The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1889-12-12
Sound Recommendations.

contains so many wise, practical sug-
gestions and recommendations. that il
will be of interest to the general public
to give some of them in full, 50 that the
people may see for themselves what the
Executive has to say, and weigh his
ideas with that impartiality and fairness,
which propositions. coming from the
Chief Magistrate of the Nation, should
command.
THE NATIONS FINANCES.
The report of the Secretary of the
Treasury for the fiscal year ending June
80, 1889, has been prepared and will be
presented to Congress. 1t presents with
clearness 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 1887, $50, 058.S4, derived
as follows:
From customs. ......... 1928, 1892, TAI SO
From internal revenue. 20,881 ,513 80
| From miscel. sources. 80. 1885, SO3 %
The ordinary expenditures for the
same period were 1891 1896. 615. 90, and the
total expenditures. including the sink
ing fund, were $329, $40, 929.25. The ex-
cess of receipts over expenditures was,
after providing for the sinking fund,
$57. 470, 1859
For the current fiscal year the total
revenues, actual and estimated, are
1885, 100000, and the ordinary expendi-
lures, actual and estimated, are $685.
600, 900, making, with the sinking fund,
a total expenditure of $341 1921. 1899,
leaving an estimated surplus of $43, $751;
883. OF.
During the fiscal year there was APP
piled to the purchase of bonds, in addi-
ton to those for the sinking fund, $780,
456, 72.3 5, and during the first quarter of
the current year the sum of $37, 1888, 937,-
n, all of which were credited to the
sinking fund. The revenues for the fis-
cal year ending June 80 1891 are esti-
mated by the Treasury Department at
$3S5.000,000. and the expenditures for
the same period, including the sinking
fund. at $341, 430, Alto. This shows an
estimated surplus for that year of $43,-
$50, $780, which is more likely to be in
creased than reduced when the actual
transactions are written up.
The existence of so large an actual
and anticipated surplus should have the
immediate attention of Congress, with
view of reducing 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 i'm
poses an unnecessary burden upon our
people, and the presence of so large a
surplus in the public vaults is disturb
ing element in the conduct of private
business. 1t has called into use expedi-
ents for putting it into circulation of
very questionable propriety. We should
not collect revenue for the purpose of
anticipating our bonds, beyond the re-
sc II.
unappropriated surplus in the Treasury
should be so used. as there is no other
lawful wayof returning the money to cir
culation, and the profit realized by the
government offers a substantial advan-
tage.
The loaning of public funds to the
banks without interest, upon the securi-
ty of government bonds, / regard as an
unauthorized and dangerous expedient
1t results in temporary and unnatural
increase of the banking capital of ia
vored localities, and compels a cautious
and gradual recall of the deposits to
avoid injury to the commercial interests.
1t is not to be expected that the banks
having these deposits will 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 sur
plus into circulation, 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 taken the necessary steps for re-
duction of the revenue. Such legisla-
ton should be promptly, but very con-
siderately enacted.
A REVISION OF THE TARIFF.
| recommend a revision of our tariff
law, both in it's administrative features
and in the schedules. The need of the
former is generally conceded, and an
agreement upon the evils and inconven-
fences to be remedied and the best metn-
DDS for their correction will probably
not be difficult. Uniformity or valua-
tion at all of our ports is essential, and
effective measures should be taken to
secure it. 1T is equally desirable that
questions affecting rates and classified
ton should be promptly decided.
The preparation of a new schedule of
customs duties is matter of great deli
cacy because of it's direct effect upon the
business of the country, and of great
difficulty by reason of the wide diver
q