Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1884-12-02

vel. of about SIS, 900, 900. The value Of
exports from the United States to foreign
countries during the year ending June 80,
| 1885,, was as follows: Domestic merchan
disc. sT24 ,964, S52; for foreign merchandise.
sl5 54s, 757; total merchandise, S740.5l3.-
6O9; specie, ST., 49,, 1888. Total exports Of
merchandise and specie. SS07 SAG. 992. The
cluded in this statement were val
ued at S20S, 900 Alb: the breadstuffs
sI62, 544, us; the provisions at sll4, 4l6, 547,
and the mineral oils at 81, l02 .249. During
the same period the imports were as follows:
merchandise. 1867 .497 693; gold and silver,
S3T, 426. 262; total. SOS, l53. 955.
More than IS per cent of the entire value
of imported merchandise consisted of the
following articles: sugar and molasses, $780,
SS4 274; wool and wooden manufactures,
s53, 542 292: silks and its manufactures,
S49. $40 .l2S; coffee, $40 $780, 05; iron and
steel and manufactures thereof, S4l ,464 .599 I;
chemicals, S3s, 464 ,965; fax, hemp. jute. and
like substances and manufactures thereof,
S33. 463 1898; cotton and manufactures of
cotton, $50. 454.476; hides and skins other
than fur skins, S22, 1856, 906.
I concur with the Secretary of the Treas
ury in recommending immediate suspension
of coinage of silver dollars, and of the
issuance of silver certificates. This is q
matter to which in former communications l
have more than once invoked the attention of
the national legislature. 1t appears that annu-
ally for the past six years there has been coin
ed in compliance with requirements of the act
of Feb 2S, 1878. more than twenty-seven mil
lion silver dollars The number now outstand
ing is reported by the secretary to be nearly
1885,, 000,0 900, whereof but little more than
forty million, or less than % per cent are in
Lao al MI ofrla hn mar tafn sNf
this fact seems to ME to furnish of itself an
argument for the repeal of the statute which
had made such fact possible. But there are
other considerations that tend in the same
direction. The secretary avows that
unless this coinage and issuance of
silver certificates be suspended, silver is
likley at no distant day to become our sole
metallic standard. The commercial disturb
ance and impairment of the national credit
that would be thus occasioned can scarcely
be ever estimated.
hope that the secretary's suggestions re-
speeding the withdrawal from circulation of
one dollar and two dollar notes, will receive
your approval. 1t is likely that consider
able portion of the silver now Numbering
the vaults of the treasury might thus find its
wav 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 tor their surrender
to the government. In view of The circum-
stances under which they were coined and
OF the fact that they never had legal tender
quality, 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 subsidiary silver coins and
of so increasing their weight that they may
bear their due ratio of value to the standard
dollar. His conclusions in this regard are
cordially approved.
INTERNAL REVENUE TAXES.
In my annual message of '82 recon-
mended the abolition of all excise taxes
except those relating to distilled spirit
This recommendation is now renewed
In case these taxes be abolished the revenues
that will still remain to the government will,
in my opinion, suffice to meet not only 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 the recent revenue laws and
commercial treaties shall have shown in what
quarters these reductions can be most judi
ciously effected.
Our FOREIGN TRADE.
| Oue VI SidNtsb pTOUlcLue Which, apply
to the wisdom of Congress for solution is the
ascertainment of the most effective means of
increasing our foreign trade and thus reliev-
ing the depression under which our industries
are now languishing. The secretary of the
Treasury advises that the duty of investiga-
ting this subject be entrusted in the first in
stance to competent commission. While
fully recognizing the considerations that NAV
be urged against this course, l am neverthe-
less of the opinion that on the whole no other
would be likely to effect speedier or better
results.
SHIPPING INTERESTS.
That portion of the secretary's report
which concerns the condition of our shipping
interests cannot fail to command your atten-
ton. He emphatically recommends that as
an incentive to investment of American capital
in American steamships the govern
ment shall by liberal payments for
mail transportation or otherwise lend
its actual assistance to individual enter
prise, and declares his belief that unless that
course be pursued our foreign carrying
trade must remain, as it is to-day, almost
exclusively in the hands of foreigners. One
phase of this subject is now especially promi-
nent in view of the repeal by the act of June
26, 1884, of all statutory provisions arbi-
trarily compelling American vessels to carry
mails to and from the United States. As it
is necessary to make provision to
compensate owners of such vessels for
performing that service after April 1885, it 10
hoped that the whole subject will receive
your 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.
RETIREMENT OF THREE Per CENTS.
Three per cent bonds of the government
to the amount OF more than Sl00, ZOO, 600
have since my last annual message been re-
neemed by the treasurer. The bonds of that
issue still outstanding amount to little over
$500, zoo, 900, about one fourth of which will
be retired through the operations of the sink
ing fund during the coming year. As these
bonds still constitute the chief basis for the cir
culation of the national banks, the question
how to avert the contraction of the currency
caused by their retirement is one of constantly
increasing Importance 1t seems to be general
ly conceded that the law governing this matter
exacts from banks excessive security, and
that upon 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 issue of notes equal to the face
value of deposited bonds will commend itself
to the approval of the House of Representa-
tives.