Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1884-12-04

WeECc ~ aCllCallf cut On 1iOu Oohhhu uhA
cation by water with the Atlantic ports,
the political ard co@ merceial a1yaDIa+
ges uI such project can scarcely be
over estimated. Ii is believed that when
the treaty Is laid before yeu for eonsid-
GRAFTON the justice and iberality of the
provisions will command universal aP+
proval at home and abroad.
The death of our representative at
Russia while at his post at ST. Peters,
burg affoaCed to the Imperial governs
ment an opportunity to testify its sym
lathy in manner behtting the intimate
friendliness W hich has ever marked the
intercourse of the two countries.
THE NATIONAL FINANCES
The condition Of eur finances and the
operations of the various branches OF
the public service which are connected
.ith the Treasury department are very
fully discussed in the report of the Sec
retary. II appears that the ordinary
revenues for the fiscal year ended June
30, 1884, were: From customs, S195, ,067. :
4S9. 10; from interval revenue, Sl2l .5S6,-
O72.51: from all other sources, S3l $685.
307.65. Total ordinary revenues, $685.
516, ,S69 92. eo -
The public expenditures during the
same period were: For civil expenses,
81. 2.312, ,e077i; for foreign intercourse,
81 .260, 766.37; for Indians. S6.475. .999.29;
for pensions, S55 .429. .22s.S6: for the mi
IiLary establishment. Including river and
harbor improvements and arsenals, S39,-
429, ,603 SO; for the naval establishment,
including vessels. machinery and inn
prayements at the navy YARD, sl7.292.
601 Al; for miscellaneous expenditures.
including public buildings. light houses,
and COLLECTING the revenue. 8 S43, ,939, Z 1000;
for expenditures on account of the Dis
trict of Columbia. S3,407. .O99.62; FOR iu+
terest on the public debt, S54,57S.37S 4s;
for sinking fund, $40. 100. .229.50. Total
ordinary expenditures, $3.50. l96, 1888.
leaving a surplus of S57,603, $4,000. AS
lcoiupAred- with the preceding fiscal year
there was net decrease of over S21,>
O0O.VO0 IN the amount of expenditures.
The aggregate receipts were less than
Those of The year previous by about S54.-
000, 900. The falling of revenue frou
cast ANS made up nearly S20.O00000 Of
this deficiency, aud stout S23 100000 OF
eceipts from internal taxation.
The Secretary estimates the total re-
ceipts for the fiscal year. which will enc
June 80. 1885. al $3.50. 100000, and the
Total expenditures al S290.620.2l0 16, il,
which sum are ineiudrd the Interest on
the debt aud tie amount payable TO tn.
sinking fund This would make sur
lplns for the entire year of about $50,
0O0,0
| The value of exports from the United
states to foreign countries for the veal
ending June 80, 1884. was as follows
Domestic merchandlZe, S724 1854, ,S52; for.
leigu, S1s,54S,I57. Total merchandise
lS7i0,5l3 500. Specie. S67, 81, 1888. Toia
Iexpnits of merchandise and specie. SS07,
646,992.
The cotton aud cotton manufactures
included in this statement were values
at S20s, ,9O0,415; the breadstuffs at Sl62.
544.715; the provisions at $Il4,4l6,547
and the mineral oils at S47, l0S,24S. Dur
| ing the same period the Imports were as
follows: Merchandise, S661 ,697 ,693; golo
and silver. S37. 7.426,262; total. sos. 1913,
955. More than 63 per cent. of the en-
| tire value of imported merchandise con
sisted of the following articles: Sugar
and nolasses, Sl03, ,SS4.274: wool ano
wooden manufactures, S5S.542.292; silk
and its manufactures, $40 9,y49, l2S; coffet
$49, $50, ,7G5; iron and steel and manufac
lures thereof, S41, ,464, $50; chemicals
S3S, ,464, ,965; fax. hemp. jute or like sub
stances and manufactures thereof, $780,
463, 1898; cotton and manufactures 0l
cotton, $50, ,454 ,476; hides and skins other
than fur skins, S22. .350,906.
SILVER COINAGE.
l concur with the Secretary of the
Treasury in recommending the immedi
ate suspension of the coinage of silver
dollars and of the issuance of silver GER
tiieates. This is matter to which in
70. mer 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
the act of February 2S. 1878, more than
Itwentv-seven R,illion silver dollars. The
number now outstanding is reported by
| the Secretary to be nearly SIS5,000. 600
whereof but little more than S40,000,O0C
or less than y per cent. are in actual
circulation. The mere existence of this
| fact seems to me to furnish of itself d
cogeht argument for the repeal of the
statute which has made such fact pos
sible.i But there are other and graver
considerations that tend in the same Gi-
lrection. The Secretary avows his con-
| vIction that uRless this coinage and the
| issuance of silver certificates be sus-
| pended silver is likely at no distant day
to become oui sole metallic standard.
The commercial disturbance and the
| impairment OF The National credit that
would be thus occasi0ned can scarcely
be overestimated.
hope that the Secretary'S suggestions
respecting the withdrawal of circulation
of the one dollar and two dollar notes,
viii receive your approval. 1t is likely
that considerable portion of tue silver
now encumberiDg the vaults of the
Treasury might thus find its way into
the currency.
ABOLITION OF EXCISE TAXES.
In my annual message of 1882, rec
ummended the abolition of all excise
taxes except those relating to distilled
SplIlIS. Ills lS uOH
renewed. In case these taxes shall be
abolished the revenue that will still re-
main to the Government will, in my
opinion, not only suffice TO meet its rea>
sonabie expenditures. but will afford a
surplus large enough to permit such
tariff reduction as may seem to be advi-
sable, when the results of recent revenue
laws and commercial trea ties shall have
shown in what quarters these reductions
can be most judiciously effected. One of
the gravest of the problems which ap-
peals to the wisdom of Congress for So
luton is the ascertanment of the most
effective means of increasing our fore Z D
trade and thus relieving the depression
under which our Industries are now Ian
gushing. The Secretary of the Treasury
advises that the duty of investigating
thic suhiact no iOfrustpd in the frat in