McCook weekly tribune. (McCook, Neb.) 188?-1886, 1883-12-13

WIN emu on June 80, 1885, be estimated
upon inc basis OF existing laws the secretary
- VI .ue 1plnioh tnat for that year the re-
ceipts will exceed by sixty millions The ordi-
nary expenditures. including the amount
devoted to the sinking fund. ''''
REDEMPTION OF BONDS.
Hitherto the surplus, as rapidly az IL has
accumulated, has been directed To the re-
duction OF the national debt, and AZ a resuh
the only bonds now outstanding which are
reueennapie at the pleasure OF the govern
ment are the per cents amounting TO about
800 ,OOO.tO6, the Az per cents, AMOUNT
ing 10 S2oo, oo0, GOO, and the ;S727, 900 500 of
per cents are not payable until 1891 and
1907 respectively. IL the surplus shall
hereafter be as large as the treasury esti-
mates now indicate, the 3 per cent. bonds
may all De redeemed ut least four years be-
fore any of the four and one half Der 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 per cents will
be In the treasury many years before those
Obligations become payable. There are
cogent reasons, however. why the national
Indebtedness should not be thus rapidly ex-
tlngnished. Chief among them is the fact
that only can excessive taxation make
such rapidity attainable. In commune
cation to congress at its last session
Ii recommended that all excise taxes be
abolished except those relating to distilled
spirits, and that substantial reductions also
be made on the revenue from customs. A
statute has since been enacted by which the
annual tax and tariff receipts o the govern
ment have been cut down to the extent OF
at least fifty or sixty millions Of dollars.
W lille have no doubt that still further re-
auctions may be wisely made / do not ad-
wise the adoption at this session OF any
measure of large diminution of the nation
al revenue. The results of the legislation
OF the last session OF congress have not a.
yet become sufficiently apparent to justify
any radical revision or sweeping modifca-
ton of existing laws. 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 revenue
may be wisely applied to the long neglected
duty OF habitating our navy and providing
hrst-class defences 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 ques-
ion as to what Legislation il needed regard
ng the national currency. The aggregate
amount OF bonds now on deposit i'm the
-reasury to support the national bank circu-
alton is $3.50 900 COO. Nearly S2ON, 600. 600
which. as already stated, are payable at the
pleasure of the government, and are likely
o be called IN within less than four wears.
lnless, meantime, the surplus revenues
hall be diminished. The probable effect
II such IN extensive retirement of the Sc
,urities, which are the basis of the national
bank circulation. would be such a contrac-
ion OF the volume ofthe currency a. to pro-
luce grave commercial embarrassment
low can the danger be Obviatcdl The most
plan, and one whose adoption at
he earliest practicable opportunity | shall
heartily approve, has already been indica-
ed.
THE THREATENED CONTRACTION.
III the revenues of the next four years
hall be substantially commensurate with
he expense, the volume OF circulation will
lot be likely to suffer any material disturb
luce, but II on the other hand there shall
re great delay in reducing taxation, il will
become necessary either TO substitute some
If the other forms of currency in place Of
he national bank notes, or to make impor-
ant changes In the laws by which their cir
;ulation Is now controlled. In nv ludy-
nent the Inter coarse is far preferable. [
to your attention the very interest
ng and thoughtful suggestions on this sub
ect, which appear in the secretary;s report.
The objections which he urges against the
acceptance OF any other securities than the
'DliSdtloIS vi tHe government itself as u
for national bank circulation,
eem to me insuperable for avertinp the
threatened cOntractions
METHODS FOR AWARDING CONTRACTS.
Two courses have been suggested. either
II which is probably feasible. One is the
ssuancc of new bonds, having many years
o run, bearing low rate Of interest and
upon specified terms for those
low outstanding. The other course which
ommends itself to my own Judgment az the
'etter, Is the enactment of q law reDealins
he tax on circulation, and permitting tn.
'anks to issue notes for an amount equal to
inety p1E cent. OF the market value instead
4 as now, the face value of the deposited
onds. agree with the secretary in the belief
hot the adoption Of this plan will afford the
THE TRADE DOLLAR.
The trade dollar was coined for the mp
'ose Of traffic in countries where silver
'assed at Its value ascertained by lis weight
nd 1neEess. 1t never had legal tender
uaBty: Large numbers Of these coins en-
cred, however, into the volume of our chr
ency lby common consent. Their circrl,-
ION IN domestic trade has now ceased and
hey nave become a disturbing element.
hey should not longersbe permitted TO en-
arrass our currency system. recommend
hat proyirlons be made for their reception
y the treasury and minis ~ bullion. at =.
mall per centage above the current market
rice OF silver of like.
THE CUSTOMS DISTRICTS,
The secretary Of the treasury advises n
Consolidation Of certain Of the customs dr.
ricts OF the country, and suggest. that the
resident be vested with stl, power in re-
itiol thereto a. Is now gwen him In respact
collectors OF internal revenue Ly section
l4l OF the revised statutes. The Statistic.
n this subject which are Contained in bia
eport furnish of themselves a cogent aro-u-
lent in defence of his views. At the adj
)urnment Of congress toe number OF inter
81 revenue collection districts Wa. Fps. Nv
n executive order executed June IS, 1859.
directed that certain OF these district. be
The result has been a reac
on OF Z third In the number, which leaTes