The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-12-04

avoided. The Reorganization OF the consular
service is matter OF serious Importance to our
national interests.
Reduction OF the Coneulates.
The number Of existing principal consular
offices is believed to be greater than is at all
necessary for the conduct of the public busl-
ness. IL need not be our policy TO MAINTAIN
more than a moderate number OF principal
offices, each supported by salary sufficient to
enable the incumbent to live in comfort and so
distributed as TO secure the convenient super
vision, through subordi ate agencies, of affair
over considerable district.
repeat the recommendations heretofore
made by me that the appropriations for the
maintenance of our diplomatic and consular
service should be recast; that the So-called
notaral or unofficial fees which our repres nta-
tlves abroad are now permitted to treat as per
sonal perquisites, should be forbidden; that
system of consular nspectiol should be in
stituted, and that a limited number of secre-
tarles OF legation at large should be authorized
Washington's Inauguration.
Preparations for the centennial celebration of
April 80, 1889. ot the Inauguration of George
Washington as President having been made by
voluntary organization Of citizens Of that
locality, and believing that an opportunity
should be afforded for the expression OF the
interest felt through the country in this event.
] respectfully recommend fitting cooperation
by con ress on behalf of the people Of the
United States.
Report of Secretary Fairchild.
The report of the Secretary Of the Treasury
exhibits in detail the condition of our national
finances and the operations Of the several
branches of the government related to his de-
partment. The total ordinary revenues of the
government for the fiscal year ended June 80
1884, amounted 20 500 266,01i &c, of which sac.
0al,l.3 90 was received from customs dutie
and S12f,H96. 81 IS from internal revenue taxes
The total receipts from all sources eXcee led
those for the fiscal year ending June 80, 1887 by
S16G2,197 10. The ordinary expenditures OF the
20 nj Fnr IA 1eep Va ~ tpfr lima
1888, were $3.50, 6j305 81, leaving IA surplus of
Sll9Gl2, ZIG 20. The decrease in these eXpcndi-
lures as compared with the fiscal year ended
June 80. 1887, was So rs, 23i 80, Notwithstanding
the payment of mlre than s. 900 600 for pen
81 ms in excess of what was paid for that pur-
pose In the latter mentioned wear. The reve
nues Of the government for the year ending
June 30, 1889, ascertained for the quarter ended
Sept. 80. 1888, and estimated for the re
mainder of the time amount to 9317.00o 900;
and the actual and estimated ordinary expend
itures for the same year are S2730o0000, leav-
ing an estimated surplus OF Sl0i 000OO0.
ESTIMATED RECEIPTS.
The estimated receipts for the year ending
June 30, 1889, are S37i OC0 600, and the estimated
ordinary expenditures for the same time are
S275, i67, 1888 80, showing surp us of Sl01, 232,
5ll 6S. The foregoing statements OF the sur
plus do not take into account the sum necessary
to be expended to meet the requirements of the
sinking fund act, amounting to more q an SiI,-
0J0 coo annually. The cost OF collecting the
IA per cent for the year 1855 IL was 3G7 per
cent. Thu excess OF internal revenue taxes col
lected during the last fiscal year over those col
lecled Tor the year ended June 30 1887, was
S5,4S), ia 26, and the cost of collecting this
revenue decreased from 81 per cent in 1887 to
less than 81 per cent. for the last year The
tax collected on oleomargarne was S723, 9IS %,
for the year ending June 20. 1887, and 1884, lS9 IS
fer the following year.
BOND PURCHASES.
The requirements Of the sinking fund act
have been met for the year ending JCne 80, 1888,
AMI for the current year also, by the purchase
of bonds After complying with this law as
positively required, and bonds sufficient for nat
purpose had beeu bought at premium 1t was
not deemed prudent to further eXpend until the
authority to do so should be more explicit A
resolution, however, having been passed by
both hous' IS OF congress, removing all doubt a
to executive authority, daily purchases of bonds
we're commenced ON April %. 1853, and have
continued until the present time BY this plan
bonds of the government not yet due have been
purchased up to and including Nov. 80, 1888
amounting to $4,000, 400; the premium paid
thereon amounting 10 SlI5OS, 6l3 o.
The preniilm added TO the priu slpal of these
DO ds represents an Investment yielding abouf
per cent, Interest Tor the time they still had to
run; and the eaviuR to the government repre-
scented by tie difference between the amount of
interest at per cent. upon the sum paid for the
principal and premium and what it would have
| paid for interest at the rate specif d in the
bonds, il they had run to their maturity, is
seem TO be a profitable and sensible transaction
| on the part of the government.
WHY IT is NOT PROFITABLE.
| But, as suggested by the Secretary of the
| Treasury, the surplus thus expended for the
| purchase OF bonds was money drawn from the
| people in excess Of any actual need OF the gov
| ernment, and was So expended rather than
| allow it to remain idle In tue treasury. If this
surplus, under the operation Of just and equit-
| able Tvs. mad been left in the hands of the
| h9 Va bFa in bul
| ness at Least per cent. per annum. Bedu ting
| from the amount of interest on the principal
| and premium Of these bonds for the time they
had to run at the rate of per "ent.. the saving
| of per cent. made for the peoule by the pa
chase Of such bonds, the loss will appear TO be
| S5j, 10000.
This calculation would seem to demonstrate
that If excessive and unnecessary taxation Is
continued, and the government is creed t. pur
sue this policy Of purchasing its own bonds at
the premiums which it viii be necessary TO pay
the loss to the people will be hundreds of mill
ions OF dollars. Since the purchase of bonds
was undertaken, AZ mentioned, nearly all that
have be en- offered were at last accepted.
DANGER OF CONFINES.
II has been made quite apparent that the
government was in danger OF being subjected
to combinations to raise their price, as appears
| by the instance cited by the Secretary Of the
Offering of bombs of the par value of only
1926, co. so often that the aggregate OF the sums
| demanded for their purchase amounted TO more
I
| sums paid out In the purchase of bonds the
| surplus in the treasury on Nov 80. 1883, W
| $52.2341i0 OF, ter deducting about 500 0,0O0
| just drawn out for the payment Of pensions.
| At tue close of the lisc u year ended June &c.
| 1887, there had been coined under the compui-
| sorry silver coinage act, Sz66.9s5,2SO In silver
dollars, IS .jOi, $40 OF which we're in the hands
4 of the people On June 30, 1888. there had been
coin-d 500 70s, 100; and OF this S55 800 303 was
| in circulation in COIN and S2O0, 1916 in silver
certificates for the redemption Of which silver
| dollars to that amount were held by tn gov
ernment. On Nov 80. 1888, $3i2, $40, 800 had been
| coined, $50 $40, 800 OF the silver dollars were
actually In circulate ~ and S237, f19 3f6 10 GER
| tihcates. The Secretary recommends the sus-
| pension Of the further coinage OF silver, and in
| such recommendation earnestly concur. For
| further valuable Information and timely recon-
mendations ask the careful attention OF the
| congress 70 the Secretary's report.
SECRETARY TNDIcoTT's REPORT.
The Secretary Of War reports that the army,
| at the date Of the last consolidated returns con
| sisted Of 2.1S9 officers aud 4,5i0 enlisted men.
| Tho actual expenditures Of the war department
for the fiscal year ended June3) 1883, amounted
10 Sal, 1856, 107 N, OF which sum 80 l55bi6 63 was
expended for public works, including river and
harbor improvements.
The board OF ordnance and Notifications pro
vided for under the act approved Sept. q last,
| was convened Oct. 30. 1888 and plans and specl-
| 1cations for procuring forgings for &, 10 and
| 12-inch guns under the provisions OF section 4.
and also for procuring i2inch breech- loading
| mortars astiron. hooped with steel, under the
provisions Of section Of the said act. were sub
! mitted to the Secretary OF War for refer
ence to the board by the ord
| These plans and specifications having been
| promptly approved by the board and Secretary
| OF War, the necessary authority TO publish ad
rtisements inviting proposals in the newspa