The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-05
THE TREASURY.
The Secret ry Makes His Report,
TIE Total surplus June 80, 1888,
Amounted to Slle, ol2, llo.
At tho End of June, 1889, the Sur
plus Will be slo4. 900, 900.
There Can Be Nothing Moro Con-
vincing Than This That
Tho Readjustment of the Public Revo,
nues at an Early Date is Abso.
lutely Necessary - Sinking
Fund-Bond Purchases.

| Nhc iNlOiA VI tlc SUBWAY vi Nho lIVtH-
ury:
To the Honorable Speaker Of the House of Rep
| rcsontativcg -
Sir--I have the honor TO submit the fol.
lowing report for the fiscal year 1855:
The ordinary revenues OF the Govern
ment from all sources for the fiscal year
ended June 80, 1883, were, $50, &c.,
074.76; tho ordinary expenditures for the
same period were, S259, ,65S, 0jS.07, leaving
n surplus Of S1l9,6l2. 1900; amount ap-
piled, etc, SS3,0s4, 4O5.5l leaving bal
ance added to the cash in the Treasury, Of
S36, ,527, 7l0.5S; total, 9,Gl2, ll0.O9. As
compared with the fscal year 1877, the
receipts for 1888 have Increased 81, 7,S62,-
| 1910. There was a decrease in the
ordinary expenditures OF SS,27S, 22l.30
For the present fiscal year the revenues
actual and estimated are us follows Ac-
tual. 500, 962, lji.9i; estimated, S277 7,037,-
$4,000. Total, S377, 00,0O00O
The expenditures for the same period,
actual and estimated, are M follows Ac-
tual, S7l, ,b27, 663 ~; estimated, S20l ,672,-
3j6.sO. Total, S273,0O0, 10000. Total
receipts actual and estimated, S377,- =
900, 10000. Total expenditures, actual AMI
estimated, S273, ,000.00. Estimated
surplus applicable to the purchase Of
bonds, Sl0i, ,OOO,OO000.
The revenues OF the fiscal year ending
June 30, 1890, are: Total estimated ne
ceipls, S377, ,OOO, ,0OO0 90; total estimated ex-
| penditures, including sinking fund, S;l23, Z
| 5G1, ISS -, or an estimated surplus Of S5i.-
32,5ll.G6. Excluding the sinking fund,
| f.l .lt ..stl
7GI, 1884, showing surplus Of sl0l, 232,-
5ll.GG.
SINKING FUND.
The requirements Of the act Of February
%, 1862 X. 5. 3,36s, 3,6Sal, established a
sinking fund for- tho gndual cxtingush-
ment Of the public debt, estimated for the
current fiscal year at Sl7, ,5S3,O00, have
been thus Ear met by the redemption Of
| treasury notes, fractional currency and
bonds Of the United States which had
ceased 10 bear interest, amounting ~ ST.
1875, and by the purcbsse OF so, ,S39,6 $50
Of the funded loan OF 100 aud 81, li3, 100
Of the funded loan Of 1891, at cost TO the
fund for premium Of 500, 20. 70 ON the
| former and sSiI, 2O6 7S ON the latter loan.
SURPLUS REyENUE.
In the last annual report Il was csti.
mated that the revenues for the year 10
end June 30 1883, would exceed the orli-
nary expenditures, not including the sink
ing fund, by sll3,O0O,00O. II will be seen
from the foregoing statement that such
excess was In reality sll0,Gl2, ll6.00, or
SG.6l2. llG00 more than the department
estimate. II was also estimated In the
same report that the like surplus for the
fiscal year TO end juno 30 1889. would BE-
SlOi. .3l3, 3Bj.GL Judging from the actual
expenditures for the first quarter Of this
l.cal year, and In the light Of receipts and
expenditures 10 the middle OF November,
II u probable that this estimate will prove
20 have been inirly accurate, and that the
surplus will almost exactly equal the pre-
dicied sum, n remarkable result since liz
factors were subject 20 oil the uncertain
tics of future revenues and Of expenditures
10 he authorized by q Congress not yet as-
scmli'cd.
The accumulated surplus on September
%, 1885, was 500. .IiI,Si5. 81: the surplus
ruyenucs from that date 10 Jnno 20, 1859,
M estimated, are $40, ,30j, 90s. %. making
the total accumulation on June 30, 1889,
which could bc used In the purchase Of
bonds, si7l, SIC, ,05I.09; however between
said September - aud November %, sii,-
/ 800, ,5O9.jO has been paid ior bonds, conse-
quently II no more bonds were bought
between now aud June 10 next the sur
plus would then amount 10 Sl27.0O0, 900.
Upon the basis Of appropriations recon-
mendod by the department and upon the
assumption that the revenues Oi the fiscal
ycas ~ end Of June 30, 1889 and 1870,
will be equal, the surplus revenues ior tho
latter fiscal year will bC slOl, 600 900,
which, with tho surplus revenues OF this
year and the surplus already accumulated,
make total Of s22s,0)O,O)0, which might
be- used during the next nineteen months
In the purchase Of the interest bearing
debt, aud which ought 10 be- used for that
purpose, unless the laws arn w changed US
10 reduce tho difference between cxpendi-
lures aud revenue by nearly that sum.
About slss, 900, 900 Of ilic A per cent.
bonds arc nov outstanding they are pay
able September I, 1891. The total amount
Of interest which will accrue ON them from
now until their maturity N IN round mum.
/ bcTs s2j, ,OO0, 600; consequently the present
surplus and the surplus which will proba-
/ bly, accrue before July l. 1890, will suffice
| % pay the principal Of thuBg bonds and All
the interest which will accrue upon them
should they be permitted 10 remain unpaid
until their maturity.
The principal OF the per cent bonds IA
now $3.50, ,OJO,OOo aud tiu interest which
could accrue upon them until their ma.
tuHly la 1917 is about 500 100000, n cal.
culation will show that the prcscntBurplus
revenues, II continued, would pay before
1900 all of those per cent bonds and all
oi this interest. OF course al! the money
which Is saved by purchase Of bonds at
lcss than the principal aud the interest 10
accrue but shortons the time when oil tho
bonds may be paid II the holders will sur
render them.
Nothing moro Is needed than the fore
going statement 10 sios the absolute no
ccssilyof q ioadjusimcnl ~ The public rcy-
cnuos ai The earliest possible date.
That u will DO npC,6llfy i1 pay nearly
/ the whole OF the inferred which viii accrue
upon the public debt II 90 attempt Is mado
20 invest The present surplus revenues IN
| Il before its maturity u evident from the
fact that even now tho Government ~
paying for the u per cent bonds u price
/ which realizes only about per cont. an
nually. and receives but meascr offerings
Of them nj that price.
10 continue taxation With no other use