Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1889-12-12
FINANCIAL
What the Report of the Treasury Depart
ment Shows-Too Much Money.

Within our own borders a general condition of
prosperity prevails. The harvests of the last
summer were exceptionally abundant, and the
trade conditions now prevailing seem to promise
a successful season to the merchant and the man.
ufacturer and general employment TO our work
ing people. The report of the secretary of the
treasury for the fiscal year ending June 80, 1889,
has been prepared and will be presented to con-
gress. 1t presents with clearness the fiscal ope-
rations of the government and avail myself of
it to obtain some facts for use here. The aggre-
gate receipts from all sources for the year were
1887, 05O, SS4 derived as follows:
From customs .,................ 1928, S32, TAI 68
From internal revenue. ........... 100, SS1, 513 90
From miscellaneous sources. 81, 335, SOB %
The ordinary expenditures for the same period
were 1921, 1886 CISCO. And the total expenditures
including the sinking fund were 1929, $40 929. 25.
The excess of receipts over expenditures was
after providing for the sinking fund S57, 40 1883
For the current fiscal year the total revenues
actual and estimated, $685. 000 600, and the or
binary expenditures actual and estimated, are
total expenditure Of s341, 1921, 1869, leaving an
estimated surplus of S43 SIS, 1884,
During the fiscal year there was applied to
The Purchase of Bonds
in addition to those for the sinking fund, 800 456,.
1925 and during the first quarter of the current
year the sum of 81, S3S 937. q, all of which were
fiscal year ending June 80, 1891, estimated by
the treasury department at $685., 100000, and the
expenditures for the same period including the
sinking fund at S341, 430, ALTO. This shows an
estimated surplus for that year of SAB, 500 52 30
which is more likely to be increased than reduced
when the actual transactions are written up.
The surplus Disturbing Element.
The existence of so large an actual and antici.
pated surplus should have the immediate atten
ton of congress, with view to reducing the re
ceipts of the treasury to the needs of the govern
ment closely as may be. The collection of
moneys not needed for public uses imposes an
unnecessary burden upon our people, and the
presence of so large surplus in the public vaults
is q disturbing element in the conduct of private
business 1t has called into use eXpedients for
putting it into circulation of very questionable
propriety. We should not collect revenue for the
purpose of anticipating our bonds beyond the
requirements of the sinking fund.- but any unap-
propriated surplus in the treasury should be so
used as there is other lawful way of returning
the money to circulation, and the profit realized
by the government offers substantial advantage.
The loaning of public funds to the banks
without interest upon the security of gov.
eminent bonds l regard as an unauthorized
and dangerous expedient; it results in a temper
airy ana unnatural increase of too much banking
of capital in favored localities, and compelS a
cautious and gradual recall of the deposits to
avoid injury to the commercial interests. 1t is
not TO be expected that the banks having these
deposits will sell their bonds to the treasury, so
long the present highly beneficial arrange
ment is continued. They practically get
interest both upon the bonds and their proceeds.
No further use should be made of this method of
getting the surplus into circulation, and the de-
posts outstanding should be gradually
withdrawn and applied to the purchase of bonds.
1t is fortunate that such use can be made of the
casual surplus that may exist after congress has
taken the necessary steps for a reduction of the
revenue. Such legislation should be promptly
but very CONSIDERABLY enacted.