The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1888-12-19

cial treaties may be found c3peoient, IL 10
believed that commercial policies ihousits
freer mutual exchange Of produces can %
most advantageously arranged oy lnoepen-
dent but cooperative Legislation.
In the mode last mentioned Lne controi u
our taxation for revenue VIII De alwaSs
retained in our own hands unrestrlcteu W
conventional agreements with other gov
ernmentS.
With the rapid increase Of immigration
to our shores aud the facilities OF modnrh
travel, alb Uses Of the generous privileges
afforded by our naturalization lows ca1
for their careful revision.
The easy and unguarded manner III
which certificates Of American c:t'Ze'isGlp
can now be obtained has induced Il c.ass'
unfortunately large, to avail thenlSeNeS
OF the opportunity TO become aoso'Sau 't
from allegiance to Their native lana anu
vet by q foreign resideuce to escape uny
just duty and contribution OF service 10 .he
country Of their proposed adoption. 1uus
while evading the duties OF Citizenship 20
the United States, they make prompt Claim
for its national protection and demand us
intervention in their behalf. lnternaIiohal
complications Of serious nature ar!se,
and the correspondence OF the otate
Department discloses the great numoer
and complexlty Of the questions whlch
have been raised.
Our laws regulating the issue OF pass
ports should be carefully rev .seu, anu tue
institution OF a central bureau or reSlstfa'
ton at the Capital is again strongly rec
mmen6ed. By this means full particulars
OF each case OF naturalization In the nileo
States would be properly indexeo ano re-
corded and thus many cases OF spurious
citizenship would be detected and unjust
responsibilities would be avoided.
The reorganization Of the consularsser-
vice Is a matter Of serious Importance TO
our national interests The number OF
existing principal consular of1ces IS
believed to be greater than is At all neces-
sary for the conduct OF the public business.
repeat the recommendations heretofore
made by me, that the appropriations Tor
the maintenance of our diplomatic and
so-caled notarlal or unofficial fees, which
our representatives abroad are now
permitted to treat as personal perqulsites,
should ba forbidden; that system OF
consular inspection should be instituted;
and that limited number OF secretaries
Of legation at large should be authorized.
The report OF the Secretary OF the
Treasury exhibits in detail the conoltion
OF our national finances and the opera
tions OF the several branches OF the GOV
ernment related to his Department.
ernment :or the fiscal year ended June ~,
amour ted to s379, ,26S, 07476 OF which S2l9,-
Ool, 173 63 was received from customs du-
ties and Sl24, ,296, s7l SO from Internal :eVe-
nue. taxes.
The total receipts from all sources, ex-
ceeded those for the fiscal year ended June
81. 1887, by 1852, 797 TO-
The ordinary expenditures OF the Gov
eminent for the fiscal year ended June ~,
1888, were s259, ,653 95S 81, leaving surplus
OF si19,6l2, 1900.
Tho decrease in these expenditures, as
compared with tho fiscal year ended June
80, 1887, was S,27S, :,2l 80, notwiths landing
the payment Of more than So,oOOUOo !or
pensions in excess OF what was paid Tor
chat purpose in the atter-mentloneo yea.
The revenues OF tn, Government Tor tne
year ending June 3i,lSS9, 9,ascertained for the
quarter ended Septsln Der b, lSSS, and es-
t.mated for the T. m:L:nder OF the time,
amount to $3117, ,GD0.9W; and the actual ana
estimated ordinary expenditures Tor the
same wear are S273 OJ0,O ,OOl, leaving an estl-
mated surplus Of Il Il, 1000.
The estimated receipts for the year eao.
ing June 80, 1s3', are $4,000, 900, and
the estimated ordinary expenditures for
the same time are S275. .767, ASS "a, showing
surplus Of SOL. .232, 5ll.6S.
The foregoing statements OF surplus DO
not take into account the sum necessary
to be expended to meet the requirements
of the sinking fund act, amounting TO
more than 1000, 900 annually.
The cost Of collecting the customs reVe-
nues for the last fiscal year was a per
cent; for the year 1855 it was 81 per
cent.
The excess OF internal-revenue taxes col
lected during the last fiscal year over those
collected for the year ended June 80, 1887,
was 5,4S9, l742 26, and the cost OF collecting
this revenue decreased from S4 per cent.
in 1887 to less than 80 per cent. for the last
year. The tax collected on oleomargarine
was s733. 9iS OF tor the year ending June 80,
1887, anu $S64, l39. .SS for the following year.
The requirements of the sinkng-fund act
have been met for the yeur ended June so
1855; for the current year also, by the pur-
chase of bonds. After complying with this
law as positively required, aud ponds sum-
Gent for that purpose had been bought at
premium, it was not deemed prudent 10
further eXpend the surplus In such pur,
chases until the authority to do 80 shorld
be more explicit. A resolution, however,
having been passed by both Houses OF Con-
gress removing all doubt as to Executive
authority, daily purchases OF bonds V re
commenced on the 23d day OF April, 1855,
and have continued until the present time.
By this plan bonds Of the Government not
yet due have been purchased up TO and IN
cludIng the 3oth day of November, 1855,
amounting 10 400, 400. the premium pa:d
thereon amounting to Sl1,oS. 0l3:Co.
The premium added to the prlncpal OF
these bonds represents All investment
yielding about per cent. interest for tho
time they still hau TO run; and the saving
to the Government represented by he Gli-
ference between the amount OF interest at
per cent. upon the sum paid for principal
and premium and what 1t would have PAID
~
bonds II they had run TO ther maturity, IS
about s27, 10000.
At first sight this would seem TO be
profitable and sensible transaction on the
part OF the Government. Bur, as suggested
by Gle Secretary OF the Treasury, the sur
plus thus expended for iae purchase OF
bonds was money drawn f:cDl the people
in excess ofaEy actual need ol the GoVern'
meut. and was 80 expended rather Than OIL
low it to remain idle IN The Treasury. II
this surplus under the operation OF just
and equitable laws had been lett in lhe
hands OF the people, It. would have been
worth in their business at least b per cent.
per aunnm. Dsducslng from the amount
OF iaterest upon the principal anu premium
Of these bonds for The time they had to
run at the rate Of per cent. The saving
of per CENT made for the people by the
purchase Of such bonds, the loss Will ap-
pear TO be s55, 7G),0JO.
This calculation would seem to demon
strate that if excessive and unnecessary
taxation is continued and the Government
is forced to pursue this policy OF purchas-
ing its own bonds at tho premiums which
1t Will be necessary to pay, the loss to the
people will be hundreds OF millions OF
dollars.
Since the purchase OF bonds was under
taken as mentioned, nearly all that have
been offered were at last accepted. It has
been made quite apparent that the Govern
ment was III danger OF being subjected to