Los Angeles herald., 1890-12-02

mestic revenues. As the scope OF it's op-
eratlons expand, increased provision
must be made to keep up the essential
standard of efficiency. The necessity of
some adequate measure of supervision
and inspection has been so often pre-
sented that 1 need only commend the
subject to your attention.
The Nations Finances.
The revenues of the government from
all sources for the fiscal year ending
June 80, 1890, were $483, 1868, ,0SO.55, and
the total expenditure for the same
period were $358, 8,6l8, ,5S4.52. The postal
receipts have not heretofore been in
cluded in the statement of these aggre-
gates, and for the purpose of compari-
son, the sum of $50, ,SS2, ,097 .92 should
be deducted from both sides of the ac-
count The surplus for the year, includ-
ing The amount applied to the sinking
fund, was $105, ,344 ,496.03. The receipts
for 1890 were Sic, ,030, ,923.79, and the ex-
pendltures, S157 ,399.71, in excess OF
those of 1889. The customs receipts
from internal revenue were $11, 1885,
1879, while on the side of expenditures,
that for pensions was $19,312, ,075 96, in
excess of the preceding year.
AHC OlCdSuiy StJJculcub
rent fiscal year, partly actual and partly
estimated, is as follows: Receipts from
all sources, $406, 100000; total expendi-
lures, $354 900, 900; leaving surplus of
$52, 100000, not taking the postal re-
ceipts into account on either side.
The loss of revenue from customs for
from this must be deducted a gain of
q hQut e1R 000 nm rao1i1aI Al
first four months of the year.
For the year 1890 the local estimated
receipts are 1878 200, 900, and the esti-
mated expenditures 1897 1852, ,2O9. AZ,
leaving an estimated surplus of $l5, AZ :
790.5S, which with a cash balance of
$52 900, 900 at the beginning of the year,
will give $67. .147 ,79O.5S as the sum avail
able for the redemption of outstanding
bonds or other uses.
{ The estimates OF receipts and expendi-
lures for the postofHce department, being
equal, are notincluded in this statement
on either side.
Silver Legislation.
The act directing the purchasing Of
silver bullion and the issue OF treasury
notes thereon, approved July IA, 1890,
has been administered by the secretary
of the treasury, with an earnest purpose
to get into circulation at the earliest pos
sible dates the full monthly amount 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 was anticipated, and which fol-
lowed the passage of the act, was inf1u-
enced in some degree by speculation,
and the reaction is part of the result OF
the same cause, and part of the recent
monetary. disturbances.
fone months of further trial will be
necessary to determine the permanent
effect of the recent legislation on silver
values, but it is gratifying to know that
the increased circulation secured by the
act has exerted and will continue to ex-
ert most beneficial influence upon bus
mess and upon general values.
While it has been thought best to re-
new formally the suggestion OF an inter-
national conference looking to an agree
ment touching the 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 result which it is confidently
believed would confer very large benefits
on the very large commerce of the world.
The recent monetary disturbances in
England are not unlikely to suggest
re-examination of the opinions upon
this subject. Our very large sup
ply of gold will, if not lost
by impulsive legislation in the sup
posed interest of silver, give us a posi-
tion of advantage in promoting per-
manent and safe international agree
ment for the free use of silver as a coin
metal.
Increased Volume Of Money.
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 unremit-
ting and in very high degree success
full. The tables presented by him, show
ing the increase of money in circulation
during the last three decades, and
especially the table showing the in
crease during the nineteen months he
has administered the affairs of the de-
partment, are interesting and instruc-
tive. The increase of money in circula-
ton during the nineteen months has
been in the aggregate $93, $780, ,S14, or
about $3.50 per capita, and of this in
crease only 81, 100000 was due to the
recent silver legislation. That this SUBJ
stantial and needed aid given to COM
merce has resulted in an enormous re-
duction of the public debt and of the
annual interest charge, is a matter of
increased satisfaction.
There have been purchased and re-
deemed since March 4, 1889, and Az
per cent bonds to the amount of $2ll,-
1872, ,450, at cost OF $246, ,620, ,741, result
ing in the reduction of the annual in
terest charge of $8,967 500, and total
saving of interest of $551 ,606.
Internal Revenue,
notice with great pleasure the state
ment of the secretary that the receipts
from internal revenue have increased
during the last fiscal year nearly $l27,-
900 900, and that the cost of collecting
this large revenue was less by SOC, ,617
than for the same purpose in the pre-
ceding year.
The percentage OF the cost of collect
ing the customs revenue was less for the
last fiscal year than ever before.
Customs Administration.
The customs administration board
provided by the act of June 10, 1890,