The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1884-12-06
Report of Secretary Mcculloch.

The report of the Secretary of the Treasury
states that the revenues of the government
from all sources for the fiscal year ended
June 80, 1884, aggregated $348, 519, S69, of
which sum $195, 067 ,489 was from customs;
S121, $50, 072 from internal revenues 50, $40, 705
from sales of public lands; So, los, $50
from tax on national banks; 81, 25O, 6O9 from
profit on coinage The expenditures for the
same period were $3.50, 916, 473. of which sum
$50, 429, 603 was expended for pensions; S22,-
312,907 for civil expenses; 500, 429, 603 for
the military establishment; SIT ,292, 601 for
naval establishment; S54, 578, 1878 for interest
ON the public debt, and SAG, 100, 229 for the
sinking fund. The surplus of S57, 603, 1896
was applied to the redemption of the public
debt, with the exception of$3 ,466, 541 applied
to the increase of cash in the treasury.
COMPARISONS AND ESTIMATES.
Compared with the previous fiscal year the
receipts for 1884 have decreased S54. 044, 1885,
16; in customs revenue, S19,639, 007. II; in
internal revenue, S23, 1874, 296.47; in tax on
national banks, $1,000, 27S.72. There was an
increase in certain items of Sf,277, 0Sl Is,
making net decrease in the receipts from
all sources of $40, 767, 712.0S.
The expenditures show decrease as com
pared with the previous year OF $50, 533, 46o-
81, as follows: In the War Department,
50, 4Sl, 1881; in PENSIONS $40, $50, $40 oS; IN
Indians, 1886, 591. 05; and in interest on the
public debt, 81, 5S1, 1927. There was an
increase of 81, 251, 575.7 6, as follows: In the
Navy Department, $1,000, 164.27; and in civil
and miscellaneous, 2,242, 411.49; making .
net decrease in the expenditures of 81 ISL
1921.
For the fiscal year 1885 the estimated sum
from all sources is $3.50, 900, 900, of which Is
expected from customs, SlS5, 00O,OOO; from
internal revenue, $115, 200, 900 sale of public
lands, Sc, SOC, 900; tax on national banks, 3d.
O00, 1000; profits on coinage, 81, l00,O0 The
expenditure for the same period is placed at
$3.50. $40, POI, the estimated surplus being
S39, 379, 1888. . For the year 1886 the receipts
and expenditures are expected to be about
the same as in 1885, and the surplusIis esti-
mated at ''more than S50,000,00 The
bonds redeemed and cancelled during the year
ended Oct. 81, 1884, amounted to- $97, ia, :
800, the reduction of interest thus effected
being So, 2O3 1868.
PROTECTIVE MEASURES.
In the early days of the West, when popu-
lation was more than keeping pace with the
acreage brought under cultivation, there was
ready demand for what the farmers raised,
and the home market was the only market
they needed This satisfactory condition of
agricultural industry iE that section of the
country was of short duration. Good prices
stimulated productioH, and in a few years
the supply became gkeater than the demand,
in consequence of yhich the value of agricql-
tural products BEGAN to decline, and the de,
cline went on until what the farmers could
obtain for their Crops was insufficient to cover
the neces.saT dtlays in producing them. So
great VI hecline, i'll many instances, that
whe ms were at long distance from
ne tiers wheat remained uncut IN the
5rn was used for fuel The own
farms were therefore compelled to
art of their fields uncultivated, so
Us of great fertility became well-nigh
s. To remedy this very untoward
ION of their agricultural industry, many
in 1884 and 1885 commenced large
Ks of internal improvement, but before
| their completion the financial crisis of 1887
occurred, which caused collapse of all great
| enterprises throughout the entire country, and
| left most of the States that had engaged in
them overloaded with debt and without adj
! vantage from their large expenditures.
The condition. of the manufacturing inter-
est of the United States is similar in some
respects to the condition of the agricultural
interest of the West in the early days to which
have referred. What the Western farmers
then needed was ma for their crops.
What manufacturers noMSheed is a market
for their surplus manufactures.
EVILS OF ovERPRoDCCTIoN.