The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-11-27
WASHING ION NEWS.
OUR WAR SHIPS ARE TO EXHIBIT.
Postal ChaHges-The Naval Appropriation
-oapsn's War Minister Coming
Congressman Arriying-GOOd
Gun Wadding-Stat
Washington Notes.

washington Notes.
WASHINGTON, Nov. 26.-Count Ovama
Twas, the japanese minister of war, is
expected to arrive at New York in a
few days on an official visit to this
country.
About fifteen senators and twenty
representatives have returned to the
city. Most of the others are expected
by Saturday night. II is the opinion of
number OF those who have returned
That majority OF tho mem
beers of congress will visit
the exposition at New Orleans. Thev
are in doubt, however, as to whether
both houses will take an early adjourn
ment, for the purpose of making the
visit.
The chief of the bureau Of statistics
has prepared statement Of the imports
aud exports Of the United States for tho
first four months Of the current fiscal
year. ihe total value Of merchandise
exported during this period, was
$2a,7l3,2i9; total value Of i'm
ports the same period, S2OS, SOB
630; excess value Of exports
over imports $25,s99Bl9. Total value of
gold and silver coin and bullion i'm
ported into and exported from the
United States during the first four
months of the fiscal year is as follows:
ENpNt OF gold ..'........ & Goa GNS
Export of liver. Observation-Disclosures. Sg63 lSO
Import of gold .... gSl7,7T7
Import of silver. ..............l.. s. iOO57S
Excess of imports Of gold and silver
above exports during four months end
ing the 3lst Of October, $4,6S0,262.
Inc annual report of the comptroller
of tho currency shows that during tho
year ended, November l, 1884, l9l banks
nave been organized, with nm aggregate
capital of $l6,0i2,230. Circulating notes
have been issued therefor amounting
to S3, S66, 30 These banks are located by
geographical divisions as follows: East.
ern states, 10 banks, with a capital of
$SlOOO0; middle sates, % banks,
capital, $2,@l ,lOOi western states,
states, 0'g'' capiia soO'S SSjoOOo Pacific tsS
ritories 10, capital sl,i Iigs5S,VGO' Since ,o
the establishment of the national bank
system, on February 18th, 1868, there has
been organized 1921 national banks. To-
tnl number in existence November |,
1884, 2,67l, the largest number in opera
ton ut any one time. Eleven national
banks, with an aggregate capital offs
$4,000, have failed and been placed in
the hands of receivers during the wear.
The different items of resources and liza
bilities as tabulated iudicate that the
business OF the national banks during
the past eleven years has increased.
Tho aggregate liabilities of national
banks to depositors and correspondents
were reduced during the year to up
wards or $9i,0OO,OO0. This reduction of
liabilities and the general reduction of
loans by banks, which amounted to over
s63,OOO,00O during the year, the comp
troller says, was doubtless occasioned
ny the financial troubles in May and the
depression in business. During the
same period the national banks
Increased their cash resources by
about $2l 900 900 specie and $1,000, 900
legal tenders and United States certi6-
Gates deposited in the same. The banks
held on November l, $Si, l55,604, 400 ~
per cent. bonds, payable at the pleas
ure of the government, of which $685.
zoo have been called for payment, inter-
.st ceasing November l, 1884. If these
bonds are not replaced by others bear
ing interest there will be an immediate
reduction in circulation OF 90 rer cen.
OF their amount. On November
per cent. bonds PAYABLE at
the pleasure of the government. These
bonds will probably be paid within the
next two years. Even II considerable
changes are made i'm the tariffs and
from 1887 to 1891, when $250,00O,0OO of Az
per cents mature, there will be no bond
which the government can call on for
redemption. No doubt tho accumula
ton of the surplus revenue, If il contiu-
ues to accrue at its present
rate during the four years be-
tween 1887 and 1891, together with
the revenues, lSS2 will he more than suf.
ncient 10 pay OIL the AZ per cents, and
from 1892 until 1907, it will be imposslble
Tor the government to use any Of its sur
plus revenues for the payment of its
bonds, except at the option Of their
holders. It's apparent that the govern
ment cannot accumulate aud mold it's
surplus revenues, even du ing the short
period from 1887 to 1892, without great
disturbances to the business interests of
the country, and much less
can 1t do so during the long period from
lS92 TO 1907. II appears, therefore, that
the foregoing considerations should be
given due weight in any plan for fund
ing per cent. bonds maturing in 1907,
aud the comptroller, therefore, suggests
that the principal difficulties "a tile re.
ductlon of interests is effected by fund
Ing these bonds into Others which sbaIl
mature in propOrtiOnate amounts nj GER
tain fixed intervals. Thus the S7;IS 900 O No
per cent might be funded into Nm
equal amount of or 2S por cent bonds.
one'tilth of which Tor Sll7,6OO, 0OO To ma.
tuie AT tie interval five years, the first
lnstallment falling du July |. 1897, and
the remaining installmouts of$l47, GOO. 900
each on the LIST of July in the last wear
In each succeeding period of five wears.
via; $l9,O2l 1907. 1912 and 1917. The aver
age maturity OF these five classes of
bonds would be tho same as that of tho
nresent per cents, VIZ: July |, 1907,
Whatever course may he deemed expe-
dlent by congress In regard TO the fund
ing or future payment of debt, the comp
troller is OF the opinion that il Is per
feetly safe and will afford great benefit
to the public to permit an issue by the
national banks of circulation to the OK
tent or 100 per cent, par value of the
bonds deposited, instead OF 90 per cent,
Even admitting that bonds representing
the public debt, when funded at lower
rates, might at times in the future he
below par in the market, the poyeru-
ment would, If forced TO redeem the
notes OF insOlvant banks, always have
the right to cancel tho bonds on deposit.
securing the same, and thus ext nsuish
AN amount of its debt equal dollar for
dollar 10 the notes redeemed. IL in
iurther submitted, that the profit on cir
culat'on may be increased to A mint.
which will induce banks to keen M
their circu alton to the maximum and
stop the contraction Of their circulation.
which IL now occurring. by repeating the
law, taxing such circulation at the
rate OF y OF per cent. semi-annualy.
ihe expenses of Keeping up the ma
uonal banking system by tho govern
ment are AZ present paid In part from the
proceeds of this tax aud In part nv as
ssessment on the banks. liza tax IN 10
DC abolished all these expenses should
be paid by the .ast named method.
Including this subject. the comp
troller wishes to have II distinctly un-
dorstood that he is not in favor OF any
measure which will cause initiation. He
gate paper circulation, made up of legal
tender aud national bank notes aud
gold and silver certificates Ia ample fur