The Secretary in the course of his report considers the propriety
of beautifying the designs of our subsidiary silver coins and of so
increasing their weight that they may bear their due ratio of value
to the standard dollar. His conclusions in this regard are cordially
approved.

In my annual message of 1882 I recommended the abolition of all excise
taxes except those relating to distilled spirits. This recommendation
is now renewed. In case these taxes shall be abolished the revenues
that will still remain to the Government will, in my opinion, not only
suffice to meet its reasonable expenditures, but will afford a surplus
large enough to permit such tariff reduction as may seem to be advisable
when the results of recent revenue laws and commercial treaties shall
have shown in what quarters those reductions can be most judiciously
effected.

One of the gravest of the problems which appeal to the wisdom of
Congress for solution is the ascertainment of the most effective means
for increasing our foreign trade and thus relieving the depression under
which our industries are now languishing. The Secretary of the Treasury
advises that the duty of investigating this subject be intrusted in the
first instance to a competent commission. While fully recognizing the
considerations that may be urged against this course, I am nevertheless
of the opinion that upon the whole no other would be likely to effect
speedier or better results.

That portion of the Secretary's report which concerns the condition
of our shipping interests can not fail to command your attention.
He emphatically recommends that as an incentive to the investment
of American capital in American steamships the Government shall, by
liberal payments for mail transportation or otherwise, lend its active
assistance to individual enterprise, and declares his belief that unless
that course be pursued our foreign carrying trade must remain, as it is
to-day, almost exclusively in the hands of foreigners.

One phase of this subject is now especially prominent in view of
the repeal by the act of June 26, 1884, of all statutory provisions
arbitrarily compelling American vessels to carry the mails to and from
the United States. As it is necessary to make provision to compensate
the owners of such vessels for performing that service after April,
1885, it is hoped that the whole subject will receive early
consideration that will lead to the enactment of such measures for