The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1889-12-04

ing fund, $57,470.129 For the current
fiscal year the total revenues, actual and est-
mated are 1886, 900, and the ordinary ex-
penditures, actual and estimated, are S293,
100000, making with the sinking fund a total
expenditure of $34l,32l, 1869. Leaving an
estimated surplus of 43.678, ,8S9.0l. During
the fiscal year there was applied to
the purchase of bonds, in addition
to those for the sinking fund.-
800 ,456, ,l7235, and during the first quarter of
the current year the sum OF $37, 1886, ,937.77, all
of which were credited to the sinking fund.
The revenues for the fiscal year ending June
1891 are estimated by the treasury department
at 1886. ZOO, 900 and the expenditures for the
same period, including the sinking fund.
S341, ,430.477.70 This shows an estimated
surplus for that year of $43, ,569, ,522.30 which
is more likely to be increased than reduced
when the actual transactions are written up.
The existence of so large an actual and anti
cipated surplus should have the immediate at
tention of Congress, with view to reducing
the receipts of the treasury, as to the needs
of the government, as close as may be. The
collection of money not needed for public uses
imposes unnecessary burdens upon our people
and the preservation of so large surplus in
the public vaults is disturbing element in the
conduct of private business 1t has called in
to use experiments for putting it into circula-
tion aof very questionable proprety. We
should not collect revenue for the
purpose of anticipating our bonds. beyond the
requirements of the sinking fund, but any un-
| appropriated surplus in the treasury should be
| SO used as there is no other lawful way Of re-
| turning the money to circulation and the profit
realized BY the government offers substantial
advantage.
The loaning of public funds to the banks
without interest upon the security of govern
| ment bonds regard as an unauthorized and
dangerous experiment. 1t results in a tenn
porary and unnatural increase of the banking
| capital of favored 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 arrange
ment is continued. They now practically get
interest both upon the bond and their proceeds.
No further use should be made of this method
| of getting the surplus into circulation and the
deposits now outstanding should be 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 surplus that may exist
after Congress has taken the necessary steps
| for reduction of the revenue. Such legisla-
| ton should be promptly but very considerably
| enacted.
| REvIsIo N OF THE TARIFF.
recommend a revision of our tariff laws,
| both in administrative features and In the
| schedules.
The need of the former is generally con-
eeded and agreement upon the evils and incon-
veniences TO be remedied and the best methods
| for their correction will probably not be Off
| cult. Uniformity of valuation at all our ports
is essential. and effective measures should be
taken to secure it. 1t is equally desirable that
| questions affecting rates and classifcations
should be promptly decided.
The preparation of new schedule of GUS
| toms duties is matter Of great delicacy, be-
| cause of its direct effect upon the business of
| the country, and of great difficulty by reason
| of the wide divergence of opinion as to the
objects that may be properly be promoted by
such legislation. Such disturbance of bust.
ness may perhaps result from the consdera-
ton of this subject by Congress, but this tenn
| porary i'll effect will be reduced to the mini
mum by prompt action and by the assurance
which the country already enjoys that any
| necessary changes will be so made as not to
| impair the just and reasonable protection of
| our home industries.
| The inequalities of the law should be ad-
justed but the protective principle should be
| maintained and fairly applied to the products
| of our farms as well as of our shops.
| These duties necessarily have relation to
| other things besides the public revenues. We
cannot limit their effects by forcing our eyes on
the public treasury alone. They have a
direct relation TO home production, to work, to
| wages and to commerce, and the wise and pat
riotic legislator should enlarge the field of his
vision TO include all these.
The necessary reduction in our public
| revenues can, / am sure, be made without
making the smaller burden more onerous than
the larger by reason of the disabilities and
limitations which the process of reduction puts
upon both capital and labor. The free list can
very safely be extended by placing thereon
articles that do not offer injurious competition
to such domestic products as our own home
labor can supply
The removal of the internal tax upon tobacco
would relieve an important agricultural pro-
duct from burden which was imposed only
because our revenue from customs duties was
insufficient, for public needs. The removal of
the tax upon spirits used in the arts and in
manufacturing would also offer an unobiection-
able method of reducing the surplus.
A table represented by the secretary of the
treasury showing the amount of money of all
kinds in circulation each year. from 1878 to
the present time is of interest. 1t appears that
the amount of national bank notes in cireula-
| ton has decreased during that period Sll4,-
109,7 ,729, of which $37, 7,799,229 is cbargeable to
| the last year. The withdrawal of bank circu-
| lation will necessarily continue under existing
conditions. 1t is probable that the adoption
of suggestions made by the comptroller of the
currency. viz: that the minimum deposit of
| bonds for the establishment of banks be re-
i dueed and that an issue of notes to the par
value of the bonds be allowed, would help to
maintain the bank circulation.
| GOLD AND SILVER.
| While this withdrawal of bonds has been
| going on there has been large increase in the
| amount of gold and silver coin in circulation,
and in the issues of gold and silver certificates
| The total amount of money of all kinds in circu
lation on March l, 1878. was 1906. 793. .S07 while
on Oct. l, 1889 the total was Sl,4O5. OILS, 900.
| There was an increase of $293,4l7,552 in gold
coin, of $57. .554 100 in standard silver dollars,
| of S72,3ll,249 in gold certificates of $780,
/ 6l9,715 in silver certificates and of
| $l4,073.7S7 in United States notes, making
total of $7l3,976.403. There was during the
| same period a decrease of $ll4, l09,729 in
bank circulation and of $642,48l in sub
sidiary silver. The net increase was $599. .224,-
1893. The circulation per capita has increased
about five dollars during the time covered by
/ the total referred to-. The total coinage of
| silver dollars was on Nov. 1889, $343, ,62S, DOL
| of which $2S3 3.539, ,52l were in the treasury
vaults and $60.90S. 4SS were in circulation.
| OF the amount in the vaults $z77, 7,3l9,944 were
represented by out standing silver certificates
leaving $6,2l9.577 not in circulation and not
represented by certificates.
| The law requiring the purchase by the treas
ury of two million dollars worth of silver
bullion each month TO be coined into silver dol
lars of four hundred and twelve and one half
grains has been observed by the department,
but neither the present secretary nor any Of
his predecessors has deemed it safe TO exercise
I the discretion given by law to increase the
| monthly purchases to four million dollars.
When the law was enacted (Feb 2s, 1879
the price of silver in the market was
$l.207-l0. $l.20 4-l0 per ounce, making
the bullion value of the dollar 90
cents. Since that time the price has fallen as
low as 81 to 92 cents per ounce, reducing the
bullion value of the dollar to 70.6 cents.
Within the last few months the market price
has somewhat advanced. On the first day of
November last the bullion value of the silver
dollar was 70 cents. The evil anticipations
which have accompanied the coinage and use