River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1884-12-04

provements aud arsenals. 39,429,603 SO
For The naval establishments; in
Guiding vessels, machinery and
improvements at navy yards. l7,292,6Ol 46
For miscellaneous expenditures, in
Guiding public buildings light
houses and collecting the revenue As, $3.50, TO 90
For expenditures account of the
District of Columbia .......... 3,407,O49 go
For interest on the public debit. 54.57S.37S 4S
For the sinking fund. 46,790,229 so
Total ordinary expenditures. 1920, 916.4ss SO
Leaving surplus of $o7 sos, 1886 90. As COM
pared with the preceding fiscal year there
was a net decrease of over P21 900, 600 in
the amount OF expenditures The aggregate
receipts were less than those of the year
previous by about $74 000, 900. The falling
off of revenue from customs made up nearly
$50, 1000, 600 of the deficiency, and about
1913, 900 600 of the remainder was due to
the diminished receipts from internal taxa
ton. The secretary estimates the total re-
ceipts for the fiscal year, which VIII end June
80 1885, at 1880, 600. 900, and the total
expenditures at 1920, 620, POI, in which are
included the interest on debt and amount
payable to the sinking fund. This would
leave a surplus for the entire year of about
$3.50 900 900. The value of exports from
the United States to foreign countries during
the year ending June 80, 1884, was as
follows:
Domestic merchandise. ............$ 1874, 964, $50
Foreign merchandise. .............. l5,a4s.7o7
Total merchandise. ........... 1910, 513, 600
specie. ......-.. ...-...-........-'.' So1l"o,9ao
Total exports of merchandise and
snecie 1907, 646, 1922
The cotton and cotton manufactures in
cluded in this statement were valued at
I2OS, 900, 40, the breadstuffs at Sl62, Oh
715 the provisions Mt fl14, 416, 547 and the
minerals at SS47, 103, 24S During the same
period the imports were as follows:
Merchandise. .....................$6 5000, 69a, 693
Gold and silver. .................... 37,426,26
Total sos, I23, 955
More than IS per cent of the entire value
of imported merchandise consisted of the
following articles.
Sugar and moasses. ......... sos, S84 ga
Wool and wooden manufactures. ...... 53,542, 202
SILK and its manufactures. ........... 1890 rs
Gomez 49,oSO 40
Iron and steel and manufactures
Chemicals ............................ 3s,464965
Flax. hemp lutte and like substances
and manufactures thereof. ......... SO, 1853 39S
Cotton and manufactures of COTTON. 9o,454,476
Hides and skins other than fur skins. 22.S50,9O6
SILVER DOLLARS.
l concur with the secretary of the treasury
in recommending the immediate suspension
of coinage of silver dollars and, of the issu-
ance of silver certificates, and this is mat
ter to which, in former communications,
have more than once invoked the attention
of the national Legislature 1t appears that
annually for the past six years there have
Feb. %, 1878, more than twenty seven mil
lion silver dollars, and the number outstand-
ing is reported by the secretary to be nearly
one hundred and eighty five million, whereof
but little more than forty million, or less
than % per cent, are in actual clrculation
The mere existence of this fact seems to
me to furnish of itself a cogent argument
for the repeal of the statute which lrs made
such fact possible. But there are other
and graver considerations that tend in the
direction The secretary MS
conviction that unless this coinage and
the issuance of silver certificates be
suspended silver is likely at no
distant day to become our sole metallic
standard The commercial disturbance
and the impairment of the national credit
that woulh be thus occasioned can scarcely
be overestmated. hope that the secretary's
suggestions resi- ng the withdrawal from
circulation of the . and 81 notes VIII re-
ceive your approval 1t is likely that con-
siderable portion of the silver now incum-
bering the vaults in the treasury might thus
find its way into the currency. While trade
dollars have ceased, for the present at least,
to be an element of active disturbance IN our
currency system, some provision should be
made for their surrender to the government
In view of the circumstances under which
they were coined, and of the fact that they
have never had legal tender quality there
should be offered for them only a slight adj
vance ON their bullion value. The secretary,
in the course of his report considers the
proprety of identifying the designs OF our
subsidiary silver coins, and of so increasing
their weight that they may bear due ratios
of value of the standard dollar. His conc u
sons in this regard are cordially approved
TAXATION.
In my annual message of 1882 recon-
mended the abolition of all excise taxes eX-
cept those relating to distilled spirits This
recommendation is now renewed. In case
these taxes shall be abolished the revenues
that will still remain to the governmentwiu,
in my opinion not only suffice to meet its
reasonable expenditures, but will afford
surplus large enough to permit such tariff re-
duction as NAV seem to be advisable when
the results of the recent revenue laws and
commercial treaties shall have shown IN
what quarters these reductions can be noSb
iudiciously effected. One of the gravest OF
the problems which appeal to the wisdom OF
congress for solution is the ascertatnment OF
the most effective means of increasing our
foreign trade and thus relieving the depres
sion in which our industries are now IAN
gushing The secretary of the treas
ury advises that the duty of in
vestigatng this subject be entrusted
in the first instance to a competent commits
sion While fully recognizing the consldera-
tions that may be urged against this course,
| am nevertheless of the opinion that, on the
whole no other would be likely to effect
speedier or better results. That portion of
the secretary's report which concerns
the condition of our shipping interests can
not fail to command your attention. he EN-
phatically recommends that as an incentive
to the investment of American capital IN
American steamships, the government shall.
by liberal payments for mail transportation
or otherwise. lend its active assistance TO IN
dividual enterprise, and declares his beHef
that unless that course be pursued, our
foreign carrying trade must remain as it to-
dav. almost exclusively in the hands OF
foreigners One phase of this subject is now
especially prominent, in view OF the repeal
bv the act of June 26, 1884, of all statu-
tory provisions arbitrarily compelling Amer-
can vessels to carry the mails TO and
from the United States. As 1t is
necessary to make provision to compensate
the owners of such vessels for performing
that service after April, 1889. 1t is hoped
that the whole subject viii receive early con
sideration that will lead to the enactment et
such measures for the revival of our mer
chant marine as the wisdom OF congress may
devise Three per cent bonds of the govern
faent TO the amount of more than 500.
GOO 600 have since my last annual message
been redeemed by the secretary The bonds
OF that issue still outstanding amount TO
little over $500, 900, 600 about one-fourth
of which will be retired through the opera
tions of the sinking fund during the coming
year As these bonds still continue the chief
factor of the circulation Of the national
banks. the question how to avert the con-
traction of the currency caused by their re-
tirement is one of constantly increasing i'm
portance. It seems to be generally conceded
that the law governing this matter exacts
from the banks excessive security, and that
on tnsr present bond deposits larger cir
culation than is now allowed may be granted
with perfect safety. l hope that the bill
which passed the senate at the last session,
permitting the issue of notes equal 70 the
face value of deposited bonds. viii commend
itself to the approval of the house of repre-
sentatives.
THE WAR DEPARTMENT.