The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-12-03

the treasury at the beginning of the year, max
ing altogether S76S57 $3.50, was used in the
redemption and purchase of the debt.
FISCAL YEAR 1891.
For the present fiscal year the revenues are
estimated as follows:
Customs, sss, 100000
Internol revenue, 145.O00000
Miscellaneous, 40,000,00O
Total estimated revenues, S4O5,OO0,O00
The expenditures for the same period are
estimated as follows:
Civil establishment sIO5,OOO.OOO
Military establishment, 100000
Naval establishment, 23,000,000
Indian service, $1,000
Pensions. 133, 100000
district Of Columbia, 5,SOo'OOO
Interest on the public debt, 32,0O0,0O0
Deficiency In postol revenues, 4,5OO,0OO
Total estimated expenditures, 354,O0O,0O0
Leaving an estimated surplus for
the year Of So, 1900
The revenues from the postal service are esti-
mated at S66. 6.000.0 900.
If to the estimated surplus there be added
the cash in the treasury at the beginning of the
year and the national bank fund deposited in
the treasury under the act of July IA, 1890,
the total available assets for the year. exclusive
OF fractional silver and minor coin, will be
$l62, 100000. There has been paid out dur
purchase of bonds for the sinking fund and in
other redemptions of the debt, including pre-
MUM, about 800, ,0000 900. 1t is estimated
that the redemptions of ~ per cent bonds
during the remaining eight mounts of the year
will be 10000, 900, making total outlay for
bonds purchased during the year, including
premium, of $1l0, ,000, 900, leaving net bal
ance on June 80, 1891. of $50, 900, 900 avail
able during the next fiscal year.
The estimate of revenue to be derived from
customs during the present fiscal year is based
upon the assumption that there will be prob
able loss from articles placed on the free list,
including sugar, during the last quarter Of the
year amounting TO twenty five million but as
there has been an increase OF sixteen million in
the duties collected during the first four months
of the year, the estimated net loss for the year
is placed at nine million dollars.
FISCAL YEAR 1892.
1t is estimated that the revenues Of the gov
ernment for the fiscal year 1892 will be $780,
100000; expenditures, exclusive of sinking
fund, $357,S522O9; surplus, $i5,l47,790.
Which, added to the available balance at the
beginning of the year (S52, 900, ,0O0), will make
a total of $67, 147, ,790.58 available for the re-
demption Of the per cent bonds falling due
September l, 1891, of which it is estimated
there will remain outstanding on July l, 1891,
$5l, ,53l, 900, the amount outstanding Novem-
Der %, 1890, being $6l, 1881. 900. OF the bonds
to be so retired S49,224,92s will be applied to
the sinking fund.
The revenue and expenditures Of the postal
service for the fiscal year 1892 are estimated at
S73,955. .03l.98.
In estimating the revenue for the next fiscal
year the loss from articles transferred to the
free list is placed at fifty million, but as the
increasing demands Of the people must swell
the volume Of imports in other commodities,
and the enforcement of the customs laws under
the operations Of the administrative act Of
June 10, 1890, by the prevention Of under
valuations and the closer collection Of duties,
will materially increase the revenue il is esti-
mated that an additional collection OF not less
than eighteen million will be obtained under
these coalitions. Upon this basis the net loss
of revenue for the year is put down at thirty
two million dollars.
PENSIONS.
The estimate of Sl35,263 Os5, made by the
interior department, for the year 1892, is based
upon the fact that over 250,000 of the claim
ants for pensions under old laws have availed
themselves of the right TO present their claims
under the act of June 27, 1890. Claims
presented under the new law will
draw a less monthly rate, aud carry
dIItdfdSes lOt Oul1 ohN AOA ehoA
amounts, while under the old laws many Of
them carry very large arrearages, and many Of
which will have been paid during the fiscal
year 1891. The transfer of claims from the
old to the new law will therefore very largely
reduce the average annual value OF pensions,
and reduction in the amount OF arrearages
alone is estimated at $4,000, 900 for the year
1892. For these reasons il is estimated that
the amount above named for 1892, will be
sufficient TO meet the aggregate requirements
for that year.
1t is deemed advisable and opportune at this
time to recommend change in the periods of
paying pensions. At present the law re-
quires that payments to pensioners shall be
made quarterly on the fourth day Of March,
June, September, and December in each year,
which necessarily involves the accumulation of
large sums in the treasury, amounting to from
thirty to thirty five millions of dollars for
each quarterly payment This unnecessary
Withholding of money from circulation may be
obviated by making twelve monthly payments
instead of four quarterly payments, as now
required. Upon consultation with the secre-
tary OF the interior il is suggested that the law
be changed so as TO divide the eighteen PEN
sion agencies into three groups, as follows:
The pension agencies at Columbus, Ohio,
Washington, d. g., Boston, Mass, Detroit.
Mich, Augusta, Me-, and San Francisco, CAL,
to make their payments quarterly on the
fourth day OF March, June, September and
December; the pension agencies at 1ndianapo-
lis, Ind, Des Moines, Iowa, Buffalo, N. "
Milwaukee, Wis, Louisville, KY, and Pitts
burgh, Pa, 10 make their payments quarterly
upon the fourth day Of April, July, October.
and January; and the pension sgene.ss ..1.-1 -
ICOyrnuKD ON FoUrTM FACE