Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1888-12-13

ton of National
EN finances at the close
~ <en EH of the last fiscal year,
IS III together with his es-
\A ~ | Inmates of receipts
!: : !:
,glAyN tA1M, and expenditures for
M&3M { the current and next
wy ~ =sS8Sh fiscal year. The
>Nit NLANG4trevenues for tn g
NSSSEA\ present fiscal year,
M /,NFactual and estimated,
N are placed at $377,-
Secretary Fdichild. 100000; expendi l.
lures, $273, 00O, 900. For the next fiscal
year he estimates revenues amounting to
$377, 000,0 900, and expenditures about !S276,-
100000. After presenting this financial
exhibit the secretary, briefly, and in gen.
eral way, gives his attention to the ques-
tions 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, 100000, or sufficient to redeem
all the outstanding four -and-a-half per
cents, now amounting to $1S8, 000, 900,
which mature in 1891. The principal of
the four per cents. outstanding is now
$3.50, 000, 900, and the interest which would
accrue upon them until maturity in 1907,
is about $500,00O,0O0, and SO, present sur
plus revenu if continued, would pay
before 1900, all of these four per cents.
Nothing more, the secretary says,i need
ed than this statement to show the abso-
lutte necessity of 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 rev.
enues in it before its maturity, is evident
from the fact that even now the Govern
ment is paying for the four and "a halls at
price which realizes only about one and
half per cent. annually, and re-
ceives only meager offerings at that
price. To continue taxation with
no other use for its proceeds
that such an investment is a cruel waste
of the peoples money, and if this over
taxation is not stopped, and if the Govern
ment is forced to continue to be pur-
chaser of its own bonds at the holders
price, the loss to the people must be hum
dreds of millions.
81 can not" the secretary adds, ''too
strongly repeat my recommendation of
last year to reduce taxation, and as far as
possible, without too sudden disturbance
OF existing interests, to make this reduce
ton in customs taxation, to the end that
the people may get the greatest
possible benefit from the reduction.
Beside the vexed economic ques-
ton as to whether a country can
make itself prosperous by tariff
whether it can increase the relative aver
age comfort of its whole people by divert
ing portion of it's labor and capital from
the employments which could be most
proftably followed under natural condi-
tons, thereby making certain of the nee
essaries of life more costly than they would
be otherwise-there is higher moral
question which may well be asked, and
that is, Can a government be kept pure
and free which through the agency of its
laws, offers vast pecuniary temptations to
some kilds of business?
"There are many indications that this
question must be answered in the mega
tive. There are many proofs that large
classes of our business men have come to
depend for success on their skill in manip-
ulating governmental agencies rather
than upon industry. intelligence and hon
orable competition. Is it not possible
that eagerness for the money which men
assume comes to them only through the
may lead them to use an
ever growing proportion of their gains to
possess and influence the supposed
source of their wealth? and will
not the endeavor to make men
rich soon become the chief function of our
Government? Is not this already the case?
If these dangers exist, if they are not
overestimated-andt they do exist and are
not overestimated-then can it be doubted
that the true welfare of our people calls
for the rescue of the Government from
I,nS ~
only be done by severing government
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 establish
ed under present laws, to the end that they
may not suffer unduly while benefcent
reforms are made"
On the subject of silver coinage, the
secretary renews his recommendation of
last year: That of fixing the maximum Of
silver which shall belong to the Govern
ment, and by providing that when it was
by $4,000, 900, the purchase of sill
yer bullion should cease until the amount |
owned by the Government should be again
reduced to such maximum, or by canceling
United States notes to the amount of the |
excess over the maximum, provided the |
held the notes: if not, then by |
ceasing the purchase of bullion. Such |
plan, if adopted, would provide a |
safety valve which would be self
operative, and would assure the coun- |
try against any possible danger from |
silver; for as soon as it exceeded the |
amount which could be absorbed in the |
business of the country, it would begin to
fow into the treasury in payment of |
taxes, and would be there held until bust
ness called for it. and when the Govern |
ment's ownership fell below the maxi
mum, the purchase of the bullion would |
again begin. Thus the country's business
demand would regulate the country's
silver circulation, and there would be lit
lie danger of depreciation in the value Of
the silver dollar as compared with the |
gold dollar. Coin certificates the secre-
.ary considers costly form of money;
out whatever may be thought about
he wisdom of the certificate
system, there can be no doubt that with it
he further coinage of gold and silver, ex-
,ept subsidiary coin, is not necessary or
wise.
fenort of Fish Commissioners McDo"afd.
WASHINGTON, Dec. 5.-Fish Commits
,ioner Marshall Mcdonald forwarded to
Congress yesterday his statement of ex-
)enditures during the fiscal year ended
Tune 80 1888. The total appropriation
vas $223. SS0.5S, and of this 81 ,644.S7 was
expended on salaries, ETC., at the offices
If administration, and ,997 on mainte-