The Somerset reporter., 1889-12-05

| d
braz'iian representatives at this CAPITAL
We're instructed by the provisional govern.
nent to continue their functions I'm,
friendly intercourse with Brazil has. there.
ioro, suffered no interruption Our minister
has been further instructed to extend ON IN,
part OF This government a formal and cordial
recognition Of the new republic 80 soon ms
the majority Of the people Of Brazil shall
have signified their assent to its establish.
ment and maintenance
within Our Own Borders
| general condition of prosperity prcyaiIs
| The harvest OF last summer was execution.
ally abundant, and the trade condition.
seem to promise a successful seas On 10 the
merchant and the manufacturer ana general
employment to our workingmen. The report
of the secretary of the treasury for the fi,cal
year ending June 8, 1859, has been
prepared, and will I've pres nted to
congress. 1t presents with clearne.s the
| fiscal operations Of the government and
avail myself of it to obtain some facts for
use here. The aggregate receipts from all
sources for the year were ?.,S7, GjO, O5s ~. de
rived as follows: From customs, s22s. ST.
7il.G9: from internal revenue, $50, ss1 BIB.
w; from miscellaneous sources So. .si5 SOB 23
| The ordinary expenditures for the same
period were s2sl ,M6, 6l5 60 and the total ex.
| penditufes including the sinking fund, We're
s329, so. 40 -. TIE excess of receipts over
expenditures was, after providing for the
sinking fund, 1914, no 1883 For the cur.
rent iiscal year the total revenues, actual
and estiinat6d are S3S5, 0O0, 900, and the or
binary expenditures, actual and estimated,
are SZsI3,W),UOO, making, with the sinking
| fund, total expenditure. of $34l ,32l, ll6 20
leaving an estimated surplus of $43,67S.
| SS3.0l
During the year there was applied to the
| purchase of bonds in addition ito those for
| ..stt. 4 ,.sT T,,.U1 1 s.l-
the first quarter of the current year the sum
Of s31 81, ,31. II, all of which were credited
to the SINKING fund. The revenue for the
| fiscal year ending June, 1891, are estimated
| by the treasury department at 800 600, 900
and the expenditures Tor the same period, in
GLIDING tho sinking fund, S2il 40, Al 10.
Tins shows nm estimated surplus Tor that year
of So 56a. ~. 30 which is more likely to be
| increased than reduced when the actual trans
, actions are within H.
The existence Of large an actual and an
ticipatrd surplus should have an
| Immediate Attention of Congress,
with a view to reducing the receipts of the
| treasury to tho needs OF the government. as
| closely as may he. The collection of moneys
not needed for public uses imposes unneces-
sary burden upon our people, and the pres
ence of 50 large surplus in the public vaults
is disturbing element in the con-
uutb VI BiiNult DusllltSS IL mas
called into use expedients for
putting it into circulation of very ques-
tionable propriety. We should not collect
| revenue for the purpose of anticipating our
bonds beyond the requirements Of the sinking
fund, but any appropriated surplus i'll the
| treasury should he so used, ms there is no
other lawful way of returning the money to
| circulation, and the profit realized by the
| government offers a substantial advantage.
| The loaning Of public funds to the banks
without interest upon the security vf govern
| ment bonds | regard us an unauthorized
| and dangerous exl,edient. 1t results in a
| temporary and unnatural increase of the
banking capital of favored localities. and
compels n cautious and gradual recall of the
| deposits to avoid injury 10 the commercial
| interests. 1t is uut 10 be expected that the
| banks having these deposits will sell their
bonds to the treasury 50 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 aggregatng the surplus
into circulation, and the deposit, now out
standing should be gradually with lrawn and
| applied to the purchase of bonds, Ii is for
| tunate that such II use can br made of the
| existing surplus and for some time to come
| if and casual surplus that may exist after
| congress has taken the necessary steps for IA
should he urumutly but very rontllrrahlv
| exact.
The preparations of a new
Schedule of Customs Duties
is matter OF great ueiiracy because OF Its
s r "' id i 1"'', ,' ". 'o touli-
wide divergence of opinion MS to the oh iocts
| that may properly he promoted 10y such leg
| slation. Sucn disturbance Of business maV.
| pcrhuiis. result from the consideration of this
| subject hy congress. hut this Temporary Ill
effect viii he reduced To the minimum
| by PROMPT action and bv the as~ur-
| ance which the country already enjoys
| that any necessary changes will he so made
| MS moi 10 imiair HE inst and reasonable pro-
| lection Of our home ndustr, $. The in
eauaitos Of the law should he ad ilsted, but
the pln,ectiv, PRINCIPAL ST. ouli lp maintained
and auplied TO the products of our farms
as well MS of our shops. These duties neces-
am, ua,t e.ltiol 10 ,th.,' things besides
ny i,u'i'r ""e9 W. o'ii"' ILL.,
urv alone.
They have n direct relation to home pro-
duction. to work to waves. md to the com
| mercinl iu,lcunudnnce II o,,r country. and
| the wi.c and uuriotic LEGISLATION should en-
| large tho fold OF his version to include all
these.
The Necessary reduction in our public
revenues can. | mn, s,Ira. be made without
MAXIM ,ho smaller burden more ,nerous
i!,nn the larger by reason of the disabilities
ana limitations which the process of reduc-
ton puts uuou both cnpital and labor.
,,''
ihe free LIST
can very safely lie extended by placing
thereon articles that do not offer injurious
competition to such domestic products n,
our home labor can supply. The removal
OF the internal tax upon tobacco would re-
lleve AN important agricultural product from
burden which was imposed only because
our revenue from customs duties was INSULT
Gent Tor the public needs.
A table presented by the secretary of the
treasury, showing the amount of money OF
all kinds in circulation each year from 1877
TO the present time Is OF interest. IL appear
that the amount of national bank ne ties in
circulation has decreased during that period
STA, loJ,'&,. of which s3', D9 ~ Is charge
able to the last year.
ILL.,. v,,,a,,,, -, u.rk C,rc,,,t,,n
"""' VI '"
VIII necessarily continue under existing con,
ditions. 1t is probable that the adoption oil
the suggestions made by the comptroiier OF
the currency, viz, that the minimum deposit
OF bonds for the establishment OF banks oe
reduced, and that an issue oil notes 20 me pal
value of the bonds be allowed would help &c
maintain the bank circulation. But, whlit
this withdrawal of bonds has been gong on,
there has been large increase IN the amount
Of gold and silver coin in circulation and III
the issue of gold and silver certificates.
The total amount OF money of all landr in
s07, while on Oct !, 1889, the total was
sl,405.0ls,oo0 There was an increase OF
sZ3', coz III goa com, ~ 90 90, ioo II,