Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1888-12-12
FAlRChlLD ON FINANCE.

Silver Coinage. Foreign Commerce, Etc.
WASHINGTON, Dec. 5. The annual report OF
the Secretary OF the Treasury begins with an
exhibit OF receipts and expenditures tor the
fiscal year 1883 together win u detailed list of
the uses to which tho surplus revenue was ap-
piled. Tue ordinary revenues OF the Govern.
IS ~ %sr y Tx scsl year ended o1s
nary expenditures for tho same period were
xs59, 65S" s67 This left surplus OF sll9.6l2,-
pSs in A wsys nSE a Of tnss sn
left q bulance added to tho cusn in the Treas
ury OF $36, 527, TOSS. The receipts OF 1888 ex-
ceeded those OF 1887 by 1861, 70i. 10. OF which
6,47S S4076 was internal revenue and &1,so4,-
2S05O customs. There Was decrease in the
ordinary expenditures Of IS, .7S, 2sl3O.
mated, upon the basis Of existing laws ut s377,-
O0OOOO, and the total expenditures, including
SINKING fund, at Sss9, S. $3.50, leaving asur-
ing the sinking fund, SOL, 81: '1l.16. The re-
Qulrements of the uct OF February 25 1869 IL.
S., 3,6eS-3, 4S9). establishing sinking fund for
the gradual extingushment OF the public debt,
estimated for the current fiscal year ut 49,
$4,000, have been thus far met by The redemp-
ton OF treasury'notes. fractional currency, aud
to bear interest amounting to $77,797.S5, and
by the Purchase Of 6,S39,GSO Of the funded
loan OF 1870 and 2l43, $50 Of the funded loan
81 ls9l, at = csst: TO the Aad- for premium of
II ,672 222 ~ ont the former aud 1914 2O6.73 on
the latter loan.
THE srEAp1LY ACCOMPLISHING SURPLUS.
In tue last annual report it was estimated
that the 1even IS for the year to end June ~,
1855, would exceed the ordinary expenditures,
not including the sinking fund. by $ll3, OOO, 90
such excess was In reality 1852, il6.U9. or
mate. 1t was also estimated IN the same re-
port that the like surplus for the fiscal year to
end june SO, 1889, would be SlO4,'13, s65. 81.
Judging +. ON the actual expenditures for the
first quarter of this fiscal year, and in the light
OF receipts and expenditures to this middle Of
November, 1t is probable that this estimate
Spi0l ~ NOV, Ha0v foi~ l1r
that the surplus will almost exactly equal the
predicted sum.
The accumulated surplus on September sc, 1888,
was 500, 444S' o.Si; the surplus revenues from
that date to June 30, 1889, estimated, are $780,
49,, 20o IS, making the total accumulation on
June ~, 1889 which could be used in the purchase
September 20 and November ~, "a, 800 SOC. 50
has been paid for bonds; consequently If no
more bonds were bought between now and
June 30 next the surplus would then amount to
$1,000 100. Upon the basis Of oi,riat,ons
recommended by the Department., AID uron the
assumption that the revenues Of the fiscal
equal, the surplus revenues for the latter fiscal
year Will be SOL. 0OO0U. which, with the sur
plus revenues OF this year and The surplus al
ready accumulated, make a total Of &2S8, 1000, :
GOO, which III ght be used during the next nine
teen mouths in the purchase of the interest
bearing dept and Which ought to be used for
as to reduce the difference between expendi-
lures and revenue by nearly that sum.
About 1885, .0O) OF the ~ per cent. bonds
are now OUTSTANDING they are payable Septem
Der !, 1891 The total amount OF interest which
will accrue on them from now until their ma
turity is in round numbers Us, OOO,O 900: conse-
which will probably accrue before July l, 1880,
bonds and all the interest which would
mitted to remain unpaid until their ma
turity. The primo pal OF the per cent. bonds
is now $3.50 600 900, and the interest which could
hov ,ntS 1onrr ,,,1<,
is about &5OU,0oO,OOD; a calculation will show
that the present surplus revenues. If contin-
ued, would pay before 1890 all of these per
| cent. bonds and all OF this interest. OF course
all the money which is saved by purchase OF
bonds at less than the principal and the inter-
crest to accrue but shortens the time when all
the bonds may be paid IL the holders will sur
render them.
WASTE OF PUBLIC MONEY Condemned
Nothing more is needed than the foregoing
! statement to show the absolute necessity of q
REIMBURSEMENT OF the pu:'lic revenues at the
earliest possible date. That It will be neces-
sary to pay nearly the whole OF the interest
which VIII ACCRUE upon the public debt if an at
tempt is made to invest the present surplus
revenues in It before its matur ty is evident
from the fact that even now The Government is
| pay ng for the y: per cent. b6.ds price which
realizes only about ~ per cent. annually, and
receives but meager offerings Of them at that
price, 10 continue taxation with no other use
for it's proceeds than such an investment is a
cruel waste OF the people money.
BOND PURCHASES.
The purchase Of bonds was resumed under q
| circular Of April II, 1883. and since that time
| for sale to the Government have been bought
| by it. Ninety-four Millions of dollars of bonds
have been secured under this circular, and q
premium pad for the privilege of buying them
| OF about $1a00O.001; the net rate of interest
realized from this investment is only about 2
per cent. and the saving in the total amount
maturity, is about s27oco,ooo: Had t tax on
been reduced SO as to leave this money W tn
the people, and if. it IS worth in their business
per cent per annum, the total value Of the
money to them during the term which these
bonds had to run would be about sS3, 600, 900;
ISL, OOO 600 upon this transaction alone; il this
overtaxation is not stopped, and If the Govern
ment is forced to continue to be purchaser of
its own bonds at the holders prices, the loss
! to the people. as could be shown by a like cal-
! culation, must be hundreds OF millions OF
dollars.
| URGING TARIFF REDUCTION.
! The Secretary repeats his rccomm endation
| OF last year to reduce taxation, and as far as
possible, without too sudden disturbance of
i existing interests, to make this reduction in
customs taxation, to the end that the people
| may get the greatest possible benefit from the
reduction. Besides the vexed eGonom G Ques-
| prosperous by a tariff, there is higher moral
question which may we'll be asked, aud that is
Can Government be kept pure and free
! which, through the agency of its laws, offers
|
business?
! There are many indications that this ques-
ton must be answered in the negative. There
; are many proofs that large classes of our bus,-
ness men have come TO depend for success
! upon their skill in manipulating Governmental
agencies rather than upon industry. intelli
gence and honorable competition. Is it not
possible that eagerness for the money which
| men assume comes to them only through q
| government may lead them to use IN
ever-growing proportion of their gains to
| possess and influence the supposed source
| of their wealth. And will not the en-
deavor to make men rich soon become
| the chief function of our Government? Is not
this already the case? II these dangers exist,
! II they are not Overestimated, and they do OK.
! ist and are not OvereStimated, then can it be
! doubted that the true welfare Of our people
calls for the rescue OF the Government from
! them as speedily as may be?
This can only be done by seyering Govern.
ment from private business. Steps should at
once be taken in that direction, always, how
! ever, let me repeat bear ng in mind interests
VIII oh have become establ; shed under resent
| laws, to the end that they may not suffer I'M
duly while Denencent reforms are made.
THE CIRCULATION.
The current circulation November ], 1885,
shows q net decrease as compared with July /,
1887, OF $50, O45,6iG; the money and tullon held
In the Treasury showing an increase of S107,-
l4O, ABB for the same period. AS was the case
last year the increase in circulation this year
has been in the form OF small money The in
crease Of outstanding paper and coin in denom-
mat OnS or S20 and less is more than S115, OUO-