Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-12-07

Leaving AZ ao2. S07 0S
Against which there VIII remain on June 80
1898, unerpended balances of continuing APP
preparations for heavy ordnance, rivers and
harbors, increase Of the navy and public build
ing1 amounting to "a, 900, 900.
No account is made in the foregoing Of the
amounting to s4s 500. 600 beyond the redemp-
ton Of past due bonds, fractional currency and
national bank notes estimated at e., 900 900.
The estimated receipts are based upon con-
ditions prevailing prior To the late election.
Public opinion having decreed q change of
policy, particularly in the tariff laws, the
altered conditions resulting therefrom render
it impossible at the present time to estimate
the annual income with any marked degree OF
accuracy, and it is impossible to predict the
effect that such proposed radical changes would
have upon the future revenues Of the govern
ment.
PROBABLE FALLING OFF IN IMPoRrArIoNs.
Under all Of the circumstances 1t would be
inappropriate in me to undertake to make an
estimate other than as already stated, but it is
not out OF place to remark that the business
community having full knowledge of proposed
tariff reductions the inevitable result will be a
falling of in importations and a corresponding
decrease in the revenues. The extent of this
decrease no one will be able to measure until
business shall again adjust itself to new condi-
tions.
A careful review Of all the facts fully justifies
the opinion that the large increase Of receipts
ascribed to the marvellous prosperity of the
country under the present revenue system
would, if continued. enable the department. dur
ing the coming fiscal year to meet all obli-
cations without the slightest impairment of
its cash and thereafter continue to show a ma
terial Improvement in its condition
The estimates of appropriations for the fiscal
wear ending June So 1894, are based upon the
reports of the heads of departments and other
data at command They are believed to be
only such as the needs of the public service de-
mand.
Legislation will determine the amount to be
appropriated and administration will in many
ins tances define the sum to be expended in any
one year. The committees OF Congress can,
with the data here furnished, more closely de-
termine the appropriations to be made for the
year ending June 80, 1894, and also of expendi-
lures to be made therefrom, and from continu-
ing appropriations above referred to- than it is
possible for the department to do at this time.
TIE SINKING FUNp.
The total requirements of the sinking fund to
June so. 1892. shown by the appended table,
aggregate 1921, 1894. log. a. The bonds and other
securities annually applied to the fund, in
Guiding interest paid thereon. aggregate
1886, 337 O6l 20, and the total redemption of the
debt including amounts applied to the sinking
fund since August 81, 1865. when the debt
attained its highest point, aggregated S1,914,
900, lO7. So. or 1850 $40. 6sl. 40 more than
quired TO be paid by the terms Of the sinking
fund act. 1t il hardly prot able that more than
about 81 900 900 can be credited 20 the fund
durizg the present fiscal year against n legal
requirement exceeding s48. DOC, 900. and further
applications to the fund during succeeding
wears must necessarily be limited to such small
sums may from time TO time be paid for past
due bonds, fractional currency and national
bank notes redeemed under the act of July IA,
1890
The act OF March 3, 1881 c21 Stat, 457), pro-
vides that the Secretary of the Treasury may at
any time apply the surplus money in the treas
ury not otherwise appropriated to the purchase
or redemption of United States bonds. In view
of this provision and of the very large decrease
of the debt already effected in excess of the
legal requirements of the act, coupled with the
probable future condition of the national
finances. l would strongly urge its repeal
Sound policy would seem TO dictate this course.
The conditions which called for its enactment
have long since passed away, and no valid rea-
son for its continuance any longer exists. /
therefore recommend its unconditional repeal.
The total debt of the United
States. less cash in the treas
ury. at its maximum point,
August 81, 1866, vas. 81, 756. 43l 81. 49
On June 80, 1892, it was.. Sal SIG, 463 60
Masking reduction Of the debt,
less cash in the treasury, Of. 1,914, $685. 107. SO
~ soon Ef0 sal move than