9 q? E.,"uuioo 81
For expenditures
account OF
District of Co -
For interest on - ,o .,>,, -,., q,
public debit. l4,i?. !" 2'''V.,'U w
rcnditmres G7.al2, 900 80 loo.o579o2 81
Tot tai receipts. ac-
mated ....... .3i3 100000 90
Total cxpcndit-
urcs, actual and -. -
cssimated a5s ooo,ooo 90
Estimated am'nt O0YY'D,D
due sinki'g fund 45Sl6,74l OF
Leaving bal
ancc of......... 30 1H},2IS S
If the revenue for the hsc'. year which VIII
end on June 81 1885, be estimated upon tue
basis of existing laws the Secretary is Of the
opinion that for that year he receipts VIII cA-
coed by S600n,00o the ordinary expenditures
including amount devoted to the sinking iund
Hitherto the surplus as rapidly rs IL mas ic-
curnulatcd, has been devoted To the reduction
of the national debt. As a result, me ohIy
at the pleasure of the Government, are the )
per cents, amounting to about ,3s2Wop
and md tic the S.i, .ooo.U6 per cents are not paya-
BILE until 1871 and Ioo. respectively. If the sur
ry cstimntcs now indicate, the 3pcr cent bonds
may all be redeemed at lcast.four years before
latter at the same rate of accumulation OF
surplus, can he pad ut maturity H ar aru h Iha
per cents will be in the treasury many years
before those obligations become payable
THE NATIONAL. DEBT.
There are cogcnt reasons, however. why
the ational debt should not be thus rapidly
cxtinguishcd. Chief among them is the fact
that only by excessive taxation Is such
rapidity attannbc In comminication 10
Congress at its last session rccomncndrh
that all excise taxes be abolished except those
relating to distilled spirits, and that substi,n-
tial reductions also be made in ah3 ere rTvemm.S
ed by which the annual tax and tariff receipts
of the ""yesnncm. hsy1 ns @ cur or sTno1o@S
While have no doubt that still further rcduc-
tions may he wisely made | do not advise tho
adoption at this session of any measures for
large diminution of the national revenue Tho
results of the legislation of lust session havc
not as vet become sufficiently apparent to
Justify any radical revision or sweeping modi,
which f,ieDn must eapsc before the eticcts OF the
act of March 3. 1SS'. can be definitely us.
revenues may be wisely applied to the long
neglected dity of rchnbilitating our ma
ton ana providing coast Licenses for the
protection of our hnrbors. This is II matter to
which will again advert.
NATIONAL CURRENCY.
Immediately associated with the financial
subject just discussed is the important qucs-
ton, What legislation is needed regarding tho
of bonds now on deposit in the treasury sup
port the national bank circul;'ti9n @ is about
consists of per cents, which, as already stat
r are paya5G m fEf to h 81 in %S Within ros
than four years unless in the meantime. tho
nrobnhIc aficct of such an extensive retire
mcnt of the securities which are the basis OF
the nntional bank circulation would he such
contraction of the volume Of the currency ~
mc,i,s How can the danger be obvatcd?
The most cTcctual plan. and one whose adop-
tion at the earliest practicable opportunity
shall henrty E nnpr"y@ hS "a b mreny r 6SHn ,nm
shall be kept substantially commensurate
viii not be likely to suffer any material dis
turbancc; but, on the other hand, If there
shall he great delay in reducing taxation, IT.
will become necessary either TO substitute
some other form of currency IN place or IN:
national bank notes or to make important
changes in the laws by which their circulation
is now controlled. In my Judgment the Inter
course is preferable. commend TO your nt-
tcntion the very interesting and thou9htful
suggc stions on this subject which appear in
the Sccrctary's report. The objections which
he urges against the acceptance OF othcr-
securities than the obligations OF Govern
ncnt itself as IL foundation for nntional bank
cir n IN.
For avcrting the threatened contraction:
two courses have been suggested, eMhcr or
which is probably feasible. One OF these ~
tho issuance of new bonds, having many
wears TO run. bearing low rate OF interest,
and cxchangcabc upon specified terms Tor
which commcnds itself to my own Judgment
as the better is the enactment of a law re-
pcalinc, the tax circulation and permitting
the banks to issue notes for an amount equal
to 90 per cent. of thc market value instead of
as now, the face value of their deposited
bonds. / agree with the Secretary in the
belief that the adoption of this plan would
afford the necessary relief.
TRADE DOLLAR
was coined for the purpose of traffic in cOun.