, 1890-12-04
The Finances.


The revenues of the government from
all sources for the fiscal year ending
June 30, 1890. were Si63 963, 0So. 55, and
the total expenditures for the same
period were $685. 6lS, 5Sl52. The postal
receipts have not heretofore been in
clud ed in the statement of these aggre-
gates, and for the purpose of com parIson
the sum of $50, $50, ,Os7.92 should be de.
Quoted from both sides of the account.
The surplus for the year, including
the amount applied to the sinking fund,
was $l05, 3ii 49603,
The receipts for 1890 were 6o36, $40,
and the expenditures Sl5, 739, S7l in ex-
cess OF those of 1859. The customs re-
ceipts increased S. S35, Sass and the
receipts of internal revenue S1l, 725, l0l,-
So while on the side of expenditures
that for pensions was $40, 3l2, 075,03 in
excess OF the preceding year.
The treasury statement for the cur
rent fiscal year partly actual and partly
estimated, is as follows: Receipts from
all sources, $4o6, 900, 600; total expendi-
tures, 1854 o00, 900, leaving surplus of
S252, O)O, 900, not taking the postal re-
ccilts into account on either side. The
loss OF revenue from customs for the
last quarter was S25 900, 600. but from
this should he deducted gain of about
SIG, 900, 600, realized during the first four
months of the year.
For the year of 1892 the local estimated
receipts are 1887, GOO, 900, and the es-
timated expenditures 1878, s52, 200 ~,
leaving an estimated surplus of Sl5, 49,
100. 5S which, with a cash balance of
$52, 900 600 Mt the beginning of the year.
will give S67, li7, 7oo.5S rs the sum avail
able lor the redemption of outstanding
bonds or tor other uses. The estimates
of receipts and expenditures for the post
Office 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,
has been administered by the secretary
OF the treasury with an earnest purpose
to get into circulation at the earliest
possible dates the full monthly amount
OF treasury notes contemplated by its
provisions, and ut the same time to
give TO tho market for silver bullion
such support as the law contemplates.
The recent depreciation in tho price of
silver has been observed with regret.
The rapid rise in price which was an
tiCipated and followed the passage OF
the act was influenced in some degree
by speculation, and the reaction is part
OF lllt TtSull ol tllt StIllt Cuust, anu part
of the recent monetary disturbances;
but it is gratifying to know that the in
creased circulation secured by this act
has eNerted, und will continue to exert,
II most beneficial influence upon busi-
ness and upon general value.
While 1t has not been thought best to
renew formally the suggestion OF an
intern ational conference looking to an
agreement touching the full use of
silver for coinage at n uniform ratio,
care has been taken to observe closely
any change in the situation abroad, and
no favorable opportunity will be lost to
promote II result which il is confidently
believed would confer large benefits
upon the commerce of the world.
The recent monetary disturbances in
England are not unlikely to suggest re-
examination of opinions upon this sub
ject. Our very large supply of gold will,
If not lost by unwise legislation in the
supposed interest of silver, give us q po-
sition of advantage In promoting a safe
intern ational agreement for the free use
oi silver as a coin metal.
The efforts of the secretary to increase
the volume OF money In circulation by
keeping down the treasury surplus to
tho lowest practicable limit have been
unrem itting and in n very high degree
successful, Tho tables presented by
him. showing the increase OF the money
in circulation during tho last two 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 instruct !
i've. The increase of money in circula-
tion curing the nineteen months has |
been in the aggregate $03 $50, ,sls, or
above Sl,5O per capita. and OF this In
crease, only 81, 100 600 was due TO the re- |
cent silver legislation. That this sub |
stan,ial and needed aid gwen to coiu-
resulted pnnrnlDns raHnriinn !
of the public debt, and of the annual |
interest charge is q matter of increased |
satisfaction. Thero have been purchased |
and redeemed since March 4, 1850, 4 and |
Az per cent. bonds to the amount of |
$2ll S32, 400 at a cost of S240 $40 741 re- |