The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-12-04

VIC appropriations AOI tHC mdLh
tenance of our diplomatic and consular
service should be recast; that the So
called n0tarial or unofficial fee which
our representatives abroad are now
permitted to treat as personal per-
uuisites, should be forbidden; that
System of consular inspection should
be instituted, and that a limited mum
Der of secretaries of legation at large
should be authorized.
THE WASHINGTON CENTENNIAL.
Preparations for the centennial Gel
ebration on April 80, 1899, Of the in
auguration of George Washington, as
President of the United States, at the
City OF New York, have been made by
voluntary organization of the citi :
zens of tnat locality, and believing
that an opportunity sAould be afford
ed for the expression of the interest
felt throughout the country with this
event, respectfully recommend fit
ting and cooperative action by Con-
gress on behalf of the people of the
United States.
TREASURY REPORT.
The report of the Secretary of the
Treasury exhibits in detail the con-
dition of our national finances and the
operation of the several branches of
the government related to his depart
ment. The total ordinary revenue of
the government for the fiscal year end
ing June 80, 1888, amounted to $780,
266. 674 rs, of which $219, 09l, 173 60 were
received from customs duties and $124,-
296, 81 .98 from internal revenue taxes.
The total receipts from all sources eX-
ceeded those for the fiscal year ending
June so, 1887, by 1882. 1877 10. The
ordinary expenditures of the fiscal year
ending June 80, 1898, are S259, 653 ,95S.67,
leaving a surplus of $1l9, 1912, 116 o..
The decrease in these expenditures,
as compared with the fiscal
wear ended June 80, 1887, was
IS, 27S, 220.30, notwithstanding the
payment OF more than five million
dollars 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
30th, 1889, ascertained for the quarter
ending September Goth, 1888, and esti-
mated for the remainder of the time,
amounts to 1877 900, 900 and the actual
and estimated ordinary expenditures
for the same year are S273, OOO,0 900,
leaving an
ESTIMATED SURPLUS
of $1O4, GOO, 900.
The estimated receipts for the year
ending June 80. 1890, are $377, 900, 090,
and the estimated ordinary expendi-
lures for the same time are $275, 767,-
4SS 81, showing surplus of SOL ,232,-
oil 66. The foregoing statement of
surplus does not take into account the
II fn No 0vnnndnH n
the requirements of the sinking fund
act, amounting to more than $4,000
900 annually. The cost of collecting
the customs revenues for the last tis-
cal year was IA per cent, and for the
year 1885, it was 3.77 per cent.
The excess of internal revenue taxes
collected during the last fiscal year
over those collected during the year
ending June 80, 1887, was s., 4S9, 174.06
aid the cost of collecting this revenue
decreased from 3 per cent. in 1887 to
less than per cent. for the last year
The tax collected on oleomargarine was
1928, 94S .04 for the year ending June 20,
1887, and 1854, 1888 for the following
year. The requirements of the
SINKING FUND
have been met for the wear ended June
80, 1888, and for the current year also,
by the purchase of bonds after COM
plying with this law as positively re-
quired, and bonds sufficient for that
purpose had been bought at q pre-
MUM. 1t was not deemed prudent to
further eXpend the surplus in such
purchases until the authority to do so
should be made explicit. A resolution,
however, having been passed by both
houses of Congress removing all doubt
as to the executive authority, daily
purchases of bonds were commenced
on the 23d of April, 1888, and have con-
tinued until the present time. By this
plan bonds of the government not yet
due have been purchased up to and
including the 30th of November, 1888,
amounting to 1914, 700, 400, the premium
paid thereon amounting to SIT sos, 6l3.
THB PREMIUM
added to the principal of these bonds
represents an investment yielding
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 in
terest at per cent and upon the sun
paid for principal and premium and
WnaG IL would nave palQ Tor interest at
the rate specified on the bonds if they
had run to maturity, is about$27, 165, 900.
At first sight this would seem to be a
profitable and sensible transaction
on the part of the govern
ment, 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 it to remain in the
treasury. If the surplus, under the
operation of just and equitable laws,
had been left Ia the hands of the peo-
pie, it would have been worth in their
business at least six per cent per an
nun. Deducting from the amount of
interest on the principal and premium
of these bonds for the time they had to !
run at the rate of SIX per cent, the saw
ing of two per cent made for the peo-
pie by the purchase of such bonds,
The loss will appear to be So, 600 |
This calculation would seem to dem
onstrate that if excessive and
UNNECESSARY TAXATION