The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1883-12-12

PRESIDENT message ceHl 10 tuC TUT
ty-Eighth Congress:
NATIONAL REVENUES.
fthe surplus shall hereafter be as
large as the treasury estimates now
indicate, the 3 per cent. bonds may
all be redeemed at least four years
before any OF the A. per cents. can
be called in. The latter, at the
same rate of accumulation of sur
plus, can be paid at maturity, and
the moneys requisite for the re-
demption Of the per cents. will be
in the treasury many years before
those obligations become payable.
There are cogent reasons, however,
why the rational indebtedness
should not be thus rapidly extin-
guished. Chief among them is the
fact that only by excessive taxation
is such rapidly attainable. In a
communication to the congress at
its last session recommended that
all excise taxes be abolished except
those relative 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 tax and tariff re
ceipts Of the government have been
cut down to the extent of at least
$50, OOO, 900 or SOC, 100000. While
] have no doubt that still further re-
auctions may be wisely made, do
not advise the adoption at this ses-
sion of any measures for large dimi
nutional Of the national revenues.
The results al the legislation of the
last session of the congress have not
as vet become sufficiently apparent
to Justify any radical revision or
sweeping notifications of existing
laws. In tlic 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 reveL ues may be wisely ap
piled 10 the long neglected duty OF
rehabilitating our nation and pro
viding coast defenses for the pro
lection of our harbors.
THE CURRENCY.
Immediately associated with the
financial subject discussed, is the i'm
portant question, " hat legislation
is needed regarding the national
currency? The aggregate amount
of bonds now on deposit in the
treasury to support the national
bank circulation is about S350,OO0,-
600. Nearly two hundred million |
of this amount consists of per
cents, which rs already stated are
payable at pleasure Of the govern
ment and are likely to be called |
in within less than 4 years, unless
meantime the surplus revenues shall
be dismissed. 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 to pro
duce grave commercial embarraSs-
ments How can the danger be OBJ
waited? The most effectual plan.
and one whose adoption at the earl
lest practicable opportunity l. shall
has already been indicat-
ed. Ii the revenues of the next
four years shall be kept substantial
" commensurate with the expenses,
the volume of circulation will not be
likely to suffer any material disturb
lncc. But il, on the other hand,
here shall be great delay in reduc-
ng taxation, it will be commensu-
iry either 10 substitute some other
Orm Of currency in place of the ma
.ionat bank notes or To make impor-
ant changes in the laws by which
heir circulation is now controlled. |
In my judgment, the latter course
5 far preferable. / commend to
7Our attention the very interesting
md thoughtful suggestion upon this
iubjeet which appears in the secre-
ary's report. The objections which
lie urges against the acceptance OF
my other securities than the Ubliga- !
ions of the government itself as a
for national bank circu
alton, seem TO me insuperable. For !
.verting the threatened contraction ;
wo courses have been suggested,
ither of which is probably feasible
)ne is the issuance of new bonds /,
Iaving many years TO run, bearing :
low rate OF interest, and exchang- I
bic upon specified terms of those :
ow outstanding. The other course, =
which commends itself to my own .
alignment as the better, is the enact !,
lent of law repeating the tax on :
and permitting the a
anks to issue notes for an amount
quail 10 90 per cent. of the market
alne, instead of as now the face
alue of their deposited bonds. a
gree with the secretary in the be- p
ef that the adoption of this plan )
-ould afford the necessary relief g
The trade dollar was coined for $
he purpose, Of traffic in countries q
here silver passed at its value, as p
by its weight and fine b
ess. 1t never had a legal tender
lality. Large numbers of these
,ins entered, however, into the vol
me OF our currency. by common
,nsent their circulation in domes- @
C trade has now ceased, and they o
i've thus become disturbing .ele- ;,
ent. They should not be longer g
,rmitted to embarrass our cuiren- u
: system. -
/ recommended that provision for ~ ~
cir reception by the treasury and :.
% minis as bullion at a small per- 10 !"
ntage above the current market "a
ice of silver of like fineness. al
..- -f- THE INDIANS. -
From the report of the secretary .,
war il will be seen that in only -
lgle' instance has there been any -
sturbance of the quiet condition ~
our Indian tribes--a raid from ~
exicO into Arizona by a small par -