The Brookhaven leader. [volume] (Brookhaven, Miss.) 1883-1891, 1888-12-13
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~ :, lne way already trod by the American
people, and attempt to discover their future
path. The seventh President OF the
a. "itSt at ali time. the Arm and brave friend )!
the people-jp rirdiratrr ~ his course
rs No Protector OF the popular rights
ship, declared: THE ambition which leads
me on is an anxious desire ana g
hxed determination TO rsttoTS .sttg
heVo ryhTGeG 10: my care to heal the wounds
OF the Constitution and to prevent its vio-
lation; to persuade my countrymen, so far as l
may, that IL is not in a splendid government,
supported by powerful monopoles and arlsto-
cratic establishments, that they will find hap
plain system, void OF pomp protecting oil and
granting iavors I'd none, dispensing its bless
infs i'Re A1e DIR n Heaten, drsefn and unfelt
! save in the freshness and beatty thCr chr-
tribute 90 produce. 1t is such government
that the genus OF our people requires-such q
one only under which our States may remain
| for ages to come united, prosperous and free"
orr FoRfrGN RELATIONS,
In pursuance OF constitutional trn+lsion
| requiring the President from time to time
| to give 20 the Congress Information OF the
| state OF the Union, have the satisfaction To
| announce that the close of the year finds the
United States i'll the enjoyment OF domestic
| tranquility and at peace With all the nations
| Since my last annual message our foreign rela-
! tiOns have been strengthened and improved by
pe-.CrntdrcG int"rraNdha go6d of'crk and
| by new aud renewed treaties OF amity, COM
|
| inals. Those International questions which still
| await settlement are all reasonably within tho
! domain OF amicahie negotiations and there Is no
| existing subject OF dispute between The United
| States and any foreign power that is not sus-
| ceptble OF satisfactory adjustment bv frank
! opLoI-.-o vr-aUment inc questions Between
| Great Britain and the United States relating to
| the rights of American fishermen under treaty
| and international roIritf 80 the TERRITORIAL
| tatEts OF ta'ltda and Newfoundland, lregret
! % say, are not yet, satisfactorily. adjusted.
S.,l1, bod rAa
sage + to the the senate ot fe6rarf Feb 20 isa3 16itf To-
| Pether with n Convention concluded under my
| authority with Her Majesty Government on the
| 10th OF February last, for the removal OF all
causes of misunderstanding, was submitted by
me for the arprnva, nttne Srta.c Th,5 ttcatS
sa'lfg Been rejected by the Senate ] trans
| the 23d OF August last reviewing the
| transactions and, submitting tor oonsidera-
ton certain recommendation for lef-
's'af'rc Concerning the important questions
involved. Afterwards, on the 18th OF SGptem-
Der, in response to resolution OF the Senate,
| again communicated fully all the inform a.
tion in my possession as to the action OF the
government OF Canada affecting the CONNER
cial relations between the Dominion and the
| United States, including the treatment OF
| American fishing ressels ir.. the po'ts rnd
| waters OF rrtish America, The Upmn1uniCd-
tions have all been published. and therefore
| opened to the knowledge of both Houses
| OF Congress, although two were addressed
| to the Senate alone. Comment upon
or repetition OF their contents would be super
| since occurred which should be added to the
facts therein stated. Therefore, l merely re-
| statement which will be found in my message
to the Senate Of September ~ last ''That
| since March B. 1887 no case has been reported
| 10 the Department OF State wherein complaint
has been made OF unfrendy unlawful
treatment OF American vessels on the part
OF the Canadian authorities, in which repara-
| tion was not promptly and satisfactorily OBJ
! tanned by the United States ConsulGeneral at
Halifax Having essayed in the discharge of
| my duty to procure by negotiation the settle
| ment of u long g-standing cause of dispute. and
| to remove constant menace to the good rela-
| tions of the two countries, and continuing to
hold the opinion that the treaty of February
| last which failed to receive the approval OF
the Senate did supply "a satisfactory preo-
| teal and final adjustment on basis honorable
and just to both parties or the difficult and
| vcxed question to which it related, and hav.
| ing subsequently and unavallnSly recommend
| ed other legislation 10 Congress which hoped
| would suffice to meet the exigency created by
the rejection OF the treaty. l now again invoke
| the earnest and immediate attention OF the
| Congress to the condition OF this important
| question as it now stands before them and the
country, and for the settlement OF which l am
deeply solictous.
| GOVERNMENT REVENUE.
The revenues of the Government for the year
| ending June 30, 1889, ascertaned for the quarter
| ended September 30 1885, and estimated for the
| remainder of the time amount to H3T, ,0h,OJD,
| and the actual and estimated ordinary expen-
ditures for the same year are &1300,0J ~ leav
| The estimated receipts for the year ending
June 80 1880, are 1877, ,OO1 900, and the estimated
S975, 767, ,4SS.3i showing surplus OF sl01 ,23?,
| 51i 66. 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
| sI7,0JO,0O0 annually. The cost OF collecting the
| customs revenues for the last fiscal year wasp Al
| per cent; for the year 1885 itwas 3.71 per cent.
| The excess OF internal revenue taxes collect
ed during the last fiscal year over those collect
ed for the year ended June 30, 1887, was S,4S9,,-
| 174.26 and the cost of collecting this revenue
| decreased from "a per cent in 1887, TO less
| than 80 per cent. for the last year. The tax
collected on oleomargarine was 23.94S 0i for
the year ending June 30, 1887; and ISL l39 ~ for
the following year.
THE BOND PURCHASES
The requirements OF the Sinking Fund acl
have been met for the year ended June 30,
| 1888, and for the current year also, by the
| purchase of bonds After complying with this
| law, as positively required, and bonds sutfi-
| cient for that purpose had been bought at
| premium, it was not deemed prudent to further
| expend the surplus in such purchases until
| the authority to do so should be more explicit.
| Daily purchases of bonds were commenced on
| the j3d day of April 1888. and have continued
| until the present time. BY this plan, bonds OF
| the Government not yet due have been pur-
| chased, up to and including the 3lth dav OF No
| Vember. 1883. amounting to S9i70I,4o0, the
! premium paid thereon amounting TO sl7,5OS-
| 6l3. 0S.
| The premium added to the principal of these
| bonds represents an investment yielding about
| two 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 two per cent. upon the
| sum paid for principal and premium, and what
it would have paid for interest at the rate speci
| fed In the bonds, if they had run TO their ma
| turity, is about 81, 10000.
| AT first sight" says the President, this
| would seem to be q profitable and sensible
| transaction on the part OF the Government,
| but 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 it to remain idle in the treasury. II this
| surplus, underline operation of just and equits-
| BILE laws, had been left in the hands OF the
| people, it would have been worth in their
| bus ness at least six per cent per annum.
| Deducting from the amount OF interest upon
| the principal and premium of these bonds for
the time they had to run, at the rate OF six per
| cent, the saving of two per cent MADE for the
| people by the purchase OF such bonds, the loss
will appear to be S55, ,760,0)O. This calculation
| would seem to demonstrate that II excessive
| and unnecessary taxation is continued and the
| Government is forced to pursue pol
| icy of purchasing its own bonds at
| the premiums, which it will be neces-
| sary to pay. the loss to the people
| will be hundreds Of millions of dollars. Since
| the purchase OF bonds was undertaken as men
| toned. nearly all that have been offered were
at last accepted. 1t has been made quite ap-
parent that the Government was in danger OF
| being subjected to combinations to raise their
| price. Notwithstanding the sum thus paid out,
the surplus in the treasury on the 30th of No
vember, 1888 was S52, 234 $40 OF, after deducting
| about $40, 100000 just drawn out for the pay
ment OF pensions.
THE WAR DEPARTMENT..
| The Secretary OF War reports that the army,
\ at the date of the last consolidated returns,
| consisted of Also officers and 24,5i9 enlisted
partment for the fiscal year ended June 80, 1888
amounted TO Si1 165, 10s O7, OF which sum 60 l5S