The Superior times. [volume] (Superior, Wis.) 1870-1912, 1892-12-10

S43o. 564 IFS 20. of STA i6f $50 90 over
the sum expended during tthe period from
March !. lsso, to March /. lsSs and. third. that
under the existing tariff up TO December l
about s9:. 000.00O OF revenue, which would have
been collected upon imported sugars
II the duty had been maintained, has gone
into the pockets of the people, and
not into the public treasury. as before. If there
are any W no still think that the surplus should
have been Kept out OF The circulation by hoard
ing Il IN the treasury or deTO>ited in favored
banks without interest. while the government
continued to pay to these very banks interest
upon the bonds Deposited as security Tor the de-
posts, or who think that the extended pension
legislation was Il public robbery, that the
duties upon sugar should have been maintained.
am content 10 leave the argument where It
now rests whllc We walt 10 see whether these
criticisms will take the form of leg islatiou
The revenues tor the fiscal year ending June
80 ls92. from all sources, were l25. Sos 2t,U. -
ana the expenditures for ali purposes were
Sil595S, SOC. Of leaving balance OF Sg,eIi a., 66
There were paid during The year upon the public
debt $40 so. i65. gs The surplus III the treasury
and the bank redemption fund, passed by the
act of July II. 1890, to the general fund, fur
nlShed in large part the cash available ana
used for the payments made upon the public
debt Compared with the year 1891. our re-
ceipts from customs duties Tell off $40 O6g FL Os
while our receipts from Internal revenue in
creased e>,2si,S23 Is leaving the net loss of
revenue from these principal sources, S5$,7,4.-
4l.9a he net loss o. revenue from all sources
~ as So. G15. g12.Si.
The revenues estima ted and actual. for the
fiscal year ending June 80. leg3 are placed by
the secretary at S4GS.336. H3U4l. ana the
expenditures at Si6l ,%36.%3n.ir, showing
plus OF receipts over expenditures OF s2n0o. 200.
The cash balance IN the treasury at the end OF
the fiscal year, II Is estimated. Will be $50 Co.,
S7i."2. so tar as these figures are based upon
estimates OF receipts and expenditures for the
remaining months OF the current fiscal year,
there are not only the usual elements of un-
certainty. but some added elements. Ne-
revenue legislation. even The eNpectatOu
OF II, may seriously reduce the public revenues
during the period OF uncertainty and during
the process OF business adjustment 10 the new
conditions when they become known. But the
secretary has very wisely RETAINED from guess
ing to the effect OF possible changes in our
revenue laws, since the scope OF those cha nges
and the time of their taking effect cannot in
any degree be forecast or foreto!d by him. His
estimates must be based upon existing laws and
upon continuance OF existing business cundi-
tons. except so tar rs these conditions may be
affected by causes other than new legislation.
The estimaleG receipts for the fiscal year end
ing June 80. 1898 SiyG III. 35 Ss, nnd the es-
timated appropriations Si51 ,26l SO 81, leaving
an estimated surplus of receipts over the eN-
pendltures of So. $50 .03005 This does in
cluGe any payment to the sinking fund. In the
recommendation OF the secretary. that the sink
ing fund law be repealed, concur. The re
sumption of bonds since the passage Of the law
TO June 80. 1892, has already exceeded the
quiremeuts by the sum OF $500 $40. Gsl 10. The
retirement OF bonds in the future before mutu-
rlty 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 So 500 5000 of receipts over
expenditures for the year 1894 should be added
the estimated surplus at the beginning OF The
year. so, 90 .GS ana from this aggregate
there must be deducted stated by the seCrc-
tary, about S:i.c, 0U00 OF estimated uucx pended
appropriations
Tine pub.lc confidence in the purpose and
ability OF the government 10 maintain the pari-
ty of all our money issues. whet her coin. or pa
per, must remain mistaken. The demand for
gold in Europe. and the consequent calls upon
u.s. in a considers BILE degree the result of
the efforts OF some OF the European governments
To increase their gold rescrN O., and these efforts
shCulu be met by appropriate Legislation upon
our part. The conditions cha. have created
this drain OF the treasury gold are i'll an I'M
portant degree political and not commercial.
In view of the TACT that Il general revision OF
revenue laws in the iuture seems to
should be part of that revision rather thuu
TINT of Il temporary nature
During the last fiscal year the secretary pur-
chased under the act OF July Il, is@l 800. is
ounces of silver. anG issued IN payment there
Tor S5l. HIS in notes. The total purC bases
since the passage OF the &ct have beer TO i5ggyl
ounces ana the aggregate OF note is nca >llh.-
,S%2gu. The average PTlce pad fnr silver dur
ing the year WAS - cents per ounce, the highest
price being SL0-t4 on Jrly J. Ism. and he low
est - cents. March u. l-gI In view OF ;hc fact
that the monetary conference s now Sltung,
and that no conclusion has yet been r"ached |
withhold any recommendation as to tbs itsis
iAtIOH upon this subject.