The Hot Springs star. (Hot Spings [Hot Springs], Dakota [Dakota Territory, i.e. S.D.]) 1886-189?, 1889-12-13
CONDITION OF FINANCES.

congress. 1t presents with ciearness the
fiscal operations of the government, and
avail myself TO obtain or facts for use
here. The aggregate receipts from all
sources for the year were $685., O5O, O5S. 81.
derived as follows:
From internal revenue 80. lSO, SS1, 5l3 81
From miscellaneous sonrces.. = :a.,s5, SW,. ~
Tho ordinary expenditures for the same
period were S22sl. 9Nj. 6l:: GO and the total
expensaitures, INCLUDING the sinking fund,
were S3a2sa, 55I9 .929. ~. The excess of receints
over expenditures was. after providin, for
the sinking fund, &57,470, 1oI. 80. For the
current fiscal year the total revenues. ac.
tue! and estimated. are $685. ,O0O, 600, and the
ordinary expenditures. actual and estimated,
are S293, U0,ONO. making, with the sinking
fund, II total expenditure of $3ll, 321. ZIG 996,,
6Is, ss3:9 81. During the fiscal year there was
applied to the purchase of bonds, III addi
ton to those for the sinking fund, $50. 49,
liz. 81, and during the first quarter Of the
current. year the sum of $$;i77, s:S;S, 9g37. "a. all
OF OF which were credited TO tho sinking fund.
Juno 80, 1891, ire estimated by
the treasury department ut 1856, co.,.
same period. including the 'p sinki inc
fund at S341,4aO. ALTO. This shows an estie
mated surplus for that year Of S4s, $50. :
l O-sstOS NlbAC 10 lIlOIc lihCly 10 DC increased
than reduced when tile actual transactions
are written mp.
REDUCE TIE SURPLUS.
The existence Of SO large M actual and
anticipated surplus should have the imme-
dintc attention of congress, with Il view to
reducing the receipts of the treasury to the
needs of the government, us closely as MAJ
be. The collection of money not needed
Tor public uses imposes an unnecessary bur-
den upon our people, and the presence of SO
large a surplus in the public vaults is a dis
turbing element in the conduct of private
business. Il has calleainto Use expedients for
pulling 1t into circulation of very question
able propriety. We should no collect
revenue for the purpose of anticipating
our bonds beyond the requirements Of the
sinking fund, but any appropriated surplus
is no. other lawful why of returning the
money to circulation, and the profit realized
by the government offers a substantial adj.
vantage. The ldaning of public funds to
the banks, without interest, upon the Sc
curity of government bonds, 1 regard as an
results in q temporary and unnatural in-
crease OF the banking capital of favored To-
ca!ities. and compcls u cautious and grad.
nal recall OF the deposits to avoid injury to
the commercial interests. II is not % be
expected that the banks having these depos-
us Will sell Their bonds to the treasury 80
long as the present highly beneficial arrange
ment is continued. They now practically
proceeds. No further use should be made
Of this method CT getting the surplus into
circulation. and the deposits now outstand-
ing should be gradually withdrawn and ap-
piled to the purchase of bonds. 1t is forth.
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-
gress has taken the necessary sters for a re.
duction of tho revenue. Such legislation
should be promptly, INIT very considerably,
enacted.