Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1890-12-03


So, 7,e40, ,931.37, AS compared with the
year 1889, the Increase in receipts
amounted to SIG, ,O3O. 993.79, and the in
crease in expenditures to SIS, 1885, s7l.
In addition TO SlS,09i, ,5Gi.6G applied
to the sinking fund during the fiscal
year 1900, the net surplus for the year,
viz, S57, ,249, ,931.37, together with $3.50
received for 4 per cent. bonds issued for
interest accrued on refunding certiii
Gates converted during the year, and
l9.6Ol ,s77.53 taken from the cash bal
ance in the Treasury at the beginning
of the year, making altogether SIC, $751;
G7s. 90, was used in the redemp tion and
purchase of the debt.
For the fiscal year of 1891 the Secre-
tary estimates the revenues at S40G, ,000,-
600, and the expenditures at 1854 i,000,-
600, leaving an es mated surplus Of
So. .OOO. 900. In his table he has esti-
mated his customs receipts for 1891 at
sol. .OOO, 900, as ag9inst S229, ,66S, 5Si 81
for the wear covered by his report. In
1892 he estimates that the revenues will
not exceed S373, 900, and that in
round numbers 1857 900, 900 will pay the
bills. exclusive Of tie sinking fund.
In closing the general balance sheet
account. with which he starts his re-
port, the Secretary says:
.In estimating the revenue for the next
fiscal year the loss from articles transferred
to the free list is placed at $50 ,OO0, ,0Oc, 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, 1880, by the
prevention of undervaluatlons and the
closer collection Of duties will materially
increase the revenuc, ii is estimated that
an additional collection of not less than
SIS, 100000 will be obtained under these
conditions. On this basis the net revenue
for the wear is put down at SO, ,000,OO0
The report then takes up the subject
of pensions, in which he says:
.sThe estimate of St35, ,263, ,0sj made by tho
interior Department for the year 1892 is
hnsed upon the fact that over 80, 900 of the
claimants under the Old laws have availed
themselves of the right TO present their
claims under the act of June %, $780,
A number OF recommendations
are made concerning the pension
subject. which. If carried out, would
much facilitate the work of disburse-
mcnts throughout he pension agencies
of the country. Considerable space is
devoted to surplus revenues, which the
report saws was largely increased last
summer, by pending changes in tariff
legislation.
.,The available balance in the Treasury"
saws the report, "was also greatly aug
mented by the act of July Il, 1890, which
ansferred over s54, ,0O0, 900 from the bank
note redemption fund TO the available cash.
This sudden and abnormal increase was
the cause Of much concern and some EN-
barrassment TO the Department.
1To prevent an undue accumulation of
money in the Treasury, and consequent
commercial stringency, only two methods
we're omen to the Secretary, namely, TO de-
nosit the public money in national banks,
psto continue the purchase of United States
bonds ON such terms as they could be OBJ.
,ained The former method was deemed
rn,vise and inexpedient and the policy of
hond nnrchase was continued. On account
of The rapidly-d supply of the
United States bonds on the market, and of
the fact that the sudden and great increase
IN the surplus compelled the immediate
purchase of large quantities, it became very
difficult to obtain them in sufficient
amounts and at fair prices.
The report then sums up in detail
the purchases of bonds during this un-
usual period, all of which has been pre-
viously published. The amount OF pub
lie money set free within 75 days by
these disbursements was about $40, ,000,-
0OO making net gain to the circula-
tion of the country Of about S45, 900, 900.
In speaking of the responsibilities Of
the surplus, Secretary Window makes
this observation:
"There are many grave objections to the
accumulation of u large surplus in the
Treasury. and especially to the power
which the control of such surplus gives to
the Secretary. am sure those objections
appeal to no one with so much force as to
the head of the Department, upon whom
rests the difficult and delicate responsible
itv of its administration
"In nv Judgment, the gravest defect in
our present financial system is its lack Of
elasticity. The national banking system
supplied this defect to some extent by the
authority which the banks have to increase
their circulation in times OF stringency,
and to reduce when money becomes redund-
ant: but by reason of the high price OF
bonds. this authority has ceased to be of
much practical value"
The Secretary disputes the charge
often made that the Treasury controls
the finances of the country, concluding
his argument as follows:
.sThe more recent financial stringency in
November Immediately after the disburse-
mont of over 500 100000 for the purchase
and redemption of bonds within the preced-
ing four months, furnishes another forcl-
hIe illustration that such strlngencies are
due 10 to other causes than Treasury opera
tons"
The report of the Commissioner OF In
ternal Revenue, accompanying the re-
mort. shows that the total cost OF col
lection for the year ending June 80 was
=. Oo5. no. so, which is a reduction in
cost of the same work for the preceding
year of S90,6l7.s5. The total produc-
ton OF distilled spirits for the
wear vas 111,10l,739 gallons, an
increase of about 100000 gal
Ions. The beer produced amounted
to 27.56l.944 barrels. and tabulated
statement shows how much oil the total
each particular liquid netted the gov
ernment. From cigarettes, cigars,
snuff and tobacco the government re-
ceiyed revenue of S33, ,95S, ,99l.O6. The
total estimated reduction in the receipts
from cigars. tobacco, ETC., for the fiscal
wear of '91 is So, sos, 362.72. He esti-
mates the total reduction in the internal
revenues for the coming year at s4,34s,-
3s2. 70. No estimate is made as to the
amount the sugar bounty will require
for the first year, and the recommends
tion is made that the disbursements be
made through the Department of Agri-
culture.
The report treats at length of public
moneys and the circulation of the same,
in which there is but little that has not
been made known through monthly bull
letinS.
Several pages of the report are de-
voted TO a discussion Of the silver ques-
ton and statement of Treasury trans
actions in bullion. in which Mr.. Window
says:
"The imports into the United States OF
foreign silver from May to November !,
Of the present year, have exceeded the ex-
ports of domestic silver by some s., 80, 900,
while, for the corresponding period OF last