Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1884-12-03


All other sources. 5i,o66,3OI 90
Total ordinary revenues. .S34S, SIS, 500 90
The public expenditures during the same
| period were:
Civil expenses. .....,.....o...s.S 22312, 9n7 II
Foreign Intercourse. .......... 1890, 766 81
Indians. ............... ....... 6475, 999 %
The military establishment, inciud- "
ing river and harbor improve
ments and arsenals. ............. S9,429,6Os Sc
| The naval establishment, including
vessels, machinery and improve
ments at navy yard. ............. 1929, COL A
Mlscel laneous expenditures, In
| GLIDING public buildings, light
houses aud collecting the rev.
enue. ...................... 45,es9, no 90
| Expenditures on account of the
District of Columbia ........... 3,407,O49 62
Interest on the public debt. 54678, 378 4S
The sinking fund. 46,790,229 80
Total ordinary expenditures 1920, GIG, 483 SO
Leaving surplus of S57 SOB, 396.09. AS COM
| pared with the preceding fiscal year, there
| was net decrease of over S21, 100000 in the
amount of expenditures. The aggregate receipts
| were less than those of the year previous by
about 100000. The falling off of revenue
| from stOms made up nearly $40, 900 Of this
deficiency, and about S23 600 Ofthe remainder
was due to the diminished receipts from internal
| taxation. The secretary estimates the total re-
| 80, 1885, at S33O,O0O, 600 and the total ex-
penditures at $500 500, .16, in which are In
cluded the interest on debt and amount payable
| for the entire year of about 1890, 0000 600.
THE EXPORTS AND IMPORTS
The value of exports from the United States to
| foreign countries during the year ending June
| 80, 1884, as follows: Domestic merchandise,
$7A 964 852 foreign merchandise, $15, 548757 to-
tai merchandise $40 5l3 6O9: specie S67 1873 1888;
total exports ofmerchandise and specie 1907 646,-
992. The cotton and cotton manufactures in
cluded in this statement valued at sos, gOO,
AS the breadstufs at sl62 the provisions
at 6547 and the mineral oils at SAT lob 24S.
During the same period the imports were as
| follows: Merchandise, S667, 697, 693; gold and
silver, $37 426 262 total sos, 123 955. More than
60 per cent. of the entire value of imported mer-
| chandise consisted of the following articles ::
Sugar and molasses, $103 1884 274; wool and wooden
ures, $40, 949, 12s; Coffee S49,6s6 7o5; iron and
| steel and manufactures thereof, SAL, 464, 500;
chemicals, $3S, 464,965; flax, hemp, jute and like
| substances and the manufactures thereof, S33,
| 463, 395; cotton and the manufactures of cotton,
$50 476; hides and skins, other than fur skins,
| So, $50 900.
| THE SILVER COINAGE
| 1 concur with the Secretary of the Treasury in
| recommending the immediate suspension of the
coinage of silver dollars, and of the issuance of
| silver certificates This is matter 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 been coined, in compliance with re-
quirements of the act of February %, 1878, more
| than 81, 100000 silver dollars. The number of
silver dollars outstanding is reported by
| the secretary to be nearly $4,000, 900,
whereof but little more than 10000, 600, or less
| than % per cent. are in actual circulation. The
mere existence of this fact seems to me, to furn-
| iSh of itself q cogent argument for the repeal of
| the statute which has made such fact possible.
| But there are other and graver considerations
that tend in the same direction. The secretary
avows his conviction, that unless the coinage and
| the issuance of silver certificates be suspended,
silver is likely at no distant day, to become our
| sole metallic standard, The commercial dis,
| turbance and the impairment of national credit
| that would be thus Occasioned, can scarcely be
overestimated. hope that the secretary's sug-
gestions respecting the withdrawal from circula-
ton of the one-dollar and two-dollar notes will
receiveyour approval. 1t is likely that considera.
| bic portion of the silver incumbering the
vaults in the treasurymght 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 pro-
| vision should be made for their surrender
| to the government. In view of the crcum-
stances under which they were coined and of the
fact that they have never had legal tender quail
| ity, there should be offered for them only a
slight advance over their bullion value. The
secretary, in the course of his report, considers
| the propriety of identifying the designs Of our
| weight that they may bear their due ratio of
value of the standard dollar. His conclusions
in this regard are cordially approved.
| EXCISE TAXES.
| In my annual message of 1882, recommended
the abolition of all excise taxes except those re-
lating to distilled spirits. This recommendation
is now renewed and in case these taxes shall be
abolished the revenues that will still remain to
| the government will, in my opinion, not only
| suffice to meet its reasonable expenditures but
| will afford surplus large enough to permit of
Such tar1f reduction as may seem to be advisable,
| when the results of recent revenue laws and COM
| mercial treaties shall have shown in what quar-
tiers these reductions can be most judiciously
| effected.
QUE FOREIGN TRADE
| one OF the graVeSt of the problems which ap-
peal to the wisdom Of Congress for solution is the
ascertainment of the most effective meaps of in.
creasing our foreign trade and thus relieving the
| depression under which industries are now
| languishing. The secretary of the treasury ad-
vses that the duty of investigating this subject be
| entrusted in The first instance to a competent
| commission. While fully recognizing the consid-
| erations that may be urged against this course
| am nevertheless of the opinion that on the whole
no other would be likely to effect speeder or bet
| ter results
| OUR SHIPPING INTERESTS.
That portion of the secretary's report which
concerns the condition of our shipping interests
| cannot fail to command your attention He en-
| phatlcally recommends that an incentive to
| the investment of American capital in American
steamships, the government shall by liberal pay
ments for mail transportation, or otherwise, lend
Its active assistance to individual enterprise, and
declares his belief that unless that course be pur-
| sued, our foreign carrying trade must remain as
it is to-day, almost exclusively in the hands of
foreigners. One phase of this subject is not espe-
c1aly prominent in view Of the repeal act of June
26 1884. OF all salutary provisions arbitrarily
| pelling American vessels to carry the mails to
and from the United States. AS it is necessary to
| make provision to compensate the owners of such
vessels for performing that service after April,
1862 IL is nOpoQ Cn6C the whole SUBJECT Will re-
| ceive early consideration that will lead to the
enactment of such measures for the revival of our
merchant marine as the wisdom of Congress may
devise.
THE REDEMPTION OF BONDS
The 8 per cent. bonds of the government to the
amount of more than $4,000 100000 have, since my
last animal message, been redeemed by the treas
ury. The bonds of that issue, still outstanding,
amount to a little over $780, 000, 600, about one
fourth of which will be retired through the op-
erations of the sinking fund, during the coming
year. AS these bonds still continue the chief basis
Tor the circulation of the national banks, the
question now to avert the contraction of the cur
rency, caused by thei retirement, one of con-
stantly increasing importance. 1t seems to be
generally conceded that the law governing this
matter exacts from the banks excessive security
and that on their present bond deposits larger
circulation than is now allowed, may be granted
with safety. hope that the bill which passed
the Senate at the last session, permitting the is
sue of notes equal to the face value of deposited
bonds, will commend itself to the approval of
the House of Representatives.
WAR DEPARTMENT.
In the expenses of the War Department the
secretary reports decrease of more than 800 000,
O00, OF which reduction $50, 900, 600 effected in
the expenditures for rivers and harbors, and So,
100000 in the expenditures for the quartermas
ters department. Outside of that department
the annual expenses of all the army bureaus