US Presidency
1892

But the Secretary has very wisely refrained from guessing as to the effect of possible changes in our revenue laws, since the scope of those changes and the time of their taking effect can not in any degree be forecast or foretold by him. His estimates must be based upon existing laws and upon a continuance of existing business conditions, except so far as these conditions may be affected by causes other than new legislation. The estimated receipts for the fiscal year ending June 30, 1894, are $ 490,121,365.38, and the estimated appropriations $ 457,261,335.33, leaving an estimated surplus of receipts over expenditures of $ 32,860,030.05. This does not include any payment to the sinking fund. In the recommendation of the Secretary that the sinking-fund law be repealed I concur. The redemption of bonds since the passage of the law to June 30, 1892, has already exceeded the requirements by the sum of $ 990,510,681.49. The retirement of bonds in the future before maturity should be a matter of convenience, not of compulsion.