The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1888-12-05
THE NATIONAL TREASURY.
Secretary FaIrchild's Annual Report Sub.
mltted TO Congress,


WASHINGTON, Dec. 4.-secretary Fair
child's annual report submitted to Con.
gress to-day, presents concisely the con.
dltion OF National finances at the close
of the last fiscal year, together with his
estimates Of receipts and expenditures
for the current and next fiscal years.
The revenue for the present fiscal year,
actual and estimated, are placed at
SS77, 900, 900; expenditures, S273, ,OOO, 600.
For the next fiscal year he estimates
revenues amounting TO $377, ,00O, 900, and
expenditures $276,O00,OOO. After pre-
scnting this financial exhibit the Secre-
tary, briefly and in general way, gives
his attention to the questions OF surplus
revenue, bond purchases and reduction
OF taxation. He calculates that unless
the laws are changed, the present sur
plus, together with what will accumu.
late up to the close OF the fiscal year end
ing June 30, 1890, will aggregate fully
S22S, 100000, or sufficient to redeem all
the outstanding four and u half per cents,
now amounting to $lSS,000, QUO, which
mature in 1891. The principal OF the
four per cents outstanding is now $780,.
OOO,0OO and the interest which would
accrue upon them until maturity in 1907,
is about $500, 900, 900, and so present sur
plus revenues, II continued, would pay
before 1900 all OF these four pert cents.
81 cannot" the secretary adds, "too
strongly repeat my recommendation OF
last year to reduce taxation, and US far
as possible, without too sudden disturb.
anCe 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. Be-
side the vexed economic question as to
whether country can make itself pros.
porous by tariff; whether it cen in
crease the relative average comfort Of Its
whole people by diveItiDg q portion Of
its labor and capital from the employ
ments which could be most proftably
followed under natural conditions,
thereby making certain Of the necessar.
les OF life more costly than they would
be otherwise, there is higher moral
question which may well be asked, and
that is: Can Government be kept
pure and free which, through the
agency OF its laws, offers fast pecuniary
10 some kinds OF business
On the subject Of silver coming, the
renews his recommendation OF
last year: that OF fixing the maximum of
silver which shall belong to the govern
ment, and by providing that when it
was exceeded by S., 900, 900 the purchase
OF silver bullion should cease until the
amount owned by the government
should be again reduced to such maxi
mum, or by cancelling United States
notes to the amount OF the excess over
the maximum, provided the government
held the notes; II not, then by ceasing
the purchase OF bullion. Such plan, il
would provide safety valve
which would be seli-operatiye, and
would assure the country against any
possible danger from silver; for MS soon
as il exceeded the amount which could
be absorbed in the business of the coun.
try, it would begin to flow into the trea-
snry in payment OF taxes and would be
there held until business called for it,
and when the governments ownership
fell below the maximum, the purchase
of the bullion would again begin.
The secretary calls attention to the
evils and inequalities OF our custom
system aud renews his recommendations
OF last year looking to their correction.
He also renews his recommendation to
amalgamatc the internal revenue and
customs system so as to reduce the mum
brr OF officers and the expense OF col
lecting the entire revenues.