The sun. [volume] (Morris, Stevens County, Minn.) 1882-1895, 1888-12-06

government for the fiscal year ended June 80
1888. amounted to 1919. 266. .O74 rs. Of which
$219. .O91, 1888 was received from customs
duties. and 81 .296. 871 % from internal reve.
nue. taxes. The total receipts from all sources
30 1887. by 81. .8G2. 1910. The ordinary
penditures of the fiscal year ending June 30.
1883. were 1888. 653.9 .955.67. leaving surpius
OF $119612, 116O9 The decrease in these ex-
penditures as compared with the fiscal year
ended June 30, 1887, was 1928. 220.3O not
withstanding the payment of more than $5, 001.
600 for pensions in excess Of what was paid for
that purpose in the latter mentioned year. The
revenues Of the government for the year ending
June 30, 1889. ascertained for the quarter end
ing Sept. 30. 1885, and estimated for the re-
mainder Of the time, amount to 1877, 600, 600,
and the actual and estimated ordinary expendi-
lures for the same year are S274. OOO. 600. ieay-
ing an estimated surplus of $1o4, 600. 600. The
estimated r( ceipts for the year ending June 30,
1890 are 1877. 900. oOO and the estimated ordi-
nary expenditures for the same time are $275,-
467 4SS 81 showing surplus of SOL, ,232.-
5l1 .66 The foregoing statements of surplus do
not take into account the sum necessary to be
expended to meet The requirements of the sink
ing fund act. amounting to more than $47,-
OOO,O00 annually. The cost OF collecting the
customs revenue for the last fiscal year was 9 a.
per cent: for the year s65 it was 377 per cent.
The excess of
INTERNAL REVENUE
taxes was collected during the last fiscal year
over those collected for the year ended June 80,
1887, was $5.4s9, 4.26, and the cost of col.
lecting this revenue decreased from per cent
in 1887 to less than 3-2 per cent for the last
wear. The tax collected ON oleomargarine was
S723, ,94S. O4 for the year ending June 80, 1887,
and 1864, 139 SO for the following year The
requirements Of the sinking fund act have been
met for the year ending June 80. 1888, and fer
the current year also by the purchase OF bonds
quired. and bonds sufficient for that purpose
had been bought at premium. it was not
deemed prudent to further expend the surplus
in such purchases until the authority to do SO
should be more explicit resolution. however,
having been passed by both houses of con-
gress. removing all doubt as to executive author
ity. daily purchases of bonds were commenced
on the 23d day OF April, 1888, and have con-
tinued until the present time. By this
have been purchased up to and including the
3Oth of November 1888 amounting to S94,-
700. 400: the premium paid thereon amounting
to ST., sos, ,613.OS. The premium added TO the
principal Of these bonds represents an invest
ment yielding about 2 per cent interest for
the time they still had to run. and the saving to
the government represented by the difference
between the amount of interest at per cent
upon the sum paid for principal and premium
and what it would have paid for interest at the
rate specified in the bonds If they had run to
their maturity is about $27. At first
sight this would seem to be profita BILE and
sensible transaction on the part of the govern
ment, but. as suggested by the secretary of the
treasury, the surplus thus expended for the pur-
chase of bonds was money drawn from the peo-
pie in excess of any actual need OF the govern
ment, and was 80 expended rather than allow it
to remain idle in the treasury. II this surplus,
under the operation of the
JUST AND EQUITABLE LAWS,
had been left in the hands of the people, 1t
would have been worth in their business at least
per cent per annum. Deducting from the
amount of interest upon the principal and pre-
MUM of these bonds for the time they had to
run at the rate OF per cent. the saving of per
cent made for the people by the purchase of such
bonds, the loss will appear to be $50, 76O, 600.
This calculation would seem to demonstrate that
if excessive and unnecessary taxation is con-
tinued. and the government is forced to pursue
this policy OF purchasing its own bonds at the
premiums which it will be necessary to pay. the
loss to the people will be hundreds of millions
OF dollars. Since the purchase of the bonds was
undertaken as mentioned. nearly all that have
been offered were at last accepted 1t has been
made quite apparent that the government was
in danger OF being subjected to combinations to
raise their price, appears by the instance
cited by the secretary of the offer
only ss26, 900 so often that the the aggregate Of
sums demanded for their purchase amounted to
more than $19. 100000 Notwithstanding the
large sums paid out in the purchase Of bonds
the surplus IN the treasury on the 4th day of
November, 1888. was S52, ,234. .6I0.O1. After de-
Quoting about $50, ,O00. 600 just drawn out for
the payment Of pensions. at the close of the fiscal
under the compulsory silver coinage act $685.
9SS.2SO in silver dollars, S55, ,504, 80 of which
were in the hands of the people. On the 30th of
June. 1888. there had been coined S299. 70S T9O.
and OF this 500. .S29, 303 was in circulation in
coin, and 5000. .3S7,376 in silver certificates for
the redemption of which silver dollars to that
amount were held by the government On the
3Oth day Of November. 1898 1872 SO $50 had
been coined; s6o.97o. $40 of the silver dollars
were actually in circulation, and 1887 Al g 346
in certificates. The secretary recommends the
suspension of the further coinage of silver, and
in such recommendation earnestly concur For
further valuable information and timely recon-
ask the careful attention of con-
gress to the secretary report.