Fort Worth weekly gazette. [volume] (Fort Worth, Tex.) 1882-1891, 1888-12-07
The 4reeszrg.
NATIONAL FINANCES,

The report Of the secretary CT the
treasury exhibits IN detail the condition
of our f aances and the operators Of the
several branches Of the government. Re-
la,iye to his departnentshe totsl ordinary
revenues OF the government for the fscsl
yesr ended June so, lfss, amounted to
1919 26G, 074.76, Of which s2Ieio9l 17S 60
WAS received from customs duties and
Sl24.296,s71 IS from internal revenue
taxes. TIE total receipts from ell
toarcez exceeds hose for the fiscal year
ended June so, 1887, By sTise9,7911O
The ordinary expenditures of tne fi'csl
yesr endi g Ju0e &c. 1853, we're $3.50,
1859 rhe decrease in these expenoi
lures as compared wuh he
fiscal yesr ended June 80, 1887,
Was ss.27s, 22l 81, notwi hstsnoi'g the
payment Of more than Sc 080, 600 for
that purpose Il the latter mentioned yesr.
year ending June so, 1876, EscertsiBed
for the quarter ended September 80. 1888,
and estlmstsd for tha remsiuder OF the
tlAICt Nucu2t ~ COI ISSO.UOOt anu
actual and estimated uruluEry eXpendi
tpres fnr the same yeAr are
1918 900 900, lefving An estimated sur
plus OF SlC4 .000,000
Ths estima Ell receipts for the year
ending Juss so, 1890, are S3z7 900, 900,
anu the estimated ordinsry .XpenGi-
turs. for the came time are S275 1885,
Aee 81, sho wing surplus Of SlOl 232,
5ll &C.
In foregoing statements Of surplus
do not take mo account the sum ne, es.
sary to be exoended 10 meet the require
ments Of tn sinking &C, amounting to
more than S47, 10000 snDusllY.
TIE Cost VI collecting the Customs rev.
enues Coz the las. fiscal year HSs 2 A per
cent; for the Year 1855 1t was 8 u pei
par cent.
THE EXCESS CT INTERNAL REVENUE
taxa coilec d during III last fiscal year
over os coll c.ed f'r the year ended
June 80 1887 *nss5 4s9, IVA %, and tns cost
y collecting III. reyenus decreased from
3.4 per cent. In 1887, to less than g per
cent. for the last year.
Tha tx collected en- oleomsrgsrine was
s725I ,948 o. for the scar ending Jane
80, 1881, snd $s64,l3 Sc for the folio wing
yeer.
The requirements Of the sinking f1rds
hive been met for the yesr endiyg June
so, 1883, ana fJr tne current year aiso
by
THE PURCHAsE CT DoNDs.
After complying with taiS Law as posi-
lively repaired, and bonds sufficient fer
thst purpose had been bought st prem
fum, 1t was not deemed prudent to further
expend the surplus in uchDurcasses until
the authority to do 30 should be more
explicit. A resolution, however, having
been passed By both houses Of congress
removing all doubt IS to executive SD.
taority daily purchs ses Of bonds we're
commenced on the 22l dsy OF Aprii, 1883
aad have continued till the present time
BS this plan honds OF the government not
yet Cue have been purchased up 10 snd
including the 30 day o. November, 1888.
smaun;iug to S9i 700, 400 The premiu n
paid thereon amounted 10 Sl7,5os, 6lS 0s
rne premium added to the prilclpai u
these bonds represents an investment
for The time they still hsd
to run, and saving to the
government Represented oy the differences
between hs amount OF Interest st 2 per
cent upon the sum paid for principal and
premium sn ! WA. 1t won q bsve paid Tor
interest at the rate epec 4 ~ IN the bonds
II they had run 30 taelr maturity, which
Is about 1927 10000.
At frst srgh, JAis would seem to be
PRoFITABLE AND SEN IBLE
transaction Ga the part OF the g)vs
errmens, but, So suggested By fba
secretary OF the treasury, the sur plus thus
expended for the purchase OF bonds was
money drawn from the people In excess
If any actual need OF the government,
and was go expended rather thll allow 1t
to remain Idle in the treasury II this
surplu7, under the operation Of Just snd
equitable laws, had been left In Inc hands
OF the people ii would have been worth in
then business ct least 6 per ceEt. per
spnum. Deductiug rom me amount ct
interest upon me principsl aud premium
of these bonds for the time they had 10
run at the rate o! 6 per cent. the saving
OF 2 per cent. made tor the psorls b. the
purchase ofaach bonds the loss will sp.'
pear to be SIS, 1850, 00ez
This cacufstioa woul EeeEn to demon
strate that II
EXC GslvE AND UNNECESSARY TAXATION
is continued and the gJver1ment Is forced
to pursue policy OF pure lasirg US own
bonds at the premiums which II will be
necessary to pay, the loss to the people
will be hundreds OF millions Of dollars.
Since the purchase Of bonds was under
taken as mentioned nearly all that have
been offered were Ct less accepted. Il
has been made quite apparent that the
government was In dsnger Of beirg sui
jected to combinations 10 raise tneir
prica, which appears by the instance
cited By the secretary of the cfisriug
bonds Of the par value CT only s326, 900
so often inst the eggtegate OF the SUNS
demanded for their purchase amounted
TO more than sI9, 100 00o.
Not withstaDdlEg tins large sums paid
ont Ia the purchase d bosds -, .e,..sS
THE SURPLUS IN TIE TsEssuRY (.
on thu 30zh oss OF Novsahsr, 1888, wss
$50 234, 6i0.ol after dsduc leg soous s20.-
o00, 600 julltl.wn. sut fox the payment Of
pensions leS-
A. the clo'e Of the sssl yesr ended
june 80, 1887, there had been coined
u der tce compulsory Silver coi-sgs &C:
$3.50, $50, $3.50 IN silver 6ol.srs, SIS. 5o4 80
o, WGicn were 10 HANDS OF the pee pie.
On IN, 30.h Cay o. Juae,
1888, there hsd been cctred
s299 7os,79o and CT ttis SIS s29 =
500 Ess ~ circulation II coin snd $780,
367 $40 IN silver certificates. tor tne
redemption Of which silver dol srs to
that amount we're held by the verumeny
o, the 80 b day OF November 1888 S3l2,-
$40, 800 hsd been coined, $50, S7o,s90 OF
the silver doll.rs #ersoscsusiis In circu
latior, sad S237,&l6,S46 Ia certificates
TIE secretary recommends the suspen-
sion OF the further coiusse Of silver, and
In such RECOMMENDATION ssk the care