, 1889-12-04
HIS FIRST MESSAGE.
President Harrison Sends His
Address to Congress.
He Covers the Field of Our
Foreign Relations
And Speaks at Length of the
Treasury Surplus. .
The Presidents Message.

lutsshSts
WASHINGTON. Dec. 3.-The president
in his annual message to congress says
that our relations with all foreign powers
during the past year have been a~micable.
He alludes at some length to the inter
national congress with the South Ameri
can states, and hopes that much good
may flow from it. He x that as
all South American ministers accredited
To Washington are of the first grade. or
ministers Dlenlpotentiarv, this govern
ment should likewise send ministers of the
highest diplomatic grade to the South
American capitals.
Our Chinese disputes have not been
entirely settled by the recent treaty. The
Chinese laborers should be excluded but
those now lawfully here should receive
humane and Just treatment.
The Samoan treaty will be submitted to
CONGRESS. He hopes the fisheries question
may be adjusted at this session of con-
gress. A new treaty has recently been
negotiated with Great Britain, the pur
pose being TO extend the list of extradit-
able offenses.
While great dangers threatened the
completion Of the Nicarauguan canal ow-
ing to territorial disputes between Costa
Rica and Nicaragua during the summer
every indication now points to the con
pletion OF a work which will be of trans.
cedent Importance to the ommerce OF the
United States and the whole world.
The United States government has rec
OWNED the new republic of Brazil, and
instructed our minister there TO maintain
his friendly official intercourse unit. such
time as a majority OF the people shall have
signi6ed their governmental preference.
According to the secretary of the treas
ury the aggregate receipts from all sources
for the year were 1887 1850. 05S. S47 derived
as follows: from customs 1923, 1872. TAI .6S;
from internal revenue $3.50. 1881. 5l3.92;
from miscellaneous sources $32, 1856. 500. %.
The ordinary expenditures ipr the same
period were 1921, 1896. 6l5. 90 and the total
expenditures including the sinking fund
were 1929, SIS, 929. 25. The excess of re
ceipts over expenditures was after pro-
viding for the sinking fund. $57, 40
l29. SO, for the current fiscal year the
total revenues actual and estimated are
1915. 0OO. 600 and the ordinary expendi-
lures actual aud estimated are 1898, 900.
900 making with the sinking fund a total
expenditure OF $34I 1921, ll6. 90, leaving
an estimated surplus of $43, 678. SS3.O oil.
By the close of 1891 this surplus will not
be appreciably decreased.
The existence of SO large an actual and
anticipated surplus" says the president,
should have the immediate attention Of
congress, with a view to reducing
the receipts Of the treasury to the
needs of the government as closely as may
be. The collection of moneys not needed
Tor public uses imposes an unnecessary
burden upon our people, and the presence
of 50 large a surplus in the public vaults
Ii a disturbing element in the conduct OF
private business.
1T has called into use expedidents for
putting il into circulation Of very ques-
lionable propriety. We should not collect
revenue for the purpose of anticipating
our bonds beyond the requirements of the
sinking fund but anEunsppropriated sur
plus in the treasury should be so used as
there is no other lawful way of return
ing the money to circulation and the profit
realized by the government offers sub
stantial advantage. The loaning of pub
lie funds to the banks without interest
upon the security of government bonds, /
regard as an unauthorized and dangerous
e%xpedient.
1T results in a temporary and unnatural
increase OF the banking capital of favored
localities and compels a cautious and grad
ual recall of the deposits to avoid injury to
the commercial interests. Ii is not to be
expected that banks having these deposits
will sell their bonds to the treasury so long
as the present highly beneficial arrange.
ment is continued. They now practically
get interest both upon the bonds and then
proce, d.. No further use should be made
of this method of getting the surplus into
circulation, and the deposits nov out
standing should be gradually Withdrawn
and applied to the purchase of bonds.
IT is fortunate that such use can be
made of the existing surplus and fur SOME
time to come of any casual surplus thai
may exist After congress has taken the
necessary steps for a reduction of the rev
enue Such legislation should be promptly
but very considerably enacted.
H TARIFF QUESTION.
u recommend a revision OF our tariff
law both in its administrative feat res
and in the schedules. The ned Of the