Wessington Springs herald. (Wessington Springs, Aurora County, Dakota [S.D.]) 1883-1891, 1888-12-14

executive departments and Offices, are a.
follows:
Civil and miscellaneous ex-
penses.- ................ $50, 653, O22.48
Pensions. Observation-Disclosures. 81 ,75S, 10000
Postal service. ............ 4,403, 414.9W
District Of Columbia. ...... 5,949, 535. 81
Miscellaneous. ............. 10000, 849. 60
Permanent annual appro
priations-
Sinking fund. =. ..s..... 1880, 10000
Interest on public debt. :. $4,000, OtW.0o
neutrality-suspicious., inter-
nal revenue, lands, etc.. IL, asa, 10000
Collecting revenue from Gus
toms. .................. $500, 10000
Miscellaneous. ........... 4,927, $685.
Total estimated ex-
penditures, inclnd-
ing sinking fund. $323, j67, 1888 "a
Or an estimated sur
plus Of. .$59, 49,, 81 SO
expenditures will be 1915, 767, AS. "a, show
ing suplus Of $1Ol ,2232, 81 SO.
siNKINa FUND.
The requirements Of the act of Feb. 9j,
1862 (R. s., 1893, :}889J, establishing a
sinking fund for the gradual extinguish-
1nent Of the public debt, estimated for the
current fiscal year at $47, 5s3, 900, have
been thus far met by the redemption Of
bonds of the United States, which had
ceased to bear interest, amounting to
$77, 49,. IS and by the purchase of $.6, 339,
65b of the funded loan of 1891, at cost to
the. fund for premium Of $7,6722, 222 % on
the former and $S44, 22O8,S3 on the latter
loan.
SURPLUS REVENUE.
In the last annual report it was estimated
that the revenues for the year to end June
30, 1885,, would exceed the ordinary expen-
ditures, not including the sinking fund,
$113, 00O, GOO. 1t will be seen from the forego-
ing statement That such excess was in reali-
ty 81 9,6i2, 1t8.09, or &, 1912, 1909 more
than the department. estimate 1t was also
estimated in the same report that the like
surplus for the fiscal year to end June 30,
1889, would be $40, 313, 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, it is probable that this esti-
mate will prove to have been fairly accu-
~ equal the predicted sum.
The accumulated surplus on Sept. 20,
1888, was 500, 444,B645. 81; the surplus reve-
nues from that date to June 80, 1889, as
estimated, are So, 1866, 20S.2 20, making the
total accumulation pm June 30, 1889, which
could be used 1.-THE purchase of bonds.
$171, $40 O54.O9; however, between said
Sept. 90 and Nov. % $44, 399, 500 so has
been paid for bonds;. consequently, il no,
more bonds We're bought between now and
June 30 next the surplus would then
amount to $l27, 900, 600. Upon the basis
Of appropriations recommended by the de-
partment, and upon the assumption that the
revenues of the fiscal years to end June 80,
1889 and 1890, will be equal, the surplus
revenues for the latter fiscal year will be-
S101, 00o, 900, which, witt Ahe surplus reve-1
nues of this year and the surplus already
accumulated, make total of $22s, 900, 600,
which might baNsed during the next nine-
teen months in the purchase of the interest
bearing debt, and which ought to be used
for that purpose unless the laws are so
changed as to reduce the difference between
expenditures and revenue by nearly that
sum.
About $1ss,000, 900 Of the Al per cont
bonds are now outstanding; they are pay
able Sept. 1, 1891. The total amount Of
interest which will accrue on them from
now until their maturity is in round
numbers 1895, DOC, 900; consequently the
present surplus and the surplus which win
probably accrue before July 1, 1890, will
suffice to pay the principal of those bonds
and all the interest which would accrue
upon them should they be permitted to re-
main unpaid until their maturity
The principal of the per cent bonds is
now $3.50, O00, 900, and the interest which
could accrue upon them until their ma
turity in 1907 is about $500, 900, 900; cal
culation will show that the present surplus
revenues, if continued, would pay leiore
1900 all Of the per cent bonds and all of
this interest. OF course all the money
which is saved by the purchase bonds e<s
than the principal and the interest t., "s.-
crue but shortens the time when ali ne
bonds may he paid if the holders will S l.
render them.
Nothing more is needed than the fore
going statement to show the absolute
necessity of adjustment of the public
revenues at the earliest possible date. To
continue taxation with no other use for it's.
proceeds than such an investment is cruel
waste Of the peoples money.
PURCHASE OF BONDS.
Since the last annual report, and after
the completion of the sinking fund require
ments for the year ended June 80 1883, no
bonds were bought until there
had been an expression of opinion
by resolution in both houses of
Congress that it was lawful and proper to.
invest the surplus in bonds necessary to
obtain them. The purchase was resumed
under a circular of April II, 1888, and since
that time nearly all the bonds which have
been offered for sale to the government
have been bought by it. Ninety -four mill
ions Of dollars of bonds have been secured
under this circular and premium paid for
the privilege Of buying them Of about
$18, 400, 900. tletnet rate Of interest realized
from this investment is only about per
cent and the saving in the total amount Of.
interest which would have been paid
had the bonds been allowed to
run to maturity is about $27, O00, 600
Had taxation been reduced so as to leave
this money with the people, and if it is
worth in their business 6 per cent per an