, 1884-12-02

compared with the'preceding fiscal year
there was a net decrease of over $2l,
900, 900 in the amount of expenditures
The aggregate receipts were less thar
those of the year previous by about $54,
900. 900. The falling of of revenue fol
customs made up nearly $50, 00n. 900 o.
this deficiency and about $685. 900, 900 Of
the remainder was due TO the dimin'
ished receipts from internal taxation.
The cotton and cotton manufacturers in
eluded in this statement were valued at
$208, 9O0,4l5, the breadstuffs at sl65,
544, us; the provisions at $ll4,4l6,54 SAT
and the mineral oils at s47, 103, 74S. Dur
ing the same period the imports were as
follows: Merchandise, 1867, 797, SOB;
gold and silver, s37, 426, 262; total, s7O5,-
1923, 1855.
l concur with the Secretary of the
Treasury in recommending the immediate
suppression of the coinage of silver dol
lars and the issue Of silver certificates. 1t
appears that annually for the past six
years there have been coined in compli-
ance with the requirements of the act of
February 2s, 1878, more than twenty mil
lion silver dollars. The number now out
standing is represented by the Secretary
to be nearly one hundred and ~eighty-fve
millions, whereof but little more than
forty millions, or less than % per cent are
In actual circulation The Secretary avows
his conviction that unless this coinage and
the issuance of silver certificates be sus-
pended silver is likely at no dis
tant day to become our sole metal
ic standard. The commercial disturbance
and the impairment Of national credit
that would be thus occasioned can scarcely
be overestimated. 1 hope that the Sec
retary's suggestions respecting the with
drawal from circulation Of the 81 and 81
notes will receive your approval Some
provision should be made for the sur
render Of the trade dollar to the Govern
ment. In view of the circumstances I'M
der which they were coined. and of the
TACT that they have never had a legal
tender quality, there should be offered for
them only a slight advance over their
bullion value.
EXCISE DUTIES.
In my annual message of 1882 I
recommended the abolition of all excise
taxes except those relating TO distilled
spirits. This recommendation is now re-
newed. In case these hal 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 a surplus large enough to
permit such tariff reduction as may seem
to be advisable when the results of recent
revenue laws and commercial treaties
shall have shown in what quarters these
reductions can be mostjudiciously effected.
OUR COMMERCE.
One of the gravest problems which APP
peal to the wisdom of Congress for solu-
ton is the a-scertainment of the most
effective means of increasing our foreign
trade and thus relieving the depression
under which our industries are now Ian
gushing. The Secretary of the Treas
ury advises that the duty of investigating
hissubjectb be entrusted in the first instance
to a competent Commission. That por-
ton of the Secretary's report which con-
Germs the condition of our shipping inter
ests cannot fail to command your at
t~ention. He emphatically 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 individual enter
prise and declares his belief that is that
course be pursued our foreign carrying
trade must remain as it is to-day, almost
exclusively in the hands of foreigners.
BONDS AND CIRCULATION.
The 3 per cent. bonds of the Govern
ment to the amount of more than $780,
900, 900 have since my last annual mes
sage been redeemed by the treasury. The
bonds Of that issue still outstanding
amount to a little over 5000, 0OO, 900,
about one fourth of which will be retired
through the operations of the sinking
fund during the coming year. As these
bonds still continue the chief basis for
circulation of the national banks, the
question how to avert the contraction of
the currency caused by their retirement is
one Of constantly increasing importance
II 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 mas be
granted with safety.
AS TO II ARMY.
The annual expenses OF all the army
bureaus proper Except possibly the ordi.
nance bureau are substantially fxec
charges which cannotbe materially dimin.
ished without change in the numerical
strength of the army. The reports of tn,
military commanders show that the las
year has been notable for its entire free
dom from Indian outbreaks. In defanc,
Of the Presidents proclamation Of July l
1884, certain intruders sought to max
a settlement in the Indian Territory
They were promptly removed by a de
tachment Of troops.
FOR COAST DEFENsE.
In my message of March 20, 1884,
called attention to the recommendation Q
the board that the Government shout
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