Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1883-12-07

Yat1is. > 4iq9,so9e9 2,ooo,7oo.sl
For expenditures, :
account District
Of Columbia -. LBS, s,s3oil a,oil, 1850
For interest on
public debit. l79I,2oI0O Sp,IU27G.0
-- -
penses. .........s eT,al2,o0o.sa sloo,o57, ,Ooa.sI
Total receipts, ac-
tual and estl-
mntoi .... 80, 3i3OoO,ooo,oo
Total oxpo udi-
lures, actual and
.cstimnted.... 2oS,O0001D.0)
Estimated amount
due sinking fund a5,Sl8,4l.0I
Leaving balance
of............... 39.lS,25S.93
I. THE EXCESS OF REVENUE.
II the revenues for the fiscal year, which
viii ond on June 30, 1885, be estimated upon
the basis OF existing laws, the Secretary Is of
the opinion that for that year tho receipts
will exceed sixty, millions, the ordinary OK.
the sinking funds, Hitherto the surplus as
rapidly MS 1t has accumulated has beon de-
voted to tho reduction of the National
standing which are redeemnble at tho pleasure
OF the government are the three por cents
amounting to about ss6, ,0on, ,0Oo, four and one
half per cents, amounting to t2SO,0O0ooO, and
the Si3I, ,0oo.O .O0O four per conts arc not pay
until 1891 and 1907, respectively. II tho surplus
shall hereafter bo as large as the Treasury
estimates now indicate, the three por ceut
bonds may all be redoomed at enst four years
before any of the four aud ono half por couis
can be called in. The latter. at the same rate
of accumulation, can DO paid at maturity and
tho money requisite for tho redemption of the
tour por couts. will be In the Treasury many
is,bio. 'O '
PAYING TuR DEBT TOO FAST.
There are oo9ent reasons, however, why tho
National Indebtedness should not be thus
rapidly eHtinsuished Chief among them il
tho fact that only by excessive taxation is
such rapidlty attainable; In communication
to the Congress q. its Inst session I RECON-
cept those relating to distilled spirits, and that
substantial reductions also be mado in the
revenues from customs. statute has since
tariff receipts of the Government have beeu
cut down to the extent of Mt least fifty or
sixty millions of dollars.
NO FUnrnER REDUCTION.
While have no doubt that still further re-
ductions may be made do not advise the
adoption at this session OF any measures for
large diminution of National revenues. The
results of the legislation of the last session of
Congress have not rs yet become sufficiently
apparent to justify any radical revision or
sweeping notifications Of the existing law.
DIsPoSISG OF THE SURPLUS.
In the interval which must elnpse before the
effects of the act of March B. 1855 can be def
surplus revenues may be wisely applied to
the long neglected duty of rehabitating our
Nation ana providing coast defenses for the
protection OF our harbors.
THE NATIONAL CURRENCY.
This Is u matter to which shall again revert.
Immediately associated With the financial sub.
| What legislation Is needed regarding National
currency? The aggregate amount OF bonds
now on deposit in the Treasury to support tho
| National bank circulation IL Sl,3s0, ,0Oo, COO
| Nearly two hundred millions OF this amount
consists of three per cents, which, Us already
stated are payable at the pleasure OF the Gov
erument and are likely to be called In within
less than four years unless the surplus rev.
| enues shall be diminished
| CONTRACTING THE CURRENCY.
| Tho probable effect of such nn extensive
| retirement of tho securities which are the
| basis of the National bank circulation would
| be such q contraction of tho volume of cur
| rency as to produce grave commercial embar-
rassmeuts How eau tho danger be obviatedi
| Tho most eifectual plan, and one whose adop-
tion at the earliest practicable opportunity ]
| shall heartily approve, has already been indi-
| cated. If tho revenues of the next four years
shall be kept substantially commensurate
| with the expenses tho volume OF circulation
| W III not be likely TO suffer any material dis
| turbance, but IL, on the other hand, there
shall be great delay In reducing taxation 1t
| 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 their circula-
| tion is now controlled.
| THE LEGISLATION NEEDED.
| In my Judgment the latter course is far
| preferable. l commend to your attention tho
| very interesting and thoughtful suggestions
upon this subject which appear Ia the Score
tdry's report. The objections which he urges
| against the acceptance of any other securities
than the obligations of the Government itself
US u foundation for National bank circula-
ton, seem to me insuperable.
| THE TWO PLANS.
| For av0rting the threatened contraction two
courses have been suggested, either OF which
is probably feasible. One is the issuance of
new bonds, having many years to run, bearing
n low rnto of interest exchangeable upon
speclhed.termso of those now outstanding The
other course which commends itself to my own
Judgment as the better, IL the enactment of u
law repeating the tax on circulation and per;
mittlnR the banks to issue notes for an amount
equal to ninety per cent OF the market value,
Instead as OF now, the face value OF tholr
tsa tSs W Ss Of pay
would afford the necessary relief.
THE TRADE DOLLAR.
The trndo dollar was coined for tho purpose
or traffic In countries where silver passed NJ
Its value, as ascertained by It's weight and fine.
ness 1t never had legal tender quality
Large numbers OF these coins entered, how
ever, into the volume of our currency. BY
common consent their circulation In domestic
trade has now ceased and they have thus bo
como disturbing element aud thoy should
not be longer permitted to embarrass our cur
rency system. l recommend that provision
for thoir reception by the Treasury aud the
mints as bullion ut q small per centage above
the current market price of silver of like fine
ness.
ooNsoLIDATING CUSTOMS DISTRICTS.
The Secretary of tho Treasury advises the
consolidation OF certain OF the customs dis
trlotS of the country and suggests that the
President be vested with such power In rela
Of Il Revenue BY soetion ssapuS M
of the revised statutes. Tho statutes on thlt
subject, which are contained In his report
defonss of his views AT the adjournment oi
Congress the number of Internal Revenue
collection districts was l,2Io BY executive
ordors dated June 20, 1893, decided that cor
tain OF these districts bo consolidated. The
result has boon reduction OF one-third thoil
. ~ fgtsI ArIn
From the report of the Secretary of War 4
VIII be seen that In only single inetance ba'
1l,n, there been any disturbance OF ths quiet con
co to Arizona by a small party OF Indians
which was pursued by General Crook into thu
II ~ KShh hopeS hhst ca seros a %
Will not again occur and that the 1ndiaI
tribes which have for so many years disturbe,
the West win hereafter remain In peaceabl'
DEFEssELEss SEA COASTS.
again call your attention to the presen
condition OF our extended sea coast, upoI
which are 30 many large cities whose welltl
and importance 10 the country would In tim
of war be. open 70 attack from modern al
fenslye works could giyo no adequate proteo
J lion. Those works woro built before the IN
PRODUCTION OF modern heavy rited guns Int
maritime warfare, and II they are not put I
an efficient condition We may easily bc sui
jectod 10 humiliation by hostile powe
: greatly inferior 10 ourselves.
GUNS AND TORpEDcEB
AS german TO this subject, ! call your u,
tention 20 tho importance OF lorfecting. on
} submarine torpedo defenses. Tho board nl
thorized by the last Congress 70 report on tn
method which should bo adopted for the mar
I ufacture OF heavy ordnance adapted TO moo
! ern warfare has Visited the principal iron an
Z steel works In this country and In Europ.
IL is hoped that its report viii DO soon mud
: and that Congress will thereupon be dii
: posed to provide suitable facilities an
plans for tho manufacture OF sue
, guns as are now temporarily needle
ENcouRA0Ikd STATE MILITIA.
On several occasions during tho past yea
r officers OF the army have, At the request OF th
I State authorities, visited their military ei
campmsnts fQr inspsetion OF the troops; Irqi