Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1838-12-11
3i,559,0s9 %

notes, ano olner pDUIc
debt, 100000 90
For further par,icula1 the details Of the annual
estimates.
1t will be perceived by these statements that no
plus balance will probably exist either the LIST Of ia
nuary, 1899 during that year, 10 be deposited with
the several States for safe keeping fourth install
ment under the depose act Of June %, lca6 Indeed
great will be necessary in restricting the appropra
tons TO the necessary wants Of the Government The
recr pts will not be sufficient TO meet the current de-
mands the Treasury unless those receipts should I'M
cXpec,edly exceed The present estimates.
When an unusual existed in the Treasury, it
proposed 10 place that fourth nstalment with the
States for safe keeping TIL needed but, before became
payable the money wanted TO discharge existing ap
preparations. The depOse Of 1t was, therefore, post
poned by Congress till next January and the money has
been used by the U. S TO which 1t belonged, without
ncurrng the expense aud inconvenience, to oil the par
ties concerned Of paying and then Immediately recalling
it, That nstalment is not debt due 10 The States and
hence not required to be paid like an appropriation
for The public service Yet The remark may properly be
added that if surplus should hereafter accrue large
enough after defrayng all the existing charges imposed
by Congress upon The Treasury, TO make the deposte
originally contemplated, this department. with its pre-
sent views, would feel bound 10 carry it into effect
less Congress, the time, should further modify
the laws in force in relation 10 The subject
V. EXPORTS IMPORTS IN 1898
The exports during the year ending September 80,
1885, are computed to have been S03, 600.
Of these, about S9O,GG6,O 900 were VI domestic, and
S12470,U00 OF foreign origin.
The former have diminished from the previous year,
81 SOS 4l4 and the latter, - 3c4 g62
The imports for the same year were SIP 900 600
These sec 500, Pr less in value Than those Of the
previous year. being nearly 900 000 less than those
under the enormous overlradng and other oYeracons
which characterized 1886
For further particulars, reference may be had 10 the
table annexed.
It is an interesting fact, that during he last three
years than 900 annually, or an average Of
nearly nine enihs of whole domestic exports have
been derived from agriculture More than seven tenhs
Of our whole population are probably employed in that
useful pursuit.
vi. EXPLANATIONS OF THE ESTIMATES RECEIPTS AND
EXrESDITuREs, AID SUGGESTIONS Of TIE NODE
MEETISG FLUCTUATIONS ~ THEM.
will vary but little from the estimate submitted in the
last annual report. The receipts from lands will be less
but the amount Of sales made, and pre- empon rights
existing, will differ nlaiy from what was anti.
cpa,pd, though the act OF Congress- 10 the latter,
passed late that payments for all Of them could not be
realized till another year, without causing much incon.
vsnlencr and unnecessary pressure in portions Of
the country
The estimates presented for new appropriations and
for expenditures, in 1885 were quite as large us the
views Of the different departments at the time Congress
assembled in December last, appeared to justify But
the XpeCted continuance of the Florida war, soil
cude TO induce the Cherokees 10 remove peaceably,
and desire 10 suppress, with prompitude. all
threatened disturbances Northern frontier with
several other of less Importance originating
in Congress- led that body to make appropriations
amounting To nearly ten millions eyond those request.
ed the annual estimates Some provision Of additional
means, corresponding Ibis excpss became therefore,
necessary; and, in order to discharge the excess, and
guard against contingencies, well as avert the
quences Of protraced suspension of specie payments
by the banks. Congress wisely granted the additional
authority both sell the bonds nj the U S. Bank and 10
issue Treasury notes. instead of such ght be
paid before The time for their redemption arrived
he ne
within the year, which had aIIsen from those pect
ed appropriations and from the failure that then cont
nued among the banks most quarters OF the Union 10
IL specie payments removed by these oppo
tune provisions Occasions howe ver have not yet ar
sen 10 require The full Use nf- either Of them
The whole amnun, Of Treasury notes outstanding al
any time since they were first authorized, in Oco.
her, 1857 has never cgualIed ten millions of dollars
The amount now outstanding is only 81 ,154 300 Be-
side the restrictions the sale of the bonds Of the Uni
ted States Bank, the want Of power TO guaranty their
eventual payment and the short period they had 10 rum
with the great quantity Of State stocks in the market Of
better character for permanent investment, caused
temporary Inconvenience, and prevented any ct
fer for them above par either at home abroad The
sale however, Of one becoming expeden il was effected
within the limitations prescribed Ii has not yet been
found necessary dispose Of the other. But, il is
prcted that, hen the period for redeemng most Of the
outstanding Treasury notes arrives, il must be sold, un
less other meet the public engagements shall,
in the time, be provided by Congress.
1.-THE receipts from customs or lands should exceed the
estimates made for The ensuing year, which in The vacIa
tions of trade is not very improbable still it is not sup
posed the will be large that all The Xpected
charges on The year can be betrayed without sale Of
the remaining bond, some equivalent resource.
The estimates OF receipts for 1899, rest the follow
ing general views: An overhnwing tide Of speculation
and bank issues, like that Of 1885, is not anticipated,
while the recent evils and disasters from these
are fresh remembrance. Nor, the contrary, any
expectation entertained Of repetition. soon, Of the
mercantile revusinns which characterized The year 1897
,ho tho
bonds had not been pos poned would have been about
SlG0000O0 Those OF the present year, in the ordinary
operation of the laws without the postponed bonds will
not probably exceed $l3,00000O.
BY supposng large increase Of 30 per cent IN lt39,
beyond the ordinary receipts for the last year they
would amount to between nineteen and twenty millions,
and would be larger than the recep in 1880 Such an
increase would be greater Than in any previous year OF
history, affected by commercial restrictions To-
reign wars, or important changes in The tariff.
Considering that under the present credits, the duties
actually paid within any calendar year must be estimated
chiefly the imports from The hrst OF July preceding,
the first Of July in that year, and that Two biennial
reductions in the tariff have occurred since 1895 1t Is
believed that nineteen twenty millions is an estimate
sufficiently high for 1889.
But as The receipts Of late have depended, much less
than Formerly, when credits were longer and almost
universal, on the amount Of bonds taken in previous
wears the estimates must be much more conlectura;
and intestine CONNEXIONS, wars in Europe or on our
bord,rs fluctuations in crops prices and various
other contingencies in the ensuing year, which cannot
be foeseen computed, may vary the result several
millions.
The reduced receipts both from lands and duties in
1887 and 1885 as compared with The two preceding
years were anticipated by The department. in 1885, and
permanent provision to meet any deficiency was ear.
nestly urged on The consideration of Congress
! Confident the expectations entertained ny
many that the Of 1887 would besb great as 10
Justify further large deposes with The States, and severe
as were the bestowed those who expressed
apprehensons of different result, striking dimnutlon
in the revenue actually occurred. Although any differ