Crawford avalanche. (Grayling, Mich.) 1879-19??, 1889-12-12
MONEY OF THE NATION.
SECRETARY WINDOWS REPORT OF
TREASURY MATTERS.

sidered-The Secretary's Plan Regarding
It-various Other Matters Discussed.
The Secretary OF the Treasury in his
ordinary revenues OF rne government
from all sources for the fiscal year ended
June 80, 1885, were 1884, 050, 05S. "a, and
the expenditures $2Sl, 906, 1890, leaving
a surplus of $l05. .053, 443.24.
OF this there was used for the redemp-
tion of notes and fractional currency and
purchase of bonds $47, ,5S3, 3l3 95, leaving
a net surplus OF S57, 470, 129 80 for the
year. For the present year the revenues,
actual and estimated, are 1885. 900, OOO
and the expenditures $203, 900, 600. The
estimated amonnt required for the sinking
fund is ~, 3e1, l16 SO, leaving net sur
plus of $la, 67S. 3S3 OF.
AS compared with $103, 220, 464.71 at
the close OF the fiscal year 1888, the cash
balance in the trea ury over and above
all accrued liabilities at the close OF 1889
was sal, 484, 052. 80. II to this balance
there be added the estimated surplus for
the current fiscal year the amount that
may be applied to the purchase of bonds
to June 80, 1890, will bs $l63, Asa, 04?. 39.
Bonds and other obligations OF the United
States have already been purchased and
redeemed TO the extent of $40, AS, 485. 40,
leaving the available cash on hand Nov.
], 1899, s 5, 335, 7614O.
The amount estimated for pensions for
the year 1870 was SIC, 3I2, 40n and the es-
mates for same purpose for the year 1891
are sos, 5S7, 252, showing an apparent in
crease of S22, 274, S52 These figures, the
Secretary says, do not even approximately
represent the actual increase of expendi-
ture for pensions, because the estimate for
the year 1889 was wholly inadequate TO
meet the demands of the service. The
amount regularly appropriated for pen
sions for that year was xSi, 7b7, 700. To
THE was added a deficiency appropriation
by last Congress of $4,000, 900, and
about sS,O00,0 600 more was necessarily
drawn from the appropriations for the
current year to pay pensions due in the
fiscal year 1881 but for which sufficient
appropriations had not been made. The
total amount therefore. which was actu-
ally required for pensions for tho fiscal
year ended June 60. 1882 was $95, S24, :
10 IL.
The amount appropriated for pensions
for the current year was the same as last
year, SS1, 75S, 100 but there Is an esti-
mated deficiency of $24, 000,0 600 for this
year, making total of $105, 75S, 700; de-
Quoting from this the s., 000, 600 drawn
out, as above stated, to meet the deficiency
for 'ast year, will leave chargeable to the
current year $97, 75S, 700.
The total net receipts from internal
revenue for the fiscal year 1892, were
81 O,sSl, 51?. 90, being an increase over the
year 1888 of s., 5S4, 64i.9t.
During the twelve nonths ended Oct
81, 1899, there were purchased under the
circular OF April IL, 1888, United States
bonds to the amount of 800, 233. $50. OF
those $32, 270, 400 were obtained prior to
March 4, $780, and $6f 954, $50 after that
date.
The Secretary thinks part Of the sur
plus might be used In enlarging our for
eign markets, strengthening the coast de-
fenses, and building up the navy. The
expedient of purchasing bonds is of doubt
full wisdom, he says, because it is mani
testify wrong to take money from the peo-
Dle for the cancellation OF bonds, to the
saving of only about per cent Of inter
est, when it is worth to them, perhaps,
three times as much in their business It
is rather through reduction of customs
receipts and internal taxes that an unnec-
essary accumulation OF money in the
treasury should be avoided.
A table is given showing that the total
tax on tobacco was $31, $50, S37 53. The
repeal of this tax would reduce the sur
Plus about $32, ,0D00 000.
There is a general agreement" saws
the Secretary, that a revision of the tar
iff and customs laws is urgently needed.
believe it to be the dominant sentiment
OF the country that in the adjustment OF
duties on imports protection to home in
dustry should be a governing cohsidera-
ton"
The Secretary recommends that the
many inequalities, conflicting provisions,
and antiquities in the present law bs cor
rected, and that uniformity of assessment
at the various ports be secured il possible.
A large part of the report is devoted to
details Of the customs ser ice and to tables
giving statistics of imports and exports
during the last three fiscal years.
On the question OF silver coinage the
Secretary says:
''The continued coinage of the silver dol
lar, at constantly increasing monthly
quota, is disturbing element in the other.
wise excellent financial condition OF the
country and positive hinderance to any
international agreement looking to the
free coinage of both metals at a fixed
ratio. No proper effort has been spared
by the Treasury department to put in cir
culation the dollars coined, but without
success, and the point has been, or soon
will be, reached where the further coma GO
OF silver will become a waste Of public
money"
The Secretary then makes the following
important recommendation:
Tissue treasury notes against deposits
Of silver bullion at the market price OF
silver when deposited. payable on demand
in such quantities of silver bullion as will
equal in value, at the date or presentation,
the number of dollars expressed on tho
face of the notes at the market price of
silver or in gold, at the option of the gov
ernment or i'm silver dollars at the option
of the holder. Repeal the compulsory
feature Of the present coinage act"
Among the advantages which the Secre-
tary claims for the measure are that it
would bring into use all the money metal
Of the country; 1t would give paper cur
rency not subject to undue or arbitrary
infiation'or contraction; it would enhance
the value of silver and open the way
to its free coinage; gold would be re-
lieved of part of the work required
of il; IL would meet the wants of those de-
string larger volume Of circulation, and
IL would be advantageous to silver pro-
ducers. The Secretary gives many facts
and figures tending to support the posi-
ton taken by him.
The report concludes with brief con-
sideration Of matters relating to national
hanks Immigration Chinese xclusion act