Crawford avalanche. (Grayling, Mich.) 1879-19??, 1888-12-13
executive departments land ofices, are as

Miscellaneous. us....,.,....., 2O,9O6, $40. SO
Permanent annual appro9
priations--
Sinking fund. .......... 1880, 900. 90
Interest on public debt. -. :. ~, 1000, 0O0 90
Refunding-custom inter- "a M i i1N
nal revenue, lands ETC.. IL. 464, 900 90
Collecting revenue from Gus
toms. ............s...!.n 0,OOO, 600 20
Miscellaneous. .,,,.... 1927, 555 05
Total estimated ex-
~ penditures, includ- H f1f
ing sinking fund. $323, 567, ,4SS. 81
Or an estimated sur oh 4.
s. plus of.......,,.!. .$53, 432, 81 1 so
Excluding the sinking fund, the estimated
expenditures viii be $275, 767, 4SS. "a, show
ing suplus Of $10l, 232, 511.66. y
SINKING FUND.
The requirements OF the act of Feb. '25.
1852 (R. s., 1888, 3689), establishing a
sinking fund for the gradual extinguish-
ment of the public debt estimated for the
current fiscal year at $47, ,583, 900, have
been thus far met by the redemption of
treasury notes, fractional currency, and.
bonds of the United States, which had
ceased TO bear interest, amounting to
$77, 1871 35 and by the purchase of $28, $780,.
651 of the funded loan of 1891, at a cost to
the fund for premium Of 81 ,672, 222. 90 on
the former and 1914, 206,73 on the latter
loan. unt
SURPLUS REVENUE. lui
In the last annual report it was estimated
that the revenues for the year to end June
30, 1884, would exceed the ordinary expenG
ditures, not including the sinking fund,
$l13, ,OOU, 900. II will be seen from the forego-
ing statement that such excess was in reali-
ty 81 .9,6l2, 1860, or $6, ,B12, 10, 90 more
than the department estimate. IL was also
estimated in the same report that the like
surplus for the fiscal year to end June 30,
1892 would be x104, 313, 365. a. Judging
from the actual expenditures for the first
quarter of this fiscal year, and i'm the light
OF receipts and expenditures to the middle
of November, IL is probable that this esti-'
mate will prove TO have been fairly acclt.
rate, and that the surplus will almost exact.
ly equal the predicted sum. aI
The accumulated surplus on Sept. 20,
1888, was 800, 444, 845.S4 the surplus reye-
nues from that date to June 80, 1889, as
estimated, are $50, 1885, POS. .25, making the
total accumulation on June So 1889, which
could be used in the purchase of bonds.
$17l, $40. 0J4.09; however, between said
Sept 20 and Nov 22 IA, 300, 500. so has
been paid for bonds; consequently, il no
more bonds were bought between now and
June 80 next the surplus would then
amount to el27, 900, 900. Upon the basis
of appropriations recommended by the de-
partment, and upon the assumption that the
revenues of the fiscal years to end June 30,
1889 and 1890, will be equal, the surplus
revenues for the latter fiscal year will be
$101, 000, 900, which, with the surplus reve-
nues of this year and the surplus already
accumulated, make total of 1928, 900, 00p,
which might be used during the next ninc,
teen months in the purchase of the Interest,"
bearing debt, and which ought to be used
for that purpose unless the laws are so
changed as to reduce the difference between
expenditures and revenue by nearly that
sum.
About $188, 000, 900 of the Al per cent
bonds are now outstanding; they are pay
able Sept. /, 1891. The total amount OF
interest which will accrue on them from
now until their maturity is in round
numbers $25,000,000; consequently the
present surplus and the surplus which will
probably accrue before July l, 1890, will
suffice to pay the principal of those bonds
and all the interest which would accru'j
upon them should they be permitted to ~,
main unpaid until their maturity.
The principal of the per cent bonds is
now $3.50, 900, 900, and the interest which
could accrue upon them until their ma
turity i'm 1907 Is about $500, 900, 900; a cal
culation will show that the present surplus
revenues, If continued, would pay before
1900 all of the per cent bonds and all of
this interest OF course all the money
which is saved by the purchase bonds less
than the principal and the interest to ac-
hak al.a he 81 vl.os. ali h..
bonds may Re paid IL the holders will sur
render them.
Nothing more is needed than the fore
going statement to show the absolute
necessity of readjustment of the public
revenues at the earliest possible date. To
continue taxation with no other use for its
proceeds than such an investment is cruel
waste of the peoples money.
PURCHASE OF BONDS.
Since the last annual report, and after
the completion OF the snking-f fund require
ments for the year ended June 80, 1888, no
bonds were bought until there
had been an expression of opinion
by resolution i'm both houses of
Congress that it was lawful and proper to
invest the surplus in bonds necessary TO
obtain them. The purchase was resumed
under a circular of April IL, 1888, and since
that time nearly all the bonds which have
been offered for sale to the government
have been bought by it. Ninety -four mill
ions of dollars of bonds have been secured
under this circular and premium paid for
the privilege of buying them Of about
x1S, ,t00, 900; the net rate of interest realized
from this investment is only about 2 per
cent and the saving in the total amount of
interest which would have been paid
had the bonds been allowed TO
run to maturity is about $27, 900, 900.
Had taxation been reduced so as to leave
this money with the people, and IL il is
worth in their business q per cent per an
mum, the total value of the money TO them
during the term which these bonds had to
run would be about $50, O0O, ,000 thus there
is resulting loss to the people of $56, 000,-
100 upon this transaction alone: il this
overtaxation is not stopped, and IL the gov
ernment is forced TO continue to be pur-
chaser of Its own bonds at the holders
prices, the loss TO the people, as could be
shown by a like calculation, must be hun
dreds Of millions of dollars. -
REDUCTION OF TAXATION.
cannot too strongly repeat my recon-
mendation OF last year to reduce taxation,
and as far as possible, without too sudden
disturbance OF existing interests TO make
this reduction In customs taxation, TO the
end that the people may get the greatest
possible benefit from the reduction.
DEATH in A BURNING DWELLING
Three Chndren Set Fire 20 House aud
PerIth In the Flames.
A colored woman living on the farm of