Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-07
MONETARY MATTERS.

Silver and the Internatoual Conference
The Condition OF the Treasury-Ar
Estimated Surplus at the End OF thu
Fiscal Year II Importations Continue.
The Congress has been already advised
that the invitations of this Government fol
the assembling of an international none.
tary conference to consider the question of
an enlarged use of silver were accepted by
the nations to which they were addressed.
The conference assembled at Brussels on
the 22d of November and has entered upon
the consideration of this great question.
have not doubled, and have taken occasion
to express that belief, as well in the invita-
tions issued for this conference as in my
public messages, that the free coinage of
silver upon an agreed international ratio
would greatly promote the interests of our
people and equally those of other nations
It is too early to predict what results NAV
be accomplished by the conference. If any
temporary check or delay intervenes be-
lieve that very soon commercial conditions
will compel the now reluctant Govern
ments to unite with us in this movement to
secure the enlargement of the volume OF
coined money needed for the transaction of
the business of the world
Misleading Statements Corrected.
The report of the Secretary of the Treas
ury viii attract especial interest in view of
the many misleading statements that have
been made as to the state Of the public reve-
nues. Three preliminary facts should not
only be stated. but emphasized before look
| ing into details:
First-That the public debt has been re-.
duced since March 4, 1889, $259, ,674, 200 and
| 81 IL ;,.kn -
Second-That there have been paid out
for pensions during this administration up
to November 1, 1892, $432, 564, ,17S 20, an
excess Of STA, 466, 1856 09 over the sum ex-
| pended during the period from March 1,
| 1885, to March 1, 1889; and,
Third-That under the existing tariff up
to December about $93, 100000 of revenue
which would have been collected upon i'm
ported sugars if the duty had been main-
tanned has gone into the pockets of the peo-
pie, and not into the public treasury as be-
fore. IF there are any who still think that
the surplus should have been kept out of
circulation by boarding it in the Treasury
or deposited in favored banks without in
terest while the Government continued to
pay to these very banks interest upon the
bonds deposited as security for the deposits,
or who think that the extended pension
legislation was public robbery, or that the
duties upon sugar should have been main
tanned, am content to leave the argument
where it now rests, while we wait to see
whether these criticisms will take the form
of legislation.
A Balance in the Treasury.
The revenues for the fiscal year ending
June 80, 1892, from all sources were S425.-
1858, ,26o %, and the expenditures for all
purposes were s415, 953, SO6 56, leaving a
balance of S.. 81, ,453 &c. There were paid
during the year upon the public debt $4O,-
$40, ,467 SO. 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 available
and used for the payments made upon the
public debt. Compared with the year 1891,
our receipts from customs duties fell off
$42, ,069, 241 08, while our receipts from in
ternal revenue increased $S, 2S4 1923 13, leav-
ing the net loss of revenue from these prin-
cipal sources S33, ,7S4, All 95. The net loss
of revenue from all sources was S32, ,675,-
972 81.
The revenues, estimated and actual, for the
fiscal year ending June 80, 1893, are placed
by the Secretary at S463, 336, $50 A and the
expenditures at $461, 1886, $50 "A, showing a
surplus of receipts over expenditures of
50, 900 900. The cash balance in the Treas
ury at the end of the fiscal year, 1t is estl-
mated, will be go, 992, ,377 03.
So far as these figures are based upon, and
estimates of receipts and expenditures tor
the remaining months of the current fiscal
year, there are net only the usual elements
of uncertainty, but some added elements
Possibility of New Legislation.
New revenue legislation, or even the ex-
pectation of it, may seriously reduce the
public revenues during the period of un-
certainty and during the process of business
adjustment to the new conditions when
they become known. Blu! the Secretary has
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 taking effect cannot in any
degree be forecast or toretold by him. His
estimates must be based upon existing laws
and upon continuance OF existing business
conditions, except so far as these conditions
may be affected by causes other than new
legislation.
The estimated receipts for the fiscal year
ending June 80. 1894 are $490, 121. 365 80,
and the estimated appropriations S467, ,26l.-
335 33, leaving an estimated surplus of re-
ceipts over expenditures of S32. $50, 030 05 |
This does not include any payment to the |
sinking fund In the recommendation of
the Secretary that the sinking iund law be |
repealed I concur. The redemption of |
bonds since the passage of the law to June |
80, 1892, has already exceeded the require |
ments by the sum Of 1890, $40, 6S1 ~. The |
retirement of bonds in the future before |
maturity should be a matter of convenience, |
not of compulsion. We should not collect |
revenue for that purpose, but only use any |
casual surplus. To the balance of SS2, $780, |
030 05 Of receipts over expenditures for the |
year 1894 should be added the estimated |
surplus at the beginning of the year S20,- |
992, 377 03; and from this aggregate there |
must be deducted, as stated by the Secre- |
tary, about $44, 900, 900 of estimated unex-
pended appropriations.
No Recommendation Upon Silver.
The public confidence in the purpose and |
ability of the Government to maintain the
parity fall our money issues, whether coin
or paper, must remain unshaken. The de- |
mand for gold in Europe and the conse-
quent calls upon US are in considerable |
degree the result of the efforts of some of
the European governments to increase their
gold reserves, and these efforts should be
met by appropriate legislation upon our
part. The conditions that have created
this drain of the Treasury gold are in an inn
portant degree political and not CONNER
cial. In view of the fact that general re-
vision of our revenue laws in the near fut-
ure seems to be probable, it would be better
that any changes should be part OF that
revision rather than of temporary nature.
During the last fiscal year the Secretary
purchased under the act OF July H. 1890,
81, 355, 74S ounces OF silver and issued in
payment therefor $51, ,1O6. 60s in notes. The
total purchases since the passage of the act
have been 100, AIS, 9S1 ounces and the aggre-
rate of notes issued S116 7S3 800 The |