Rensselaer Republican, Volume 15, Number 14, Rensselaer, Jasper County, 14 December 1882 — THE TREASURY. [ARTICLE]

THE TREASURY.

Annul Report of Secretary Folger on tbo National Finances. The report of the Secretary of the Treasury Is a lengthy document—nearly. If not quite, twioe the built of President Arthur's message—end fairly bristles with tabular showings of the national finances. We present below, in a summarized form, the main points of general interest contained in this, the most Important of all the departmental reports. For the fiscal year ending June 30. 1882, the revenue of the Government exceeded the total ordinary expenses $145,543,810, which, together with $20,737,6.U drawn from the oa<*h balanoe in the treasury, was applied to tie redaction of the national debt. While the net Increase of the revenue from all sources was $42,742,958 by the natural growth and thrift of the country, and not by Increase of tax levies, the expenditures of the Government decreased $2,731,448. The decrease In the Interest on the publ*debt about balanced the increase In pensions. It is estimated that if the taxes should remain throughout the year as now the surplus would amount to about $75,000,000. The coinage of silver dollars under the present act up to Nov. 1, 1882, had amounted to $123,329,880. There were on the first of last month 2,400 tons of silver coin stored in the publlo vaults. The Secretary thinks there should be a halt in the coinage, that the department should be authoilzed to coin onlv so much as will be necessary to supply tbo demand. The gold certificates are passed over with a simple statement or the amount ready for issue ($138,620,( 00) and the amount actually Issued up to Nov. 27 $31,‘290,000). No discussion of the restrictive or hew York policy is entered into. The total export of coin and bullion for the vear Was $49,417,479; me total import, $42.472 39a The coinage of gold amounted to $89,413,447, about $11,000,000 in excess of any previous year. The mints did a large stroke of business in minor coins, of which there were no less than 46,865 725 pieces struck, werth $844,757.75. Over 40,000,000 of these pieces were pennies, the rest, for the most part, 5-eent nickels, the demand for which was very large. The total stock of United States coin and bullion available for coinage, not counting anything bnt gold and silver, amounted, Oct. 1, to $773,584,791. The Secretary recommends the repeal of the special taxes on national banks, which, he says, derives little or no profit on their circulation. He says that nearly one-hnlf of the Interestbearing funded debt of the United States ($1,400,000,0001 is held by the banks, national, State and private, thus forming the basis of oar own medium of exchange. It follows, he olklms, that the debt oocld not be reduced more than that amount without endangering the stability of oUr banking system. ‘i he evil practice of overoertiflc&tion of checks by national banks is animadverted upon, and those who persist in it are plainly warned that they will be prosecuted under the law. The Secretary says, in regard to publio moneys, that, so tar as known, there hive been no losses to Government from publio officers engaged t either in the receipt, the safe keeping or the disbursement of the publio funds. The cost per cent, of collecting customs dues was never so low as now, and the internal-revenue service seems to be la most excellent condition, from an economic point of view. The total receipts of oustoma were $222,559,104; of internal revenue, $146,523,273. Thedlecretary strongly urges radical chances in the classification of sugar. Fortheiesthe discusses tariff reform in conne tion with the general subject of the reduction of taxation. Mr. Folger would abolish all internal taxation except that on spirits, fermented liquors and tobaoeo, making a redaction of $22,000,000, and still leaving a surplus of $98,000,00u. That he would take from customs by a general system of redaction, especially on raw materials in general, and sugar in particular. The repot t states that foreign commerce of the.countrv shows a balance in favor of expor a to the amount of nearly $ 6.i*0,(00. Over .5 per cent, of onr exports consists of agricultural products. The tonnage of vessels owned in the United States and engaged in the foreign t ade, is still declining, but the tonnage of those in the domestic trade Increased more than three times as much as foreign tonnage decreased. There were 1,876 vessel* .built apd documented as vessels of. the United States during the year. Of these 502 were steam vessels.’ Of the combined imports and exports of nserchandl-e ijf per cent, only was conveyed in Ame lean vessels. 1 The Secretary makes no suggestion on the subject of encouraging ship-building. Mr. frolger discusses the pleuro-pnerumonla question, reoo -nizlng the fact that it is confined to cattle in certain districts of the Atlantlo States, and has no foo bold in the * oat. He says that arrangements are being made which will justify the removal of. the present riUsh embargo on* American 'fire sto-k There lap large demand for stock cattle in'England, wh.oh this co utry could and would supply, to a great extent, if the Englis.i Government was not afraid of contagion.