Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1890-12-03

yl6,0S0, ,023.79, tndstke Expenditures us, ?3O;.
eTi Ia excess Ut those OF 1882. The custoins
receipts from internal revenues e11 ,725, 19t.-
80, whilo. on the side OF expenditures. that
for pensions was slo,312, ,075.9 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, f40a;00c,0os; total expenditures,
S354.Ooo,0 900; leaving . surplus Of S52. .000,4
600, not taking the postal receipts into the
account on either side. The loss of revenue
from customs for the first quarter Is esti-
mated at $25, 000. 900, but from this Is de-
Quoted q gain Of about $16.O00,0 900; realized
during the FIRST four t,,onths, OF the year,
For tile year 1890 the total estimated res
ceipts are $353,s00,0G0 and the estimated
expenditures 1857 .s53, ,2O9.42, leaving an
estimated surplus OF Sl5,147,s9O5s, which,
with q cash balance Of e52, ,000, 900 at the be-
ginning OF the yent; will give $6T, lat, 700. SO
as the sum available for the redemption df
outstanding bonds or other uses. The esti-
mates OF receipts and expenditures for the
postoffice department 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
thereon, approved July IA, 1890, had been
administered by the secretary OF the treas
ury with an earnest purpose to get into cir
culatlon at the earliest possible dates the
full monthly amounts Of treasury notes
contemplated by Its provisions, and at the
same time to give to the market for silver
bullion such support as the law contem-
plates. The recent depreciation In the
price Of silver has been observed with re-
grct. The rapid rise In pricc which an.
ticipnted aud followed the passage OF the
act was influenced In some degree by specu-
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 neces-
sary to determine the permanent effect Of
the recent legislation upon silver values,
but it Is gratifying to know that the In
creased circulation secured ty the act has
exerted and Will continue to exert u most
beneficial influence upon business and upon
general values. While 1t has not been
thought best TO renew formally the suggcs-
ton Of an international conference looking
to an agreement touching tho full use OF
silver for coinage at uniform ratio, care
has been taken to observe closely any
change In the situation abroad, and no
favorable opportunity will be lost to promote
a result which 1t is confidently
believed would confer very largo
benefits upon the commerce OF the world.
The recent monetary disturbances In Eng
land are not unlikely to suggest a re-cxam.
nation of opinions upon this subject. Our
very large supply Of gold will, II not lost by
tmpulsive legislation In tho supposed inter-
est of silver, give us a position OF al vantage
in promoting permanent and safe inter-
national agreement for the FREQ use OF sill
vcr as q coin metal. The efforts OF the scc-
retary TO Increase the volume Of money In
circulation by keeping down the treasury
surplus TO the lowest practicable limit have
been unrcmltting and In q very high degrce
successful. The tables presented by him,
showing the increase Of money in ctrcula-
t,on during the last two decades, and cspe-
cially the table showing the increase during
the nineteen months lie has administered
the affairs OF the department, are interest,"
ing and Instructive. The increase OF money
In circulation during the nineteen months
has been In tho aggregate $o3, see, ,s13, or
about 1.5o per capita, and of
this Increase only ST,100,000 was
due to tho recent silver legislation.
That this substantial and needed aid given
to commerce. resulted in an enormous re-
duction OF the public debt and OF the an
nual interest charge is matter Of increased
satisfaction. There have been purchased
aud redeemed since March 4, 1889. 4 and ~
per cent. bonds to The amount OF s2ll,s32,-
45O at a cost of Sa4G. .620.741, resulting In the
reduction Of the annual interest charge OF
Ss.967 900. and total saving OF interest OF
S5i.516,.06. ! notice with great pleasure
the statement OF the secretary that the re-
ceipts from internal revenue have In
creased during the last fiscal year nearly
$4,000, ,000, and thai the cost OF collecting
this larger revenue was less by s90,G17 than
for the same purpose in the preceding year.
The percentage OF cost OF collecting the
customs revenue was less for the last fiscal
year than ever before. The customs ad-
ministralion board provided for by the
act OF June TO, 1890. was selected with
great care and Is composed In part OF
men whose previous experience in the ad-
ministration OF the old customs regulations
had made them familiar with the OWLS to
be remedied. and in part OF men whose
legal and judicial requirements aud expert
cnce seemed to lit them for the work OF In
terpreting and applying the new statutes.
The chief aim OF the law Is TO secure honest
valuations OF all dutiable merchandise and
to make these valuations uniform at all
our ports of entry. II had been maze man
ifest by o congressional investigation that
a system OF undervaluation had long been
in use by certain classes OF importers, re-
sulting not only in a great loss Of revenue,
but In n most intolerable discrimination
against honesty. 1t is not seen how this
legislation. when 1t is understood, can be
regarded by tho citizens OF any country
having commercial relations with us us un-
friendly. II any duty is supposed to be en-
cessive, let the complaint be lodged there.
IL will surely not be claimed by any we'll
disposed people that remedy may be
sought and allowed In y system OF quasi