The Superior times. [volume] (Superior, Wis.) 1870-1912, 1888-12-08

branches Of the government Ie.atei TO bis de-
partment The total ordinary revenues OF the
government for The fiscal year ended June 30
1855, amounted 70 SS7g 26G U74- 70 of which S2Iq-
Ust I5.t8 was received from customs duties and
sI-1i Zsp etLsa from tntcruSl revenue taxes. The
totai receipts rom a. sources exceeded those for
the fseal year ended June 80, 1857, by 81 S62-
t5"p. ne ordinary expenditures OF the FISCAL
year ending June 20. 1855 were sos, ,656, ,s5S g.
;TSNlhs , surplus OF SIEGE llo.U9 The decrease
IN these expenditures compared with
1857, was - 27s 220.90, Notwithstanding the
payment OF more than s5.000. 900 Tor pensions in
excess oI "nst was paid Tor that purpose in the
'nS 4Atee lhehtone1 year
he revenues Of the government for the year
eh9llg June oo 1852 sScertalnsd for the quarter
enntd september 80, ISIS, 5ud estimated
Tor the remainder OF the time, amount 70 SS77-
100000, and the actual estimated ordinary eN-
pehdlpfes ior the same year are S275Ce0 coo,
leaVlng an estimated surplus OF Sl04.000,CU9
Inc esamaJed receipts for the year ending
June 80, 20, sre s577, ,000OOo, and the estimated
ordinary expenditures for tie same time are
5ll 66.
The foregoing statements OF surplus do not Ike
INTO account the sum necessary 10 be expended
10 meet the requirements OF the sinking tunl
act, amounting 10 more than S4I0GU000 an
nu8lly
The cost of collecting the customs revenues for
JnG last nScS year WSs > "a per cent For the wear
ioeo1t was 5.77 per cent. The excess Of internal
revenue taxes collected during tbelas fiscal year
over those collected for the year ended June 50,
ms revenue decreased from s. per cent. in l9o7
TO less than 10 50 per cent for the last year The
taN collected on oleoms rgsriue was S7, gIs 90 TOR
lne year ending June 20 1881 ana se5l, l5y .s for
the following wear
The requirements of the sinking fund act have
been met for the year ended June 50, 1855 and
Tor the current year also by the purchase OF
bonds After complying with this law, as posi-
lively required, and ponds sufficient Tor that
purpose had been bought at prem ium, il was
not deemed prudent to further cxpend the sur
plus IN such purchases until the authority 10 do
should be more explicit 4 resolution, however,
having been passed by both houses Of Congress
removing all doEot as 20 executive authority,
daily purchases of bonds were commenced on
the 18th day OF April, lses, aud have continued
untll the present time, By this plan, bonds OF
the government not yet due have been purchased
up 20 and including the bJth day Of No
Yer1ber, lsSS, amounting TO Sg4 zoo 400, the pre-
laldm paid thereon amounting 10 St7,j0o 6lS.0S.
Lh7 premium added to the principal OF The
bonds represents an investment yielding about
pGr cent. interest Tor the time they still had 10
run, and the saving 10 the government represent
ed Dy the difference between the amount Of in
tersst at per cent. upon the unpaid principal
and premium and what il would have paid for
interest at the rate specified in the bonds if hey
haQ run % their maturity, IS about 81 100 coo.
AT first sight this would seem to be a profitable
aud sens bic transaction on the part OF
the government, but as suggested by the
secretary OF the treasury the surplus thus eG-
pended Tor the purchase OF bonds was money
drawn from the people IN excess OF any actual
need OF the government ana was 50 expended
rather than allow ITO remain idle III the treasury
II this surplus, under the operation OF just and
equitable laws, had been left in the hands of the
people 1t would have been worth in their busi-
LESS al least 9 per cent. per Sunum. DSduCtlug
nom The amount OF interest upon the principal
ana premium OF these bonds for the time they
Eaf 10 run al the rate OF per cent, the saving
Or per cent made for the people by the puT-
chase OF sUch bonds, the loss Will appear TO be
s55,56oQQ9. This calculation would seem to
demonstrate that If excessive and unnecessary
taxation Is continued and the government i
forced 10 pursue this policy OF purchasing its
own bonds at the premiums which 1t will be
necessary 70 pay, the loss 10 the peOp.e viii be
hundreds Of millions OF dollars. since the pur-
chase OF the bonds was undertaken as mentioned
nearly al that have been offered were al last
cepted Ii Has been made quite apparent that
the government was in danger Of being subjected
10 combinations 10 rSise their prize.
Notwithstanding the large sums paid ont in the
purchase OF bonds the surplus in the treasury on
the s0th day Of November IssS, was So Z54 6lU0l.
after dedUcttns about $4,000, zoe just drswn out
for the payLn Lnent OF pensions.