The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1889-12-07
OUR FINANCES.

OUR FINANCES.
The report OF the Secretary of the Treasury
ZOE Inc nscal year ending June go 1885, presents
with cearness the fiscal operations OF the Gov
eminent and avail myself Of 1T to obtain some
al sources for the year were $685., $50, O5s.s4.
Derived as follows: From customs, $223,832-
f 7. From internal revenue $3.50, S8l ,5l3.aa
period We're 1881 ,998, 6l5 CO. and the total Tex.
97a res including the sinking fund.- were
The excess Of receipts over expenditures was,
AZ providing for the sinking fund.- s57,470
For the current fiscal year the total revenues.
actual and estimated, are 1885, 900 900, and the
are 1928 ooo'ooo, making with the sinking fund
estimated surplus Of s4s,s7Ssssoi' '' 'eaV'ng al
during the fiscal year there was applied to
the purchase OF bonds in addition to those for
the sinking fund 0456, .35 and during the
first quarter OF the current year the sum Of ss7.
S:s,9S7:77, all OF which were credited to the
June 80, 1891, are estimated by the Treasury
Department at 1886. 900 600, and the expenditures
1or the same period, including the sinking fund.-
at S34l ,430,477.7o. This shows an estimated sur
likely to be increased than reduced when the
actual transactions are written up.
THE SURPLUS.
Inc existence OF so large an actual and an
tlcipated surplus should have the immediate
attention. of Congress, with a view to re-
ducing the receipts Of the Treasury to the
needs OF the Government as 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 sur
plus in the public vaults is disturbing ele'
ness. It has called into y use e expedient ts
for putting it into circulation Of very ques.
tlonable propriety: We should not collect
revenue for the purpose Of anticipating our
ponds 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 tc
circulation, and the profit realized by the
Government offers a substantial advantage
me me loanlng OF public; funds to the banks
without interest upon the security OF Govern.
ment bonds I regard as an Unauthorized
and dangerous expedient 1t results in a tenn
porary and unnatural increase of the banking
tious and gradual recall of the deposits to avoid
injury to the commercial interests. 1t is not to
be expected that the banks having these depos.
It's VII sell their bonds to the Treasury SO long
as the present highly beneficial arrangement is
continued. They now 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-
poslts now outstanding should be gradually with.
drawn and applied to the purchase of bonds
1t is fortunate that such use can be made of
the existing surplus, and for some time to come
OF any casual surplus that may exist after Con-
gress has taken the necessary steps for reduc.
ton OF the revenue. Such legislation should be
promptly but very CONSIDERABLY enacted.
THE TARIFF.
recommend a revision of our tariff law,
both in its administrative features and in the
schedules. The need of the former is generally
conceded. and an agreement upon the evils anG
Inconvenience to be remedied and the best
methods for their correction will probably not
be difficult. Uniformity Of valuation at all our
be taken to secure it: 1t is equally desirable
that questions affecting rates and classified.
tions should be promptly decided
duties Is matter Of great delicacy because OF
It's effect upon the business OF the country, of
great difficulty by reason of the wide divergence
Of opinion as to the objects that may be pro.
OF business may perhaps result from considera-
ton OF this subject by Congress, but this tenn.
porary ill-effect will be reduced to minimum
by prompt action and the assurance which the
country enjoys that any necessary changes
will be so made as not to impair the just and
reasonable protection Of our home industries
The inequalities of the law should be I'D.
justed, but the protective principle should be
maintained and fairly applied to the products OF
our farms as we'll as our shops. These duties
necessarily have relation to other things be.
sides the public revenues. We can not limit
their effects by fixing our eyes on tho public
Treasury alone. They have direct relation to
commercial independence OF our country, and
the wise and patriotic legislator should enlarge
the field Of his vision to include all Of these.
The necessary reduction in our public reve
nues can, am sure, be made without making
the smaller burden more OnerOuS than the
larger by reason Of the disabilities and limlta
lions which the process OF reduction puts upon
both capital and labor. The free list can very
safely be extended by placing thereon articles
that do not offer injurious competition to such
domestic products as our home labor can sup.
ply. The removal Of the internal tax upon to
bacco would relieve an important agricultural
product from burden which was imposed only
because our revenue from customs duties was
insufficient for the public needs. If safe provis
ion against fraud can be devised the removal OF
the tax upon spirits used in the arts and in
manufactures would also offer an unobjection.
able method OF reducing the surplus.
NATIONAL BANK CIRCULATION.
A table presented by the Secretary of the
Treasury, showing the amount OF money Of all
kinds in circulation each year from 1878: to the
amount of National Bank notes in circulation
has decreased during that period STA 1O9, 7s9 OF
which $37, 800 is chargeable to the last year.
The withdrawal of bank circulation will neces-
sarily continue under existing conditions.
The total amount Of money of all kinds in
circulation on March o5 j. 1873, was sso5, 5easo7,
018,000. The amount per capita increased about
five dollars during this time 49,
THE SILVER DOLLAR. r.....
The law requiring the purchase by the Treas
ury Of &, 100000 worth Of silver bullion each
month to be coined into silver dollars OF 4121s
grains has been observed by the department;
his predecessors, has deemed it safe to exercise
the discretion given by law to increase the
monthly MOI purchases to 100000 % ,S1S the
price Of silver in the market vas sl.o 4.1o
per ounce, making the bullion value Of the dol.
lar 90 cents Since that time the price has fallen
as low as 9i2 cents per ounce reducing the bull.
last few months the market price has some
what advanced, and on the 1st day Of Novem-
Der last the bullion value OF the silver dollar
%hS
silver dollar have not been realized.
AS q: coin it has not had general
to soPs IT. But ths Is mans
testify owing to the fact that its paper repre-.
sentative is more convenient. The general &C.
ceptance and use Of the silver certificate show
that silver has not been otherwise discredited.
Some favorable conditions have contributed tc
maintain this practical equality in their com.
mercial use between the gold and silver dol
that statutory enactments do not control and
of the continuance of which we can not be Ger.
tain.
coinage Of silver at present rates free we must
expect that the difference in bullion values OF
the gold and silver dollars will be taken account
81 eau woud oow any hs
crease of the present rate Of coinage Such a
result would be discreditable to our financial
management and disastrous to all business in.
t ts s: We should not tread the
and, indeed, nothing more harmful
could happen to the silver interests. Any safe
legislation upon this subject must secure the
equality Of tho two coins in their commercial
uses. 1 have always been an advocate Of the
use Of silver in our currency. We are large pro.
ducers Of that metal and should not discredit it.
TO the plan which Will he presented fha
Secretary of the Treasury for issuance of notes
of certificates upon the deposit Of silver bullion
at its market value I have been able to
press of other matters and to the fact that
1t has been SO recently formulated. The details
Of such law require careful consideration, but