New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-05
THE TREASLRY REPORT


verdict Of the people against the mode OF re-
ducinc revenue which the Administration had
favored. practical fnancier would have ap-
nled his common sense to the discovery Of
remedies which could be adopted. Either a
statesman or business man OF capacity, con-
| frontedD with such condition." would nave
considered some OF the many ways OF reducing
revenue upon which the two parties ana the
two Houses of Congress are substantially
agreed: would have recommended those as
desirable and practicable remedies leaving
vexed questions to the future action OF Con-
gress fresh from the people; and would also
have urged warmly those corrections or modlii-
cations of existing law which are ]udged by
the Treasury Department necessary IN oidcr 10
curtail imports that the law was obviously IN
tended to curtail But the Secretary has chosen
to appear once more as a free trade politician,
and not as a statesman or practical inancier.
Once more he urges the kind of tariff reduc-
ton which the people have decided they do
not want He has little to say that is new
unless it be the unworthy and discreditable
suggestion that "the endeavor to make men
rich'' has already become the chief function
Of our Government"
Perhaps the Secretary knows. For in his
next paragraph he shows that the expansion Of
currency during the sixteen months ending
with November was 500, 5,616-and yet
spectators are not happy. No less than
$35, 667 919 of this increase, the Secretary
might also have truly said, he had accomplished
during the four months preceding the Presi-
dental election and yet the vote did not an
swer expectations. Perhaps this rapid ex-
pansion indicates belief that it is the func-
ton Of our Government to make somebo dy
rich, but whether spectators or the people is
questionable. In his argument that the rapid
discharge Of debt by purchase of bonds should
not continue, the Secretary suggests hypo-
thetically the absurd notion which the Presi-
dent definitely avows, for, says the Secretary,
the people lose money by retiring bonds " if
the money is worth in their business 6 per cent
per annum.n Half the industrial capital of the
country is in farms do the farmers suffer from
extortion and plundcring past all endurance if
the money in their business actually returns
them profit of 6 per cent yearly? Would
not railway owners be glad to have per cent
yearly secured to them, instead of about per
cent? Would not even the bankers of New
York be glad to loan all their money at 6 in
stead of . per cent?
The official report renews the assertion that
notwiths anding the eXtravagant appropriate ons
made at the last session, the surplus revenue
for the current year will be about as large as
was estimated year ago. Indeed, the Score
tary claims some credit for the accuracy Of his
forecast But the fact is that the Secretary
then estimated the receipts would be as large
| 81. 10 hut final
receipts in five months have been ST. 600
less than for the same months last year, and
the Secretary now officially estimates that
the revenue for the twelve months will be
So 2 90, 900 less than the revenue for the last
year-by some process of reasoning not made
clear to ordinary minds. As to expenditures
| II is known that Congress greatly increased
appropriations for the current year, and the
actual expenditures in the last five months have
been SIG, 900, 600 larger than for the same
months last year, and yet the Secretary, by
another process not explained, estimates that
the increase for the whole year will be less
than S13 100000. Under all these cicum-
stances, if such estimates should be remarkably
verified, it would remain uncerain whether
credit should be given to the Secretary or to a
sldlful bookkeeper
1t will strike many as somewhat curious that,
while the President is eloquently silent about
Civil Service reform, his Secretary of the Treas
ury has not learned that the subject became
obsolete November 6 for this Administration.
He thinks that there has been great gain in
various branches Of the Department-an opin-
on it is fair to say, which does not extensive
y preval-and urges again that the Customs
and Internal Revenue service should be " anal
gamated and made strictly non-partisan." I'm
less made partisan in a sense not known
TO the present officials, the "reform" would be
backward. The Secretary also renews his
recommendation that the coinage Of silver be
suspended, and predicts that If some such
safeguard is not adopted, and if thereby the
silver dollar is suffered at some time TO lose
part of It's purchasing power, the people will
demand the absolute stoppage Of the silver
bullion purchase'-which is truly a curious ar
gument. But while the Secretary's recon-
mendation deserves more attention than repre-
sentatives of his party have ever given it, the
fact that expansion of the silver note circula-
ton goes On and seems TO have no limit is not
adequately explained, and without explanation
is apt to influence men more than his prediction.
Secretary Fairchild has made himself known
as a free trade theOrist but not as a practical
administrator of especial ability. His oppor-
tunities have been great He has used them to
loan fifty millions to banks to vastly expand
the currency to encourage speculation, and TO
help his party. But he will inevitably leave
the National finances in a condition made moro
difficult and dangerous by his course.
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