Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1884-12-02
M'CULLOCH'S REPORT.
the NATIONS riSASoIaL Uusp,rios

THE NATIONS rINASoIAL Cosp,rios.
Trade ana the Tsfiff-smetIosn shipping
interest' Cop,idered--lmpcrtsbtR RECON-
mcndstions ON the Country coinage.
The mere statistical portion of the report
of the secretary OF the treasury may be
thus summarized The total ordinary
receipts of the government for the fiscal
year ended June 80, 1888, were s34s 5l9,
500 % aud the expenditures were 5000
9l6, 473s SO, leaving a surplus of S57, COS, ,396.
W, which after application to the redemp-
tion of certain obligations, increased the
cash in the treasury by So 466. Sal 90,
There was a net decrease 10 receipts from
all sources Of $40, 767, 7i2 o3. and net
decrease in all expenditures of sci, ,2Sl 500.
II. For the current fiscal year 1854 S5
the receipts, actual for the quarter ended
September 80, (s9l, 7l0, l45 50), and esti-
| mated for the other quarters amount to
| $3.50, 900, 600. The expenditures, actual,
for the quarter ended September 80, 1854,
(s97, SAC, 22l sD, and estimated for the
other three quarters, are 1890, go col 16,
leaving an estimated surplus Of $50 319,-
7es sl From other figures the secretary
| estimates for 1856 surplus of not less
than $50, 900, 900. He goes on to say:
On November I, 1888. the outstanding
bonds of the three per cent. loan of the act
of July 10, 1882, amounted to 1905 $40. d.
900. Calls were issued prior to Novem Der
| l, 1888, for $50, 600, 900 of the above
amount, all of which matured in the
month of December, 1888 During the
year ended October 81, 1888, calls have
have been issued for ESQ, 900. 900 Of such
bonds, 910, 600, 600 of which matured
previous to October 81, and s10, O0O, 900 on
the LIST day OF November, 1884,
TRADE AND TARIFF.
The question how shall our foreign trade
be increased is the question which now
comes to the front and demands prompt
and careful consideration. Manufacturers
are primarily interested, but the whole
country has stake in its solution. Ia its
Investigation the talif will necessarily be
involved, inasmuch as the relations be
tween II and our foreign trade are so close
that they cannot be considered separately.
but 1t need not be involved except by so
far as 1t stands in the way of international
trade. II the duties upon raw materials
are an obstruction, those duties should be
removed. Ii the duties upon other articles
are an obstruction, they should be modi
ned. Whatever may be required to in
crease our foreign trade, whether it be a
repeal or modification of existing duties.
should be demanded by the manufaoturers
themselves. How, then, shall the infor-
nation required for full understanding
OF what stands in the way of an increased
exportatlon OF our manufactured goods be
ootainedp 1t may not be proper for me to
oher advice on this point, but | cannot
forbear to say that I can see no better
means than by the appointment of a
commission, composed of men not welded
to the doctrines of free trade or protection
fair minded men, who would prosecute
the inquiry thoroughly, comprehensive,
and impartally. Ii such a commission
should be created, IL should be done with
out unnecessary delay.
In the commencement of its work the
nom mission should, think, regard the fol.
lowing points as being settled
First. That the public revenues are not
to be in excess of what may be required
Tor the support of the government. and
the gradual reduction of the public
debt.
Second. That our manufactures, which,
under the fostering care of the govern
ment, have attained such gigantic proper.
| tiops and whose prosperity is essential to
the welfare of all other interests, and not
to be put in jeopardy by radical and
sweeping changes in the tariff aud that
al reductions OF import duties should hs
| "hho ~hSu u NtcW W tuclE marbtI6
which they are now In a large degree
| excluded.
| Ii such commission as had been suy
eested had been appointed, and its woI K
could be performed at an early date,
should not be disposed to say anything
oeaIi0g directly upon the tariff; but as
relief from the present burden of taxation
is urgently and justly demanded, l deem
1t my duty to suggest that something In
this direction should bs done without de
| lay. Oging to the shortness of time
| allowed me for the consideration of the
subject, am not prepared to name the
articles upon which duties should be re
moved or reduced. / should regret this
II Congress were not already in possession
| OF the facts which should govern its &C
tion. This much, however. it NAV be
proper Tor me to recommend
First That the existing duties upon raw
materials which are to be used in manu-
| facture should be removed. This can be
done IN the interest of our foreign trade,
Second. Tat the duties upon the arti
| Giles ussd or consumed by those who are
| the least able to bear the burden of taxa
tiOn should be reduced. This also can be
effected without prejudice to our export
trade.
In regard to our internal revenue taxes.
nave 10 say that, as these taxes, with the
exception of the tax upon whisky, ought
not to be and will not be needed for rcys
nue. if appropriations are Kept within
reasonable bounds and rigid economy is
established in all branches of the public
service, see no good reason for their
continuance.
OUR SHIPPING INTEREST.
Or this important interest he says that
ia direct connection with tho condition of
our foreign trade is the condition of our
merchant service. The causes of the de
cline OF our shipping are so well under
stood that any remarks on this point are
quite unnecessary. The humiiiating fact
stares us in the face that whilc the United
States not many years ago led all the
nations in ship building and was second
only to Great Britain in ocsau tonnage, IL
has almost ceased to be recognized as a
maritime power. This revolution has
been caused by the diversion of American
capital aud energy to manufacturing and
other internal interests and the substitu.
tion Of iron for wood in the construction
OF ships. The obstacles in the way of a
restoration OF our foreign shipping will