Milford chronicle., 1888-12-07

b41 RunlAC Dl1AAA11c IL ue<1 AAlt " Ouk tOutI
to maintain more than a moderate numbe
Of principal offices, each supported by a sal
ary sufficient to enable the incumbent to live
in comfort, and 50 distributed to secure thi
convenient supervision, through subordinate
agencies, of affairs over a considerable dis
trict
/ repeat the recommendations heretofor
made by me, that the appropriations for thi
maintenance Of our diplomatic and consular
service should be reeast; that the so-callej
notarial or unofficial fees, which our repre-
sentatives abroad are now permitted TO treal
as personal perquisites, should be forbidden
that system Of consular inspection shou8
be instituted, and that limited number oi
secretaries of legation at large should be au'
thorized
PreparationsfOr the centennial celebration.
on April 80 1889, Of the Inauguration Of
George Washington as president of tbs
United States, at the city of New York, havl
been made by a voluntary organization
of the citizens Of that locality, and believing
that an opportunity should be afforded fol
the expression Of the interest felt Throughout
the country in this event, respectfully rec
ommend fitting and cooperative action by
congress in behalf of the people of the Unitet
States
THE NATIONAL FINANCES.
The report Of the secretary Of the treasury
exhibits in detail the condition Of our nation
al finances and the operations of the seyera
branches Of the government related to hi
department.
The total ordinary revenues Of the govern
ment for the fiscal year ended June S0 1888
amounted to 1919, 266 O74 76, Of which s2l9,
O91. .I73. .6S was received from customs dutiei
and 1924, ,298, ,S7E 9S from internal revenul
taxes.
The total receipts from all sources exceed
ed those for the fiscal year ended June 80
1887, by 1882, ,797 TO-
The ordinary expenditures of the govern
ment for the fiscal year ending June 80, 1888
were S259, ,653, ,95S 90, leaving a surplus ol
s119,6l2, 116.09.
The decrease in these expenditures as com.
pared with the fiscal year ended June, 1887
was IS, ,27S, ,221. 80, Notwithstanding the pay
ment of more than IS, 100000 for pensions il
excess Of what was paid for that purpose in
the latter mentioned year.
The revenues Of the government for thu
year ending June 30, 1889, ascartained for thi
quarter ended Sept 80, 1888, and estimated
for the remainder of the time, amount tc
S377, ,OOO, 900; and the actual and estimated
ordinary expenditures for the same year art
S3Z3, ,OO0, 900, leaving an estimated surplus o
S1O4, 100000
The estimated receipts for the year ending
June so, 1890, are s377, ,O00, 900, and the esti
mated ordinary expenditures for the sam,
time are s275, ,767, ASS "a, showing surplus o.
S1O1, ,252, ,51166
The foregoing statements Of surplus do moi
take into account thesum necessary to be ex
pended to meet tho requirements Of the sink
ing fund act, amounting to more than S41,'
100000 annually
The cost Of collecting the customs revenues
for the last fiscal year was A per cent. fol
the year 1885 il was S.77 per cent.
The excess Of internal revenue taxes coll
lected during the last fiscal year over thosd
collected for. the year ended June 80, 1887,
was s., ,4sg, l7426, and thsp cost of collecting
this revenue decreased from "a per cent in
1887 to less, t5an 81 per cent. for the last
year. The, tax collected on oleomargari''s
was srg3, ,94S O4 for the year ending June 30,
1887, and 1864, ,139. SO for the following year.
THE PURCHASE OF BONDS.
The requirements of the sinking fund act
have been met for the year ended June 30,
1888, and for the current year also, by the
purchase Of bonds After complying with
this law as positively required, and bonds
sufficient for that purpose had been bought
at premium, it was not deemed prudent TO
further expend the surplus in such purchases
until the authority to 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 were commenced on the
23d day Of April, 1885, and have continued
unt3 the present time By this plan bonds Of
the government not yet due have been pul'-
chased up to and including the 3Oth day OF
November, 1888, amounting to s94, 700 400,
toe premium paid thereon amounting to
I S17, SOS, ,613.0S.
| The premium added to the principal OF
these bonds represents an investment yield
! ing 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 pre-
mium and what it would have paid for in
terest at the rate specified in the bonds If
/ they had run to their maturity, is about
| S27, 165,OOO.
| At first sight this would seem to be profit
I able and sensible transaction on the part OF
the government. But, as suggested by the
secretary of the treasury, the surplus thus
expended 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 treasury. 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. Deducting from th'
amount Of interest upon the principal ant
premium Of these bonds for the time they
had to run at the rate of 6 per cent. tbs
saving of per cent made for the people by
the purchase Of such bonds, the loss will ap
pear to bs S55, 76O, O00
This calculation would seem to demonstrate
that if excessive and unnecessary taxation L
continued and the government is forced K
, pursue this policy Of purchasing its own bond
at the premiums which it will he necessary t'
4 pay, the loss to the people will be hundreds o
millions of dollars
! Since the purchase Of bonds was undertaken
as mentioned, nearly all that have beer
offered were at last accepted. 1t has beer
made quite apparent that the governmen
was in danger of being subjected to com
binations to raise their price, as appears by
the instance cited by the secretary of tn
offering of bonds Of the par vane of onlI
SS26OOO so often that the aggregate Of tn
sums demanded for their purchase amounte'
to more than $40, 100000
Notwithstanding the large sums paid ou
in the purchase of bonds, the surplus in tn
treasury on the SOth day of November, 1855
was So, ,2S4, 61OOl, after deducting abou
s2O,OOO,OOO just drawn out for the paymen
of pensions.
At the close of the fiscal year ended Jun
80, 1887, there had been coined under tn
compulsory silver coinage act S266, ,9SS, $50 il
silver dollars, S55, ,5o4,31O Of which were il
the hands of the people.
On the 3Oth day Of June, 1888, there ha
been coined S999, 7os.T9O; and of this S55, ,s29
3O3 was in circulation in coin, and S2OO, ,SS7
37G in silver ceEsiaoates, for the redemption
of which silver dollars to that amount wer
held by the government.
} On the 3Oth day of November, 1885, S3l2
{ $40, 800 had been coined, 60,970 900 Of tn
! silver dollars were actually in circulation
and S237, AIS $40 in certificates.
Tho eeosataY-yr r,acon,rnt.1ds the susnensiol