The Portland daily press., 1884-12-02
Total ordinary expenditures $3.50 .s16. .478 SO

Leaving surplus of. ........... s57 ,o0s, 1876, %
which was applied to the redemption of war
debts, loans, &e., and to the increase of cash
IN .he treasury $3,466, ,541.09
compared With tue previous fiscal year, in
the receipts for 1884, there has been net de-
crease from all sources of $40 767,7 ,712.03.
Inc expenditures show decrease as compared
with the previous year of $25, $50, ,4GS 81 as fol-
lows: In the War Department, S9, ,481 1851, in
pensions, $40 $50, SAC. .5S; in Indians e6 SO is
and In interest on the public debt, 81 5Si '752.77
Inere was Az increase Of $4 25l as foilo,Fes
c1i cG me IN navy Depsrtment, S2 o09 GAIT; and in
S93.21. VI sAi.Nol'-
The revenue for the present fiscal wear is asti
mated a. S33 ,00o 0O0, and expenditures at $3.50
6zO,2O1.16 estimated surplus S39379 798 "a
The total receipts for the year ending June so
1886, are estimated at $33o,O00, ,O0O and the ex.,
penditures at 1928, 81. 394.2 .25 or An est,marsd
surplus OF $6,0S3, ,60575 This estimate Of eT
penditures exceeds the estimate of the present vea
py more than forty millions, but as it may fairly be
assumed that the appropriations for 1850 viii moi
eAceed the actual expenditures for 1885, the actual
surplus Tor 1856 ls likely to exceed $50 900 600
But as in the above estimate of re.eibbts the -,
csipts from customs s estimated to be the same a.
IN 1854 ana as 1t probably is that they will be in
creased the surplus in 1856 is likely to reach $50
100000. W.
REDEMPTION OF U. s. BONDS.
On Nov. 1, 1888 the outstanding bonds of the
ed to s3o5, GOO. Calls were issued prior 10
Nov. /, 1888, for $50 0oo 600 of the above
amount all Of which matured in tie month Of
december, 1888. During the year ended oct 8
1884, calls have been Issued for $50. COO coo of
such bonds, $40 600 900 of which nlatured preyi-
a. Hss & ana 900 OF the first day of
nual interest charge of So .203, 1858.
REFUNp1NG CERTIFICATES.
sincs Nov. 1, 1888, refunding certificates issned
in 1879. under the sct of Feb. &c 1879, have been
presentei for conversion into per cent bonds as
follows: D0-'N' ~s
Prineiual a.. 80
Accrued interest due. Observation-Disclosures I2SiO
Total ....-................. ........... s73. 3.26o
For which settlement was made as follows:
-Four per cent. bonds issued. $50
interest paid in cash. ..................... 2,4lO
Iotal ''................... ........... $73, $50
The certificates still outstanding amount to
FOREIGN TRADE AND TAXATION
After alluding brify to the present sta1nation In
our manufacturing industries the Secretary con-
ciudes that 1t Is necessary to their continued ex-
opened. On this point he says:
The question how shall our foreign trade be in
creased Is the question which comes to the
'front.' and demands prompt and careful consider.
alton. Manufacturers are primarily Interested
but the whole country has stake in its solution
In its investigation the tariff will necessarily be in
volved inasmueh as the relations between it and
our foreign trade close that they cannot be
considered separately. but it need be involved
national trade If the duties upon raw materials
are an obstruction those duties should be removed
II the duties upon other articles are an obstruc-
tion, they should be modified. Whatever NAV be
required to increase our foreign trade whether it
be repeal or modification of existing dutiesA
should be demanded by the manufacturers them
selves. How, then shall the information required
for full understanding of what stands in the way
OF an increased expectation Of our manufactured
goods he obtained? 1t may not be proper for me to
offer advice on this point but cannot forbear to
say tha5 can see no better means than by the an
Pointmeht or q commission, composed of mon not
welded TO the doctrines of free trade or
-fair-minded men, who would prosecute ths in
curry Inoroughiy comprehensibly and impartially
II such commission should be created it should
be done without unnecessary delay. =
In the commencement of its work the commits
settled ~ -s
First-That the public revenues are not to be in
excess OF what may be required for the support Of
public debt.
Second.-That our manufactures. which undsr
the fostering care OF the government have attained
sucn glsantic proportions, and whose prosperity is
essential to the welfare of all other interests are
not to be put IN Jeop srdy by radical and sweeping
changes in the tariff and that all reductions of in
port duties should be made with view to their nj
innate advantage by opening to them markets from
welcn they are now in a large degree excluded
Something has been done, and more might be
done, to increase our foreign trade by reciprocal
treaies put tue advantage to be derived from such
treaties would be restricted and partial; and there
are very serious objections to treaties which aact
the pubic revenues, the ground that thew are an
oncroacnuent upon the rights OF the House of Rep
resehtatives, IN which, under the Constitution all
revenue bills must originate.
AS 10 the persons who should constitute the COM
miss on there viii bs various opinions. 1t might be
composed or persons who have connection with
lh7 government, or of senators ana members of The
house, but strongly incline to the opinion hat it
should be composed of members of the House only
because in the investigation of the subject of our
foreign trade questions affecting the public reye.
nues will necessarily be involved and that members
should be selected from those who have been re-
elected TO the 49th Congress- in order that its work
may be explained and defen ed by those who have
performed IT, 1t would be advisable also that the
Secretary OF the Treasury should ex-oficio be a
member Of the commission, in order that the views
OF the Treasury Department and those OF the COM
mission may be in accord.
In the preceding remarks the tariff has been only
ndirectlY referred to. From this it must not be- IN
ferred that am not in favor of a reform of tbe
tariff, but rather that the subjects of the tariff and
foreign trade are so intimately connected thar they
must, IN my opinion. be considered together HaVs
we not reached the stage when a policy shouId he
adopted which will embrace and barmonjza ths |
great interests of the country?
TARIFF AND REVENUE
Under this head thesSecretary makes the follow
ing recommendation: w i0"
First. Ihrt the existing duties upon raw natar-
las Whch are 10 De used in manufacture shouId he
foreign rade. u Vul
Second. That the duties upon the articles n,ed
ana consumer oy those who are the least able to |
GEAR .ine burden or taxation should be reduced