The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1888-12-12

support and preserve the constitution can
lind justification or solace for disloyalty in
the excuse that he wandered aud disobeye1
In search OF better way 70 reach the public
welfare than tine Constitution offers
what has been said is deemed not inap-
propriate at the time when, from q CEN
by the American people did attempt 20 dis
cover their future path. The seventh presi-.
dent of the United States-tha soldier and
statesman, and at all times the firm ami
brave FREUD of the people-in vindlcatioi OF
his courss as the protector OF the popular
rights and the champion of true American
citizenship, declared:
The ambition which leads me on Is an
anxious desire and fixed discrimination TO
restore TO the people, unimplired; the sacred
trust they have confi1ed TO my charge: TO
heal the wounds of tina constitution, and TO
preserve IL from further violation: to per-
suade my cotlntrytnen so far as l may, that
1t IS not IN q splendid government supported
by powerful inonopolies and aiistocraticz,l
establishments that they will find happiness
OF their liberties protected, but IN tjlBin
system, void OF pump-protecting all and
granting favors TO none - dispensing its
blessings like the deWs of heaven unseen
and nnfeie save in the freshness and beauty
they contribute to produce. II Is such
government that the genius of our people
Requirement one only nnder which our
states may remain, for ages TO SUme, united.
prosperous and free.'"
The president next deals with our foreigti
relations, which. ne says, have during the
past year been strengthened and improved.
Those questions whicn still await settlement
are all reasonably within the domain of
amicabie negotiation, and susceptible of sat
isfactory adjustment by frank diplomatic
treatment.
The fisheries question, he regrets to say, is
not satisfactorily adjusted, and reiterates
that the treaty rejected by the senate did
supply "a satisfactory, practical aud final
adjustment upon a basis, honorable and lust
to both parties of the iifficult aud yexed
question which it related tor
Referring to the Lord Sac1ville incident
the PRESIDENT promises that the correspond
ence In relation TO it, which will soon be laid
before congress, will disclose the unparion-
able conduct of the officer referred 20, in his
tnterference, by advice and counsel, with the
sutfrages of American cirizens in the very
crisis OF the presid initial election, then near
at hand, and also in his subseoueut publir
declarations to justify his action, superaIid.
ing impugnnent of the executive and senate
OF the United States in connection with i'm
portant questions now pending in contro-
verSy between the two governmentS"
Regarding the offense thus committed as
most grave involving disastrous possibilities
TO the good relations of the United States
and Great Britain, constituting a gross
breach Of diplomatic privilege and an inva
sion OF the purely domestic affairs and essen
tial sovereignty Of the government to which
the envoy was accredited, and having first
fulfilled the just demands of international
comfy, by affOrding full opportunity for
the British government to act in relief o1s The
situation, the president considered prolonea-
tion OF discussion unwarranted and there
upon declined ito further recognize the
diplomatic character of the person, whose
continuance in such function would destroy
that mutual conf iencs which is essential TO
the good understanding of the two govern
ments, and was inconsistent with the well
fare and self-reSpect of the government of
the United States.
The Samoan aud Haytfan troubles are
briefly touched upon Submarine telegraph
puiF OltrlN
to closer commercial relations; a commercial
reciprocity treaty with Mexico, and the
forthcoming centennial celebration and com.
merciaI congress OF South and Central
next year, are recommended and com
nended- A revision of our naturalization
laws Is also recommended, with q view to-
detecting spurious citizenship.
The annual reports and recommendations
of the heads of departments are then taken
up and reviewed Commenting on bond
he says: by this plan bonds of the govern
ment not yet due have been purchased up to
and including the Both day of November,
1858, amounting TO sSJ, 100, 400, the premium
paid thereon amounting TO SIT, eos, ,OI3. (S n
The premium added to the principal of
these bonds represe lJs an investment yield
ing about 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 per cent.
upon the sum paid for principal and pre-
MUM and what it would have paid for the
interest at the rate specified in the bonds il
they had run to their maturity is about
81, 900.
AT first sight this would seem to be a prof
liable 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 ft 70 remain
die ha tIeasurV
II 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 Deduc6ing from the amount of
interest upon the principal and premium of
these bonds for the time they had to run at
per cent. made for the people by the
10 be s55, ,76J, 600.
This calculation would seem to demon.
strate that IL excessive and unnecessary
taxation is continued, and the government
is forced to pursue this policy of purchasing
Its own bonds at the premiums which it viii
be necessary to pay, the loss to the people
win be hundreds of millions OF dollars
The total ordinary revenues of the gov
ernment for the fiscal year ended June 30,
1853. amounted to S37a, ,266, ,o74. &c, of which
S2l9 9,09I 173. 63 was received from customs
duties and $l24, ,296 ST.. 90 from internal rev.
enue taxes. The total receipts from all
Sources exceeded those for the fiscal year
ended June 80, 1887, by S7,s6s, 1910. The
ordinary expenditures of the fiscal year
ending June 30. 1888, were S259.653, 9SS.67
leaving a surplus of $ll9.6 ll6.09.
Tne decrease in these expenditures as COM
pared with the f$cal year ended June 30,
1887, was S&2Ie,221 30 notuithstanding
payment of more than S, ,000, $50 for pensions
in excess of what was paid for that purpose
in the latter mentioned year.
The revenues of the government for the
year ending june S0Y 1899. ascertained for
the quarter ended September so, 1898, and
estimated for the remainder of the time,
amount to S317, ,00o. 600, and the actual and
estimated ordinary expenditures for the
same year are $2T3, ,0U0, 900, leaving an esti
mated surplus of SI04. 10000. The esri-
1890, are S377, 600 900. and the estimated or
dinary expenditures for the same time ara
S2I5, 767, ,+SS 81, showing a surplus of $10I,-
232, ,51l 6s;
The foregoing statements OF surplus do not
take into account the sum necessary to be
expended to meet the requirements of the
sinking fund act, amounting to more than
S47, 900 900 annually.
Tne excess of internal revenue taxes e0l-
lected durinI the laSe fiscal year over those
collected for the year ended June 30. 1887,
was s, ,4S9, 174z6
Since the purchase of bonds were under
taken, as mentioned, nearly all that nave
been offered were at last accepted Il has
been made quite apparent that the govern
ment was in danger of being subjected TO
combinations to raise their price, as appears
by the instance cited by the secretary OF the
offering of bonds of the par value of only
S326, 600 50 often that the aggregase OF the
sums demanded for their purchase amoRnted