Savannah morning news. [volume] (Savannah) 1868-1887, 1884-12-02
THE NATIONAL FINANCES.

THE NATIONAL FINANCES.
The condition of our finances and the Ope-
ratiOns Of the various branches Of the public
service which are connected with the Treas
urY Department are very fully discussed in
the report OF the secretary. 1t appears that
the ordinary revenues for the fiscal year
ended June 30. 1854, were: From customs. si95.-
067 .4S9 rs; from internal revenue, Sl2I,5S6
072 81; from all other sources, So. 500. 800 IS;
total ordinary revenues. $34S, 5ls,s69 80. The
public expenditures during the same period
were: For civil expenses, So, 3D.
907 II; for foreign intercourse, ST.
26O,76 81; for Indians, $6,475, 9s9 %;
for pensions, $55, 429, 22S 06; for the military
establishment, including river and harbor i'm
prOvements and arsenals, SIS, 429, 603 80; for
the naval establishment, including vessels. ma
chInery and Improvements at navy yards,
sl7, 292, 60l IL; for miscellaneous expenditures,
including public buildings, light houses aud
collecting the revenue, 1888 40; for expen-
dltures on account Of the District Of Column
bia. S3.4O7, 049 60; for interest on the public
debt, S54, 57s, 1878 As; for the sinking fund. S46,
790, 229 80; total ordinary expenditures, $780,,
9l6,473 So; leaving surplus Of 1910 1896 %.
s compared with the preceding fiscal year,
there was a net decrease OF over 81, COZ, 900 in
the amount of expenditures. The aggregate
receipts were less than those of the year pre-
vIOus by about S5i. 900. The falling of in
OOO GOO Of this deficiency, and about $23, 900
OF the remainder was due to the diminished
receipts from internal taxation. The Secre-
tary estimates the total receipts for the fiscal
600. and the total expenditures at 1920, 1920
pol Is, in which sum are included the interest
on the debt and the amount payable to the
sinking fund. This would leave a surplus for
the entire year of about S39,0C0,000.
EXPORTS AND IMPORTS.
The value Of exports from the United States
to foreign countries during the year ending
June 30, 1854, was as follows: Domestic
merchandise, 1924 ,964, $50; foreign merchan-
disc. Sl5,54S,757; total merchandise. $40, 5ls,-
tot al nv nrfc faf, mar
chandise and specie, $S97, 1872. The cotton
and cotton manufactures included in this
statement were valued at sos AIS; the
breadstuas at $l62,544,fl5; the provi-
oils at I During tue the 9 ssme
period tine imports were as follows: Merchan-
dis, 5000 ,G91 1913; gold and silver, $751; 426, 262;
total. sos, l23, 955 More than GO per cent OF
the entire value of the imported merchandise
consisted Of the following articles: Sugar and
mOlasses, $l03,S S4274; wool and wooden manu-
features. SjS,542, z92; silk and its manufac-
lures, 1898, lbs; coffee, $40, ,105: iron and
steel and manufactures thereof, S4l, 464, 500;
chemicals, $3S,46f965; flax, hemp, jute and
like substances and manufactures thereof,
S33.4 63,39S; cotton and manufactures OF cot
ton. $50, 454 40; hides and skins other than fur
skins, So, 3J0906.
COINAGE OF SILVER DOLLARS.
l concur with the Secretary of the Treasury
in recommending the immediate suspension
of the onage OF silver dollars, and of the is
6AduCC VI HiA q NcItlutdLEas HIS - Il luditcI
to which. in former communications, | have
more than once invoked the attention of the
national legislature. 1t appears that annually
for the past SIX wears there have been coined
in compliance with the requirements OF the
act of Feb. %, 1878, more than 2I,0o0O0O silver
dollars. The number now outstanding Is re-
ported by the Secretary to be nearly Sls5, Coo,
coo, whereof but little more than S400C0.0O0, or
less than y per cent, are in actual circula-
ton. The mere existence of this fact seems
to me to furnish of it-elf a cOgent argument
for the repeal Of the statute which has mae
such fact possible. Bat there are other and
graver consi eeratiOns that tend in the same
direction. The Secretary avOWs his cOnvic-
ton that unless this coinage and the issu-
ance OF silver certificates be suspended
silver is likely at no distant day to become
1ur sole metallic standard. The CONNER
cial disturbance and the impairment
If the national credit that would be thus oc-
casiOned can scarcely be over estimated. |
nope that the Secretary's suggestions respect
ing the withdrawal from circulation OF the
81 ana 50 notes Will receive your approval 1t
Is likely that considerable portion OF the
silver now encumbering the vaults of the
Treasury might thus find its way into the cur
rency.
TRADE DOLLARS.
While trade dollars have ceased. for the !
present at least, TO be an element of active /
in our currency system, some pro- /
vision should be made Tor their surrender to the
government. In view Of the circumstances |
lnder which they were coined and of the fact |
ty. there should be offered for them only a |
slight advance over their bullion value. The 1
Secretary, IN the course Of his report, cOnsid- /
srs the prOpriety of Identifying the designs of |
)ur subsidiary silver coins, and of so incFeas- |
NJ their weight that they may bear their due |
ratio OF value to the standard dollar. His |
,Onclusions in this regard are cordially ap- /
proved.
EXCISE TAXES.
In nv annual message Of 1852 recommend /
q
hose relating to distilled spirits. This re-
is now renewed. In case these /
axes shall be abolished, the revenue that will /
It'll! remain to the government viii, in my |
opinion. not only suffice to meet its reason
able expenditures, but viii afford n suPp US
arge enough to permit such tariff reduction |
IS may seem to be advisable, when the results
If the recent revenue laws and commercial |
reaties shall have shown in what quarter
hose reductions can be most judicioUsy eff
ected.
FOREIGN TRADE.
One OF the gravest of the problems which |
appeal to the wisdom OF Congress for solution /
S the ascertainmenJ of the most effective |
means for increasing our foreign trade, and |
thus relieving the depression under which |
lur industries are now languishing. Th+ |
secretary of the Treasury advises that the |
duty Of investigating this subject be intrusted !
ia the first instance 10 competent commits |
sion. While fully recognizing the cOnsidera- /
lions that may be urged against this course, |
am nevertheless Of the opinion that upon the |
" hole no other would be likely to effect \
-peedier or better results. That portion of |
the Secretarys report which concerns the |
condition of our shipping interests cannot !
fail to command your attebtiOn. He emphat- |
ically recommends that as an incentive 10 the |
investment OF American capital IN American |
steamships the government shall by liberal |
payments for mail transportation or other |
wise lend its active assistance to individual |
enterprise, and declares his belief that unless |
that course be pursued our foreign carrying /
trade must remain as it is to-day, almost ex- |
in the hands of foreigners. One !
phase Of this subject is now cspe-
peal by the act Of June 20, 1884,
Of all statutory provisions arbitrarily compel
ling American vessels to carry the mails TO
and from the United States, as it is necessary
to make provision to compensate the owners
CT such vessels for performing that service.
After April, 1885, it is hoped that the whole
will lead to the enactment Of such measures
for the revival of our merchant marine as the
wisdom Of Congress may devise.
BOND REDEMPTION.
The per cent. bonds Of the government to the
amount Of more than Sl00,O00,o00 have, since
my last annual message, been redeemed by
the Treasury. The bonds of that issue still
amount to little over 5000, 0G0. GEO.
about one-fOurth of which VIII be retired
through the operations of the sinking fund
constitute the chief basis for the circulation
of the national banks the question how to
avert the contraction of the currency caused
by their retirement is one of constantly in
creasing Importance. 1t seems to be generally
conceded that the law governing this matter
eXacts from the banks excessive security, and
that upon their present bond deposits a
larger circulation than is now allowed may be
granted with safety. hope that the bin
which passed the Senate at the last session
permitting the issue of notes equal to the face
value of the deposited bonds viii commend
itself to the approval of the House of Repre-
sentatives.
THE WAR DEPARTMENT.
In the expenses of the War Department the
Secretary reports q decrease of more than
50, 100000. OF this reduction $5,600,009 was
effected in the expenditures for rivers and
haTbOrs and S2,7CO,009 in expenditures for the
Quartcrmaster's Department. Outside Of
that department the annual expenses
of all the army bureaus proper
except possibly the Ordnance Bureau. are
fixed charges, which cannot be
diminished without a change in
the numerical strength of the army. The eX-
pendtures in the Quartermaster's Depart
ment can readily be subjected to administrs-
tive discretion, and IL Is reported by the
Secretary of War that as q result Of exercising
such discretion in reducing the number
of draught AMI pack animals in the
army the annual est Of supplying and
caring for such animals is now 81, les, 0S5 80
military commanders show that the last year
has been notable for its entire freedom from
Indian outbreaks.
THE OKLAHOMA BOOMERS.
In defiance of the Presidents proclamation