New Ulm weekly review. [volume] (New Ulm, Minn.) 1878-1892, 1889-12-11
THE SURPLUS.
Measures Should Be Taken to Prevent !
an Increase

Measures Should BE Taken to Prevent
an Increase.
Within our own borders a general condition of
prosperity prevails. The harvests of the last
summer were exceptionally abundant and the
rade conditions now prev ailiiig seem to prom
Use a successful season to the merchant and the
manufacturer and general employment to our
working people. The report of the secretary OF
the treasury for the fiscal year ending June 80,
1889, has been prepared and will be presented
to congress. 1t presents with clearness the
n nssail operations Of government and I
f ayall i'm myself l of Of it to obtain some
from all sources for the year were 1887, ESQ.,
05S: 81, derived as follows: From customs,
S225 ,832, 74l.6S; from internal revenue, $780,
SSI,5l3.92; from miscellaneous sources, Sc, 1885,
SO3.2o The ordinary expenditures for the
same period were 1921 ,996, 615.6O and the to-
tal eSpen a EHn INCLUDING the sinking fund
over expenditures was, after providing for the
sinking fund, S57,479, 129.5e. For the current
fiscal year the total revenues, actual and esti-
mated, are 1885,, 900, 900 and the ordinary ex-
pendltures, actual and estimated are $685.
100000, making with the sinking
fund, a total expenditure Of S341 1921, 1863.
leaving an estimated surplus ofS43 ,678, 1888 o1.
during the fiscal year there was applied to the
purchase OF bonds, in addition to those for the
sinking sink fund, $50 ,456,17235. and during the
hrst quarter OF the current year the sum of
$37, S3S, 937.77, all OF which were credited to
the sinking fund. The revenues for the fiscal
year CHUNG y ulle SO lSS L, are estimated by the
treasury department. at 1855. 100000 and the
expenditures for the same period, including the
sinking fund, at $341, 100, Alto. This shows
an estimated surplus for that year OF S43, $685.
$50, which is more likely to be increased
IMAM reduced when the actual transactions
are written up. The existence of large
ACTUAL AND ANTICIPATED SURPLUS
should have the immediate attention of con-
gress with a view to reducing the receipts OF the
treasury to the needs OF the government as
closely as may be. The collection Of moneys
not needed for public uses imposes an unneces-
sary burden upon our people, and the presence
81 SO large a surplus in the public vaults is a
disturbing element in the conduct of private
putting it into circulation ofvery questionable
propriety. We should not collect revenue for
Inc purpose OF anticipating our bonds
snfe fund.- but ang Of tss
surplus in the treasury should be settled as
there is no other lawful way of returning the
money to circulation and the profit realized by
the government offers substantial advantage.
The loaning OF public funds to the banks with
out interest upon the security OF government
bonds regard as authorized and dangerous
expedlent. 1t results in a temporary and unnat-
ural increase OF the banking capital of favored
recall OF the deposit to avoid injury to the COM
mercial interests. 1t snot to be expected that the
banks having these deposits will sell their bonds
TO the treasury so long as the present highly
practically get interest both upon the bonds
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 a use can be made OF the existing surplus,
and for some time to come of any, casual sur
plus that may exist after congress has taken
the necessary steps for reduction OF the rev
enue Such legislation should be promptly but
very considerably enacted.