Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1883-12-12


clus of seats estal lished at twenty
two stations under one flag, which OF
fers freedom to commerce and prohibit
the slave trade The objects of the so
ciety are philanthropic. 1t does no
aim at permanent political control bu
seeks the neutrality of the valley.
The United States cannot be indif
ferent to this work, nor to the interest:
of their citizens involved in it. 1t may
become advisable for US to cooperate
with other commercial powers in pro
noting the rights of trade and resi-
dence in the Congo valley free from the
interference or political control of any
one Nation.
FOREIGN TRADE HAMPERED.
Our petroleum exports are hampered
in Turkey and in other Eastern ports
by restriction as to storage and by tax
alton; and the free outward r'ovement
of our great food products is in some
quarters clogged with like impedi-
ments. For these mischiefs adequate
relief is not always offered by recipro-
city treaties like that with Hawaii or
that negotiated with Mexico and now
awaiting the action of the Senate.
NATIONAL FINANCES.
The report of the Secretary of the
Treasury gives full and interesting ex-
hibits of the financial condition of the
country. 1t shows that the ordinary
revenue from all sources for fiscal year
ended June 80, 1888, amounted to
1898, ,2S7, ,5S1 95, whereof of these was
received from the customs $2l4, 706,-
396.93; from internal revenues S144,-
720,36S.98; from sales of public lands
1856, ,86442; from tax on circulation
and deposits on National bands 50, Ill, :
009S5; for profit on coinage, bullion
deposits and assays S4,46O, ,2O6.1 II;
from other sources, $l7,333, $3.50
total, 1898, ,2s7, ,5s195. For the same
period the ordinary expenditures were:
For civil expenses, $22, 1868, ,2S5.76; for
foreign intercourse, $2,419, ,275.24; for
claims, ST, 1862, ,59O.34; for pensions,
$66,012, ,573. .64; for the military estab-
lishments, including river and harbor
improvements and arsenals, $48,91l,-
382.93; for the naval establishment,
including vessels and improvements at
navy yards, sl5,283439.17; for miscel-
laneous expenditure, including public
buildings, light houses and collecting
revenues, $40,09S, ,43273; for expendi-
lures on account of District of Colum.
bia, $6,3Sl, ,778.4S; for interest on the
public debt, SO, 100, 1928; total, $685.
4Os, ,l37 81, leaving surplus revenue
of $I32, 1919, ,444.41, which with an
amount drawn from the cash balance
in the Treasury of 81, ,299, ,31255, max
ing $134, ,l7S,756. was applied to the
redemption of bonds for the sinking
fund, S44, $50, 7OO;of fractional currency
for the sinking fund, $40, 556.96 of
funded loan of 8Sl ,and continued at 5 !
per cent, $65. $780, $50 of the loan of
July and August, 1881; continued at
81 per cent, $2O,594,60O of funded
loan of 1907; $l,41S,S5O of funded loan
of 1881: $7l9, $50 of loan of February,
1861; $4,000 of loan of July and Au-
gust, 1861; $266,600 of loan of March,
1868; $ll6,850.00 of loan of July,
1882; $47, ,65O.OO of fve.twenties of
1862; S1O,3OO.OO of fve-twenties of
1864; $7,05000 of fve-twenties of
1865; $9,6O0.00 of ten-forties of 1864;
$135, $4,000 of consols of 1865; $4O,-
10000 of consols of 1867; $235, 10000
of consols of 1868; $l54, $4,000 of con-
soils; Oregon war debt $545, 200; of
refunding certificates $l09, 10000; of
old demand compound interest, and
other notes, $l3, 800; total, $134, 49,
1866.
THE EXCESS OF REVENUE.
If the revenue for the fiscal year,
which will end on June 80, 1884, be
estimated upon the basis of existing
laws, the Secretary is of the opinion
that for that year the receipts will ex-
ceed by sixty millions the ordinary ex-
penditures including the amount de-
voted to the sinking funds. Hitherto
the surplus as rapidly as it has accumu-
lated has been devoted to the reduction
Of the National debt. AS result the
only bonds now outstanding which are
redeemable at the pleasure of the gov
ernment are the three per cents,
amounting to about 1906, ,000,000 four
and one-half per cents, amounting to
$3.50, 900, 900, and the $4,000, 900
four per cents are not payable until 1891
and 1907, respectively. If the surplus
shall hereafter be as large as the Treas
ury estimates now indicate, the three
per cent. bonds may all be redeemed at
least four years before any of the four
and one-halt per cents. can be called in
The latter, at the same rate of accumu-
lation, can be paid at maturity and the
money requisite for the redemption of
the four per cents will be in the Treas
ury many years before those obligations
become payable.
PAYING THE DEBT TOO FAST.
There are cogent reasons, however,
why the National Indebtedness should
not be thus rapidly extinguished.
Chief among them is the fact that only
by excessive taxation is such rapidity
attainable. In q communication to the
Congress at its last session | recon-
mended that all excise taxes be abolish
ed except those relating to distilled
spirits, and that substantial reductions
also be made in the revenues from GUS
toms. A statute has since been enact
ed 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.
NO FURTHER REDUCTION.
While / have no doubt that still
further reduction 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 Con.
gress have not as yet become sufficient
ly apparent to justify any radical re.
vision or sweeping notifications of the