The intelligencer. [volume] (Lexington, Mo.) 1887-1891, 1889-12-07
THE PRESIDENTS MESSAGE.

EORI0AH DElC
The PRESIDENTS MESSAGE.
W. have only room this week to give tie loI-
10" ing extracts nom Ii" nraldrrpa massage
to Congress upon tie most Important topics
now before the people
Within oar own borders a r,u,rll condition
of prosperity prevails. The harv,sis Of the
last sumner were exceptionally abundant aul
tlr trade conditions now prryaillng seem to
promise il succe5sful season to the merchant
ana Tie manufacturer and general employment
to our working people.
In" report OF the sccrctIry of the treasury for
thr h5cal year ending June -, ISS9, has been
prepared. and will be presented to congress.
II presents with clcarncss the fiscal operations
OF Tue government and / avail myself OF 1t to
obtain some fact Tor use here. The aggregate
r"ceIp's from all sources Tor Tia" year were
1881 ,O5O, 05S - derived If fOllDws:-FrDm Gus
toms, 1923 ,s32 al IS; from Internal revenue,
$3.50, SHl .5l1, -; from miscellaneous sources,
S%!,jj5 SOB 23. The ordinary expenditure for
the same period were S2Sl 1886 ,GIj, 80 ami the
total expenditures, rnclu ling the sinking fund
were 1928, 80, 929. -.
'"' 'AftbS " lh' itftlD'S over me tNlcuil-
TIRES was after providing for the s,ntIrg fund,
S51.lIO,l 29, 80. For the current fiscal wear the
total revenues, actual aud estimated, are $685.
UO. 600 md the ordinary Expenditures, actual
aud estimated, are 1928. oOO. coo. unkin@ with
IN" rInkiGgi fund II total expenditure ui S3iI ST.
1853, leaving an cstimitGl surplus of ST. G1o,-
sSi. OF
During The fiscal year there WIS applied to
III" purchase of bonds, IN addition to these for
the sinking fund 500, I5G. I72. 80 and during tie
first quarter Of the current year, the Gum o So
S3S 957 II. AL OF which were credited to the
einKing lund.
The revenues for the fiscal year ending June
80, 1891. are estimated by he treasury depart
ment Mt 1895 900, OOn and the expenditures for
the saIne period, including The sinking iund, at
$3tI 400 Az 20. This shows an estimated str
plus for that year OF 81, 1853 d., 30, which Is
more likely TO be Increased than reduced wh,n
the actual Transactions are written up.
The existence oil so large an actual and an
tIcipatcd surplus should have tue Immediate
attention Of congress with Il view TO reducing
the receipts of the treasury to The needs Of the
government as closely rs may be.
The collection OF moneys not needed FIR
public uses imposes un unnecessary burden
upon our people and the presence OF so large
II surplus in the public vaults is Il disturbing
element in the conduct of private business. II
has called into Use eXpedients of very question
able proprIety, for putting it into circulation.
We should not collect revenue for the pur-
pose of anticipating our bonds beyond the re-
qqiSgmants of the sinking fund. but any w
APPROX riated surplus in the trcIsurg should be
lsp used, % there is no Other lawful way of
fsfpfnipg the money to circulation and he
proht rshi zedb BY Che goyernmcnt Offers Il sub
The loaafng 81 pubic faGas to the banks
without interest. dgp6hh ths seGarrsfsyy al govern
mcnt bonds regardatk9hM nn9urs5nxas4 and
dangerous expcdient. ~ reanitsAaA tehppA
rary and unnatural increased 81 AAg " atssna'
capital of favored localities apd9e4hpfnhgs
cautious and gradual recall OF theltsp5$tsito
avoid injury TO commercial inleres8o 44S
1t is not to be expect. Il that the bHuks having
these deposits will sell .SbtIr- zbends TO the
treasury TO long us the present highly Benc-
fetal arrangement is eoptlRged They now
practically get iptersst hqfh upon the bonds
and their proceeds E95prther use should lie
made Of this methpd oi4ettipg the surplus into
C 'rcul .tion and zoe sshenosits now outstanding
should be 6tAddafly Withdrawn and applied 10
the purchase OF bends. L. is fortunate that such
II use can be made OF existing surplus and, fer
some time to come, of any casual surp!ns lhat
may exist after congress has taken the nee
essary steps for Il reduction Of the revenue.
Such Legislation should be promptly but very
considerably enacted.
recommend i revision of our tirln law. both
in it's administrative features auI in the schrd-
tile. The need of the former is generally concel-
ed, and mn agreement upon the evils and incOn-
venicnces 10 be rgmedrcd and tEr best methods
Tor their correction will probably not he dIfi-
cult
The preparation OF II new schedule OF Custom
duties Is II matter Of great dcIIcucy, because of
lis ELECT upon The business OF the country and Uf
great difficulty by reason OF the wide divergence
OF opinion As To the obj CTS lhtt may ne promo,-
ed by such !cgIsl ltion. Some disturbance ol
business may perhaps result from the coneidern-
ton Of this subject by congress, bat tins tempo
rary III effect viii be reduced to "a minimum by
prompt action and the assurance whlcii the
country enjoys that any necessary Gn ,ngca will
be so made us not to impair the just and relsOL-
able prot 'ctIon OF our home il dustriro.
The inequalities Gf the Law should be- adjugt-
ri, but the protection priaciple rhouII be main
tanned and 'airIy applied the 10 produ cts Of our
farms as well us our chops.
These du' les necessarily have relation to other
things besides public revenues We cannot
limit their effects by liking our eyes on the put
lie treasury alone. They have Il direct relation
To home prduction, TO work, TO wages AMI to
the con mercIal independence Of our country,
and the wise and patriotic legislator sh ouId en-
large the field of his vision To include all Of
these.
Inc necessary reduction Ia our public reve-
nue5 can, l am sure, be made within making
the smaller burden more oncrOus than the
larger by reason OF the disabilities and limitu-
tons whIcA the process Of reduction puts upon
both capital and labor.
The free list can very safely be extended Iy
placing thereon articles that do not offer InJuri-
Gus competition TO such domestic products as
our home products can supply.
The removal of the internal tax upon tobacco
would relieve an important agricultural pro-
duct from II burden which was imposed only
because our revenue from custom duLle. was
insufficient for the public needs.
If saie provision can be devised, the removal
of The tax upon spirits used in the arts and man
u%iactures would also offer an unobjcctionable
method ofreducing the surplus.
a table presented by The secretary of tie
treasury, showing the amount Of money of all
kinds in circulation each ye IT from ISIS TO the
present time is Of interest. IL appoara that the
amount of national bank notes in circulation
has decreased during that period SlIl 1903 729,
of which 1877 100 229, Is chargeable to the lac,
year.
The withdrawal of bank circulation will nee
essarlly continue under existing conditions. il
is probable the adoption of the suggestions niule
10y the comptroller OF the currency, VIZ. =: That
the minimum deposit Of bou,is for the establish
IDent OF banks be reduced. aud that an isaue Of
notes of the par value of the bonds be allowed.
would help to MAINTAIN the bank circulation.
But while This withdrawal OF bank notes ms
been going on. there has been u larsr inorcaAe
IN 'he amount of gold and silver coin in cirru,a-
tion, ami IN the issue Of gold and silver c%efiili-
Gates.
The total amount OF money OF all kinds in
circulation on March | 1875. was $500 1872 SOY
while on OctoberI, 1859, the total was 81 400 OILS
900. There was I'm iEGre,s csc or S2I3 Az 551. in
gold cola, of S5i 55I 100, IN Standard silver dol
,ars, OF ST. 81 2i9, in gold Certificates of S27o-
G0 7l5, IN silver certificates aud of I'll O73 1871
in United States notes, making II t2fal Of S7i2,-