Turner County herald. (Hurley, Dakota [S.D.]) 1883-19??, 1884-02-21

OF year testi-
For civil and miscel-
laneous, including
public buildings,
light houses and col
lecting the revenue
for quarter ending
September 80, 1883,
actual. ......... s 15.ss5,7ss 40 s5l,ll4, 200 ss
For pensions. @ ls,ss5,ssi ss ss'7is,sss o. O.
For military establish
ments, including
Notifications, river
and harbor improve
ments and arsenals. 1852, ,204 80 26,as7,795 CT
For naval establish
ments, including
vessels and machine
cry and improves
ments at navy yards 4,ls9,2ss 60 12,soo, 200 81
For expenditures
account of District
of Columbia. ....... 1,139,e36 IL 2,6il,163 SO
For interest on public
debt ............. 1A,7s7,2s7 90 s9,7o2,7o2 o4
penditures. Co.,. e7,ei2oso 80 1eo,o57,s 900 OF
Total receipts, actual
and estimated. ...... 3i30oc,oOo 90 .............
Total expenditures, FGi
actual and estimated 25s,ooo,ooo 90 .............
Total ................ s5,000,oc0 co ............
due SINKING fund. 45,816,7I OF .............
Leaving balance Of. 3s,lSS.25s 90 .............
The Surplus Revenue.
II the revenues for the fiscal year which will
end on June 80, 1885, be estimated upon the
basis of existing aws, the secretary is Of the
opinion that fer that year the receipts will ex-
ceed by S60,0U0,000 the ordinary expenditures,
including the. amount devoted to the sinking
fund. Hitherto the surplus, as rapidly as it has
accumulated, has been devoted to the reduc-
tion of the national debt; as q result, the only
bonds now outstanding which are redeemable
at the pleasure Of the government are the three
ter cents, amounting to s305,O00,00U. The
10 A<
COZ, and the 8737,000,000 of per cents
are not payable until 1891 and 1907 respective.
ly. II the surplus shall hereafter be as large
as the treasury estimates now indicate, the s
per cent. bonds may all be redeemed at least
four years before any of the ~ per cents. can
be called in. The latter, at the same rate Of
accumulation of surplus, can be paid at ma
turity and the monies requisite for the re-
demption of tho per cent?. will be in the
treasury many years before these obligations
become payable. There are cogent reasons,
however, why the national indebted
ness should not be thus rapid
ly extinguished. Chief among them is
rapidity attainable. In communication to
the congress at its last session, recommended
that all excise taxes be abolished except those
relating to distilled spirits, and that substantial
reduction also be made in the revenues from
customs. statute has since been enacted by
WulCu duuudl tdA anu IeCelIlb U Inc
government have been cut down TO the extent
Of at least S5O,0O0,OO0 or 100000, ,G0O
While have no doubt that still
further reducticns may be wisely made,
do not advise the adoption at this session of
any measures for large diminution of the ma
tional revenues. The results of the legislation
Of the last session of congress have not Us yet
become sufficiently apparent to justify any rad
zeal revision or sweeping notifications of the
existing law. In the interval which must
elatse before the effe,ts of the act of March g.
1883, can be definitely ascertained, a portion
| at least of this surplus revenues may be wisely
applied to the long neglected duty of rehabil
itating our nation and providing first defensel
for the protection of our harbors. This is
matter to which shall again avert.
The National Banks.
Immediately associated with the fnancia
subject just discussed, is the important ques.
ton, what legislation Is needed regarding the
national currency. The aggregate amount oil
bonds now on deposit IN the treasury to sup
port the national bank circulation is about
! $3.50, ,0C0, 600. Nearly S200,000,0G0 of this
amount consists of 5 per cents which, as al
ready stated, are payable at the pleasure of The
| government, and are likely to be called in with
| IN less than four years, unless, meantime, the
surplus revenues shall be diminished. The prob
able effect of such an extensive retirement
| of the securities which are the basis of the
traction of the volume of the currency as tt
produce grave commercial embarrassment
| How can the danger be obviatod? The moat
effectual plan, and Of whose adoption at the
earliest practical opportunity shall heartily
approve, bas already been indicated. If the
revenues of the next four years shall be KEEP
substantially commensurate,with the expenses
the volume of circulation will not be likely tc
| suffer any material disturbances; but if, on the
other hand, there shall be great delay in re
ducng taXationit will become necessary either tt
substitute some other form OF currency il
place OF the national bank notes, or TO make
| important changes in the laws by which theil
circulation Is now controlled. Inmy judgmen
the latter course is far preferable. commend
| to your attention the very interesting ant
thoughtful suggestions on this subject, which
appear in the secretarys report. The objec
tions which he urges against tho acceptance O
any other securities than the obligations of iii,
government itself as a foundation for tht
national btnk circulation, seem t.
ne insuperable. For adyerting th
threatened contraction two courses hay
been suggested either of which is probable
feasible. One is the issuance of new bond
having many years to run, bearing low rat,
of interest and e1changeable upon specific,
terms for those now outstanding. The olhe
course, which commends itsdlf to my. own judg
| ment as the better, ls the enactment Of lay
repeating the tax on circulation and permittin,
| the banks to issue notes for an amount equ
| TO 0 per cent. OF the market value. instead o
as now the face value of the deposited bonds
| agree with the secretary in the belief tina
the adoption of this plan will afford the ne
cessgry relief.
The Trade Dollar
The trade dollar was coined for the purpcs
of traffic in countries where silver passed at it
value nscertaiued by its weight and tineness
1t never had legal tender quality. Larg
r,f
the volume of our currency by common cor
sent. Their circulation in domestic trade hs
now ceased, but as they have become disturb
ing element they should not be longer pei
mitted to embarrass our currency system.
recommend that provision be made for the
redemption by the treasury and mlnts as bu
ion at small percentage above the currei
market prices Of silver OF like fnencss.
Consolidation of Customs Districts.
The secretary Of the treasury advises COZ
solidation Of certain of the customs districts
the country and suggests that the President i
vested with such power in relation thereto Q
is now given him in regard to collectors Of il
terual revenue in section 8, ,141 of the revise
statutes. The statistics ON this subject whic
are contained in his report furnish of then
selves q strong argument in defense of h
views. At the adjournment of congress ii
number of internal revenue collection distric
was 126. BY executivs orders, dated June q
1883, directed that certain OF these district
be consolidated. The result has been redu
ton OF oue-third of their number, which
present is but SO.
The War Department.
From the report of the secretary of war
will be seen that in only single instance b,
there been any disturbance of the quiet cond
tion OF our Indian tribes. A raid from Mexic
into Arizona by small party OF Indian
which was pursued by General Crook into IL
mountain regions from which it had come.
is confidently hoped that serious outbreaks wi
rot again occur and that the Indian trib.
which have for somany years disturbed the We
Will hereafter remain in peaceable submission
! Iagain call your attention to the preser
condition of our extended sea coast, upon whic
are SO many large cities whose wealth and in
portance to the country would in time of WI
J invite attack from modern armored ship
against which our existing defensive worl
could give no adequate protection. Thoi
works were built before the introduction
} modern heavy rifled guns into maritime wa
fare, and if they arc not put 10 an efhcientcol
dition we may easily be subjected to hplniiiatlc
by hostile power greatly inferior to Olrsslye
AS germane to this subject I call your attel
D | tion to the importance of eifecting our SUI
D marine torpedo defensess
OIL Tue board authorized l!y the last congress