Evening star. [volume] (Washington, D.C.) 1854-1972, 1888-12-04
THE NATIONAL FINANCES.


THE NATIONAL FINANCES.
Peints from the Annual Report Of the
Secretary OF the Treasury.
/ TEE QUESTION OF TIE sURlLuD-THR NEED on
| TARIFF RIvIsIoN--BoRMKn 1HcoNNxxDATIons
| RKSHwEp-NKED OF A yn1-RnooT HALL OF
RKcoRDs-orHKn MATHIS on LOCAL rNTxAfsr.
The argument of the report Of the Secretary
Of the Treasury is to show the necessity for an
immediate reduction Of the revenue, and the
position formerly taken on the tariff question
| Is maintained
on THE suBJRcT OF TIE SURPLUS
Secretary Fairchild says: I'm the last annual
report il was estimated that the revenues for
the year to end June so, 1888, would exceed
the ordinary expenditures, not including the
sinking-fund, by Sis 900 900. It win be seen
from the foregoing statement that such excess
was in reality 1882, 1868, or s6,6l2, 1869
more than the department estimate. It was
also estimated in the same report that the like
surplus for the fiscal year to end June 80, 1889,
would be s1O4, s13, 1854 Judging from the
actual expenditures for the first quarter of
this fiscal year, and in the light Of receipts
and expenditures to the middle Of November,
| 1t IL probable that this estimate will prove to
have been fairly accurate, and that the surplus
will almost exactly equal the predicted sum, a
remarkable result since its factors were sub
ject to all the uncertainties of future revenues
and Of expenditures to be authorized by Con-
| gress not vet assembled
I The accumulated surplus on September 49,
| 1885, was $50, A., 645.84; the surplus revenues
from that date to June 80. 1889, as estimated,
are S75. 1855, Is, making the total accumuls-
tion on June so. 1889, which could be used in
the purchase Of bonds, $17l, $40. 054 90; however
between said September 20 and November a.
"a ,39960950 has been paid for bonds; conse-
quently, il no more bonds were bought between
now and June 50 next the surplus would then
amount to S127 900 600. Upon the basis Of ap-
| preparations recommended by the department
and upon the assumption that the revenues Of
| the fiscal years to end June 30, 1889 and 1890,
will be equal, the surplus revenues for the lat
ter fiscal year will be s101 900 900, which, with
the surplus revenues Of this year and the sur
plus already accumulated, make O total of
S228, 900 900, which might be used during the
next nineteen months in the purchase Of the
Understanding debt, and which ought to be
used for that purpose, unless the laws are 80
| changed as to reduce the difference between
| expenditures and revenue by nearly that sum.
About S1SS 600 900 Of the ~ per cent bonds
are now outstanding; they are payable Septem-
Der 1, 1891. The total amount of interest which
| will accrue on them from now until their ma
turity is in round numbers $4,000, 600; conse-
| quently the present surplus and the surplus
which will probably accrue before July l. 1890,
will snfice to pay the principal Of those bonds
them should they be permitted to remain un-
paid until their maturity.
| BOND PURCHASE.
The report states on the subject Of the bond
purchases that ninety-four millions of dollars
| OF bonds have been secured under the circular
Of April, 1888, and q premium paid for the
privilege Of buying them Of about $1s, 900, 900;
the net rate of interest realized from this in
vestment is only about 2 per cent and the saw
ing in the total amount Of interest which would
have been paid had the bonds been allowed to
run to maturity, is about s27 900 0O0 Had
| taxation been reduced SO as to leave this money
with the people, and if 1t is worth in their
business per cent per annum, the total value
| OF the money to them during the term which
| these bonds had to run would be about $685.
600, 600; thus there is a resulting loss to the
| people OF $4,000, 900 upon this transaction
| alone; il this overtaxation is not stopped, and
IL the government Is forced to continue to be q
purchaser Of its own bonds at the holder
prices, the loss to the people. as could be shown
by like calculation, must be hundreds Of mill
| ions Of dollars.
ON THE QUESTION OF REDUCING TAXATION
the Secretary says: cannot too strongly re-
peat my Recommendation Of last year to reduce
taxation, and. as far as possible, without too
Il
make this reduction in customs taxation to
the end that the people may get the greatest
possible benefit from the reduction. =
THE SILVER QUESTION.
| He reiterates his warning Of danger from
the continuous purchase and coinage of silver,
and renews his recommendation that when
the government owns more than $4,000 900 in
silver, the purchase of bullion shall stop until
/ ha oh oil hor 20 hat
He speaks Of the cost of coin certificates. and
| expresses the opinion that the currency Of the
| country would be more safe and economical il
| the coin were put in actual circulation instead
OF having 1t represented by certificates.
| CUSTOMS ADMINISTRATION.
He renews his recommendations of last year
for correcting defects in the administrative
customs laws, and points out incongruities of
the tariff schedules.
| NoN-PABTIsAN CIVIL SERVICE.
On the subject of the civil service the Secre-
tary says: almost all Of the subordinate
service Of this department is now appointed
under the civil-service system Of rules. But
also five important branches Of the Treasury
department are in a large measure removed
from political influences, and yet are not under
what is technically known as the civil-service
| system. They are the coast and geodetic sur
vey, life-saving service, the revenue-marine
the marine-hospital service, and the light house
service. II the customs and internal-revenue
| services were amalgamated into one service
and then made strictly non-partisan like the
revenue-marine, it could be freed from its
| local character and made a general service so
that a peculiarly efficient collector appraiser,
| or other officer, could be sent to a port where
his services were especially needed; and the
location Of these officers might be changed
from time to time, thus providing an efficient
check upon each other"
| DISTRICT AFFAIRS.
Quoting from the report Of the coast survey,
is stated in brief the work done by that bureau,
among which is that unusually rapid progress
was made during the year in the detailed topo-
graphical survey Of the District Of Columbia,
and that for the use Of the government in the
Potomac fats litigation, and for the sake of
preserving the record Of the early maps.
already seriously injured by time. the survey
prepared and published an edition, in fac
simile. Of the original "L'Enfant Plan" of the
city Of Washington 179l), and a reproduction
of the "L'Enfant Plan" with the obliterated
| lines and faded colors restored: an edition of