The Portland daily press., 1885-12-10
THE TREASURY REPORT.
THE TREASURY REPORT.
Increased Expenditures and Di-
nninished Revenue.
Suspension of the Coinage of Silver
recommended.

1885, revenue receipts amounting to 1929, $780,
FOG, and expenditures amounting to $305, $780,
$40, leaving surplus of SIT ,859,735. This sur
plus was applied as follows-S380 ,450 to the re-
demption of the interest-bearing debt, SS260 to
the redemption of old demand and other notes,
and S17, All ,O25 to the increase of the cash in
the Treasury. The expenditures include S45,-
6O4, ,O35 for the sinking fund, so that the excess
of revenue aside from the provision of this fund,
amounted to s63 3,463,771. In comparison with
the figures for the previous fiscal year, the reve-
nue. exhibits decrease of $24,929, 1853. There
was reduction of $13,595, $50 in customs, of
S9.OS7 ,346 in the internal revenue, and of S4,-
104,71s in the receipts IRON sales OF public lands
The three items are responsible for somewhat
more than the whole decrease OF revenue, the
other items showing a net increase of S1,95s,
452.
The expenditures were SIG, 10000 greater
than in the fiscal scar 1884. AS the interest on
the public debt was 49, I22 less the other
former level, the civil and miscellaneous eXpend-
itures being accountable for S16,573,s24 of the
enlargement
For the current fiscal year the receipts are esti
mated by the Secretary at $31 100000, and the
expenditures at e6 @ s h edhg under 6s
This estimate shows surplus of $24,250, with
provision for the sinking fund, or of 100000
80. 1887. the revenue reckoned on the basis of
existing laws is appraised at S315, 100000, while
the expenditures based upon estimates sent IN IN
al $3.50 .589. .552, including SAG, ,659 900 for the
sinking fund. The, appraisement shows deficit
for. or surplus of $22, 2,06944 without such pro-
vision.
As regards
THE CLAIMS OF THE SINKING FUND,
the Secretary is by no means strict contraction
ist. He says: "The requirements of the fund for
the present fiscal year computed upon the same
basis as in former years, will aggregate $4,000
7 fc that the intent of
the law will be fully complied with it, in determ-
lining the amount to be applied to the fund, the
aggregate of the various coin and currency GER
tifcates which are held in the TreasureT,s cash,
as well as the cash in the Treasury available for
the reduction of the debt AMI the amount held as
a reserve for the redemption OF United states
notes under the resumption act, shall be deducted
from the outstanding principal of the debt and
the bonds issued to the several racine rallroadS
added thereto hs Inc pegee interest," t0 re
bonds previously redeemed, is estimated at $45,'
100000
lie debt and the condition of the treasury, the
report calls attention to the great increase in the
duties of the officers and employees OF the diner,
ent sub-treasurieS, and suggests q congressional
inquiry for the abatement OF the burden. In the
same connection it points out that under existing
laws the Treasurer of the United States is re-
sponsible for the loss of money in any of the sub
treasures, and brings the injustice to the notice
of Congress for appropriate action. A.. ..o,,o.
The Secretary then turns to consider the graVer
issues of currency and taxation reform, Whlch ne
regards as exacting the best efforts OF American
craftsmanship. He places
CURRENCY REFORM
before the reform of taxation in the order Of
Importance and time. He attributes the disorders
of the currency chiefly to two enactments. First,
to the act of Feb. 28, 1878, which has been con-
strued as appropriating S24,O00,oo0 per annum
for the coinage of silver dollars. Secondly, to
the act of May 81, 1875 which has indefinitely
postponed the fulflment of the pledge made in
1869 for the payment of the legal tender treasury
notes. He holds that these two evils, though each
is a separate menace to the public tranquility, as
well as an injury to public morals and the public
faith, do not double the difficulties of reform Of
the currency. He believes that their concurrence
may even assist Congress to provide the people OF
the United States with better currency than the
best now possessed by any national currency in
which every dollar note shall be the representa- M
tive certificate of a coin dollar actually in the
treasury and payable on demand; currency IN
which our monetary unit coined in gold $780,
000000) and its equivalent coined in silver
($215, 100000 shall not be suffered to part COM
The Secretary then lays downthe
CONDITIONS OF CURRENCY REFORM.
He holds that the reform should be and can be
undertaken and finished subject to the following
conditions:
1. Without shock or disturbance, to the indus
tries, the business enterprise, the domestic trade
or foreign commerce of the country.
q Without degrading the United States none
tary unit of value to cheaper dollar, and without
raising the United States monetary unit of value
to a cOstlier dollar.
promise of the United States to pay dollar.
4. Without reduction of the present volume OF
the currency, or hindrance to its free increase
hereafter, when every dollar note shall be the
tificate of coin dollar in the treasury payable on
demand.
s. Without pause in the reduction of the public
debt, but paying more than three hths of all that
part of the debt now payable at the option of the
United States prior to September, 1891
6. Without increase OF taxation.
Z. Without the sale of any silver bought and
coined since February. 1878
8. Without the diSuSe of the 215, 600, 600 COIN
ed silver dollars of unlimited legal tender, or any
fall or discount in their present received value,
sd rod doars e Of Unlimited IesaI teDSer or Sny
rise or premium on their present received value.
o. Without prejudice to the adoption hereafter
of an international bimetallic union with free
coinage of both metals for all coiners, at fixed
ratio of weights, into coins of unlimited legal ten
der.
company from each other, whatever may be the
temporary fall if any, in the market price of sill
'1s secretary Manning believes that reform Of the
currency under these conditions may be promoted
with immediate advantage by the repeal OF the
treasury purchases of silver bullion, and by the
repeal of the act making compulsory treasury is
sues and reissues of the legal tender netes After
a long dissertation upon bimetallism and mono
metallism, and an exposition of the coinage laws
of the United States, In which he denounces as
furtively seduced into passing the act demonetiz-
ing dollar, the secretary states that the
ioNLY CHOICE BEFORE CONGRESS
is the choice between one-metallism and two-Inet-
alism. The silver dollar cannot be kept in equiv
alence with the gold dollar if the coinage of sill
yer continues. The gold dollar cannot be kept in
full domestic circulation if the silver dollar is suf
fered to fall Coming more necessitates its fall
Doubtless, some may hope that more silver dol
lars can be coined, and yet their equivalence with
the monetary unit not be lost. 1t is respectfully
submitted that there is no compensation for that
| risk, and that judgment 50 aecOrdant of the
great business classes who carry on the exchang-
es of the country must be accepted as final est-
| mate of that risk.
| The secretary opposes the coinage OF heavier
| silver dollar He believes that the present dollar
of 4121s grains containing 37lA grains OF hne
silver can, if no more be coined, be Kept equlYa-
| lent to our monetary unit OF yalue-the dollar con-
| tanning 1922 grains of fine gold-as securely and
effeetilay as If it contained 600 grains of fine sill
| YER He feels confident that stopping the coinage
| of the silver dollar will not affect prices, and
points out that the attempt to foist dollar that
cannot remain abreast Of gold upon American