Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1883-12-05
TREASURY REPORT.
STATE or rar NATIONAL rrNaSoE'
Dealing win all Matters Apportaining to
the crrcasury--standard ana Trade Dol
inra-NnlInnAl NAnka. niC.

on Tuesday, shows that tho ordinary rev
enues from all sources during the year
were $S0S, 2S7, 6sl.0j, Of which s2lii iO6,.
40G % were from customs and Sl4i, I9O, :
S6S QS from internal revenue. The total
ordinary expenditures were S2Gj, 4OS, 1874
of which s22, ,34S, 2S5. &C were for civil ex.
pcnses, 500, ole 513 Gi for pensions, siS,
Qi1, ,SSa.g2 for the military establishment,
including rivers aud harbOrs Sl5, 2S3, -
43T.l7 FOR the naval establishment (;
SAG. COS. .4G2. - for miscellaneous expenses,
including public buildings, lighthouses and
collecting the revenue, aud ESQ 100, 1875
for interest on the public dcbt. The sur.
plus revenue was sl32 $50, ,4ii4l, out Of
which was paid i4,SjO, 200 for the ro'
dcmptiOn oi bonds for tho sinking iund'
eos, $50, $50 for the redemption OF the loan
of lSSl continued at three and one half
per cent, and $50, 59i COO for the rcdemp-
ton Of loan Of 1901, continued Mt
three and Ono-half per cent, tho
balance bciua applied for the re-
demptiou OF various obligations Of the
government. There Was net decrease in
the receipts from all sources OF sj,25i, Cos.
SO. as compared with the preceding year,
and net increase in expenditures OF
s7.42G G91,9I. -.
For tho current fiscal year the total
receipts. niue months of the year being
estimated, are placed at s343, 900, 900 ex
pcrditurcs. $25S, 600 600 A.; sinking fund,
sI5 sI6.7i0f balance, $50, lS3 2js.9S.
For the fiscal year ending June 80, 1885,
the estimates arc Receipts, sS43 900, 600;
expenditures. Including sinking fund,
92s3. l2j, 504Vj; surplus, $50 9,sIi G9j.O1.
Standard aud rrade Dollars.
- .4,,.I,vl ell
dollars November l,lSS3, was $3.50, 72O, ,049,
Of which SIlG, &Sb, Gl1 were in tho treasury,
S3j, G>3. 1S6 IN circulation and the re.
maIudCr iu the mints on account Of profits
on coinage not yet deposited in the treas
ury. During the year from November !,
1882. to November !, 1883, the coinage
had increased S2S S9l, ,O69 and the cIrcuIl-
ton 81, 1921.
The secretary discusses the disposition
Of the trade dollars at considerable length
aud recommends that they be called in at
their nominal value and melted In sup
port OF this recommendation the secretary
points 0ut that the reading OF the law
which enumerated tho trade dollar among
the silver coins OF the United States, fixed
its weight and tlnoneSs aud made it q crime
10 counterfeit it-taught the people that
ereiguty and for the redemption OF which
at an uDabated value the government was
bound. The whole issue Of trado dollars
WAS S3j. 900, iiG. but 1t is estimated that a
large proportion OF the issue has been
melted up, from cue 10 two millions having
disappeared in manufactured articles, and
many millions having gone TO the cTucible
in China The secretary proposes 20
redeem the trade dollars with standard
dollars and shows how it may be done
without any dangerous initiation Of the
currency.
The amount Of silver certificates out
standing November /, 1883, was s09, so,
l4l, against 5;3, 607, 7lO at the same time
in 1852. OF gold certificates 900, 10000
had been issued up to November /, 1888.
The total circulation Of United States gold
and silver coin on June 80, lSS3, is esti.
mated at STG5, ,47O, 1888
The National Banks.
On November /, 1883, there were 10
operation 2,j22 national banks, an increase
over al former years Returns made on
October Of this year chow an aggregate
nltl0aG. bank capital Of 500, G99, ,7S1, an
increase of S2G, j0j, ,Tji during tho year
u circulation Of 1914 93l, ,575, surplus OF
SlO2, 600, 4s2 and individual deposits OF
$l.O49, ,457, 700, both Of which are in de-
crease loans OF Il, 3J3 45O, 100 aud specie
Of $l0G Sl7, ,9s3, both of which arc aa In.
crease. The national banks hold, a.
security for circulation, 1859, 81, 800 Of
United states bonds, q reductien Of
S9Gl3. $50 during tie year. Tley hold
S2Ol, 321, 7jO Of United States per cent.
bonds as a basis o. circulation. All of the
latter gro likely 70 be called for payment
during the next four or five years. unless
the surplus revenue Ci the country ia dis.
missed There is little or no profit
or cirC liation based upon 4 and -
per cent. bonds 0t the present
premiums therefor. \ continued
payment Of the 3 per cents. will probably
result 10 large reduction OF the bank
circulation, unless come counter stimulus
IS applied. Tho secretary discusses this
subjec. at great length, starting with the
assumption that the national banking
system .s looked upon with favor by the
z eater part OF the people, and that there
Is almost q universal desire 70 utinue tho
circulation Of natiOna! bank notes as a
convenience and benefit that would not
we'll be dispensed with. He recommends
that the internal revenue tax OF per cent.
per anuum be taken OIL and that the banks
be allowed 20 circulate 90 per cent upon
the average market value for twelve
months prior TO the deposit of the United
States bonds deposited on security, enab-
ling bank 10 obtain circulation on the
premium paid for bonds as well as upon
the par yaIuG Of them.
DIsposIng OF tho surplus.
The secretary says there is likcly 10 be a
continuing surplus in the treasury an iDny
rs the present revenue laws remain and
notices two propositions for tho disposal
Of tho surplus. What is known az the
Wharton Barker plan to parcel it out
among the states, he says, has not so ap,
proved Itself 10 tho common sense of the
people rs COw 10 call for elaborate state
ment Of reasons why IL should not be
adopted and adds that it is not a Legitimate
function of the federal government TO raise
money by taxation to be donated TO the
states OF 10 thus upe money already raised
~ that way, The other proposition he
notices Is OF . payment from the surplus tc
certain OF the states which have not hat
their full proportion OF money under tho
distribution act OF 1886. The secretary
dismtsses this proposition by showing thai
tho distribution of 1886 was in the nature
OF loan, Of which repayment could bC
demanded, a%d says that the custom hsi
been 70 use the surplus in tho reduction o
the public debt, aud will continue to bo sc
until Congress directs otherwise.
deduction OF Taxation.
The secretary points out that the roduc
| tion in the receipts from customs ap(
internal revenue for the current fsoa
year will bo about 10000, 600 less thar