The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1892-12-08
THE MESSAGE.
Continued from LIST page.)

state of the public revenues. Thre,
preliminary facts should no
only be stated but emphasized befor,
looking into detail:
First-That the public debt ba,
been reduced since March A, 1889 $3.50
O74, 600 aud the annual interest charg,
Sill 1884, 469.
Secondhand there have been paic
out for pensions during this admins
tration up to Nov. l, 1892 $432, 1854, l7S.
20, an excess of STA ,46e, 1885,. 90 over tn,
sum expended during the period from
March l, 1885 to March /, 1889.
Third-That under the existing
tariff up to December about $4,000,
900 of revenue which would have beer
collected upon imported sugars if the
duty had been maintained, have gone
into the pockets of the people and moi
into the public treasury as before
If there are any who
still think that the surplus
should have been kept out of circula-
tion by boarding it in the treasury, OF
depositing it in favored banks with
out interest, while the government
continued to pay to those very banks
interest upon the bonds deposited as
security for the deposits, or who think
that the extended pension legislation
was a public robbery, or that the
duties upon sugar should have been
maintained-I am content to leave the
argument where it now rests while
we wait to see whether these criti-
cisms will take form of legislation.
The revenues for the fiscal year end
ing June 80, 1892 from all sources, were
$425, 1868, 260.22 and the expenditures
for all purposes were $415, 1853, S06.58,
leaving a balance of $9,9l4, 453 65.
There were paid during the year up
on the public debt $40, 57O, 467 .98. The
surplus in the treasury and the bank
redemption fund passed by the act of
July, IA, 1890, to the general fund,
furnished in large part the cash avail
able and used for the payments made
upon the public debt. Compared
with the year 1901, our receipts from
custom duties fell off $40 1908, Ml.OS,
while our receipts from internal reve-
nue. increased So, 1884 ,823.1S, leaving
the net loss of revenue from these
principal sources S33, 7o4, 4l7.95.
The net loss of revenue
from all sources was $32,675, 972. 81.
The revenues estimated and actual tor
the fiscal year ending June ~, 1913,
are placed by the secretary at $46,-
1886, 1904 and the expenditures at
S46l, 1886, 1904, showing a surplus OF
recei pts over expenditures OF $2,0CO,-
600. The cash balance in the treasury
at the end of the fiscal year, it is estl-
mated will be $40, 992, 977.03. So far as
these figures are based on estimates OF
receipts and expenditures for the re,
naming months of the current hscal
year. there are not only the usual eie.
ments of uncertainty but some added
elements. New revenue Legislation,
or even the expectation of 1t, may serl-
ously reduce the public revenue dur
ing the period ofun certainty and DUR
ing the press of business adjustment
TO the new conditions when they be-
come known. But the secretary mas
very wisely refrained from guessing as
to the effect of possible changes IN our
revenue laws, since the scope OF those
changes and the time of their taxing
effect cannot in any degree be forecast
or foretold by him. His estlmales
must be based upon ezlstlng
laws and upon a continuance
of existing business conditions
oroont On far as these conditions
NAV be affected by causes otnef
than new legislation. The estimated
receints for the fiscal year ending
June 80, 1892, are $3.50, III, 500 S, 90 5 ahu
the estimated appropriations S4ol ,lol %
335 SO, leaving an estimated SURPLUS Up asN VI
recein,a over expenditures OF so ooO,'
090 o. This does dot include any pay
uoent to the sinking fund. In the
recommendation of the secretary thaI
the sinking fund law be repealed /
ooncnr The redemption OF oonus
since the passage of the law 10 June
On 1892 has already exceeded odd Inc 81, To-
,ouirements by the sum OF IS'V,o 10
6S1 40, The retirement OF Donas as al w .n g
future before maturity shoulu n nu
natter of convenience, not OF colnpui,
n;om We should not collect revenue
S sor that purpose, but only ase any
i noau , snrnlus. To the balance OF
SS9S se, 0SO65 of receipts over ext enqi,
t,rss for the year 1893 shoul1 %
added to the estimated SUPPLIES nas az az v oa
be1inning of the year, SZV,sSa,o, ,,n Voi
o onS from this aggregate there musO
anu da a as Stated by the secre,
u terv about $4,000, 900 OF estlma'eu
Sa' SSy,nended appropriations.
The public confidence Eminent na ,m to
roaa and ability of the government ,'nue ~
p p,ointain the parity of all our mon 10y
i ;asues whether coin or paper, mds' for fe.
issue'' ,,nshaken. The demand lot
m dln1d in Europe and the consequent a
goia IN Lon Mu ns are in considerable de-
cans up Ipo result of the efforts OF some
Il the European governments fl these
orsase their gold reserves, anu
o ogarts should be met by appddG; t;nns
t e,u.' mon our part. The cona ~ ths
tion' h u created this dram Oh sne
that nav Of cold are in an important
treasury oiiticaI and not commercial.
Tn view of the iao ravenne laws
a 10 revision of our reVe nv nr ,I"
get tbe near future seems TO % opam~e
~ a. 'i If you'd be better that any rh rat6
DE- o,,, ~ he a part of that revision r nur
shouiu v" 20 temporary nature Dur
er tt tha last Ia fiscal year the treasury sua3
mi under act i,, o1 oe and Issued
"a SS5 748 ounces Of silver ges e a8 in notes.