The Charlotte Democrat., 1890-12-05
PRESIDENTS MESSAGE.
WASHINGTON, Dec. /, 1890.
To the Senate and House of Representatives.

/
partments which will be laid before Con
gress in the usual course will exhibit in
detail the operations of the Government
for the last fiscal year. Only the more
important incidents and results and chief.
ly such as may be the foundation of the
recommendations l shall submit will be
referred to in this annual message. The
vast and increasing business of the Govern
ment has been transacted by the several
departments during the year with faith.
funess, energy, and success. The
revenues, amounting to above $3.50, ,000,-
900, have been collected and disbursed
without revealing, so far as can ascer-
tain, single case of defalcation or EN-
bezzlement. An earnest effort has been
| made to stimulate sense of responsibility
and public duty in all officers and en-
| ployees of every grade, and the work
done by them has almost wholly escaped
unfavorable criticism. l speak of these
matters with freedom because the credit
| of this good work is not mine, but is
shared by the heads OF the several de-
partments with the great body Of faithful
officers and employees who serve under
them. The closest scrutiny of Congress
is invited to all the methods of admins
tration and to every item of Expenditure.
The friendly relations of our country
with the nations of Europe. and Of the
East have been undisturbed, while the
ties of good will and common interest
| that bind US to the States of the western
| hemisphere have been notably strength
ened by the conference held in this capital
to consider measures for the general
welfare.
The revenues of the Government from
| all sources for the fiscal year ending June
! 80, 1890, were $463, 1863, ,O8O.55 and the
total expenditures for the same period
were S358,618,584 The postal re-
ceipts have not been included in the state
ment of these aggregates, and for the
purpose OF comparison the sum of $780,
882 ,O9772 should be deudcted from both
sides of the account. The surplus for the
year, including the amount applied to
the sinking fund, was $lO5 ,344, ,496 .03.
The receipts for 1890 we're SIC, ,030, ,923.79,
and the expenditures 15,739,871 in ex
cess of those of 1889. The customs
receipts increased s., ,835, ,842.98, and the
receipts from internal revenue $11,725,-
1879, while on the side of expenditures
shat for pensions was $19,312, ,O75.96 in
excess of the preceding year.
The Treasury statement for the current
fiscal year, partly actual and partly esti-
mated, is as follows: Receipts from all
sources, $4O6, ,0OO,O 900; total expenditures,
1854, ,OOO,O 900, leaving a surplus of $52,-
600, 900, not taking the postal receipts into
the account on either side.
The loss of revenue from custom for
the last quarter is estimated at $25, ,00O,.
600, but from this is deducted gain of
about SIG, 900, 900 realized during the first
four months of the year
For the year 1892 the total estimated
receipts are 1913, 900, 900 and the esti-
mated expenditures 1857 ,852, ,209.42, leav-
ing an estimated surplus Of $15, 147 ,790 SO
which, with a cash balance of $52 900, 900
at the beginning Of the year, will give
$67, III, ,790.58 as the sum available for
the redemption of outstanding bonds or
other uses. The estimates ofreceipts and
expenditures for the Post Office Depart
ment being equal are not included in this
statement on either side.
The act directing the purchase of silver
bullion and the issue Of Treasury notes
thereupon, approved July ID, 1890, has
been administered by the Secretary of
the Treasury with an earnest purpose to
get into circulation at the earliest posi-
Bile dates the full monthly amounts of
Treasury notes contemplated by its pro-
visions, and at the same time to give to
the market for silver bullion such support
as the law contemplates. The recent
depreciation in the price of silver has
been observed with regret. The rapid
rise in price which anticipated and
followed the passage of the act was in
fuenced in some degree by speculation,
and the recent reaction is in part the
result of the same cause and part of the
recent monetary disturbances. Some
months Of further trial will be necessary
to determine the permanent effect of the
recent legislation upon silver values, but
it is gratifying to know that the increased
circulation secured by the act has exert
ed and will continue to exert a most
beneficial influence upon business and
upon general values. While it has not
been thought best to renew formally the
suggestion of an international conference
looking to an agreement touching the
full use of silver for coinage at a uniform
ratio, care has been taken to observe
closely any change in the situation abroad
and no favorable opportunity will be lost
to promote result which, it is con
fidently believed, would confer very
large benefits upon the commerce of the
world.
The recent monetary disturbance in
England are not unlikely to suggest re,
examination OF opinions upon this SUBJ
ject. Our very large supply of gold will,
if not lost by impulsive legislation in the
supposed interest of silver, give us posi-
tion of advantage in promoting a
permanent and safe international agree
ment for the tree use of silver as a coin
| metal t
The efforts Of the Secretary to increase
the volume of money in circulation by
keeping down the Treasury surplus to
the lowest practicable limit have been
| unremitting and in a high degree sue
cessful. The tables presented by him
| showing the increase of money in circu-
lation during the last two decades and
especially the table showing the increase
during the nineteen months he has ad-
ministered the affairs of the department
are interesting and instructive. The in-
crease of money in circulation during the
nineteen months has been in the aggre-
gate s93,866,s13, or about $3.50 per
capita, and of this increase only 81 ,10O,