St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-12-06
place since it was adopted. On this sub.

place since it was adopted. On this sub
ject he says:
I As the country increases in wealth and
population, with the consequent increase of
/ its revenues and disbursements il will be
/ found i'm 3oSsib!e to continue the system in
| its present form. With the extinction of the
8 per cent. bonds. which without some de-
pressi or event that cannot now be fore
! seen. must take place during the ensuing
| fscial year, the only bonds available for the
purposes OF the sinking fund will he the
| AZ and per cent. bonds. These are now
selling at price which averages very little
more than 2 per cent. per annum TO the pur-
| cbasers upon the cost, and it may fairly bo
! assumed that this rate of per cent. is the
maximum rate to be earned during the life
of these bonds. at present the cost of the
! collection of the revenue of The country, is
S.. 70 per $100,
TIE soss
on the existing sinking funds. say S45, coo. 600
| per AMMAN, will be S765,000 annually, assum-
| ing per cent. as the best rate which the
| bonds can earn. Without discussing the
consequent possible derangement of our ex-
isting financial TINS. If the purchases for
the sinking fund are to be maintained at
| their present figures. it will he found 10 be
! impracticable to make these purchases at
such times and in such manner as to relieve
the money market in times of financial dis
treSs. As these arrangements happen almost
/ Invariably at the lime Of the moving OF the
crops of the country, this statement is equiv
alent TO saying that every productive interest
in this country must pay toll TO foreign buy
ers through the lower range of prices which
obtain at such times because OF the
fact that our arrangements for collecting
and dlsburSing our revenues are so defective
as to need an artificial remedy in order to
place in active circulation h. moneys with
drawn from the business of the country.
This method of dealing with the public
moneys is Tot true of any other country but
this, and the practical sense of the American
people, as shown through their representatives
in cen yress, should be adequate to tnd
remedl for this constant recurring evil,
one sure TO grow and become more burden
some in our future national history. This
remedy should be found ard adopted with the
coming session of conEresS because the evil
complained of will be upon the United States
before its next meeting and the treasury
left without any means of supplying the
I urgent needs of the country.
TARLES ARE GIVEN
showing the former and the proposed man
ner OF estimating the sinking fund charge
for the fiscal year 1887. and it is suggested
that the Old method of making up the fund
be revised. and the annual payments on ac-
count of this fund be made in accordance
with the new form. The treasurer says
that by the present method the entire debt
will be retired by the year 1900. If the
proposed method be adopted the debt will
be eXtingnished by the year 1913. The
total amount of United States notes out
standing at the close of the fiscal year was
S346 6S1.016 Compared with 1888
there was outstanding an increased
amount of five and one thousand dollar
notes. and a decreased amount of
notes of all demon uations. The fveS
increased from 81. $50. 0S0 to S97, $50. 80,
and the one-thOuSand- dollar notes from
S14. 32S. 900 to S32. 942. 600. The ones de-
creased from 81. 736. 457 to $14.319.23S
and the twos from S35. 524 395 to S14. 93S.-
315. The treasurer again calls attention to
the fact that in the So-called reserve
vault les Sl47, S9S. 900 of paper money
prepared for issue
WITHOUT AUTHORITY
of law, and he advises the legislation to
permit of its legal disposition. The
large amount of certificates of
deposit furnished national banks
and says this is done at considerable eX
pense and risk and without any benefit to
the government The treasurer devotes
considerable space to the subject of silver
certificates ana standard silver dollars. The
amount of silver certificates nOGIinaliy out
standing at the close of the fiscal year was
S115, 9f1,o75. of which amount the treasury
held S27 S6l. 450. leaving SSS l ii go in
actual circulation. declease of SI3.4 AL. .721
during the year. The amount nnminally
outstanding on June 80, 1886, has since
been added to by the demands of reviving
business to the extent of $3.50 427. The
amount held by the treasury decreased 10
S14, l37. .2S5. and the amount in circulation
Nov. 80 is Sl05. .5I9 617 at the close of 1888.
with an actual circulation of SOL. $50. 946
of silver certificates. The custom house
receipts of this kind of money at New
York were 35.6 per cent. OF the total re-
ce pts at that point At present. with a
circulation Of S105. 1857, with larger
customs receipts. the percentage received
at New York was II per cent. Several
tables are given 10 show the amount of
standard silver dollars coined on hand. dis
tributed ami outstanding at the closA OF
each year since the coinage began. From
them it appears that there is now III circu-
lation Sol. 641. AS. being the largest sum yet
attained i'll the circulation of this kind of
currency.