The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1883-12-08
An Abstract Of the Annual Report Of the
Secretary Of the Treasury.
WAsHINGToN, December 4.

| Secretary Of the Treasury.
WASHINGTON, December 4.
The annual report of the Secretary Of the
Treasury for the fiscal year ending june
80, 1888, which was transmitted TO Con
gress to day, shows that the ordinary reve.
nues from all sources for the year were
S39S, ,287 ,5Sl.95, of which S2l4,S06 ,496 o.
were from customs and 1920 1868 gS
from internal revenue. The total ordinary
expenditures were S2G5 ,40S, 1854, of which
| S22, ,343 ,2S5.76 were for civil expenses, $685..
0l2,57S.64 for pensions, $4S,9 ,3S2.92 fol
tho military establishment, including riyers
and harbors; $l5,2S3, ,437l7 for the navaI
es abl shmeut $40, ,09S, ,432.S3 for miscelan
oJl Ell ses, including public buildings
| lighthouses and collecting the revenue, nd
$50, ,IG0,I3l.25 for interest on the public
debt. The surplus revenue was 1892 ,S79,
444,41, out of which was paid Sal $50 zoo
70 the redemption of bonds for the sinking
fund, $G5 ,3S0,25O for the redemption o.
loan of 1881 continued at three and one.
half per cent. and $40 .594,600 for the re
dempton of loan OF 1861 continued at three
and one half per cent. the balance being
applied for the redemption Of various obi
cations of the government. There was q
net decrease in the receipts from all source:
Of S. ,2S7 ,66S.S3, as compared with the pre-
ceeding year,and a net increase in expendl
lures of S7,426 ,697.9T.
For the current fiscal year the total re
ceipts, nine months o. the year being, esti
mated, are placed at $343 900 900; expend
itures, $25S,000 900. sinking fund, $I5, Sl6
TIl.07; balance, $50, 1888, ,25S93. For th,
fiscal year enaing June 80, 1885, the esti
mates are: Receipts, S343 900 900. expend
ditures, including sinking fund, $263, 1925
| 304.95; surplus, Sj9, ,S74 69505.
STANDARD AND TRADE DOLLARS
The total coinage ofstanda,d silver dollar
November !, 1888, was &l56,720049, o
which 81 sll6,3e6,Ol7 were in the Treasury
S35, ,3SS, 1856 in circulation and the remain
der in the Mints on account Of profits oi
coinage not yet deposited in the Treasury
During the year from November /, 1882, t
November |, 1883, the coinage had increas
o S2S, ,39l 900 and the circulation $l,l36,
32l.
The Secretary discusses the disposition o
the trade dollars al considerable length al {
recommends that they be called in at then
nominal value and melted. In supper
of this recommendation the Secretary
points out that the reading of the law
which enumerated the trade dollar amonl
the silver coins of the United States, fixeC
its weight and fneness and made it crimt
to counterfeit it-taught the peol 10 that Thu
trade dollar was a coin Of their sovereignty
and for the redemption of which at an VI.
abated value the government was bound
The whole issue of trade dollars was $50 4,
$50 ,446. but it is estimated that larg
proportion Of the issue has been melted up
from one two millions having disappears
in manufactured articles and many million
= having gone to the crucibe in China. Th
Secretary proposes to redeem the trade dol
lars with standard dollars and shows hoy
it may be done without any dangerous inila
ton of the currency.
The amount of silver certificates out
stadding November ! 1888. was $40 $40
= l4l. against STS ,607, ,7l0 at the same time il
1899. OF gold certificates 500, 10000 ba
been issued up to November |, 1888. Tn
total circulation of United States gold an
silver coin on June 80, 1883, is estimated q
s765,47O,9SS.
THE NATIONAL BANKs.
! On Noyember /, 1883, there were In OF
Grafton 2,522 national banks, an increas
oyer all former years. Returns made o
( October 2, OF this year show an aggregat
+ national bank capital Of t500, 500 ,7S7, a
increase oi f16,595,564 during the ye9rj
J circulation of $jl4,p3l,576, a surplus 4
100000, 1852 and individual deposits Of o.
q O4g ,435, 700, both of which are in deereasC
10 ns OF 81 ,303 ,I5O ,7g0 and specie OF sIO7
/ 1888 both of which are in increase. Th
national banks hold, as security for circula
, ton, 1852 ,S77 800 OF United States bonds,
reduction OF s9,6l3,S60 during the year
They hold s20l 1877 ,750 of United States
, per cent. bonds as basis Of circulation
/ All Of the latter are likely 10 be called 70
4 payment duIing the next four or five years
( unless the surplus revenue Of the country
! diminished. There is little or no profit Of
4 circulation based upon and Al per cent
bonds at the present premiums therefor.
continued payment of the per cents will
p probably result in large reduction Of tn
bank circulation, unless some counter slim
/ ulus is applied. The Secretary discusse
this subject at great length, starting will
4 the assumption that the national banking
system is looked upon with favor by th
greatest part Of the people, and that ther
. is almost universal desire to continue th
. circulation Of national bank notes as a con
I venience aud benefit that could not wei! b
- dispensed with. He recommends that tn
= internal revenue tax Of l per cent. per an
q NUN be taken off and that banks be al
. lowed TO circulate 30 per cent. upon th
average market value for the twelve month
prior 10 the deposit OF the United State
bonds deposited on security, enabling
Z bank to obtain circulation on the premium
I, paid for bonds as we'll as upon the pa
/ value Of them.
D DIsPoslNG OF THE SURPLUS.
e The Secretary says there is likely to be
0 continuing surplus in the Treasury SO lop
y as the present revenue laws remain, an
b notices two propositions for the disposal {
8 surplus. What is known as the Wharlo
r Barker plan TO parcel II out among th
j States, he saws, has not SO approved itself
Il the common sense of the people as now
s call for elaborate statement of reasons VIII
e 1t should not be adopted aud adds that it
e not legitimate function Of the FEEDER
n Government to raise money by taxauo
II to be donated TO the States or to thus US
money already raised in that way. Th
J. other proposition he notices is Of paymer
o from the surplus to certain Of the State
Is which have not had their full proportion
> money undtr the distribution act Of 1854
j. The SO ret r. dismisses this proposition b
= 81 owing hat the distribution Of 1880 va
+ ia the nature ola han, oi which rvpaymer
n could b. demanded and saws that tho cu
/ - a