The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1890-12-12

Tor the reason that the form of submission
proposed is not thought to be calcu.
lated to assure a conclusion satisfactory tc
either party. 1t is sincerely hoped that be.
fore the opening of another sealing season
will assure to the United States a property
right, derived from Russia, which was not
dlsregarded by any nation for more thar
eighty years preceding the outbreak of the
existing troubles.
HAWAII AND THE M'KINLEY BILL.
In the Tariu act wrong was done to the
Kingdom of Hawaii which am bound to pre-
sumo was wholly unintentonal. Duties were
levied on certain commodities which are in
cluded In the reciprocity treaty now existing
between the United States and the Kingdom
OF Hawaii without indicating the necessary
exception in favor of that Kingdom. l hopI
Congress will repair what might otherwis,
seem TO be breach OF faith on the part o.
this Government.
TREATY RELATIONS WITH JAPAN.
The revision of our treaty relations with
the empire of Japan has continued TO be the
subject of consideration and of correspond
ence- The questions involved are bott
grave and delicate; and, while it will be my
duty to see that the interests of the United
States are not by any changes exposed tC
undue discrimination, / sincerely hope tha
such revision as will satisfy the Legitimate
expectations of the Japanese Government
and maintain the present and long existing
friendly relations between Japan and the
United states viii be effected.
MEXICAN AFFAIRS.
The friendship between our country and
Mexico, DOTn OF close nGlglbOrlOOu anC
strengthened by many considerations of in
innate intercourse and reciprocal interest
has never been more conspicuous than now
nor more hopeful of increased benefit to bOtl
nations. The intercourse of the two coun
tries by rail, already great, is making con
slant growth.
RELATIONS WITH SPAIN.
The cordial character of our relations with
Spain warrants the hope that by the contin
uance of methods of friendly negotiation
much may be accomplished in the direction
Of .
the increase of our trade. The extent anC
development of our trade with the island O
Cuba invest the commercial relations of thI
United states and Spain with a peculiar i'm
pOrtance. 1t is not doubted that a special ar
rangemcnt in regard to commerce, baSeC
upon the reciprocity provision of the recent
Tariff act, would operate most beneficially
for both governments. This subject is now
receiving attention.
JOHN ERICSSON.
The restoration of the remains of Joh1
Ericsson to Sweden affOIded q gratifying oc
casiOn to honor the memory of the great in
VentOr, to whose genius our country owes 81
nuch, and to bear witness to the unbrokeI
friendship which has existed between tn,
land which bore him and our own, which
claimed him US a citizen.
TIE vESEZUELAN CLAIMS.
On the I'd of September last the commission
appointed to revise the proceedings of the
Claims convention between the United States
and Venezuela of 1866 brought its labors to
close within the period fixed for that pur
sion were characterized by spirit of impair
tiality and a high sense of Justice, and an in
OF discussion between the two governments
has been disposed of in a manner alike hon
orable and satisfactory to both parties.
TIE CONSULAR SERVICE.
The legislation of the past few years ha:
evtnced on the part Of Congress growing
realization Of the Importance of the consular
service I'm fostering our commercial relations
abroad and in protecting the domestic rev
AE ha Of SIu
Increased provision must be made TO keep uI
the essential standard of efficiency The
vision ana Inspection has been so often pre-,
sented that need only commend the subject
to your attention.
FINANCIAL.
The revenues of the Government from al
sources for the fiscal year ending June 30
1890, were 1863, ,963 OSo.5j, and the total ex-
penditures for the same period were S35S 6ls,.
5S4.52. The postal receipts have not hereto
of these aggregates, and for the pur-
pose OF comparison the sum of $50. So. .0J7 92
should be deducted from both sides of the
account. The surplus for the year, includ-
ing the amount applied to the sinking fund
was Sl05,S4 ,497.O3 The receipts for 1890 were
SIS, ,O30 9Z3.79, and the expenditures Sl5,739,-
receipts increased s., ,s35, Sass, and the re-
ceipts from internal revenue SLIPS, ,19l. SO,
pensions was Sl9,sl2, ,O74.96 in excess of the
preceding year.
RECEIPTS AND EXPENDITURES.
The Treasury statement fer the current
fiscal year, partly actual and partly estimat-
ed, is as follows:
Receipts from all sourcese, s4O5. 900. 900; total
expenditures, 1854 900 600, leaving a surplus
of So, ,OOO, ,OO0-not taking the postal receipts
into account on either side. The loss of rev
cnue from customs for the last quarter is
estimated at S25,00O,O0O, but from this is de-
Quoted gain of about Sl6,0OO,O0O realized
during the first four months of the year.
For the year 1882 the total estimated re-
ceipts are 1878, 100000 and the estimated ex-
penditures SS57, ,S52, ,2O94 AZ, leaving an estimat-
ed surplus of SO, ,I47, ,790.5S, which, with a cash
balance of so, ,00O, 600 at the beginning of the
year, will give SG6, ,l47 79O.5S as the sum avail
able for the redemption of outstanding
bonds or other uses. The estimates of re-
ceipts and expenditures for the Post Oftiee
Department being equal are not included in
this statement on either side.
PURCHASE OF SILVER BULLION.
The act directing the purchase of silver
bullion and the issue of Treasury notes
thereon" approved June IA, 1880, has been
administered by the Secretary of the Treas
ury with an earnest purpose to get into cir
culation at the earliest possible dates the fHii
monthly amounts OF Treasury notes contem-
plated by its provisions, and at the same
time to give to the market for silver bullion
such support as the law contemplatcs. The
recent depreciation in the price of sill
yer has been observed with regret.
The rapid rise in price which antici-
pated pat and followed the passage OF the
lation, and the recent reaction is in part the
result of the same cause and in part of the
recent monetary disturbances. Some months
of further trial will be necessary to deter
mine the permanent effect OF the recent legis-
lation upon silver values. but it is gratifying
TO know that the increased circulation Sc
cured by the act has eXertcd and will continue
to exert a more beneficial influence upon
business and upon general values.
THE RECENT FINANCIAL FURRY.
The recent monetary disturbances in En-.
gland are not unlikely to suggest re exam
nation of opinions upon this subject. Our
impulsive legislation in the supposed Interest
of silver, give us a position of advantage in
promoting permanent and safe interna-
tional agreement for the free use of silver as
q coin metal.
CIRCULATION OF MONEY.
The efforts of the Secretary to increase the
down the treasury surplus to the lowest prac-
ticable limit have been unrcm hitting, and in a
very high degree successful. The tables pre-
scnted by him, showing the increase of
money in circulation during the past two de
cades, and especially the table showing the
Increase during the eighteen months ne has
administered the affairs of the department,
are interesting and instructive. The in
crease of money in circulation dur
ing the nineteen months has been IN
the aggregate S9S,S66,Sl3, or about Sl.50 per
capita, and of this increase only S7,IO0OOO
was doe 90 the recent silver legislation.
That tnis substantial and needed aid given
to commerce resulted in an enormous re-
duction OF the public debt and of the annual
interest charge is matter of increased salts
faction. There have been purchased and re
deemed since Masch 4, lSS9 and AZ per
cent. bonds 20 the amount Of S2Il ,SS2 .45O. at a
cost of S246,6 ,620,74l, resulting in the reduction
OF the annual interest charge of 1885, coo,
and total saving Of interest OF S5l ,576,706.
THE INTERNAL REVENUE.
notice with great pleasure the statement
of the Secretary that the receipts from in
ternal revenue have increased during the
last fiscal year nearly SI2, 100000, and that the
cost OF collecting this larger revenue was
less by S90.6lT than for the same purpose in
the preceding wear. The percentage of cost
OF collecting the customs revenue was less
for the last fiscal year than ever before.
THE WAR DEPARTMENT.
The report Of the Secretary OF War exhibits