The times. (Owosso, Mich.) 1882-1897, 1889-12-06
THE SITUATION AT HOME.
A Few Figures Culied From the Treasury
Report.

Report.
Within our borders u general condition of
prosperity prevails. Tho harvests of the last
summer were exceptionally abundant, and
the trade conditions now prevailing seem TO
promise asuccessful season 10 the merchant
and the manufacturer, and general employ
M mt of our working people.
The report of the secretary of the treasury
Tor the fiscal year ending June -, 1855, has
been prepared and will be presented to con-
gress. IL presents with clearness the fiscal
opei atoms of government, and avail myself
of it TO obtain some facts for use here. The
aggregate receipts from al sources for the
year were 1897 ,05 ',05S.S4. Derived as follows:
From customs, 81 agi2, al .6S. From internal
revenue, Sl30,ssl 5l3.92. From miscellaneous
How the Money Was Spent.
The ordinary expenditures for the same
period were S2Sl ,9s6,bl560 and the total ex-
penndlittdprres including the sinking fund were
SdS9,bl9,129.2o. The excess of receipts over eX-
penditures was after providing for the sinking
fund S5!,470, l29.59.
Estimated Revenues.
For the current fiscal year. the total reve:
the ordinary expenditures, actual and esti-
mated are S293, 1000 making, with the sink
ing fund, total expenditure of SAL 81 1863,
leaving an estimated surplus of Sf3,61S, SS3.0l.
The Purchase of Bonds.
During the fiscal year there was applied to
the purchase of bonds in addition to those for
fund sinking 1904 l72.35 and during the first
937. all of which were credited to the sinking
fund. The revenues for the fiscal year ending
June 30, 1891 are estimated by the treasury de-
partment at S3S5, 10000, and the expenditures
for the same period including the sinking fund
at S3il ,43O, 47.70. This shows an estimated sur
plus for that year of S43,569 ,522.O which is
more likely to be increased than reduced when
the actual transactions are written up.
Calls Attention to the Surplus.
The existence of so large an actual and anti
cipated surplus should have the immediate at
tention of congress with view to reducing the
receipts Of the treasury to the needs of the
OF moneys not needed for public uses imposes
an unnecessary burden upon our people, and
the presence of so large a surplus in the public
vaults is disturbing element in the conduct
OF private business. 1t has called into use ex-
pedients 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
1und, but any unappropriated surplus in the
treasury should be so used, as there Is no other
lawful way OF returning the money to circula-
ton and the profit realized by the government
offers substantial advantage.
Looming Funds to the Banks.
The loaning of public funds to the banks
without interest upon the security of govern
ment bonds, l regard as an unauthorized and
dangerous eXpedient. 1t results in n temporary
and unnatural increase of the banking capital
of favored localities and compels cautious
and gradual recall of the deposits to avoid
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 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.