The times. [volume] (Richmond, Va.) 1890-1903, 1890-12-02

were characterized by, "A spirit OF iinpartlal-
ity ana high sense Of justice, and an incl
dent which was for many years the subject
of discussion between the two Governments.
has been disposed Of in manner alike bon
orable and satisfactory 10 both parties. For
the settlement Of the claim OF the Venezuela
steam TRANSFORMATION Company, which was
the subject Of a joint resolution adopted al
the last session Of Congress, negotiations
are still in progress, aud their early cOnclu-
sion is anticipated.
CONSULAR SERVICE.
The legislation Of the past few years has
eVinced on the part Of Congress growing
realization OF the importance Of the con-
sular service in fostering our commercial
relations abroad and in prOtec ing the do
nestle revenues. As the scope Of opera
tons expands increased provision must be
made 10 keep up the essential standard OF
efficiency. The necessity Of some adequate
measure Of supervision and inspection has
been so often presented that ] need only
commend the subject to your attention.
GENERAL REvENUs.
The revenues Of the Government from all
sources for the fiscal year ending June 30,
1890, were siG3, 9G30'O.j5 and the total ex-
penditures for the same period were sos
6lS, 5Sl52. The postal receipts have not
heretofore been included in the statement
Of these aggregates. ana for the purposes Of
comparison the sum Of $50. 50. OJI92
should be deducted from both sides Of the
account. The surplus for the year, inclu-
ding the amount applied To the sinking
fund. was $l05,344. 1860. The receipts for
1890 were 5000, 923.19. and the cxpendi-
ture 5, Sl5. 1881 in excess Of those OF lSSJ.
The customs receipts increased 81, S30, S42.Se,
and the receipts from internal revenue,
yl1 20 1871. 80. while on the side Of eXpendi-
lures, that for pensions was sl9,5l2, O1G.6 in
excess Of the preceding year.
TREASURY STATEMENT.
The Treasury statement for the current
fiscal year, partly actual and partly esti-
mated, is as follows: Receipts from all
sources, SlO6.WO,0OO; total expenditure,
1884, 900, O0J: leaving surplus fSj2, OOOWO,
not taking tho postal receipts into the ac-
count on either side. The loss Of revenue
from customs for the last quarter is estl-
mated at $4,000 900; but from this II
deducted gam Of about Sl6.OOOO0O real
lied during the first four months Of the year.
For the year 1892 the total estimatet re-
ceipts are 1913 900, and the estimated
EXPENDITURES 1851 .Sj2, 209.42 leaving an
estimated surplus OF Slj.l4I.l0O50. which,
with "a cash balance of So. 100000 ~ the be-
ginning Of the year. will give Sj1, ~, zoos as
the sum available for the redemption OF out
standing bonds or other uses. The esil-
mates OF receipts and expenditures for the
POstOGce Department. being equal. are not
included in this statement on either side.
The SILVER ACT.
The act directing the purchase Of silver
bullion and the Issue OF Treasury notes
thereon. approved july II, 1880, has been
admnist red by the Secretary OF the Treas
urv with an earnest purpose 10 get into cir
cniaiion al the earliest possible dates The
fun monthly amounts 81 II easury notes con
tcmpiated by it, provisions, and at the same
time 10 give 10 The market for silver bullion
-uch support as the law contemplate. The
recent depreciation in the price Of silver
h IS been observed with regret. The RAPID rise
10 price which anticipated and followed me
passage Of the act was Influenced IN some
degree By speculation, and the recent rcac-
ton is in part the result OF the same cause
and in part Of the recent monetary disturb
ances. some months of further trial VIII
be necessary to determine the permanent
effect Of the recent legislation upon silver
values. but il is gratifying to know that the
increased circulation secured 10y the act
has eXerted and will continue to
exert most beneficial influence mp
on business, and upon general values.
While il mas not been thought best TO le-
new formally the suggestion Of an Internal
tional conference looking to an ayr cment
touching the full use Of silver for coinage at
uniform ratio, care has been taken to Oh
serve cl sely any change in the situation
abroad, and no favorable opportunity viii
be lost TO promote a result which IL Is con
fdentlV believed would confer very 'arst
benefits upon the commerce Of the world.
The recent monetary disturbances in Eng
land are not unlikely 10 suggest re-eN-
animation Of opinions upon this snt9ect.
our very large supply OF gold VIII, II not
lost by impulsiye legislation in the sup
posed interest of silver give us a position OF
advantage in promoting permanent ana
safe international agreement for the free
use Of silver as metallic currency.
The efforts OF the Secretary to increase the
volume Of money in circulation by keeping
down the Treasury surplus to the lowest
pract cable limit have been unremltung and
IN a hieh degree successful. The tables
presented by him showing the increase OF
money in circulation during the last two
decades. and especially tue table showing
the increase during the nineteen months he
has administered the affairs OF the Depart
ment. are interesting and instructive.
INCREASE CIRCULATION.
The increase Of money in circulation dur
ing the nineteen months has been in The
aggregate 500. 3G6.Sl3, or about Sl.jO Der
CAPITA. and of this increase only $I,lOO,OOO
! va, due 10 the recent silver legislation.
| That this substantial and needed aid gwen
| 10 commerce resulted in an enormous reduc-
! ton Of the public debt, and OF The annual
/ interest charge, Is matter OF increased salts
! factiOl. There have b en- purchased ana
redeemed since March 4, 1883, aHd ~
] in tho 4utpnuf nf k1il NJ
! 1870, att cost Of s2fG62, Ol4.4l, resulting ~
the reduction Of the annual interest charge
# -. g6I .6U9. and total saving Of interest
Of sol 576,7O6.
notice with great pleasure the statement
Of the Secretary that the receipts from III
| tcrnal revenue have increased during The
| la.t fiscal wear nearly $l2 UOl.OlO, aud that
! the cost Of collecting this larger revenue
/ was less by S9D,Gll than for the same puf-
pose in the preceding year. The percent
| ayes Of the cost OF collecting the customs
| revenue was less for The fiscal year than
| yer before.
The Customs Administration Board, pro-
,ld,d for by ihe act Of June 10. 1899, wa
: locted with great care and Is composed IN
/ part Of men whose previous experience III
| tue administration Of the old customs
| I, eulatous had made them familiar
With the evils to be remedled
on part Of men whose LEGAL and judicial fe-
| quiicm, hts and eXperi' nee seemed TO Ut
! nem tcr the work Of interpreting and ap-
plylng lae new -tatute. The chief aim Of the
| aW Is to secure honest valuations Of All
,utiahle merchandise, and 10 make the
valuations uniform at all our ports ofeutry
| Il has been made manifest by Congress
! ,ional Investigation that system OF under
yauation has been long in use by certain
ciasses Of importers, resulting not only ~ "a
great loss of revenue, but IN a most intoler-
able discrimination against honesty. II
! is not seen how this legislation, when II 3
understood. can be regarded by the citizens
# any country having commercial ,slings
WITH Il. as unfriendly. Ii any duty l. sup
posed to he exc ssiye let the complaint be
! left there. 1t will surely not be claimed 10y
any well-disposod people that remedy
NAV be sought and allowed in = system Of
quasi smuggling.
REPORT OF SECRETARY OF WAR
The report Of the Secretary Of War exhib-
It's several gratifying results attained dur.
ING the year. BY wise and uGoslentali0ns
Z Of fff.stA fr4u