New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-04

a
and contribution of service 10 the country OF their
proposed adoption. Thus while evading the duties
of citizenship to the United States they may make
prompt claim for its national protection and de-
mand its intervention in their Dehan inter-
national complications of a serious nature arise,
and the correspondence of The State Departments en-
discloses the great number and ccmplexity OF tine
questions which have been raised. .
Our laws regulating the issue OF passports should
be carefully revised. and the institution OF q
central bureau Of registration at the CaFntai Is
again strongly recommended ~ tins means 1ull
particulars OF each OF naturalization In the
United States would be secured and properly In.
deXed and recorded, ana thus many cases OF
spurious citizenship would be detected and unjust
responsibilities would b. avoided.
CoNsUIAr SERVICE.
The reorganization hc consular service IL a
matter OF serious ia flnce to our National
interests. The number ,; existing principal con-
suar offices is believed TO he greater than is at
all necessary for the conduct Of the public bust
ness. 1t need not be our policy to maintain more
than a moderate number of principal Offices each
hubble good presents no demand Tor hasty dis
possession of National ownership and control
| commend also the recommendations that ap-
supported by salary sufficient 10 enable tnc III
cumbent to live in comfort, and so distributed as
TO secure the convenient SUPERVISION tnrougn
subordinate agencies, Of Affairs over consueraDie
district.
[ repeat the recommendations heretofore made
by me, that the appropriations for the maintcnahcc
OF our diplomatic and consular service shoua %
rpc1SU. Indb Inc SO-cdilcu VI """'''N'"'
fees, which our representatives abroad are now
permitted to treat personal pcrquisltes, snouiu
be forbidden: that system OF consular lnsiection
should be instituted and that limited number
of secretaries of legation at large should be au-
thorized
Preparations for the centennial celebration, on
April 80. 1880, of the Inauguration OF George
Washington President of the United States, az
the city Of NewYork, have been made by a
voluntary organization Of the citizens OF that To-
oalty, and believing that an opportunity should
be afforded for the expression OF the interest felt
throughout the country in this event, l respect
fully recommend fitting and cooperative action
by Congress on behalf Of the people OF the United
RECEIPTS AND EXPENDITURES.
The report of the Secretary of the Treasury
exhibits in detail the condition of our National
finances and the operations Ct the several branches
of the Government related to his department.
The total ordinary revenues OF the Government
for the fiscal year ended June 30, ssS, amounted
to 1879, e66,O74 &C, of which SCI o,O9l, z; 63
was received from customs duties and 81 "a ,296,-
81 90 from internal revenue taxes.
The total receipts from all sources exceeded
those for the fiscal year ended June 30, 1897,
The ordinary expenditures of the Government
for the fiscal year ending June 80. 1888, were
$3.50, 653 1858 81, leaving surplus OF slis,6l?,-
The decrease in these expenditures as compared
with the fiscal year ended June 80,
1887, was sS,27S 22l 30, Notwithstanding the
excess of what paid for that purpose in the
latte r-nentiOncd year.
The revenues of the Government for the year
ending June 30, 1889, ascertained for the quar-
ter ended September 30, SSS, and estimated
for the remainder OF the time, amount 10 S311,-
900, OOO and the actual and estimated ordinary
expenditures for the same year are s273, 0OO,0OO
leaving estimated surplus of 81 O4, OOOc coo.
The estimated receipts for the year ending June
30, 1890, are S377. 600, 000 and the estimated
ordinary expenditures for the same time are s?1o:-
767,4sS "a, showing a surplus of 81 ,232,3ll sc.
The foregoing statements of surplus do not take
into account the sum necessary to be expended 70
meet the requirements Of the sinking-fund act
amounting to more than S47,000,000 annually.
The cost of collecting the customs revenues for
the last fiscal year was 2.44 per cent; for the
year 1855 it 3. n per cent.
The excess of internal revenue taxes collected
during the last fiscal year over those collected
for the year ended June 80, 1887, was s5,4s9,-
IA 90 and the cost of collecting this revenue
decreased from "a per cent in l ss7 to less than
3.2 per cent for the last year. The tax collected
on oleomargarine was s723,94s o4 for the year
ending June 30 1887, and 1894, 1891 81 for the
following year.
PURCHASE OF BONDS.
The requirements of the sinking-fund act have
been met for the year ended June 80, 1885, and
for the year also by the purchase of bonds.
After complying with this law as positively re-
quired, and bonds sufficient for that purpose had
been bought at a premium, it was not deemed prn-
dent to further eXpend the surplus In such pur-
chases until the authority 10 do so should be more
explicit A resolution, however, having been
passed by both Houses of Congress removing all
doubt as to Executive authority, daily purchases
of bonds commenced on the 23d day OF
April, 1888 and have continued until the present
time BY this plan bonds of the Government not
yet due have been purchased up to and including
the 30th day of November, 1888, amounting to
S04, 700, 400 the premium paid thereon amounting
to 81 1903, 6l3 0S
The premium added to the principal of these
bonds represents an investment yielding about >
per cent interest for the time they still had to
run: and the saving to the Government repre-
sented by the difference between the amount OF
interest at per cent upon the sum paid for prin-
cipal and premium and what 1t would have Pald
for interest at the rate specified in the bonds II
they had run to their maturity, is about s27,-
| 60, 900.
At first sight this would seem to be a profitable
and sensible transaction p on the part of the
Government But, rs suggested by the
Secretary of the Treasury, the surplus thus eX-
pended for the purchase of bonds was money
drawn from the people in excess of any actual
need of the Government and was so expended
rather than allow it TO remain idle IN the Treas
ury. If this surplus under the operation OF Just
and equitable laws had been left in the hands
of the people, it would have been worth in their
business at least per cent per annum. Deduct
ing from the amount of interest upon the prin-
cipal and premium OF tn sc bonds for the time
saving of 2 per cent made for the people by the
purchase of such bonds the loss will appear TO
be S55, 200, 900.
This calculation would seem to demonstrate
that if excessive and unnecessary taxation is
and the Government is forced 10 pur-
sue this policy of purchasing its own bonds at
the premiums which il will be necessary TO pay,
the loss to the people will be hundreds of millions
of dollars
Since the purchase of bonds undertaken as
nearly all that have been offered were
at last accepted. 1t has been made quite APP
parent that the Government was in danger Of
being subjected to combinations to raise their |
price as appears by the instance cited by the !
Of the Offering of bonds OF the par |
value of only $500 so often that the aggre- |
gate of the sums demanded for their purchase ,
amounted to more than SIS, 700, 600.
Notwithstanding the large sums paid out in
the purchase OF bonds the surplus in the Treasury
On the Both day Of November, 1888, was
s52 234 81 Of after deducting about $50 900, 600
ust drawn out for the payment of pensions.
SILVER COINAGE
At the close of the fiscal year ended June 30,
al..n