New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1888-12-12
THE NATIONS PoCKETBoOK.
Review of the Financial Condition of
the Country-Esevenue and Sur

Review of the Financial Condition Of
the Country-Fsevenue and Sur
plus.
The report Of the secretary Of the treasury ex-
hibits 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.
1883, amounted to 1915, 266. O7476. of which
219.O9l, l73. SO was received from customs
duties. and $124,296. 81. 9S from internal reve-
nue. taxes. The total receipts from all sources
exceeded those for the fiscal year ended June
80. 1887, by 81, SG2, 1910. The ordinary ex-
penditures Of the fiscal year ending June 80.
1883. were 259.653.95s.6 g. leaving surplus
of S119612, 1909 The decrease in these ex-
penditures as compared with the fiscal year
ended June 30, 1887, was 1928, 900. so. not
wlthstandlng the payment of more than So, OOO,-
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 80, 1889, ascertained for the quarter end
ing Sept. 30, 1888, and estimated for the re-
mainder of the time. amount to 1877 OOO 900,
and the actual and estimated ordinary expendi-
lures for the same year are S274 OOO, 900, ieav-
ing an estimated surplus of 1O4, 600 600 The
estimated receipts for the year ending June 80
1890 are 1877, DOC. 900. and the estimated ortli-
nary expenditures for the same time are $685.
467,49S 81, showing q surplus of S1Ol, 232.-
5ll.66. The foregoing statements of surplus do
expended to meet The requirements Of the sink
ing fund act. amounting to more than S47-
100000 annually. The cost OF collecting the
customs revenue for the last fiscal wear was g ID
per cent: for the year 1885 it was g. II per cent
The excess of
INTERNAL REVENUE
taxes was collected during the last fiscal wear
over those collected for the year ended June 30,
1887, was $5, 489, 174.26, and the cost of COL
1ecting this revenue decreased from 3 4 per cent
in 1887 to less than 80 per cent for the last
fl on ole
p723, 94S. Oh for the year ending June So 1887
and 1864, 139. 98 for the following year The
requirements of the sinking fund act have been
met for the year ending June 80, 1888, and for
the current year also by the purchase OF bonds
After complying with this law, as positively re-
quired. and bonds sufficient for that purpose
deemed prudent to further expend the surplus
in such purchases until the authority to do SO
should be more explicit A resolution. however,
having been passed by both houses of con-
gress. removing all doubt as to executive author
fly, daily purchases of bonds were commenced
on the 23d day of April, 1888, and have con-
tinued until the present time By this
plan bonds of the government not yet due
have been purchased up to and including the
30th of November, 1885, amounting to S94,-
7Oo.40o; the premium paid thereon amounting
principal of these bonds represents an invest
ment yielding about 2 per cent interest for
the time they still had to rum 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 it they had run 30
their maturity is about Ss27, 10000 At first
sight this would seem to bea profitable 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
1nent, and was so expended rather than allow it
TO remain idle in the treasury Il this surplus.
I'll r. :
JUST AND EQUITABLE LAWS,
mad Deen lerG In the hands of the people 1t
would have been worth in their business at least
amount Of interest upon the principal and pre-
MUM Of these bonds for the time they had To
run at the rate Of 6 per cent. the saving of per
cent made for the people by The purchase of such
bonds, the loss will appear to be $55, 760, 900.
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 it's own bonds at the
premiums which it will be necessary TO DIV the
loss to the people will be hundreds of millions
of dollars. Since The purchase of the bonds was
undert AIKEN as mentioned. nearly all that have
been offered were at last accepted It has been
made quite apparent that the government was
in danger OF being subjected to combinations to
cited by the secretary of the Offer
ing of bonds Of the par valne Of
only 1926 600 so often that the aggregate of
sums demanded for their purchase amounted to
more than $4,000. 600 Notwithstanding the
lar.e sums paid out in the purchase Of bonds,
the surplus in the treasury on ,he 18th day Of
November, 1888, was $50, 234.610.O1. After de-
Quoting about $20, 0OU,O 600 just drawn out for
the payment OF pensionsat the close Of the fiscal
year ended June 80. 1887. there had been coined
under the compulsory silver coin &c act 1885,
9SS.2SO in SILVER dollars. 500, 504, $40 Of which
were in the hands of the people On the 3oth of
June. 1883. there had been coined 1928. 7US.7 100,
and OF this $55,829. 3O3 was in circula; ion in
coin, and 5000. 3S7,376 in silver certificates for
the redemption of winch silver dollars to that
amount were held by the governments On the
Both day of November. 1888. 1912. SIC. 900 had