The Bottineau pioneer. (Bottineau, N.D.) 1885-1895, 1888-12-13
THE NATIONS PoCKErBOOK.
Review of the Financial Condition or
the Country-Reyenue and SURF

~1AAS - xDOOn 49,.
Review of the Financial Condition or
the Country-Revenue and SUR
plus.
The report Of the secretary Of the treasury ex-
hfbits 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,
1888. amounted to 1878, 266. O74 78. Of which
$219,091, 173.6 50 was received from customs
duties, and 1924, 296. s7l.9 90 from internal reve-
nue. taxes. The total receipts from NIL sources
so. 1857. by s7.see ~ . ~ To- / Tie re, ordinary 'e eae
penditures OF the fiscal year ending June 80,
1888. were 2 Ga, 055. 81, leaving q surplus
penditures as compared with the fiscal year
ended June 80. 1887, was So 78. 22O. 80. not
withstandtng the payment of more than SIS, OOO.-
that purpose In the latter mentioned year The
revenues OF the government for the year ending
June sc. 1885. ascerta1ned for the quarter end
ing Sept. 30. 1888, and estimated for the re-
matnder Of the time, amount to $4,000, 600,
and the actual and estimated ordinary expendi-
lures for the same year are 1924, 100000. leav-
estimated receipts for the year ending June 80,
1890 are 1877. 100000. and the estimated ordi-
nary expenditures for the same time are $275,-
511.66. The foregoing statements Of surplus do
not take into account the sum necessary to be
expended to meet The requirements of the sink
OOO.OOO annually. The cost OF collecting the
customs revenuefo for the last fiscal year was PA
Per = cent; for the year 1885 It was s.77 per cent.
taxes was collected during the last fiscal year
over those collected for the year ended June 80,
1887, was $5,4S9, 174.26, and the cost Of coll
Letting this revenue decreased from "a per cent
In 1887 to less than 81 per cent for the last
year; The tax collected on oleomargarine was
S723, 948. GA for the year nding June 80, 1887.
and 1854. 139. SO for the following year. The
requirements OF the sinking fund act have been
met for the year ending June 30, 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
bad been bought ct q premium, il was not
deemed prudent TO further eXpend the surplus
In such purchases until the authority to do 40
should be more explicit. A resolution. however,
aaying Io been passed IS aan by both houses Of CON
ity. daily purchases of bonds were commenced
on the Esd day Of April. 1883. aud have con-
tinued until the present time. BY this
plan bonds OF the government not vet due
have been purchased up to and including the
3Oth Of November. 1888, amounting to $94,-
20 aoS ST. eos s .s1 5r g. Tbs pa psan shspeon ad s%Su IN t5s
principal Of these bonds represents an invest
ment yielding about 2 per cent interest for
the time they still had to run, and the saving to
the government represented by the difference
between the amount of interest at 2 per cent
upon the sum paid for principal and premium
rate specified in the bonds il they had run ia
their maturity is about $27, 165.OO0. At first
sight this would seem to be a 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-
pie in excess Of any actual need Of the govern
to remain idle in the treasury. II this surplus,
under the operation Of the =.
JUST AND EQUITABLE laws,
had been left in the bands of the people, It
would have been worth in their business at least
+ per cent per annum. Deducting from the
MUM of these bonds for the time they had to
run at the rate Of 6 per cent, the saving of 2 per
cent made for the people by the purchase Of such
This calculation would seem to demonstrate that
il excessive and unnecessary taxation is con-
tinued. and the government is forced to pursue
premiums which it will DO necessary to pay. the
loss to the people will be hundreds Of millions
of dollars. Since The purchase of the bonds was
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
only s$2e.ooo 50 often Il That R the aggregate ea 3 Of Of
more than $40. 700, 600. Notwithstanding the
large sums paid out in the purchase Of bonds,
the surplus in the treasury on the 18th day Of
November, 1888, was S52, 234. 6lO.O1. After de-
Quoting about $40, DOC. OUO just drawn out for
year ended June 80, 1887. there had been coined
under the compulsory silver coinage act $685.
9Ss, $50 in silver dollars. $55, 5e4. $40 Of which
were in the hands of the people. On the 3Oth of
June. 1883, there had been coined 1929. 7OS. 100,
and OF this $50, $780, BOB was in circulation in
coin, and 5000, 3S7, 376 in silver certificates for
the redemption OF which silver dollars to that
amount were held by the government. On the
;30th day Of November. 1888, $3l2,57O, 800 had
been coined; $50, $40, 900 of the silver dollars
were actually in circulation, and 1897, AIS, $40
in certificates. The secretary recommends the
suspension of the further coinage Of silver, and
In such recommendation I earnestly concur. For
further valuable information and timely recon-
mendations I ask the careful attention Of con-
gress to the secretary's report.