Evening star. [volume] (Washington, D.C.) 1854-1972, 1889-12-03

ing fund. s57, 47O, l29. So.
For the current fiscal year the total revenues,
actual and estimated, are 1856, 600 600, and the
ordinary expenditures, actual and estimated,
are S293, DOC, 0O0 making, with the sinking fund,
a total expenditure of s341, 321, 80, leaving
an estimated surplus OF s43, 678, ss3.0l.
| THE PURCHASE OF BONDS.
During the fiscal year there was applied to
the purchase of bonds. in addition to those for
the sinking fund, CSC, 456, l72.35, and during
| the first quarter of the current year the sum
of S37, 1885,, 937.77, all OF which were credited to
the sinking fund. The revenues for the fiscal
year ending June go 1891, are estimated by the
Treasury Department at 1856, 600, 600. and the
| expenditures for the same period, including
| the sinking fund, at S34l, 430, ALTO. This
| shows estimated surplus for that year of
! S43, 500 $40 80, which is more likely to be in
creased than reduced when the actual transac-
| tions are written up.
REDUCING THE SURPLUS.
The existence Of SO large an actual and anti
| cipated surplus should have the immediate at
tention of Congress- with a view to reducing
the receipts of the Treasury to the needs of the
| Government as closely may be. The collec-
| ton of moneys not needed for public uses i'm
poses an unnecessary burden upon our people,
and the presence Of SO large a surplus in the
! public vaults Is a disturbing element in the
conduct OF private business. 1t has called into
use expedients for putting it into circulation Of
! very questionable propriety. We should not
collect revenue for the purpose of anticipating
our bonds, beyond the requirements Of the
sinking fund, but any unappropriated surplus
in the Treasury should be so used. as there is
no other lawful way OF returning the money to
circulation, and the profit realized by the Gov
eminent offers substantial advantage.
DANGEROUS ExPEDIENT.
The loaning of public funds TO the banks
without interest, upon the security OF Govern
ment bonds. / regard as an unauthorized and
dangerous expedient. 1t results in a tenn
porary and unnatural increase of the banking
capital OF favored localities, and compels a
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 bonds and their pro-
ceeds 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 pur-
chase OF bonds. 1t is fortunate that such q 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 neces-
sary steps for production of the revenue. Such
legislation should be promptly, but very con-
slderately, enacted.
REVISION OF THE TARIFF.
recommend revision of our tariff law,
both in its administrative features and In the
schedules. The need of the former is gener-
ally conceded and an agreement upon the evils
and Inconvenience to be remedied and the
best methods for their correction will probably
not be difficult. Uniformity of valuation at all
our ports Is essential, and effective measures
should be taken to sec=re it. 1t is equally de-
sirabe that questions affecting rates and CLASH
ncatlons should be promptly decided
The preparation of a new schedule of Gus
toms duties Is matter of great delicacy be-
the country, and of great difficulty by reason
OF the wide divergence of opinion as to the
objects that may properly be promoted by such
Legislation. Some disturbance of business may
perhaps result from the consideration of this
subject by Congress, but this temporary ill
effect viii be reduced to the minimum by
prompt action and by the assurance which the
country already enjoys that any necessary
changes be so made as not to impair the Just
and reasonable protection of our home in
dustrles. The inequalities of the law should
be adjusted, but the protective principle should
be maintained and fairly applied to the pro-
ducts OF our farms well as of our shops
These duties necessarily have relation to other
things besides the public revenues. We can
not limit their effects by fixing our ewes on the
lation to home production, to work, to wages
and to the commercial independence of our
country, and the wise and patriotic legislator
should enlarge the field of his vision to include
all of these.
EXTENDING THE FREE LIST.
The necessary reduction in our public reve-
nues can, / am sure, be made without making
the smaller burden more onerous than the
larger by reason of the disabilities and limita-
lions 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 In urIous competition to such
domestic products as our home labor
can supply. The removal of the internal
tax upon tobacco would relieve an i'm
Portant agricultural product from bur-
den which was imposed only because our
revenue from customs duties was insufficient
for the public needs. If safe provision against
fraud can be devised the removal OF the tax
upon spirits used In the arts and in manufac-
lures would also offer an unobjectionable
method of reducing the surplus
MONEY IN CIRCULATION
A table presented by the Secretary of the
Treasury, showing the amount of money of all
kinds in circulation each yea- from 1878 to the
present time, is Of interest. 1t appears that
the amount of national bank notes in circula-
ton has decreased during that period STA
l09, 729, OF which S37, 1929 is chargeable to
the last year. The withdrawal of bank circula-
ton will necessarily continue under existing
the suggestions made by the Comptroller of
the Currency, viz. that the minimum deposit
of bonds for the establishment of banks be re-
duced, and that all issue of notes to the par
value of the bonds be allowed, would help to
maintain the bank circulation But. while this
withdrawal Of bank notes 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
circulation on March /, 1878, was 1905. 793. SO7.
while on October l, 1889, the total was 81 ,4O5.-
Olo,OOO. There was an increase of 1898 AIT $50
in gold coin. of S57, 554, 100 in standard silver
dollars, of S72, 81, 249 in gold certificates. of
S2I66l9,7l5 In silver certificates, and of sl4-
1871 In United States notes. making a total
OF S7l3, 976, 4O3. There during the same
period decrease of STA 1O9729 in bank cir
culation, and of S642, 4S1 in subsidiary silver
The net increase was S599, 224, 1913. The circu-
lation per capita has increased about five dol
lars during the time covered by the table re-
ferred to.
THE COINAGE.
The total coinage of silver dollars was, on No
vember l. 1889, sS4S, 63S, 0O1, of which s2s3 $780,
52l were in the Treasury vaults and $50, O9S, 4SO
were in circulation OF the amount in the
vaults, S277, 319, 944 were represented by out
standing silver certificates, leaving S62l9577
not in circulation and not represented by GER
tificates.
The law requiring the purchase, by the
Treasury, of two million dollars worth of silver
bullion each month, to be coined into silver
dollars OF four hundred and twelve and one