Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1889-12-14
The Treasurer's Report.

Va Nv VI n IL tcaN
ton of prosperity prevails. The harvests
of the last summer were exceptionally
abundant, and the trade conditions now
prevailing seem 10 promise a successful
season to the merchant and manufacturer
and general employment to our working
people. The report of the secretary of the
treasury for the fiscal year ending June 80,
1885, has been prepared and will be pre-.
sented 10 Congress. 1t presents with clear
ness the fiscal operations Of government,
and | avail myself to obtain some facts foI
use here. The aggregate receipts from all
sources for the year were 1881 90, 0oS.S ST
derived as pillows From customs, S223,
S32, 74l. 6S; from internal revenue, Sl3o,S Sl,
5i3.92; from miscellaneous sources, 49,,
1886, 500. %.
The ordinary expenditures for the same
period were S2Si 1896, CISCO, and the total
expenditures, including the sinking fund,
were 1922, $40, 929.25 The excess of receipts
over expenditures was, after providing foI
the sinking fund, Sj1,470, 1889. For the
current fiscal year the total revenues, ac-
tuaf and estimated, are 1885,, 0OO, 600, and
the ordinary expenditures, actual and es'
timated, are $293, 000, 900, making, with the
sinking fund, a total expenditure of SAL,
81, ll6.99; leaving an estimated surplus
of $43,G1s, SS3.9l.
During the fiscal year there was applied
to the purchase of bonds, in addition 10
those for the sinking fund, 500, 456, 112. 35,
and during the first quarter of the current
year the sum of S37 ,S3S, g37. -, all of which
was credited to the sinking fund. The rev
enues for the fiscal year ending June 80,
1891, are estimated by the treasury depart.
ment at 1885, 000, 900, and the expenditures
for the same period, including the sinking
fund, s34l, 430,455.70. This shows an esti.
mated surplus for that year OF
$43, 500, 522.3O, which is more likely to
be increased than reduced when the
actual transactions are written up.
REDUCE TIE SURPLUS.
The existence of so large an actual and
anticipated surplus should have the inn
mediate 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 i'm poses an unneces-
sary burden upon our people, and the
presence of SO large a surplus in the public
vaults is "a disturbing element in the con
duct of private business. 1t has called
into use expedients for putting it into cir
culation of very questionable propriety.
We should not collect revenue for the pur-
pose of anticipating our bonds beyond the
requirements of the sinking fund. ANY
appropriated surplus In the treasury
should be so utilized, as there is no other
lawful way of returning the money to cir
culation, and the profit realized by the
government offers substantial advantages.
THE NATIONAL BANKS.
Thu ~loaning Of public funds to the banks
without interest upon the security of gov
ernmen bonds | regard as an unauthorized
and dangerous e~xpedient. 1t results in a
aud unnatural increase Of the
banking capital of favored localities and
compels a cautious and gradual recall of
the deposits TO avoid injury to the CONNER
cial interests. 1t is not to be expected that
the blanks having these deposits will sell
their bonds TO the treasury so long as the
present highly beneficial arrangement is
continued. They now practically get inter-
est both upon the bonds and their proceeds.
No further use should be made of this
method of getting the surplus into circula-
ton, and the deposits now outstanding
should be gradually Withdrawn and APP
piled to the purchase of bonds. IL is for
tunate that such a use can be made of the
existing surplus and for some time TO come
of any casual surplus that mayoexist after
has X the necessary steps for
a reduction of the revenue. Such legisla.
ton should be promptly, but very consid-
eratelr enacted.
REVISION OF THE TARIFF.
I recommend a revision of our tariff law,
both in its administrative features and in
the scedules. The need of the former IL
generally conceded and an agreement upon
the evils and inconveniences : &c 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
secure 1t. II is equally desirable that ques-
lions affecting rates and classification
should be promptly decided
The preparation of q new schedule of
customs duties is a matter of great deli
cacy because of its effect upon the business
of the country. OF greatdifficulty because
the reason of the wide divergence of opin-
as to the objeats that may be promoted
by such legislation. Some disturbance of
business may perhaps result from consid-
GRAFTON of ths subject by congress, but
to a minimum by prompt action
and the assurance which the coun-
try enjoys that any necessary
changes will be SO made as not to impair
the just and reasonable protectien of our
home industries. The inequalities of the
law should be adjusted, but the protective
principles should be maintained and fairly
to the products of our farms as
well az a shops. These duties neces-
sariiy have . relation to othar things be-
sides the public revenues We cannot
their effects by fixing our eyes on the
public treasury alone. They nave a direct
relation to home production, to wages, and
to the commercial independence of our
md the wise and patriotic legisla-
tor should enlarge the fieid of his vision to
include all of these.
The necessary reduction In our public
revenues can, ! am sure, be made wfthou,
making the smaller burden more onerous
than the larger by reason of the disabilities
and limitations which the process Of re-
duction puts upon both capital and labor.
The free list can very safely be extended
by placing thereon articles that do not offer
injurious competition TO u domestic
products rs orr home labor can supply.
The removal of internal tag upon tobacco
would relieve an Important agricultural
product from burden which was imposed
simply because our revenue duties was in
sufficient for the public needs. A safe
provision against fraud can be
devisedy by the removal of the tar on
spirits used by artists and In manufacture
ing. IL would -lso offer an unobiectionable
method Of reducing the surplus.
MONEY! IN CIRCULATION.
A table presented by the secretary OF
the treasury, showing the amount Of money
Of oil kinds In circulation each q from
1878 to tho present time IL Of Interest
It appears that the moun OF national
bank notes In circulation has decreased
during that period 3ll4, 100, 720, Of which
ga, rs 229 10 chsrgesble 70 tho last year.
The withdrawal o. the bsnk circulation