The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1883-12-05

4,<s could capitalize the premium allowed on his
well as on the principal. whereby there will be an
inducement 10 exchange, rather than 10 hold. or.
in the present diculty OF desirable reinvestment,
Yet am so averse to recommending the creation
OF another or different public debt. that as great
National Bank circulation in safety. uniformity
of value everywhere. and in otner matters OF con-
venience and confidence, look upon such project
as Q oernier resort. l recommend ina! the inter-
nal revenue tax upon circulation be taken OF in
whole or IN pat his Is per cant Per annnm
The privilege OF furnishing a circulation has
been In the past profit 10 the backs: Ii as been.
and is an expense 70 the government 20 Supervise
National Bank system. The workings oil ;he sys-
tenn, and the relations OF IL to the business OF the
country have changed. IL is now desirable for
tinued and exercised.
am aware that this Is reduction OF taxation in
favor of organized capital what is taken of here
must sooner or later be in some degree taken ia
elsewhere for means TO pay of the public dsbt.
Still would not make this recommendation here,
did not, In another place herein, call attention
to the need of a reduction OF the taxation resting
upon the onmunity in general further recon
mend that this Department be authorized to allow
cent, upon the average market value for toe
twelve months prior to the deposit. OF the United
States bonds deposited on security. Thus a ba2k
would be enabled to obtain circulation upon the
premium IL paid for bonds. as well as upon the par
value of them.
The statements above made show that there is
little danger OF ultimate loss 10 the Government or
note holder. upon circulation based upon the ii-
terest bearin: bonds OF the United states. though
taken as security at n margin coming near TO the
current market va Tue Thereof.
Other details may be suggested IL Congress shall
tnrough them to the people ia this ma tier in the
method proposed herein.
The further legislation By Congress vt its last
session. to stop the generalization by the Ma
tioual Banks, OF checks drawn upon them. has not
been kindly scquiesced in and observed. Directly
or indirectly. IL has been disobeyed. or evasion OF
Cniisd states bonds are held. too, by state
Banks, Trust COMPANIES. and Savings Banks The
total amount held by National aud State Banks,
and Savings Banks Is s62l, so 25e. nearly half
OF the interest bearing funded debt OF the United
States November !, which was 8. 3ia,4f $50.
II often happens that counterfeits OF, or altered
or sweated. Quilted States coins offered to the
officers charged with the receipt or disbursement
not ffOwned upon by this Department. 10 stamp
or otherwise mutilate. all such fraudulent semble
ances or defective coins. In analogy with the pro-
cess authorized by the act OF June 20. 1876 Chap
l56, sec 5) To be applied To fraudulent paper cur
rency. II IL be not In some fashion stignatizea.
the false token returns again and again TO the OBI
abroad to the deception of the upwary. OF late
discomfort has been shown by some holders OF such
metallic pieces, and the power OF the officers To
treat them has been questioned. In quarters on
which suspicion does not OF evil doing. IL Is
recommended that TO put the Official usage beyond
cavi. act be passed akin 10 that OF lST6, which
shah give power to those officers over fraudulent
coins or tokens, To break or stamp false corn or
or token offered To them, or otherwise make known
by mark upon IL. that IL 10 not genuine.
That there is likely TO be continuing surplus In
the Treasury over the ordinary expenses of the
Government, so long as the present revenue laws
remain, Is seen by those attentive to fiscal affairs
This has called out propositions for the disposal
of surplus public moneys: two OF which may b.
noticed. One is that the surplus be parcelied out
among the States OF the Union. This, though IL
has been insenionsly argued; mas not 50 approved
itself TO the common sense Of the people. ss now
TO call for elaborate statement of reasons why IL
should not be adopted. The public sense l.
shrewd enough 10 see. that debtor owing
a large sum upon interest which IL must pay at
short intervals. aud some of the principal OF which
he may pay of whenever he pleases aud thus
good manager Of affairs. IL he should give away
loan on terms yielding no income and not
likely TO insure punetusl repayment, the means
his hands; and that 10 would be wiser for him.
with the cash he had. 10 extinguiSh so much as he
states has such means, and owes such debts IL
owes over billion and quarter OF dollars, which Is
running upon interest. IL has tie option 10 pay
over three millions OF the debt whenever IL peases
nt short intervals. It Is not good sense, nor is IL
common prudence, 10 give away or loan It's means.
instead of using them 10 pay the debts against u.
easy to do so.
In the Judgment OF this Department Il Is not a
legitimate Junction OF the Federal Government Ia
raise money by taxation 10 be donated 10 the
Sates or TO thus use money already raised In that
way.
Ii Is perhaps enough for the present that the
payable debt Of the Union can take up all surplus
now existing or likely to arise for four years 20
come.
Another proposition is, o. n bayment from the
surplus TO certain Of The States which have not
bad their iull pr0p"'.,on OF money under the dis
uIoAaph act vi 1886 Call IL a contract Yet there
WIS another and vital part OF that contract that
the States should repay. whenever the wants OF
the Treasury forced IL 10 call for repayment.
IL the United States be under contract, rs Is con-
tended in behalf CT those States make loau TO
them whenever n surplus arises, then are those
states rs well under contract 10 repay when called
upon so TO do. IL is not too much to say thai IL T.
such fair and reasonable use OF the means of the
Treasury To apply them to current expenses and
the payment of payable obligations. as that
within the spirit and intention of the OF 1856.
the wants of the Treasury now requ lie the use and
application OF this surplus 10 the purposes OF the
United States
The Secretary OF the Treasury, In 1857 In his re-
port 10 Congress. recommended the Withholding OF
the fourth inslalment, asserting that IL was not n
debt. but mere temporary disposal OF surplus.
For these reasons, and following In the practice OF
this Department. payment 10 those states from the
existing surplus has been withheld. and will con-
TRUE to he unui Congress Directs another course.
CrsroNs.
The revenue from customs for The
fiscal year ending June -. 1ss2,
WAS ....-s20 10 go p
That Tor the last fiscal year ia 7OS i96 81
a decrease of........... ............ 5.7oL2s8 8!
There was decrease In the value OF dutinble ini-
ports OF sii.675.6S: and in that OF free goods oil
S3.sue 692 The duties collected the port OF New
York during the last fiscal year were sIf7 3d. 81
al all other ports, S67, 62i, 1870.
81 am convinced, upon careful consideration oil
the subject that districts should be consolidated.
and the number thereof reduced. The matter Il
OF importance, as bearing upon an economical
conduct oil public Affairs Consolidation is, in ex-
pcnte. less than this bv near $1,000
The plan outlined Is the result OF much thought
aud careful inquiry. Tie power could be given 10
the President. TO alter districts and designate or
appoint officers thereto, is his power with IN
NAL revenue collection districts
In conclusion OF this subject, l remark. that
there are some considerations which appear 10
initiate with the feasibility and good results OF q
consolidation. There Is possibility that In some
OF the districts where little revenue Is taken, there
might be mnchgsmuggline but for The undemon-
OF officers, and the wholesome fear OF detection
thereby excited. 10 Is believed, however. that
even II this Is OF potency IL 10 not needful that
officers OF other than lesser degree and wages be
retained. who may be subordinate to central su-
peiior conveniently placed; and think that tue
qil proposed fully provides for these
1be tariff enacted March 3, 1885, while IL has
given rise to some troublesome questions Of adj
mlnistraiion, but fewer than were expected from
work. The mode adopted for collecting duties on
sugar according TO its saccharine strength seems to
have given general satisfaction, and has removed
the opportunity formerly existing for evadng the
revenue by artificial colorng.
In connection herewith NJ should be said that
changes In the modes OF business have made un.
dcrysluations more frequent aud difficult OF pre-
yeniion. II Is found that foreign manufactures OF
or wholesale dealers In many classes of merchan-
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