The Wahpeton times., 1888-12-13
..sA1lzE.1sA11oN,s. .Ro0xETrBooK., =,
Review OF the Financial Condition of
the Country-Revenue ana Sur.
.0lua.

&AA0 AVkVAV "a SAAV 1SoH0t6Ey V00 tEV00UxY exs
htbits In detail tho condition Of our uationa
finances aud the operations OF the several
branches Of the government related to his de.
partment The total ordinary revenues Of tn.
government for the fiscal year ended June 80
1883. amounted to $379. zee. .O747 Of whiot
&219 9.O9l. 1888 was received from custom,
duties. and @l24. .208. 81 90 from internal rsve.
niue taxes. The total recetpts from all sources
so 1857. by s7.ses. .7e7.io. The ordinsry % ei. eI.
pendttures Of the ascat year ending June 30
4 asss YER s3s eS ,s.vine surp!n.
ended June 50. 1857. was ss. 27s. e2o.so. not. not.
wlthstanding the payment Of moro than &5, ,OOO.-
600 Tor pensions In exCsBs OF what was paid f0y
that purpose in the latter mentioned year. The
revenues Of tho government for the year ending
June 30. 1889. ascertained for the quarter end.
matnder Of the time. amount to @377, ,OOO, ,OOt),
and the actual and estimated ordinary expendt-
tnses for the same year are iesy.
estimated receipts for the year ending June so.
1890 are $377. .OOO. 700. and the estimated ordi.
nary expenditures for the Same time are $275,-
5ll.66. Thaeoregoine statements Of surplus do
not take into account the sum necessary to be
expended to meet the requirements Of the sink
100000 annually. The cost OF collecting the
customs revenue for the last fiscal year was 2. A
Per cent: for the year 1885 it was 3.77 per cent.
Aus G4C068 Oh
INTERNAL REVENUE
taxes was collected during the last fiscal year
over those collected for the year ended June 80,
1887. was $5, 4s9. 20. and the cost Of COL
in 1887 to less than 80 per cent for the last
year. The tax collected on oleomargarine was
S72394s o. for the year ending June 80, 1887.
and 1864, SO SO for tho following year The
requirements of the sinking fund act have been
mot for the year ending June 30. 1888, and for
the current year also by the purchase Of bonds.
4uired. and bonds sufficient for that purpose
had been BOUGHT at . premium, 1t was not
deemed prudent to further expend the surplus
should be more explicit. resolution, however.
having been passed by both houses of con-
gress removing all doubt as to executive author
o wTs
tinued until the present time. By this
plan boz, bonds sol o. the ae government not yet due
zoo. 400: the premium paid thereon amounting
to $17.5OS, ,613.Os. The premium added to the
principal ot these bonds represents an invest
tho time they still had to run, and the saving to
the government represented by the difference
between the amount Of interest ct per cent
and what il would have paid Tor interest @ % as the
rate specified in the bonds II they had run to
their maturity is about &27, l65. 600. At first
sight this would seem to be . profitable and
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-
ment. and was so 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. it
would have been worth in their business at least
g per cent per annum. Deduoting 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 6 per cent. the saving of per
cent madc for the people by the purchase Of such
This calculation would seem to demonstrate that
II excessive and unnecessary taxation is con-
ttnued. and the government is forced to pursue
this policy Of purchasing its own bonds at tho
premiums which 1t will be necessary to pay, the
loss to the people will be hundreds Of millions
of dollars. Since the purchase Of the bonds was
pndertaken as mentioned. nearly all that have
made quite apparent that the government was
In danger Of being subjected to combinations to
ess pr ss by the
only $s2e,oeo so often that The aggregate res Of Of
sums demanded Tor for their purchase amounted to
large sums paid ont in the purchase Of bonds.
November, 1888, was $52. .234, ,6lO.Ol. After de-
year ended June so. 1887. there had been nc coined %
under the compulsory silver coinage act 1906 :
9ss. $50 in silver dollars. $500, $40 Of which
were In the hands OF the people. On the 30th Of
June. 1888. there had been coined S299. 7Os, 100,
and OF this $55. 3O3 was in circulation in
coin, and 5000. ,376 in silver certificates for
the redemption Of which silver dollars to that
amount were held by the government. On the
30th day Of zovember, 1888. S31 2. $50, 900 had
been coined; 500, $40, 900 of the silver dollars
were actually in circulation. and $237,41s,346
in certificates. The secretary recommends the
suspension OF the further coinage of silver. and
in such recommendation earnestly concur For
further valuable information aud timely recom-
mendations ask the careful attention Of con-
gress to the secretary's report.