The Magnolia gazette. [volume] (Magnolia, Miss.) 1872-current, 1889-12-14

within our own borders a Eenersi osais,fas tr
prosperity prevails The harvests II the az
summer were exceptionally abundant and tho
trade conditions now prevailing seem Is prautse
a successful season to the merchant and mann
facturer and general employment to our work
ing people
REvENUEs AND EXPENDITURES
The report OF the secretary Of the treasury dc.
partment for the year ending June so, iSs,. ha;
been prepared and will be presented to r.in.rs.r
1t preseuts with olearnoss the fiscal oper.ltions
of the government, and avail myself OF Il 10
obtain some facts for use here. The aggregate
receipts from all sources for the year were see,
ttp,05S,st; derived as follows From custom
B S223 So, .6e; from internal revenue sisOssl
5i592: trom.misoellaneous sources. S32 sO3 re
rne ore,nsry expenditures Ior the same periuo
were S2si qat,6l5.e0 and the total expenditures
including the sinking fund were SS29,5T9 s2s. 2S
The excess Of receipts over expenditures was
after providing for the sinking fund, eS7,47O,
i29.5O
For the current fiscal year the total revenues,
actual and estimated, are s3s5,OOO,OOO, and tho
ordinary expenditures, actual and estimated, are
s2s3 0lO,OO0 making with the sinking fund
total expenditures S3i1 ,32l 1859; leaving an es-
timated surplus Of s4S,67s,ss301.
During the fiscal yearthe was applied to the
purchase Of bonds In addition to those for tho
sinking fund, 500, ,456,i7235 and during the frs
quarter Of the current year the sum Of s37, 1885,
e3171, all of which we're credited to the sinking
fund.
The revenues for the fiscal year ending june
90 1881, are estimated by the treasury depart
mcnt at s&i5,oJgoOo; and the expenditures for
the same period, including the sinking fund, at
S3il43O.471.70. This shows an estimated surplus
fer That year of Si3,56g,5 ,522 80, which Is more
ltely to be increased than reduced, when the
actual transactions are written up
IheeXistence Of SO large an actual and antici-
pated surplus should have the immediate atten-
/ ton of CONGRESS. with n Vipxy IN ha
ceipts OF the treasury to the needs Of the gov
eihncnt as closely as may be. The collection Of
moneys not needed for public uses imposes an
unnecessary burden upon our people, and the
presence Of so large surplus in the public vault
Is a disturbing element in the conduct OF private
business II has called into use expedlents
Tor putting it into circulation of very question.
able propriety. We should not collect revenue,
Tor the purpose Of anticipating our bonds, be-
yond the requirements OF the sinking fund: but
any unappropriated suyplus in the treasury
shonld be So used, as there Is no other lawful
way nt returning the money TO circulation, and
the profit realized by the governments
ailcra a substantial advantage. The loan
ing of public funds to tho banks with
out interest upon the security uf g0y-
crnment bonds I regard as an unauthorized
, and dangerous expedient II results IN a tenn
{ rorary and unnatural increase Of the banking
capital Of favored localities, and compels a eau
tious and gradual recall Of the deposits 90 avoid
INJURY 20 iuc commercial interests. IL r not "a
q BE- expected that BANKS having these deposits
" will sell their bonds to the treasury so long az
9 the present highly beneficial arrangement i,
I conducted They practically get interest
& hoth upon the bonds and their proceeds
a No further use should be made oi
q this rcthad Of getting the surpui
n Into circulation, and the deposits now outstaud
ie Ing shGald be gradually withdrawn and applied
II 10 Tho purchase Of bonds It is fortunate tina
n such a use can he made Of the existing sutplus
p nd for some time 20 come, Of any casual surpin
l. at may exit, after congress has taken th
i.ecs aIy steps fora reduction of the revenue
Il Such legislation should be promptly but yer
d con iderltely enacted
II lr.cnmmcnd a revision of nnr tarlff law bot
E in il administrative features and in the SEIZED
r, ueS The need Of the former is generally con
y etd,ii and an agreement upon the evils and in
id coaveii nccs 20 be romedicd and the hest meth
ois for their correction wiz probably not h
difficult. Uniformity Of valuation at all oil
OF rorts is essential, and effective measures shout
he be taken TO Secure it. 1t l. equally desirabl
q t'lat q.estnns affecting rttcs and Qualification
ID III iu'd be promptly decided.
10 Thu lrt pdrltun of a new schedule Of custom
he dutiis + matter II great delicacy because
a its dirtee ciIcct upon the business Of the cOui
n, try and of great difficulty ly reason Of the wit
nc divergence n q lnun as p the object that ma
r properly lie 1f1mot d y uch lcgl atlOn. Son
N d d'-turmnce ~ lu ne-s may, perhaps, resu
from Il, cen lrati oi this subject COT
N, ersas, lV. TIL, temporary eject viii be rcdue,
e. t,e -ur,,,es yhi,h 40 o,,,,
u ffy a.r,n,lv rnior, tb,t o,v ncccesss,
:. !. ch NC. Nj! &c 30 made n, MT 10 i,npair n
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e t. '''.4 IVA OF hs@hseri ~ upon tnhaH
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" c"a our eNehhe from cnston dlt
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