New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-11
THE TREASURY REPORT.

statements would involve some repetition. In
deed information at that time given in regard
| to the revenue and the expenses since July 1
was in some respects later and fuller than the
Secretary was called upon to give in the official
report for the fiscal year ending with last June.
But it is important to note that he estimates that
surplus of $24,OOO,OOO will result for the
| current fiscal year, ending with next june so
| that the cash balance available at that time will
probably be S139,728,145 SO, about what it is
now
| This does not include the full amount required
during the fiscal year for the sinking fund, name
ly, S4S,913, OPS, but the Secretary reckons that
the redemption Of bonds, interest notes, and
fractional currency to November 1 had been
S2O,911, 1913, that the same items during the re-
mander Of the year will be S4,154,5OO and
that the redemption of bank notes during the
year will be S16,00O,000. 1t seems that the
Secretary reckons the redemption OF bank notes
as part of the required addition to the sinking
fund, and since the Act of July IA, 1890, trans
ferred the bank redemption fI1nd to the general
Treasury fund.- the notes to be redeemed became
strictly obligations of the United States so that
the redemption is payment OF part OF the
public debt For the next fiscal year the Secre
tary estimates an increase of S10,000,0o0 in
customs, So, 900 900 in internal revenue, and
$9,336,350 in the postal receipts, but reduc
ton of SO, 900, 600 in miscellaneous receipts.
Thus he calculates upon a total revenue of
$3.50, 900, O0O and it should be noticed that this
depends upon a general prosperity of business
and industry which there is now good reason TO
expect. On the other hand, the estimates of
| -. ns.>c fn,
gate SAL, 400, 093, exclusive of the sinking
fund, the principal items being S147,O64,550
for pensions, Ss0,323,4 400 for postal service,
S73,231,2sO for permanent appropriations, in
Guiding interest and cost of collecting revenue,
S26, $685. 1855 for the Navy, and S26,299,17
for the Army.
Secretary Foster refers to the expansion of the
circulation during the last two years in these
words
The striugency in the money market during the
summer and autumn Of 1890 relieved by the
prompt and effective measures of my predecessor, and
happily disappeared without producing the grave
sequences which feared 10y the public but its
istence and the widespread apprehension which caused
it, induced the revival Of the erroneous idea that the
volume of money in circulation was not only made
quate to needs Of the country but very much less
per capita than during the socaIled flush times which
followed the Civil War.
Information has therefore been given more
fully and in greater detail regarding the circu-
lation at different times in pamphlet published
by the Department, which is embodied in the
report, but il is added that the circulation has
greatly increased since the close of the fiscal
year. from 81, 497, 440,707 July 1, 1891, or
S23 Al per capita, to S1,577, 262 ,O7O December
1, 1891, or S24 3S per capita. 1t is noteworthy
that so large an increase has resulted thus far
in no wild speculation and no unwholesome in
fation of prices. The Secretary adds, that re-
port from the Bureau of Statistics shows that
prices of manufactured articles during the last
year have not increased but have been on the
whole reduced On the tariff question, the Secre-
tary says:
Under the operations of the new tariff the customs
has been decreased far consistent with
the current needs of the Government. BY the read
iustment of duties in the line of protection to Amerl
can labor and American industries the free list has
been enlarged by the addition Of articles which, from
climatic and other conditions, are not produced profit
ably nor extensively in this country adequate pro
tectve duties have been imposed upon articles that
come into competition with our own production; new
industries have been established and Others stimulated,
thereby giving increased employment TO American
labor. and better control of home markets to our
own people and the price Of nearly every article OF
common consumption has been reduced TO the con-
SINNER. . . do not believe that any con-
siderable number Of the people desre to manu-
featuring industries destroyed, wages reduced to
the European basis, which would be the inevitable re-
sui of a reduction of duties with view to revenue
only.
These remarks deserve more serious attention
than they are likely to receive from the Demo-
cratic House which has just succeeded in organ
zing. Doubtless, owing to his serious sickness,
the Secretary prepared for the report no dis
cussion of the silver question, but his public ut
terances have been entirely in harmony with the
emphatic statements of the President iii his
Message Regarding the internal revenue, the
information given is full and minute, and ex-
hibts an increase which surpasses expectations.
Thus in the production of distilled spirits there
was an increase from 100 ,OO0,O 600 gallons to
116, 900, 600 gallons, in the production OF beer
an increase from 27,561944 barrels to 3d.
497, 200, and in the receipts from tobacco taxes
the decrease was but S1,162, 72O, whereas a
decrease of S3,s9S,3S3 was expected from the
reduction of taxes. So long as large part OF
the revenue is derived from the consumption of
these articles OF voluntary use, it will be in
measure less dependent upon the industrial pros
perity of the people than the part of the revenue
derived from duties on imports.
In the light Of facts given in Secretary Eos
ters report there can be no dispute regarding
the sOyency of the Treasury. Nor will fair
minded persons deny to the Secretary credit for
the remarkable ability displayed in his manage
ment of the finances. Even those who dissent
from him most widely are now compelled to ad-
nit that his services in the Department have
been conspicuous, and his success worthy of high
praise
THAT SPEECH or HILLS.
IL may occur 10 David Il I'LL hefore long in