The great West., 1889-12-06
THE SURPLUS.
Measures Should BE Taken to Prevent
an Increase.

Measures Should he Taken to Prevent
an Increase.
Within our own borders general condition of
prosperity prevails. The harvests of the last
summer were exceptionally abundant and the
rade conditions now prev ailing seem to prom
ise a successful season to the merchant and the
manufacturer and general employment to our
working people. 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 government and
avail myself of it to obtain some
facts for use here. The aggregate receipts
O5S. .S4, derived as follows: From customs,
1929, 49,, TAI .6S; from internal revenue, $13O,-
SSl ,5l3 92; from miscellaneous sources, 50 ,235,
same period were 1891 1896, ,615 go, and the to-
tai expenditures, including the sinking fund,
were S329. .579, ,929.25. The excess of receipts
sinking fund, s57 ,479, ,129.59. For the current
fiscal year the total revenues, actual and esti-
mated are $685., ,OOO,O 900 and the ordinary ex-
penditures, actual and estimated are S293,-
fund, total expenditure of S341 321, 116.99.
leaving an estimated surplus of$43 CTS, ,SS3. OF.
During the fiscal year there was applied to the
sinking fund, 9O,456, 1925, and during the
first quarter of the current year the sum of
$37, ,S3S .937.77, all OF which were credited to
year ending June 3O 1891, are estimated by the
treasury department at S5.OOO,OOO and the
expenditures for the same period, including the
sinking fund, at S341, 100, ,477.7O. This shows
an estimated surplus for that year OF S43 $685.
522.30, which is more likely to be increased
than reduced when the actual transactions
are written up. The existence of 80 large an
ACTUAL AND ANTICIPATED SURPLUS
should have the immediate attention OF con-
gress with 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 for public uses imposes an unneces-
sary burden upon our people, and the presence
OF so large surplus i'll the public vaults is a
disturbing element i'll the conduct of private
business 1t has called into use expedients for
putting it into circulation of very Questionable
propriety. We should not collect revenue for
beyond the requirements OF the
sinking fund, but any unappropriated
there is no other lawful way of returning the
money to circulation and the profit realized by
the government offers substantial advantage.
The loaning OF public funds to the banks with
out interest upon the security of government
bonds regard as all authorized and dangerous
expedient. 1t results in temporary and unnat-
ural increase of the banking capital of favored
localities and compels a cautious and gradual
recall of the deposit to avoid injury to the COM
mercial 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 surplus into
circulation, and the deposits now outstanding
should he gradually withdrawn 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 sur
plus that may exist after congress has taken
the necessary steps for reduction OF the rev
enue. Such legislation should be promptly but
VecV CONSIDERABLY enacted.