The Portland daily press., 1884-12-02


dinary revenues for the fiscal year ended June
80, 1884, were
From customs. S195 .o67, ,489 76
IRON Internal reyehus .....,..,.. 1e1, $50 ,0725G
From all other sources ........... 81 1866 3O7 .65
Total ordinary revenues. .SS4s, ,519 s69.92
The public expenditures during the same
period were
For civil expenses. ...............S 22312 907. II
| For foreign intercourse ............ 1860 766.37
For Indians. OBSERVATION-DISCLOSURES. 6,475, ,999 20
| For pensions .......... 80. 5642922S .O6
For military establishment. inelud.
ing river and harbor improve
~ ments sud arsepals, ......:;.. ss429,eOs. .ss
| For naval establishment including
| vessels, machinery and improve.
ments at navy yards ..........., 1892 COL A
For miscellaneous expenditures
| including public buildings, light
house and collecting revenue. 43 939. 1000
| For expenditures account Of
District of Columbia. 8 340T .049. 80
For interest ON public debt ...... 5Ab7S 37S. .48
for sinking tund A579o,229 80
Total ordinary expenditures $3.50 GIG ,4S3 83
Leaving surplus of. ...,...s 57.505 1896 %
AS compared with the previous fecsl yesr,
there was q net decrease Of over S2l 600 900 in
amount OF expenditures. The aggregate re-.
cslpts were less than those of the year Dreviuns
0y about $54O00000. The falling off of rev.
enue from customs made MP nearly $40 100000
OF THIS deficiency, and about $23 Goo 900 of the
remainder was due to diminished receipts from
internal taxation. The Secretary estimates
the total receipts for the fiscal wear which will
end June 80, 1885, at $3.50, 600 900, and the
total expenditures at 1920, $50 20fl6, in which
IS slpclnded the interest on the debt and amount
pay able to sinking fund. This would leave
surplus for the entire year of about $780,
600 000
EXPORTS AND IMPORTS.
The value of exports from the United States
70 foreign countries during the year ending
lima RI 1874 vroo fril
Domestic merchandise S724. .964 852
Foreign merchandise ...,......,..... Is 648 757
Total. .S74o.e13 sos
Total exports Of merchandise and
specie SGO7, ,646 992
The cotton and cotton manufactures in
cluded In this Statement were valued a S208 :
9oO,4l3; the breadsfufTs at Sl62 544 7l5; the
provisions at S114 416 545, aud the niuera,
oils at S44 102 248 Daring the same period
tue Imports were as follows:
Eiearchandlse .$667 497, 1893
Total ,$7c5, 1913 ,955
More than SO per cent. of the entire value of
imported merchandise consisted OF the follow
ing articles:
@ @Mool and woolen manufactures. 53,542,292
Ik Silk ana It's manufactures. 49,949128
Gonee. ACKNOWLEDGEMENTS. &9.eS6 ,7G5
d,on anu steel manufactures thereof. Al, AGA 599
Gnemlcals ............... .....,. SO 464 965
Flax hemp, jute, and like substance
and manufactures thereof. ,....... 80 4s3 39S
cotton and manufactures of cotton 49,. 3O454476
hides ana sklns other than fur skins. 22,S5O 9O6
THE SILVER COINAGE.
concur with the Secretary of the Treasury
IN recommending an immediate suspension Of
the coinage of silver dollars aud of the ;ssu-
anee OF silver certificates. This ls a matter to
which In former communications have more
than once Invoked the attention of the national
legIslasnfe. It appears that annually for the
past SIX years there have been coined in COM
nliance with the requirements of the act of
FEB 70, 1878 more than twenty-seven million
silver dollars, The number now outstanding
is reported by the Secretary to be nearly ons
hundred and eigbty-five million whereof but
little more than forty million or less than %
per cent. are in actual circulation. The mere
existence OF this fact seems to me to furnish of
fself an argument for the repeal OF the statuts
which has 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
De suspended, silver is likely at no distant day
to become our sole metallic standard The
commercial disturbance and impairment of
national credit thst would be thus occasioned
can scarcely be over-estimated. hone that the
sectebarys suggestions respecting she With
drawal from circulation of one dollar and two
likely that considerable portion of the silver
now lncom nerlng the vaults OF the treasury
might thus find its sTay into the currency
Whlie trade dollars have ceased, for the
present at ieast, 70 BE- sn element Of active
disturbance in our earrency systetn soma nro-
vision should be made for their surrender to
the government. In view of the circumstances
under which tJey were coined ,sand OF the fact
tnas they have never held legal tandes quali6y.
toere should DO offered for them only slight
ftSGIr h,1lls lsr,r,r
tary in the course o. his report Outsiders the
propriaty OF besutifyia9 tns designs of our
subsidiary silver coins, aud OF 80 increasing
taelr weight that they may bear their due
ratio OF value TO the standard dollar His
conclusions Ill this regard are cordially an
proved.
INTERNAL REVENUE TAXES
In my annual message of 1882, L recommend
cd the abolition of all excise taxes except thosa
relating to distilled spirits. This reconmen-
dation 10 now rsnewad. To case these taxes
shall he abolished the revenues that will still
remain to the government will in my opinion
not only suffice to meet its reasonable exuen.
ditures, but will afford q eurplus large enough
10 permit such tariff reduction as mag seem to
be advisable Wbeu the results of the recent
revenue laws and commercial treaties shall
nave shown ID what quarters these reductions
can be most judiciously effected One of the
graveSt of problems which appeal to the wis
dom of Congress- for solution is the ascertain
ment OF the most effective neans OF iucreas-
ing our foreign trade and thus relieving the de-
preston under which our industries are now
languihhiDg The Secretsry of the Treasury
advises that the duty of inyesti-
eating this subject be entrusted, in
the first instance to competent commission
which fuily recognizing the considerations
that may be urged against this course, am
nevertheless of the opinion that upon the
whole no other would be likely to effect
speedier or better results.
OUR SHIPPING INTEREST,".
That portion of the Sacretary's report which
concerns the condition OF our shining in
terests cannot fail to command your attention,
He empbaticaily recommends that as an in
eentive to investment OF American capital in
American steamships The government shall
by liberal pay ments for mail TRANSFORMATION or
otherwise lehd its active assistance to indivi-
DUAL enterprise, and declares his belief that
unless that coarse na pursued our foreign car
rying trade must remain, as it is to-day, almost
exclusively in the hands Of foreigners One
phase Of this subject is now especialiy
prominent in view Oh the repeal by the act Of
June 26, 1884, of all statutory provisions arbi-
trarily compelling American vessels to carry
the mails 10 and from the United States AS
it is necessary to make provision 10 campen-
safe the owners of such vessels for performing
that service after April 1885, it is hoped that
the whole subject will receive early consider
alton that will lezd to the euectment of sneh
measures for the revival of cur merchant
marine as the wisdom of Congress may devise.
THE NATIONAL BANKS.
The three per cent bends of the governp,~-c.SS
to the amount OF more than 800, 600 o., nave nass
since my last snnnal message beg; ;,l.s
by the Treasury. The bonds ssau9 seno eon sel.i
outstanding amount to 9i III un9' 70 YSoo,goo, ot;1
COO, about oue-fuurtb~< "Hiol. ~ wa. 70 restae9
through the ope-atfons OF the sinking fund
d,srin1 ,ba ce-ITing year AS these bonds still
cnastitnt~SIne chief basis for the circulation of
tie patioual banks, the question how to avert
the coutracsion OF the currency caused nE their
rasirement is one of constantly il cressing i'm
portanca. 1t seems 10 be generally conceded
that the law governing this matter exscts
from the banks excessive security and that
upnn their present bond deposits larger Cir
culaton than is now allowed may be granted
with safety. I hope that the bill which
passed the Senate at the last session permit
ting the issue of notes equal to the face value
of deposited bonds, will commend itself to the
approval of the House OF Representatives
THE ARMY.
In the expenses OF the War Department the
| Secretary reports decrease of more than
| SO, 100000. OF this reduction IS 6000 000 was
| effected in the expenditures for rivers and
| harbors, and 50 700 600 in the expenditures for
| the qaartermsster's depai tment Outside Of
| that department. the annual expenses of all the
| army bureaus proper Except possibly the ord
| nance bureau) sre substantially fixed chsrges
| which cannot be materially diminished with