The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1883-12-11
THE ACTUAL AND ESTIMATED EXPENSES
Tor the same period are:
Actual Estimated

For civil and mi celia
eous,includig pub
lie buildings, light
houses 4 collecting
the revenue 1856, 7ge q slll4,2Oo IS
For lndans.........-..- 1923 $50 % 4l26 Gus A
For pensions I6 2s5 POI qS 93 TIA 73s ~
For military establish
ment, i'm luding for
uncatiOnS, rlveT and
harbor improve
ments and arsenalS- 1882 204 80 264S7 7g5 g.
For naval establish
ment, including YES
sells and machinery
and improvement at
navy yar.s........... 4,1se,2ss 60 1890 9Os 81
For expenditures,
count District Of Co
lunbs.............,.;::. 1.1ss,s96 Al 2slI,lss SO
For interest on public
1877, 297 sc 297O2, 7O2 o.
To al ordinary expen-
ditures........,. m s7,sl2, 900 So lso,o57, sOs 81
Total receipts. ,0OO 100 20 34 O6D 600 90
rota ,OOU 900 90 25S,O0O,OOO 90
Total, SIS, O0u 30, estimated amount.
Due the sinking fund, SIS, sl6 74l,O7 leaving q
balance of SIS, 1913, 25s93.
If the revenue for the fiscal year, end
ing on June Both, 1885, be estimated upon
the basis of existing laws, the secretary is
Of the opinion that for the year the receipts
will exceed sixty millions, the ordinary
expenditures, including the amount de-
voted TO the sinking fund. Hitherto the
surplus, as rapidly as it has accumulated,
has teen devoted to the reduction of the
national debt. AS result the only bonds
now outstanding which are redeemsble at
the pleasure OF the government, are the
three per cents. amounting to about $685.
100000; the four and one hall per cents
amounting to 100000 and
the S737 100000 four per cents
are rnt payable until 1891,
and 1907, respectively. If the surplus
shall hereafter be as large as the treasury
estimates now Indicate, the per cent.
bonds may all be redeemed at least four
years before any Of the AZ per cents can be
called In. The latter at the same rate of
accumulation of surplus can be paid at
maturity, and the monies requisite for the
redemption of the per cents will
be in the treasury many years before those
obligations become payable. There are
cogent reasons, however, why the national
Indebtedness should not be thus rapidly
extinguished Chief among them is the
fact that only by excessive taxation is
such rapidly attainable. In a communi-
cation to congress at its last session, i rec
commended that all
EXCISE TAXES BE ABOLISHED,
except those relating to distilled spirits, and
that substantial reductions also be made in
the revenues from customs. A statute
has since been enacted by which
the annual tax and the tariff
receipts of the government have been cut
down TO the extent of at least fifty or sixty
million dollars While / have no doubt
that still further reductions may be advisa-
bly, made, do not advise the adoption at
this session, of any measures for a large
diminutiOn OF the national revenue. The
results of the legislation last session have
not as vet become sufficiently apparent TO
lstify any radical revision or sweeping
notifications of the existing law. In the
interval which must elapse before the eff
fleets of the act of March 3rd, 1888,
can be definitely ascertained.
A portion, at least, of the surplus revenue
may be easily applied to the long neglt c;ed
duty OF rehabilitatiDg our navy, and i'm
proving our coast defenses for the
PROTECTION OF OUR HARBoRs.
This is q matter to which / will again
avert Immediately associated with the
financial subject just discussed is the i'm
portant question: "What legislation is
needed regarding the national currency?
The aggregate amount OF bonds deposited
in the treasury to support the national
bank circulation, is about $3.50. 100000
Nearly s20O,OOO,O10 of this amount
consists of three per cents, which
as already stated are payable at the pleas |
ure of the government, and are likely to
be called in within less than four years,
unless meantime the surplus revenue shall
be diminished as the probable effect of such |
sn
EXTENSIVE RETIREMENT OF SECURITIES
which are the basis of the national bank |
Would such a contraction of
the volume OF the currency be such as to |
produce grave commercial embarrsssments
How can the danger be obvisted? The
most effectual plan and one whose adop- |
ton Ut the earliest practicable |
opportunity i shall heartily approve
has already been indicated. If the reve-
nues of the next four years shall be |
kept substantially commensurate with the |
expenses, the volume OF circulation will |
not be likely 10 suffer any material dis
lGrbance, but on the other hand il there |
shall be great delay in reducing taxation
it will become necessary either to substi- |
tute some
OTHER FORM OF CURRENCY
10 place of national bank notes, or to make |
important changes in the laws by which
their circulation is DOW controlled. 10 my
Judgment the latter course is far preferable. !
recommend to your attention the very /
and th,ughtful suggestions on
his subject which appear in the secretary's
report. The objections which he urges
against the acceptance of any other securi-
lies than the obligations of the gov
itself as a foundation for
he national bank circulation seem
% me insuperable. For advocating
The threatened contraction two courses
nave been suggested. either of which is
probably feasiOle-one is the issuance of
new bonds having many years to run,
,earing a low rate of interest and ex-
:hangsble upon specified terms with those
low outstanding. The other course which
,ommends itself to my own Judgment as
he better, is an enactment of law to re-
place the tax on circulation and