The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1891-12-12
THE NATIONS. FINANCES.

THE NATIONS FINANCES.
Extracts from the Report of Secretary
Foster on the Condition OF Affairs in the
Treasury Department..
al WASHINGTON, Dec. 10-The report of
the secretaryof the treasury says in part:
The revenues of the government from
sources Tor the fiscal year ended June 30, 1891
were $685. 544 1888 0S The expenditures for the
same period were s42l, 394, 40. 46, Leaving sur
plus of s37. 239, 1926.
To this sum was added $54 POI, 975.75 de-
posted in the treasury under of July
ID, 1890, for the redemption of national bank
notes; S9, 1863, SIS deposited during the year
on the same account; $3.50 received for
per cent. bonds issued for interest accrued
on refunding certificates converted during the
year and 1874, 1872, 37s 16 taken from the cash bal
ance IN the treasury making a total of $134967.
635. AZ. AS compared with the fiscal year 1890,
the receipts for 1891 have fallen off S. s4z5e
There was an increase of $57, 636, 19S ID in the
ordinary expenditures. Among the larger
Items OF increase was Sl1. 52l 497 for pensions
refund of direct taxes; A93SS33 expenses of
eleventh census; $1,398 298 salaries and ex-
penses United States courts; 81, 49,, 1926 for the
military establishments 81, lO769o for the
naval establishments; 81, s1e, 4ee for the Indian
service, and 17,479.O96 for pensions.
For the present fiscal year the revenues are
estimated at $433, 900, OOO The expenditures for
the same period are estimated at $4O9 OOO OoO
leaving an estimated surplus for the wear of
@24,OOo,ooo. For the fiscal year ending June 80,
1893, the secretary estimates revenue of $780,
80, 35O and expenditures amounting to SAL 3OO,-
O93 or an estimated surplus of $14. 036 256 1t is
estimated that the revenue OF the government
was not only inadequate to the needs
country, but was very much less per capita
than during the sOcalled flush times which
followed the civil war.
The important subject of circulation, the Sec
rotary says, has been unusually prominent
during the past twelve months. The strin-
gency in the money market during sum
mer and autumn OF 1890 was relieved by the
prompt and effective measures OF his
predecessor and disappeared without pro-
duclng the grave consequences which were
feared by the public, but it's existence and the
widespread apprehensions which it caused
ouceo revival OF the erroneous idea that the
volume OF money in circulation was not only
inadequate to the needs of the country but was
very much less per capita than during the So
called flush times which followed the civil war;
The amount of money in circulation has been
very largely increased since the close OF the
hscal year. The amount July /, 1891, was ST.
97440,5O7, and the amount per capita was S23.-
Al. The return Of gold to the United States.
the operation of the silver treasury note act,
and disbursement by the treasury on account
OF the ~ per cent. loan, PENSIONS ETC.. en-
larged the volume on December to $751;.
269,O7O, and the per capita amount to S243s
On the subject Of national banks the secre.
tary invites favorable attention to the recon-
mendatlons OF the comptroller that the pres.
ent law be so amended as to provide that no
association shall be required maintain a
pond deposit of more than $1,000 to secure cir
culatlon; that every association may issue
circulating notes equal to the par value of the
bonds so deposited that the monthly with
drawl OF bonds pledged to secure such notes
shall not exceed 5000. 900 in the aggregate,
and that the semi-annual duty on circulation be
SO reduced as to equal one-fourth of per cent.
The coinage of the minis during the last fs-
Cal year was the largest in the history of the
mint IN this country, aggregating 119, 547, S77
pieces, valued at S63, Gil, 1895
During the twelve months ending September
~ the value OF our exports of merchandise was
3,O9l 1856. against $3.50, III, lis for the pre-.
V1ous twelve months, an increase of see.e14,oe
Inc loss OF gold by net export duty during
the fiscal year was $751; 946, 1853, while there was
a gain OF silver by excess of imports over ex-
ports amounting to 81, 745.3 1896. The loss of gold
by export was materially larger during the last
nscal year than In any recent year. The
heavy movement commenced in February,
1891, and did not cease until the close of
July. The total amount exported from the
port of New York during this period was S7O,-
223, 1884, From the large exports of breadstuffs
and other materials from the United States
this fall and winter the movement of gold to
this country will continue for some months at
Increased amounts. For the year 1898 it will
be 1856, 1885, 1904
OF the practical effect of the new tariff law
the secretary, after exhibiting the figures re
latlng to foreign commerce used by the presi-
dent in his message to congress, says:
The removal OF the duty on sugar has re.
duced its price to the consumer and this result
is not in conflict with the doctrine of protec-
tlon to home industries. because the limited
domestic production of sugar under the most
favorable protective rates is not sufficient to
influence the price in the home market Under
the operations of the tariff the customs
revenue has been decreased far as is consist.
ent with the current needs of the government
by the readjustment Of duties in the line of
protection to American labor and American in
dustries the free list has been enlarged by
the addition of articles which from CHM attic
or other conditions are not produced
pro1tably nor extensively in this coun-
try; adequate protective duties have
been imposed upon articles that come
into competition with our own productions;
new industries have been established and
others stimulated. thereby giving increased
employment to American labor and better con.
troll of our home market to our own people
consumption has been reduced to the consumer
"1nasmuch as a considerable portion of our
revenues must be derived from duties
ports7'it is the part of wisdom and patriotism to
so adjust the rates as to have regard first to
the interests OF own people and the rightful de-
mands OF American labor for remuncrative
wages
II do not believe that any considerable mum.
Der OF the people desire to see our manufact-
uring industries destroyed wages reduced
to the European basis, which would be the in
evitable result Of a reduction OF duties with
view to revenue only.
Comparison of the prices OF goods imported
respectively under the old and new tariffs
where rates have been increased will
demonstrate that the tariff is tax
upon the foreign competitor in our markets
In the articles extensively produced here
and the duties are in fact thus deducted
from the foreign market value and are paid by
the foreigner as tax for the privilege Of SELL
people competing among themselves in their
own Market" .. . ..t
In referring to the worlds fair the secretary
says the work has been progressing salts
factorily in the preparation of a suitable con.
tribution by the treasury department to the
government exhibit at the Worlds Colum.
bian exposition Pursuant to the pro-
visions of the law, the supervising architect of
the treasury has completed plans for the gov
eminent exposition building. A contract for
the construction has been approved, involving
an expenditure of 1918, 767, and work is going
forward upon the structure. s.',<'5-
The secretary reviews at great length our
foreign merchandise; recites the operations of
the Chinese exclusion act, the alien contract
labor law and the new immigration act He
makes a number of recommendations for legis-
lation, on the same line as mapped out by Mr.
Windom.~ He refers to the Behring sea fish
cries and other important matter which has
been covered by bureau reports.
KILLED BY A CRAZY MAN.
Death of = Railway Man at the Hands of