Brookings County sentinel. (Brookings, Dakota [S.D.]) 1882-1890, 1889-12-06


way the adjustment of all questions
that might present obstacles to the COM
pletion of work of such transcendent
importance to the commerce of this
country, and indeed to the commercial
interests of the world.
REGARDING THE SURPLUS.
The report Of the secretary of the
treasury for the fiscal year ending June
30, 1889, has been prepared and will be
presented to congress. 1t presents with
clearness the fiscal operations of the
government and avail myself of it to
obtain some facts for use here. The ag-
gregate receipts from all sources for the
year were 1887 ,050, ,05S.s4. The ordinary
expenditures for the same period were
$2S1 1896, $3.50, and the total expendi-
lures, including the sinking fund, were
$329, ,579, ,929.25. The excess of receipts
over expenditures was, after providing
for the sinking fund, S57 ,470, 1859.
For the current fiscal year the total
revenues, actual and estimated, are
$685., zoo, 900 and the ordinary expendi-
lures, actual and estimated, are S295, ,000,-
600, making with the sinking fund a total
penditure of $341 ,321 1859, leaving an
estimated surplus of S43, ,67S, ,SS3.01. Du-
ring the fiscal year there was applied to
the purchase of bonds in addition to
those for the sinking fund SOC. .456, 1925
and during the first quarter of the cur
rent year the sum of S37 1888 .037.17. all
of which were credited to the sinking
fund. The surplus for the fiscal year
ending June 80, 1891, is estimated by the
treasury department at 1863, ,522. 30,
which is more likely to be increased than
reduced when the actual transactions are
written up. The existence of so large
an actual and anticipated surplus should
have the immediate attention of congress
with a view to reducing the receipts of
the treasury to the needs of the govern
ment as closely as may be. The cOllec-
tion 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 dis
turbing element in the conduct of pri-
vate 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 re-
quirements of the sinking fund, but any
unappropriated surplus i'll the treasury
should be settled, as there is
no other lawful way of retain
ing the money in circulation, and
the profit realized by the government Of
fers substantial advantage. The loaning
of public funds to the banks, without in
terest, upon the security of government
bonds, l regard as an unauthorized and
dangerous expedient. 1t results in a
temporary and unnatural increase of the
banking capital of favored localities, and
compels a cautious and gradual recall of
the deposits to avoid injury to CONNER
cial 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 prscti-
cally 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 de-
posits now outstanding should be grad
ually withdrawn and applied to the pur-
chase of bonds. Legislation for the rev.
enue should be promptly but very con-
siderately enacted.
THE TARIFF.
/ recommend revision of our tariff
law, both in. its administrative features
and in the schedule. The preparation of
a new schedule of customs duties is
matter of great delicacy because of its
effect upon the business of this country;
of great difficulty by reason of the wide
divergence of opinion as to the objects
that may be promoted by such legisla-
ton. Some disturbance OF business may
perhaps result from consideration of this
subject by congress, but this temporary
i'll effect will be reduced TO minimum
by prompt action and assurance which
the country enjoys that any necessary
changes will be SO made as not to I'M
pair the just and reasonable protection
of our home industries. The inequalities
of the law should be adjusted, but the
protective principle should be main
tanned and fairly applied to the products
of our farms as well as our shops. These
duties necessarily have relation to other
things besides the public revenues. We
cannot limit their effects by fixing our
eyes on the public treasury alone. They
have a direct relation to home produc-
ton, to work, to wages and to the COM
mercial independence of our country ,and
the wise and patriotic legislator should
enlarge the field of his vision to include
all of these. ..
The free list can very safely extended
by placing thereon articles that do not
ohSi thJui iotlo SollpetitlOH 10 SUCH GO
nestic products as our home la
Dor can supply. The removal of
the internal revenue tax from tobacco
would relieve an important agricultural
product from burden which was inn
posed 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
manufactures would also offer an unob-
jectionable method of reducing the sur
plus. -.
INCREASE IN CIRCULATION.
The total amount of money of all kinds
in circulation on March I, 1878, was
SS05, 793, ,s07, while on Oct. /, 1887, the
total was 81, ,405, ,0lS.000 There was an
increase of $293, All ,552 in gold coin, of
S57 ,554, 100 in standard silver dollars, of
S72, ,311 ,249 in gold certificates, Of $780,
6l9,7 ,7l5 in silver certificates and of $14,-
073, ,7S7 in United States notes, making
total of S713,976,4 ,403. There was, dur
ing the same period, decrease of S114,-
100. .729 in bank circulation and of $642,-
4S1 in subsidiary silver. The net increase
was $500, ,294, 1893.
= SILVER COINAGE.
The total coinage If silver dollars was