Savannah morning news. [volume] (Savannah) 1868-1887, 1883-12-05

lar,leIterS patent
:, and lands ,.... $685. 200 50 2,436,7 20
From proceeds of
sales OF govern
t,. ment PROPERTY 1852 % I67487 u
FROM profits on
coinage, &c -. 95O,229 46 8,l4.77O 81
From deposits for
surveying public
=, lands ...... 172,461 81 1888 90
From revenues
from the District
D,c, Of Columbia. 256Ol7 80 1,643,9S2 OIL
Gus sources -. 1,287, ,lS9 68 1882, $40 81
Total receipts. ls9s, ,9ad9l7 Os s2l7Oa8,OS2 81
The actual and estimated expenses for the
same period are:
For the Our Forremaing
OBJECT. ed Sept. 30. ters of the
1888 year test'd).
For civil and
cellaneous eX-
penSes, lnclud
lngpublic build
ings. light
houses and col
lecting the rev.
enqes ......... SIS, 1885, ,799 AZ Liza POO 5S
For Indians ..... 2.623, 800 "a 4,I26,609 46
ForpenslOns ..... 1925, ,26l 9S 53,7l4,73S OF
For military es-
tablishment, in
Guiding fortif
cations, river
and harbOr i'm
proVements and
arsenals. ........ l3,5l2, ,2O4 80 26,4S7, ,795 81
For naval estab-
lIshment, in
cludlng vessels
and machinery
and improve
ments at the
navy yards .... 4,l99, ,290 50 I2,3OO,7OO 81
For expenditures
on account of
the District of
=, Columbia ...... l,l3s,S36 Al 2,Gll, ,l68 50
For interest on
the public debt IA, ,797, ,297 So 39. .7O2, ,7O2 Of
Total ordinary
expenditures 100000 33 $4,000 800 81
mated ;.....-.... :. ..... .s348 cOo, 900 90
estimated ...,.'...., - ...'... 25S,O ,OOo, 900 90
Difference ........................s S5,OOO,OoO 90
Estimated amount due the sink
ing fund ........... ..........$ 1876 al OF
Leaving balance of .........$ 80, IS3, ,25S 90
If the revenue for the fiscal year, which will
end on June 30, 1885, be estimated upon the
basis of existing laws, the Secretary is of the
oplnlOE lhat for that year the receipts VIII
exceed by $60,O0O,000, the ordinary eNpendi-
lures lhcludlng the amount devoted to the
SINKING fund. Hitherto the surplus has, as
rapidly as it has accumulated, been devoted
to the reduction of the National debt. As a
result the only bonds now outstanding which
are redeemable at the pleasure Of the govern
ment are the per cents amounting to about
| $3O5,OO0,0OO, the AZ per cents, amounting to
! S25O,OOO,OOO and the per cents. amounting to
| $37,OOO,0OO. The 4 per cents. are not paya-
| bic until 1891 and 1907 respect
lively. If the surplus shall hereafter
be as large as the Treasury estimates now in
| dicate, the per cent. bonds may all be re-
deemed at least four years before any of the
| AZ per 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 be-
fore those obligations become payable. There
| are cOgent reasons, however, why the national
indebtedness should not be thus rapidly eN-
tinguished
REDUCING TAXATION.
Chief among them Is the fact that
only by excessive taxation is such rapid
! ity attainable. In communication
to Congress at its last session, 1
! recommended that all excise taxes be ab0l-
! ished except those relating to distilled spirits,
! and that substantial reductions be also made
! in the revenues from customs. A statute has
since been enacted by which the annual tax
! and tariff receipts of the government have
! been cut down to the extent Of at least
! fifty or sixty millions of dollars. While |
! have no doubt that still further reductions
! may be wisely made, do not advise the adop-
| tiOn at this session of any measures for a large
! diminutiOn Of the national revenues. The
results of the legislation of the last session of
! the Congress have not as yet become sufi-
! GENTLY apparent to justify any radical re-
| vision or sweeping notifications of the exist
| ing law. In the interval which must
elapse before the effects of the act
| of March 3, 1883. can be definitely ascertained
| portion at least of the surplus revenues may
! be wisely applied to the long neglected duty
| or rehabllltatlng our navy and providing coast
| defenses for the protection of our harbors.
This is matter to which l shall again ad-
vert.
MONETARY LEGISLATION.
Immediately associated with the financial
| subject just discussed is the import
ant question, what legislation is need
| ed regarding the national currency.
The aggregate amount of bonds
! now on deposit in the treasury to support the
national bank circulation about $3.50, 600, 600.
! Nearly $2O0, ,0O0, 600 of this amount consists of
| per cents, which, as already stated, are pay
able at the pleasure of the government and
are likely to be called in within less than four
years, unless IN the meantime the surplus rev
| cnues shall be 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 to produce
| grave commercial embarrassments. How can
| this danger be Obviated? The most effectual
! plan and one whose adoption at the earliest
| practicable opportunity / shall heartily an
! prove, has already been indicated. Ifthe rev.
enues OF the next four years shall be
| kept substantially commensurate with
| clrenldLlOn VIII
! not be likely to suffer any material distur-
| bance. But if on the other hand there shall
! be great delay in reducing taxation it will
/ become necessary either to substitute some
! other form OF currency in place of the ma
| tonal bank notes or to make important
| changes in the laws by which their crcula-
| tOn is now controlled. In my judgment
the latter course is far preferable. l
| very interesting and thoughtful
! suggestions upon this subject which appear in
! the secretary report. The objections which
| he urges against the acceptance of any other
! securities than the obligations of the govern
| ment itself as a foundation for national bank
/ circulation, seem to me insuperable for avert
! ing the threatened contraction. Two courses
! have been suggested, either of which is prob
! ably feasible. One is the issuance of new
| bonds, having many years to run, bearing a
/ low rate of interest and eXchangeable unon
! specified terms for those now outstanding.
| The other course which commends itself to
! my own judgment as the better, is the enact
ment of a law repeating the tax on circula-
| ton, and permitting the banks to issue notes
/ for an amount equal to 90 per cent. of the
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.
THE TRADE DOLLAR.
The trade dollar was coined for purposes of
/ traffic in countries where silver passed at its
| value as ascertained by its weight and fine
| ness. 1t never had legal tender quality.
vi.
! ever, into the volume of our currency. By
! common consent their circulation in domestic
| trade has now ceased. and they have thus
become disturbing element. They should
not be longer permitted to embarrass our
! currency system. | recommend that pro-
| vision be made for their reception by the
| Treasury and mints bullion at a
small percentage above the current market
| price of silver of like fineness.
THE CUSTOMS DISTRICTS.
The Secretary of the Treasury advises a
| consolidation of certain of the customs dis
! tricts of the country, and suggests that the
| President be vested with such power in rela-
| tiOn thereto, as is now given him, in respect
| to collectors of internal revenue by section
| 3,l4l of the revised statutes. The statistics
upon this subject, which are con-
tanned in his report, furnish of them
selves strong argument in defense OF
his views. At the adjournment of Congress
| the number of internal revenue collection DIS
| tricts was l26. By an executive order dated
| June 25, 1888, | directed that certain of these
districts be consolidated. The result has been
| reduction of one third of the number which
at present is So.
INDIAN AFFAIRS.
From the report of the Secretary of War il
will be seen that in only a single instance has
| there been any disturbance of the
quiet condition of our Indian tribes
| A raid from Mexico to Arizona was made in
| March last by a small party of Indians. which
| was pursued by Gen. Crook into the monn-
| tain regions from which it had come 1t is
! Ixv hot oh ~