Thomas County cat., 1890-12-04
often presented, that l need only com
mend the subject to your attention.


June 1, 1890, were $463, 1863, ,0S0.s5, and
the total expenditures for the same Pc
riod were $356,61S, ,5S4.52.
The surplus for the year, including the
amount applied to the sinking fund, was
| S1O5. .344, ,496.O3. The receipts for 1890
| were $16.O3O, ,923 70, and the expenditures
| $15. 5.139,S71 in excess of those of 1889.
The custom receipts increased $685.
| S42SS, and the receipts for internal rev.
| enue $11, ,725, ,191. SO, while on the side OF
expenditures, that of pensions was $19.-
| 3l2,O15.96 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 S406 100000;
total expenditures 1854 100000, leaving a
surplus of S52,000,00O, not taking the
postal receipts into account on either
| side. The loss of revenue from customs
! for the last quarter is estimated at $2o.-
| 100000, but from this is deducted gain
of about Sl6,O00.000 realized during the
| first four months of the year.
For the year 1892 the total estimated
| receipts are S313, ,000, 600. and the estimat-
| ed expenditures 1887 ,S52, ,209.42, leaving
an estimated surplus of S15, ,14l ,6905S;
which, with a cash balance of S52.OO0,OoO
| ut the beginning of the year will give
| SCI, IA, ,190.5S as the sum available for the
redemption of outstanding bonds or other
| uses.
The estimates of receipts for the post
| office department being equal. are not IN
cluded in this statement on either side.
THE SILVER COINAGE ACT.
| The act "Directing the purchase of silver
| bullion and the issue of treasury notes
thereon approved June II, 1890, has
| been administered by the secretary of the
| treasury with an earnest purpose to get
! into circulation at the earliest possible
| date 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
contemplates. The recent depreciation
! in the price of silver has been observed
| with regret.
The rapid rise in price which anticipa-
| ted and 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
| necessary to determine the permanent ef-
| feet of the recent legislation upon silver
values, bu. it is gratifying TO know that
the increase secured by the act has.e
| erted and will continue to exert more
| beneficial influence upon business and
upon general values.
BI-METALIIsM.
While 1t has not been thought best to
renew formally the suggestion OF an In
ternational conference looking to an
| agreement touching the full use OF silver
| for coinage ut d uniform ratio, care has
| been taken to observe closely any change
| in the situation abroad and no favorable
opportunity will be lost to promot re-
| suit which it confidently believed you'd
| confer very large benefits upon the COM
| merce of the world.
| The recent monetary disturbances in
| England are not likely to suggest re-
examination of opinions upon this SUP
ject. -, .,
Our very large supply OF gold will. II
not depleted by impuisive legislation in
the supposed interest of silver, will give
us portion of advantage in promoting
a permanent and safe international agree
ment for the free use of silver as coin
metal.
INCREASING CIRCULATION.
| The efforts of the secretary to increase
| the volume of money in circulation by
keeping down the treasury surp.ns to
the lowest practicable limit have been
unremitting and in a very high degree
| successful.
Tables presented by him showing the
increase of money in circulation during
the last two decades and especially the
| table showing the increase during the
| nineteen months he has administered
! the affairs of the department are inter-
| esting and instructive.
The increase of money in circulation
during the nineteen months has been IN
the asgrega $93, 3,S66,S13 or about 81 %
per capita, and of this increase only ST.
| 100. coo was due to the recent silver legs
| lation.
| That this substantial and needle aid
gi, en- to commerce resu ted in an enoo-
nous reduction of the public debt and
of the annual interest charge is matter OF
increased satisfaction.
There has been purchased and re-
deemed since March 4, 1899, and AZ
per cent bonds to the amount OF SILL
852, ,45O at a cost of S246, 6,G20, TAI, resulting
| in the reduction of the annual interest
charge of $S,967 900 and total saving OF
interest of 1876 700.
notice with great pleasure the state
ment of the secretary that the receipts
from internal revenue have increased
during the last fiscal year nearly $12, ,OOO,-
600 and that the cost of collecting this
larger revenue was less by $50, ,6lI than
for the same purpose in the preceding
year.
The percentage of cost Of collecting the
customs revenue. was less for the las:
fiscal year than ever before.
CUSTOMS ADMINISTRATION.
The customs administration board pro-
vided for by the act of June 10, 1890, was
selected with great care. and composed IN
Part of men whose previous experience
in the administration of the old customs
regulations had made them familiar With
the evils to be remedied. and In part OF
men whose legal and judicial acquire
ments and experience seemed to mt them
for the work of Interpreting and apply ing
the new statute.
The chief aim of the law is to secure
honest valuations of all dutiable mer-
chandise and to make these valuations
uniform at all ports of entry.
1t had been manifest by congress
sional investigation that system of un-
dervaluation has been long in use by
certain classes of importers, resulting not