Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-04

fiscal operations Of the Government and
avail myself Of It TO obtain some facts iol
use here.
The aggregate receipts from all sources
for the year were 1881. .050, 058 "a, derived al q
follows: From customs, S223, ,832, TAI 0S
from internal revenue, $3.50, ,881 ,513 90; from
miscellaneous, sources, $50, 1886, ,603 %. TIT
ordinary expenditures for the same perloc
were $2S1, ,g96, 615 60, and the total expendlt
ures, including the sinking fund, Wers
$S29, ,579, ,929 25.
SIZE OF THE SURPLUS.
The excess Of receipts over expenditures
was, after Woviding for the sinking fund
$57, ,470, ,129 SO. For the current fiscal yeal
the total revenues, actual and estimated, are
1886, ,000, 900 and the ordinary expenditures
actual and estimated, are $293 000, 900, max
ing, with the sinking fund, total expendI,
ture of S341, ,321, 116 &c. leaving an estimated
surplus of S43, SIS, 1888 OF.
During the fiscal year there was applied
to the purchase of bonds, in addition 70
those for the sinking fund, 500, ,456, 172 80,
and during the first quarter OF the current
year the sum of $37, ,S3S, ,937 ", all of which
were credited to the sinking fund. The
revenues for the fiscal year ending June 80,
1891, are estimated by the Treasury Depart
ment at $685. 900, 900, and the expeditures
for the same period. including the sinking
fund, at S341, ,+30, AT 20. This shows an es-
timated surplus for that year Of $43, $685.
622, 80, which is more likely to be increased
than reduced when the actual transactions
are written up.
SOMETHING SHOULD BE DONE.
The existenDe of SO large an actual and
sntioipated surplus should have the i'm
mediate attention of Congress, with a view
to reducing the receipts of the Treasury to
the needs of the Government as closely as
maybe. The collection of moneys not needed
for public uses imposes an unnecessary bur-
den upon our people, and the presence of so
large surplus in the public vaults is dis
turbing element in the conduct of private
business.
1t has called into use expedients for put
ting il 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 unappropriated surplus in the
Treasury should be SO used, as there is no
other lawful way of returning the money to
circulation, and the profit realized by the
Government offers substantial advantage.
ADANGERoUs ExPEDIENT.
The loaning of public funds to the banks
without interest upon the security of Gov
ernment bonds, regard az an unauthorized
and dangerous expedient. It results in o
temporary and unnatural increase Of the
banking capital of favored localities, and
eompels cautious and gradual recall Of the
deposits to avoid injury to the commercial
interests. It is not to be expected that the
banks having their deposits will sell their
bonds to the Treasury so long as the present
highly henefcial arrangement is continued.
They now practically get interest both upon
the bonds and their proceeds.
No further use should be made OF this
method efgetting the surplus into eircula-
tion, and the deposits now outstanding
should be gradually withdrawn and applied
to the purchase of bonds. 1t is fortunate
that such a use can be made of the existing
surplus, and for some time to come of any
casual surplus that may exist after Congress
has takenthe necessary steps for a reduction
of the reYenue. Such legislation should be
promptly but very considerably, enacted.