Daily Yellowstone journal., 1888-12-08

revenue of the government Tor The
year ending June 80. 1899, ascertained
for the quarter ended June 30. 1879.
and estimated for the remainder of the
time. amount to 1877 900, 900, and the
actual and estimated ordinary expendi'
lures for the same year are 212, 900. 900,
leaving AN estimated surplus of SlOi,
OO0. OO0.
The estimated receipts for the year
ending June 80, 1890, are S31i 900 900,
and the estimated ordinary eXpendi-
lures for the same term are S2i5. 49,,
ass. -, showing a surplus Of SlOl .2S2.-
5I1.G6 The foregoing statements -Of
SURPLUS do not take into Ccoun the
sum necessary Ia lie expended Ia meet
the requirements of the sinking fund
act. amounting to more than So 600.
600 annually The cost of collecting
the customs revenue for the last tiseil
year was 2,44 per cent. For the year
1885 II was 2.1l per cent.
The excess Of internal revenue taxes
collected during the last fiscal year
over those collected for the year ended
June 20. 1887. was $o,4S9. Ia. 90. and
the cost Of collecting this revenue de.
creased from "a per cent in 1887 10 less
than 80 per cent for the last year. The
lax collected on oleomargarine was S12S,-
94S.0 for the year ending June 30,
1887, and 1854. lbs. So for the following
year.
The requirements Of the sinking fund
act have been met for the year ended
June 30. 1883. and for the current year
also by the purchase Of bonds. After
complying with this law. as positively
required. and bonds sufficient for that
purpose had Lcen bou hit at a premium
Il was not deemed prudent 10 further
expend the supIus in such purchases un.
til the authority TO do 80 should be more
explicit. A resolution, however. hav-
ing been passed by both houses of con-
gress, removing all doubt as to xecu-
tive authority, daily. Bond purchases
were begun April %, 1883. and have
continued until the present time. BY
this plan bonds of the government not
vet due have been purchased up TO and
including the S0th day of November,
1888. amounting to S9i ,s0O, 400, the pre-
II paid thereon amounting to
81 sos. 6l3.Os.
The premium added o the principal
of these bonds represents an investment
yielding about 2 per cent interest for the
time they still had TO run and the savisg
10 the government represented by the
difference between the amount Of inter.
est at , per cent upon the sum paid for
principal and premium and what II
would have paih for interest at the rate
specified in the b nds il they had run to
their maturity 3 about s3i ,lG5 900. At
first sight this would seem to he q profit
able and sensible translation on the part
of the government but as suggested 10y
the secretary of the treasury. the surplus
thus expended for the purchase of the
bonds wa money drawn from the peo-
Pile in exces of any actual need Of the
government. and was so expended
rather han allow 1t to remain idle in the
treasury. IL this surplus under the OPP
Grafton of just and equitable laws had
been left in the hands of the people, II
would have been worth in their bust
ness at least q per cent per annum De
Quoting from the amount Of interest
upon the principal and premium of these
bonds for the time they had To run at
the rate Of g per cent, the saving OF 2
per cent made for the peOple by the pur-
chase OF such bonds, the loss will appear
10 be sos, 100000.
Notwithstanding the large sums paid
out in the purchase Of bonds the surplus
in the treasury on the 4th day Of Novem-
Der, 1883. was So, 234, 5000 after de-
Quoting about 800. 900. 900 just drawn
out for the payment Of pensions,
Silver Coinage.
At the close of the fiscal year ended
June 30, 1887, there had been coined un-
der the compulsory silver coinage act
$266, 9ss. 2sO in silver dollars, Sj5, 50i ,3lg
of which were in the hands of the PEG.
pie. On the 30th of June, 1883, there
had been coined, S299. 200. 80 and of
this Sj5. S2y 1903 WA in circulation in
coin, and 5000, 3s7 ,3;6 in silver certti-
Gates, for the redemption of which silver
dollars 10 that amount were held by the
government.
On the Both day of November. 1883,
1912, $40, 800 had been coined. S50.970, 800
of the silver dollars were actually in cir.
culation. and s237 AIS, 341 in certificates.
The secretary recommends the suspen.
sion Of the further coinage of silver, and
in such recommendation ] earnestly con
cur. For further valuable information
and timely recommendations | ask the
careful attention Of congress 10 the sec
retary's report.
Ordnance and Qualifications.
The secretary Of war reports that the
army on the date of the last consolidated
returns consisted Of . .lsg officers and a.
$40 enlisted men. The actual expendi.
lures of the war department for the fiscal
year ended June 80, 1888, amounted 10
S4l, l65, l07. %. Of which sum S9.l5s.jIG.-
81 was expended for public works, in
Guiding river and harbOr improvements.
The board Of ordnance and fOrtifica-
ton, provided for under the act ap-
proved Sept, 22 last, was convened
Oct. 80. ISIS, and plans and spccifica-
tions Tor procuring forglngs for <, ~ and
l2-inCh guns under provision Of section
y, and also for procuring l2-inCh breach
loading mortarS, cast iron huopcd with
steel, under the provisions of section ..
NJ the said act, were submitted to the
secretary OF war for reference 10 the
board, lay the ordnance department Of
the same date, These plans and specih-
cations having been promptly approved
by the board and the secretary OF war.
the necessary authority to publish al.
refreshments inviting proposals in the
newspapers throughout The country was
granted 10y the secretary ON Nov. ~. and
ON Nov. ~ the advertisements we're sent
out 10 the different newspapers dcsig.
mated. The bids for the steel forging
are 10 bo opened on Dec. %. 1888 aud for
the mortars on Dec. 10, 1883.
A board Of ordnance officers was con.
~ened Mt the Wntrryliet arsenal un oct.