Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1886-12-08
Annual Report
Or THE SECRETARY OF THE TREAsuR'

The opening pages of the report of the
Secretary Of the Treasury are devoted to a
discussion OF the silver and other monetary
questions. This is carried to great length.
The conclusion IF the Secretary in regard to
the purchase and free coinage OF silver Is as
folloss:
Ii the law were repealed which makes
compulsory purchases of silver aud If that
repeal were accompanied BY the declaration
of Congress that the United States now hold
tem-elyes in readiness to unite with France,
Germany and Great Britain in opening their
mints 70 the tree coinage of silver and gold
at a ratio fixed by international agreement,
it is the DELHI rate judgment of the under-
lined that before the expiration OF another
fs :al year this international monetary disio-
cation might be corrected by such an interna-
tional concurrence, the two monetary metals
restored to their old and universal function
as the one stand.rd measure of prices for
tn worlds commodities, the depression of
trade and industry relieved, and general
prosperity renewed.
1 respectfully recommend to the wisdom
of Congress the unconditional repeal of the
act of February 70, 1873, accompanied by
such declaration.
FINANCES oR THE UNITED STATES.
The public d bit consists of four principal
items, which are, in round numbers, as fol-
lows:
!. The unfunded debt
United States legal tender
notes, 1916 900 600
2. The flu nded deb
Loan 1852, three per cent. $4,000, 900
Loan OF 1871, four and a half
per cent, 100000, 900
Loan of 1907, four per cent 5000 600
During the last seven years the receipts of
the Federal Treasury have been over 80 500,-
900 600; the net ordinary expenditures have
been upon an average S257 900. 900 a year;
the excess of the ordinary revenue has been,
upon an average, over Sl00,000,000 a year.
Including the 81, 000,0 900 month expended
for silver, the total annual surplus revenue
has been nearly SIPS 10000 wear for the
last seven years. With this surplus We have
been paying of funded debt at an average
rate of 500, 10000 year, and have been
spending the residue mostly on silver dollars,
OF which, in January next, 250, 100000 will
have been coined
Our home consumption, as taxed, gave
during the last fiscal year an increase Of
revenue beyond hat of the previous fiscal
wear of Sl5, 740 295; but the first quarter of
the present fiscal year gave 81 ,303, 496 in
crease of revenue beyond that of the first
quarter of the last fiscal year. In other
words, our taxes (duties and excise, amount
ing last year to about 100000 00) on coui-
modities entered from abroad or produced at
home for Consumption in the United States
are giving an increase. and an augmenting
increase.
The financial situation, scanned at large
and AS a whole, plainly indicates our best
policy. We should
Reduce taxation Immediately to an annual
revenue sufficlng to pay our annual expendi-
tnrc. including the sinking fund, and exclud-
ing the silver purchase;
Paw our unfunded debt of 1916 68l ,Ol6
with the present surplus, and the surplus
which will accrue before the whole reduction
Of taxation can be made or take effect, and
while no more funded debt can BE- paid ex-
cept ut a premium during the five years from
now until 1891.
The Secretary then goes on to give his
opinions in regard to reducing taxation. He
calls attention to the pledge in the democratic
platform to reduce taxation. Our taxes on
raw materials are pronounced suicidal The
best taxes to retain are those on whisky
tobacco and beers. He is opposed to remov
ing the duty on sugar.
PLACING Wool ON THE FREE LIST.
The closing part of the Report recommends
placing wool on the free list. The Secretary
saws: | respectfully recommend to Congress
that they confer upon the wage-earners of the
United States the boon of untaxed clothing,
and in order thereto, the immediate passage
of an act simply and solely placing raw wool
upon the freelist.
OF course, repeal of the duty on raw
wool should be followed by, but need not
wait for, a compromising adjustment of the
Duties on manufactured woolens, whilst our
manufacturers are learning the lesson that
with the highest paid and most efficient labor
in the world, with the most skilled manage
ment and the best inventive appliances. they
need tear no competition from any rivals in
the world, IN home or foreign markets, so
long as they can buy their woods free, of every
kind
But the common daily clothing of the
American people need not be taxed there
fore, il ought not to be taxed to free their
clothing of taxes will finally reduce, BY half.
their expense for one of the great necessities
of life, and thus enlarge honestly and justly
the income of every wage Garner in the
United States.