Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1889-12-11

ton of prosperity prevails. The harvests of
the last summer were exceptionally abun-
dant, and the trade conditions now prevail
ing seem to promise successful season to
the merchant and the manufacturer. and
genera! employment to our working people.
CONDITION OF FINANCES.
The report of the secretary of the treas
nry for the fiscal year ending June 80, 1889,
has been prepared and will be presented to
congress. 1t presents with cearness the
fiscal operations of the government, and
avail myself to obtain some facts for use
here. The aggregate receipts from all
sources for the year were S3s7, 050 05S "a,
derived as follows:
from internal revenue. e........ l3o,SSl. .5l3.92
From miscellaneous sources. g.. .3335, S03. %
The ordinary expenditures for the same
period were S2S1. 996, 615 co and the total
expenditures. including the sinking fund,
were S329, ,579. .9229.25. The excess of receipts
over expenditures was, after providing for
the sinking fund, S57.47O, 129. 50. For the
current fiscal year the total revenues, ac-
tual and estimated, are $685., ,000, 600 and the
ordinary expenditures, actual and estimated,
are S233, oO0.000, making, with the sinking
fund, total expenditure of S341. 32l. 1lG. 80,
and leaving an estimated surplus of $43,-
1888 81. During the fiscal year there was
tion to those for the sinking fund, $50. 456,-
172. 35, and during the first quarter of the
current year the sum of s37 ,83s. .937.77, all
of which were credited to the sinking fund.
The revenues for the fiscal year. ending
June 30, 1891, are estimated by
the the treasury eas ID department at ssss, coo,
same period, including the sinking
fund at S34l .43o, Alto. This shows an esti-
mated surplus for that year of $43, $50, :
$3.50, which is more likely to be increased
than reduced when the actual transactions
are written up.
REDUCE THE SURPLUS.
The existence Of so large an actual and
anticipated surplus should have the imme-
date attention of congress. with a view to
reducing the receipts of the treasury to the
needs of the government, as closely as may
be. The collection of money not needed
for public uses imposes an unnecessary bur-
den upon our people, and the presence of so
large a surplus in the public vaults is dis
turbing element in the conduct of private
business. 1t has called into use expedients for
pulling it into circulation of very question
able propriety. We should not collect
revenue for the purpose of anticipating
our bonds beyond the requirements of the
ainking fund, but any appropriated surplus
in the treasury should be SO applied. as there
is no. other lawful way of returning the
money to circulation, and the profit realized
by the government offers substantial ad-
vantage. The loaning of public funds to
the banks, without interest, upon the Sc
curity of government bonds. regard as an
unauthorized and dangerous expedlent. It
results in temporary and unnatural in-
crease of the banking capital of favored To-
caiities. and compeis a cautious and grad
ual recall of the deposits to avoid injury to
the commercial interests. 1t ~ not to be
expected that the banks having these depos-
its 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 tho bonds and their
proceeds. No further use should be made
of this method Of getting the surplus into
circulation, and the deposits now outstand-
ing should be gradually withdrawn and ap.
Piled to the purchase Of bonds. It is fortu-
nate that such a use can be made Of the ex-
isting surplus and for some time TO come Of
any casual surplus that may exist after con-
greas has taken the necessary steps for re-
duction Of the revenue. Such legislation
should be promptly. hut very considerably,
enacted.