The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-12-02
FINANCIAL AFFAIRS.
silver Legislation Discouraged-win-
dom's Bond Purchases Approved.

rANANC1AL AFfA1hS
Silver Legislation Discouraged-win
dom's Bond Purchases Approved.
The revenues OF the government from all
sources for the fiscal year ended June go 1890,
were 1863, 96S $50 SIS, and the tosai expenditures
Tor the same period were sass, 61S5SL52. The
postal receipts have not heretofore been includ
ed In the statement of these aggregates, and for
the purpose OF Comparison the $50 $50 0e7. 02
should BE- deducted from both sides OF the &C.
count. The surplus for the year. including the
amount applied 10 the sinking fund, was
$luo. S44. 1868. The receipts for 1890 were
si6U, 800 30. and the expenditures $l573aS III
In excess Of those of 1883 The customs receipts
increased AS So and the receipts OF inter-
ma revenue Sll, 725, 9ls9, while on the side OF
expenditures that for pensions was SIC 1872 96
In excess OF the preceding year. The treasury
statement for the current fiscal year, partly
actual and partly estimated is as follows: Re-
cep's from all sources $780, 900 goo; total expend-
lures s35iO0O,000 leaving surplus of $50, 00o,-
600. not taking the postal recsipts int, account
on either SIDE The loss OF revenus from Gus.
toms for the last quarter was $25. 900 900, but
from this is deducted gain of SIG, 000 600 real
lied during the FIRST four months of the year.
For the year 1891 the total estimated receipts are
s373.0o0oo0. and the estimated expenditures
$oo',ooA2 09.42, leaving IN estimated surp us OF
sl5147 $685. which, with Q cash balance of $751;
oo00O0 will give SCI, 147, 100 s. the sum avail.
able for Il e redemption of the outstanding
bonds or other USES Estimates of receipts ana
expenditures for the pos Offices, being equal,
are not included in this statement on either
SIDE
The act directing the purchase of silver bull.
lion and the issue of treasury notes thereon. ap-
proved July IA. 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
notes contemplated by its provisions and at
the same time to give to the market for silver
bullion such support as the law CONTEMPLATED.
The recent depreciation in the price OF silver
has been observed with regret. tn rapid rise
In price which anticipated and followed the
passage of the act was influenced to some ex-
tent and wa s followed by speculation; and the
reaction is partly the result of the same cause
and part OF the recent monetary disturbances.
Some months of further trial will be sary
to determine the permanent effect of the recent
legislation upon silver values, but it 10 crafty
ing to KIN ow that the increased circulation &C.
cured by the act has exerted aud will continue
to exert most beneficial in fiaence on business
and upon general valses.
While 1t has not been thought best to urge
formally the converting of ~ International con.
ference looking to an agreement touching the
full use OF silver for coinage at q uniform ratio,
care has been taken to observe closely any
change in the situation abroad, and no favora-
BILE opportunity will . lost to promote q result
which, II is confident believed, would confer
very large benefits upon the commerce of the
world. The recent monetary disturbances in
I'm land are not unlk kelly to suggest a re-exam-
ination Of opinions upon this subject Our very
large supply of gold will, ii not lost by nnwise
legislation in the supposed interest of silver,
give us position of advantage in promoting
the appointment of safe international agree
ment for the free use OF silver q coin metal.
n m ipcr he
volume of money in circulation by keeping
down the treasury surplus to the lowest practi-
cable limit have been unremitting, and in
very high degree successful The tables pre-
sen ed by him. showing the increase of money
in circulation during the last two decades, and
especially the tab Q showing the increase dur
ing the nineteen months he has administered
the affairs of the department. are interesting
and instructive. The increase of money in cir
cuiation during the nineteen months has been
in the aggregate 500, $50 8l4, above 81. so per
capita, and of this increase only 81, c0,0OO was
due 10 the recent silver legislation. That this
substan tial and needed aid given to commerce
resulted in an enormous reduction OF the public
debt aud of the annual interest charge il a mat
ter OF increased 50 isfactiOn. There have been
purchased and redeemed since March L. 1889,
and 4 u per cent. bonds to The amount of $2l1,-
S32,450, at q cost of $246.620,741, resulting in
reduc ion of the annual interest charge OF $S-
Inotice with great pleasure the statement of the
secretary that the receipts from internal revenue
have increased during the last fiscal year nearsy
So, 600 900, aud that the cost of collecting this
large revenue was less by s90.617 than for the
same purpose in the preceding year. The per.
centage o. cost of collecting the customs rev.
enue was less for the last fiscal year than ever
before.
The customs administration board provided
for by the act Of June 10, 1890. was selected with
great care, and is composed in part of men
whose previous experience in the administra-
ton of the o. customs regulations had made
them familiar with the evils to be remedied,
and IN part of men whose legal and judicial ac-
quirements and experience seemed to fit them
for the work OF Interpreting and applying the
new statutes The chief aim oil the law 10 to
secure an honest valuation OF all dutiable mer-
chandlse. aud to make these valuations uni.
form at all our ports OF entry. Ii had been
made manifest by congressional investigation
that q system of under-valuati0n had been long
in use by certain classes of importers, resulting
not only in q great loss in revenue, but in Q
mos. int cradle discr mination against honesty.
II is not seen how this legislation, when it is
understood, can be regarded by the citizens of
any country having commercial dealings with
as as uniriendly. II any duty is supposed to be
excessive let the CO mplaint be lodged there.
II will surely not be claimed by any well-dis-
posed person that q remedy may be allowed and
sought in a aystem o. ouasl.smuggipQ