New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-05

Consois Of iSes $50 90
Funded loan OF 1881 ;....;;..... 200 90
1.os s1n Of 1882 1896 go 90
notes ..................... 1855 90
F F%nds loan Of Of 49, ipaa5 &C
Premium on funded loan Of 1907 ....... 1854 5S5 ~
Total 500 o7o 4e7 IS
As compared with s1o322o4e4 II at the close of
the scs yeaf y s sccned IN me iress
Of 1880 S71 4s4042 80. II to this balance there
be sddd the a s TRR sn Gr hs current E fiscal
of bonds TO June 80 1890, viii he S163.4s4 O42 30.
Ponds and other OBLIGATIONS Of the United states have
$50 465 465 40. leaving the available cash or hand
November /, 1880. Si3.335.7G2 40.
PENSIONS
Tie amount estimated for pensions for the year
1890 was S7G.31o 400. and the estimates for Same
PURPOSE herewith submitted. for the year 1891
sos 5s7 252. showing apparent Increase OF S22.-
pa $50. These figures, however do not even ap-
proXmae repcie the setG1 So t COL Se
year 1850 wholly inadequate to meet the demands
for NE pensions for that year was ssi758 100 70 this
va added deficiency Appropriation by last tohtIess
neceSsari drawn from the appropriations for the
current year. to pay pensions due In The hscai year
es9 ou for %nicn saHomI Which was
actually required for pensions for the hsca year ehueu
~
The amount appropriated for pensions for me cur.
rent year was the same last ssl,73s7oo; but
there Is estimated deficiency Of no.
from this the 81 900 900 drawn out as above sstc 70
the esi yss S vii he
and estimated for pensions will therefore STAND a.
follows - -. .-o. =,
Expended for the wear ended June 80 1889 Sso IL
Appropriated and estimated for year end a. 20 200 M
I'D" c So ycT ending June &c. $3.50 90
A COMPARISON Of the expenditures OF 1870 with thos7
of 1859 will show that during The last Ten fears INV
Increase of pensions has not differed very Wdoy from
the decrease on interest on the public DEBT; 1890
Pensions in 1879 o. G5i7 %9 II
i ntS on public debt 4s4 %
No patriotlc American has ever complained OF the
vast amounts Of interest paid 10 the men VINO lospel
their money TO preserve the mtcs! vi tu ma roner
reco~,i,ior Of the claims of men VINO in the nations
hour Of extreme peril sacrificed their lives and health
to IT,
Under the requirements of tho act Of February 70
1860 Revised statutes secs 1855 1850. establishing
sinking fund for the gradual eXtinguishmen OF the
public debt estimated for the current fiscal year al
s4s321116 90 there have been redeemed during lho
months of July august; sep,eI and bonds of the
United states which had ceased 10 bear Interest,
ST. i6 $50 of the funded loan Of 1901 and s27 Co.,
coo of the funded loan Of 1907, at cost to the fnnd
Sse 20 on the latter The requ,rements Of the
fund for the fiscal year 1890 have rhus been prac-
the foregoing statements tat psa sD the 1Ds
30 1850 amounted TO 1887 $500 "a 1890
The increase over the fiscal year 1888 was 8, ,753-
984 Os The increase for 1883 over the fiscal year
The total amount received from customs. the last
fsc al year. ~ 3d. showing an increase
over the year 1885 Of ~ "A ,J6S % ana Deng he
largest amount received I'm any one year from ina
The total not receipts from internal revenue for
The fiscal wear ls49 a. shown by the books Of the
Treasury were SIO sol 5l3 o. being an Increase over
There was a decrease OF S3.163 1863 "a from the
sales of public lands, and of S37o,o60 As from mSco
The total receipts for the last fiscal year have been
exceeded hut six times I'm the history OF the Govern
ment The ordinary expenditures OF the fsca year
ended June 30 1890 exclusive Of premiums on bonds
were also greater than in any other wear except dur
Ing the war period and the yeaS %hcn pore IL, c9 CO..
the fiscal year 1888 The expenditure f0r tnc iast
quarter Of the fiscal year $50 were S19o6o6 "A less
than for the last quarter % the fiscal year looo.
PURCHASE OF BONDS
During the twelve months ended October 81. 1889.
thcre were purchased under the circular Of April II.
1855 United States bonds to the amount of S9923391O
OF those $50 .279 400 obtained prior to Ma'ch 4.
1889 and S66454,55O after that date.
Notwithstanding the diminished supply OF bonds for
sale in The r,arkes the Government has been able
obtain at constantly decreasing prices suhclcnt
amount II bonds to meet the requirements OF the slnk
Ing fund for the current fiscal yea" ana carry our me
provisions Of law respecting the inv estmcnt of the sur
plu, revenue While il was necessary 10 pay los Tor
II per cent bonds OF ls9l purchased March D. lSs9'
cepted October 81 at 1O5 "a, the net premium being
40. docIrase I'm actual premium OF nearly 3 Eer
cent During the same period, from April u 10 DC
duced from 100 to 127. and The net premium from
81 03 to 26GG reduction In actual premium OF over
IA per cent.
SURPLUS REVENUE.
"A appears from the foregoing estimates, that after
dug provision Shall have been made for meeting uiH
ordinary expenses OF the Government, including the
requirements of the sinking fund, there viii remain
under the operation OF existing laws d" ahu"' ip"
Of rcvcn of abOin S44.OOo.Ooo. -,
An accumulation Of money n the Treasury beyG o
the necessities of the Government encangtfs hTi!
mate business. tends to excessive and wasteui pUN
expenditure and 10 encourage extravaganza III pN"'o
affairs - !, .t.os.
In the presence of such conditions. Is manifest
duty TO wisely guard against future heeuiess &c
emulation with its fruitful Train OF e'ns'
MEANS OF REDUCTION
II a portion Of the surplus revenue can be used
to enlarge our foreign markets. and thereby advance
our commercial and productive interests IL Is the
mart OF wisdom 10 so apply it, The Strengthening OF
our coast deences, and the building up OF our Navy
subjects OF National concern offer fuIthe opportunity
for wise expenditures that would return INC "''"oS
But after making provision for such expenditures
as may be proper and reasonable Tor the'e Pulos1s'
a large annual surplus VIII SUN n"i'i" "'' '"'
operation of existing laws. ,.,..o ,,,,on,
deduction of the bearing debt OF the Iovern-
H.
sorted TO for returning part Of This surplus 10 the
channels Of trade and Is the only means now oPsn 10
the secretary 0 the Treasury for tho use O uS
10 require from him his measure of responsibility ana
discretion Is of doubtful wisdom. 1870.
possible successful appeal 10 this dlscrel" u ,Ps
individuals 10 rash business undertakings, IN me bcci
that tie money IN the Treasury will be USED 10 a.sr,
hteateaed disaster. In the absence OIL sucn I1
in the Secretary. possible of this money would
cease TO enter into the calculations OF the ous'noS'
world.
IL is manifesty wrong TO take money from the PEG PEG
pie Tor The cancellation Of bonds 10 the SAVING Vi pN
sbo per cent of interest. when II II worth W ,oiu
perhaps thfee Tines much in their buslhcss. II
ialhcr through reduction of customs receipls am
InleInal ia3es mat an unnecessary GcnH"ia'io" Vi
money IN uhe Treasury should be avodel.
TOBACCO TAN
There was received during the fiscal year. nom All
sources OF internal revenue the sum Of Sl7o'o'i'-
434 20. This, IT is estimated would DO incrased
IInlnr cNIsllug ln The CuLloML