Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1886-12-06
OUR FINANCES.
Report of the Treasurer OF the
United states.

ARLINGTON, Dec. D.
From the United States treasurer's annual
report il appears that the net receipts of the
gov rnment during the year ending June 80,
1886, were 1886 439, ,727 and the net expen-
dii ures 8243. .4S3 1888 pxces, of revenue over
expenditures s93, $685. The receipts
were Sl2, 749, ,020 greater and the e1pendi-
lures Sl7, ,743, 796 les. than last year, making
an increase in the net receipts for the fiscal
year over that of 1885 of a30,492.Sl7 The
receipts on account of the postoffice depart
meHt not included in the above statement
amounted to 352. 997, ,l35, an increase of
s. 6S7 .399 over those of the preceding years.
The expenditure increased from Sl0,326. .3l4
in 1885 to $40 $50 5S5 in 1886 or S356, 27l.
Bonds of the United States amounting to
S4i ,53l $50 were redeemed and applied to
sinking fund. Coupons from bonds of the
United States amounting to 81 ,557 were paid
by the sssis,ant treasurer. Interest amount
ing to S42, 498, ,6S7 was paid on registered
bonds of the United States, including bonds
issued to various Pacific railroad companies
OF the bonds held bv the treasurer of the
Uni ell States in trust for national banks
SCI ,042, 400 were withdrawn Of which amount
$50, 725, 800 WAS held to secure circulation
and "a N 100 wa. held as security for de-
posits of public money. Bonds deposited to
culaton amounted TO S20 745 900, and on
account of deposits S6,l7C,O0O, making a
| total decrease of S34. III 800 IN bonds held
| by the treasurer for national banks. The
total amount of bonds held for national
banks was S37 .967 800. The issue of silver
certificates during the year amounted to
81 600 900 and S2S, ,523 97l were redeemed.
Gold certificates amounting to $40, ,lSS, ,895
| were redeemed. The unavailable funds of
the treasury June 80 1875, were $29, ,52l ,379.
a decrease of S3946 from last wear The
| balance in the treasury at the close of the
year ending Sept, 80, 1886, was 500, l55,
| 775, an increase over that of 1885 of Sl6,-
| ,636, The available balance was S72,-
9l3, ,l4l, against S5S. .922, ,l9l last year, an
increase of Sl39, 800, ,949.
| The report says that as the extinction of 9
per cent. bonds must take place this year, the
only bonds available for the purpose of a
sinking fund will be a and 4 per cent. bonds
| These are nov selling at price which aver
| ages very little more than per cent. per an
mum TO the purchaser on the cost, and il may
fairly be assumed that this rate of 2 per cent
| is the maximum rate to be earned during the
| life OF these bonds. At present the
cost OF collection of the revenue of the coun
try, say 50 20 per $780, loss on the existing
sinking fund say S42 ,000, 900 per anLum, will
be 765, 900 annually, ssau'ning per cent as
| the best rate which the bonds can earn with
| ont discussing the consequent possible de
rsugement of our financial system. If pur.
chases for the sinking fund are to be main
tanned at present figures. it will be found i'm
practicable to make these purchases At such
times and in such manner as 10 relieve ths
money markets in times of financial distress
| as these arrangements happen almost lnva
| rably at the time OF moving of the crop. OF
| the couatry. This statement is equivalent tC
saying that every productive interest in thc
country must pay toll to foreign buyeri
through a lower range cf prices which ar,
| obtained at such times, because of the fac
that our arrangements for collection and dis
burslng our revenues are so detective as tt
need an artificial and violent remedy in orde
to place in active circulation the money
withdrawn from the business of the country
This method of dealing with public money i,
not true of any country. but this prsctica
sense of the American people, as sho~r
through its representatives in Congress
should be adequate to find remedy for thi.
constantly recurring evil-one sure to grow
and become more burCeusome in our future
national history. This remedy should be
found and adopted with the coming session o.
Congress, because the evil complained o
will be upon US before its next meeting ant
the treasury left without any means of sup
plying the urgent needs of the country.
The treasurer says that by the presen
method the entire debt will be retired by tn,
year 1908. If the methods proposed BY tn
treasurer be adopted, the debt viii bs extin
! guished BY the year 1918.