Clarksville evening chronicle. (Clarksville, Tenn) 1886-1890, 1888-12-05
OUR FINANCES.
Secretary FairchiId Submits His
Report to Congress.
HE ADVOCATES AN EARLY READ
JUSTMENT OF REVENUES


tiOn-NOtes.
WASHINGTON, Dec. 5.-Secretary Fair
child's annual report, which has been sub
Ipitted to congress, presents concisely the
condition OF National finances at the close of
the last fiscal year, together with his esti-
mates of receipts and expenditures for the
current and next fiscal years.
The revenues for the present fiscal year
actual and estimated are placed at s577 ,000,-
600; expenditures, $273,OoO,0O0 For the
next fiscal year he estimates revenues
amounting to s377, 900, 600, and expenditures
about $276,OOO,0OO. After presenting this
financial exhibit the secretary, briefly and
in general way, gives his attention TO the
questions of surplus revenue, bond purchases
and reduction of taxation. He calculates
that unless the laws are changed, the present
surplus, together with what will accumulate
up to the close of the fiscal year ending June
80, 1890, will aggregate fully $22S, ,000, 900, or
sufficient TO redeem all the outstanding four
anda half per cents, now amounting to
SlSS, ,000, 900, which mature in 1891. The
principal of the four per cents outstanding
is now $6S0OO0, 900, and the interest which
1907, is about $500, 900, 900, and so present
surplus revenues, if continued, would pay
before 1900 all of these four per cents
Nothing more, the secretary says, is needed
than this statement TO show tine absolute
:.ecosaity Of a readjustment of the public
revenues at the earliest possible date That
it will be necessary to pay nearly the whole
of the interest which will accrue upon the
public debt, if an attempt is made to invest
the present surplus revenues in 1t before its
maturity is evide ut, from the fact that even
now the government is paying for the four
and -a-half per cent bonds a price whlch
realizes only about 10 per cent. annually,
aud receives but meage~ offerings of them
at that price. To contile taxation with no
other use for its procesls than such an in
vestment is cruel waste of the peoples
money, and if this over taxation is not
stopped, and if the government is forced to
continue to be purchaser of its own bonds
at the..holder's price, the peoples loss must be
hundreds Of millions.
II cannot" the secretary adds, "too
strongly repeat my recommendation of last
year to reduce taxation, and us far as posi-
bic, without too sudden disturbance of ex
isting interests, to make this reduction in
customs taxation, to the end that the people
may get the greatest possible benefit from
the reduction. Beside the vexel economic
question as to whether country can make
itself prosperous by tariff; whether it can
increase the relative average comfort of its
whole people by diverting q portion of its
labor and capital from the employment
which could be proftably followed under
natural conditions, thereby making certain
of the necessaries of life more costly than
they would be otherwise there is a higher
and moral question which may we'll be
asked, and that is can government be kept
pure and free which through the agency oi
its laws, offers vast pecunary temptations
to some kinds of business.
''There are many indications that this ques
tion must be answered in the negative
There are many proofs that large classes Of
our business men have come to depend for
success on their skill in manipulating gov
ernmental agencies rather than industry, in
telligence and honorable competition.
as it not possible that eagerness for the
money which men assume comes to them
only through government, may lead them to
use an evergro wing proportion Of their gains
to possess and influence the supposed source
of their wcalths And will not the eudeavor
to make men rich soon become the chief
function of our governments Is not this
already the case9 If these dangers exist,
if they are not overestimated, and they do
exist and are not overestimated, then can IT,
be doubted that the true welfare OF our peo.
pie calls for the rescue of the government
from them as speedily as may be7
This can only be done by severing gov
ernment from private business; steps should
at once be taken in that direction, always,
however, let me repeat, bearing in mind the
interests which have become established
under present laws; to the end that they
may not suffer unduly while beneflicent re-
forms are made"
On the subject of silver coming, the secre-
tary renews his recommendation of last
year, that of fixing the maximum of silver
which shall belong to the government and
by providing that when it was exceeded by
IS, 900, the purchase of silver bullion
should cease until the amount owned by the
government should be again reduced TO such
maximum, or by cancelling United States
notes to the amount OF the excess over the
maximum, provided the government held
the notes; if not, then by ceasing the pur.
chase of bullion.
Such pan, if adopted, would provide
safety valve which would be self operative,
and would assure the country against any
possible danger from silver, for as soon as it
exceeded the amount which would be alb
sorbed in the business of the country, iJ
would begin to 1ow into the treasury in pay
ment Of taxes, and would be there held until
business called for it; and when the govern.
ment's ownership fell below the maximum
the purchase of the bullion would again be-
gin. Thus the country's business demand
would regulate the country's silver circula-
tion, and there would be little danger of de-
probation in the value of the silver dollar as
compared with the gold dollar
Coin certificates, the secretary consider,
costly form Of money but whatever may be
thought about the wisdom of the certificate
system, there can be no doubt that with it
the further coinage Of gold and silver, ex-
cept subsidiary coin, is not necessary or wise.
Far more gold and silver coins are now in
the possession of the government than proba.
hly ever will he needed for the redemption
of certificates. Future accumulation for the
previous metals should be only in the form
Of bullion, which can be kept more safely
and counted more easily than coin II this
suggestion was adopted, the secretary thinks,
all but one of our mints might be closed,
and Largo reolaar aruansa ha eavad