The state herald., 1892-12-16

STA, 400, 10000 over the sum expended dur
Ing the period from March i, 1885, to
March /, 1880: and third, that under the
existing tariff up to Dec. !, about S93, co.,
900 of revenue. which would have been col
lected upon imported sugars II the duty had
been maintained, has gone into the pockets
Of the people and not into the public treas
ury as before. II there are any who still
| think that the surplus should have been
kept out Of circulation by boarding It in
| the treasury or deposlting It In banks with
| out Interest while the government continued
| 70 pay the banks interest upon the bonds
deposited as security for the deposits, or
who think that the extended pension legis-
lation was = public robbery, or that the
duties upon sugar should have been main
tained, 1 am content to leave the argu-
ment where 1t now rests, while We walt to
| see whether these criticisms will take the
form of Legislation.
THE PUBLIC REVENUE.
| The revenues for the fiscal year ending
June 30, 1892, FROM all sources were $425,-
S8s. 2GO.22 and the expenditures for all
| purposes were S415.053, SOG.56, leaving a
balance Of S9,014, 453. 90. There were paid
during the year upon the public debt $4O,-
$40, +670S. The surplus In the treasury and
the bank redemption fund, passed by the
act Of July IA, 1880. TO the general fund,
furnished IN barge part the cash available
aud used for the payments made upon the
public debt. Compared with the year 1891,
our receipts from customs duties fell on
| So. 0t0. 241.0S, while our receipts from In.
ternal revenue Increased Ss2S4 Sl3 Ii, leav.
| Ing the net loss of revenue from these prln.
| cipsl sources x33, 7s4, l1I.05. The net loss
| OF reveiius from all sources was So, 6Io,-
072Sl.
The revenues estimated and actual for the
| fiscal year ending June 80. 1898, are placed
| by the secretary at S4O3, 800, $50. A, and tho
l ~ n SiHl nkn Hr0 IA shaving
surplus Of receipts over expenditures OF ST.
| boo 900. The cash balance In the treasury Mt
tho end OF the hseal year, It IL estimated,
| will be RECOMMENDATIONS.
| So far as these figures are based on esll-
| mates of receipts and expenditures for tue
remaining months Of the current fiscal year.
! there are not only the usual elements of
Y uncertainty, but some added elements. New
revenue legislation, or even the expectation
| OF 1t, may seriously reduce the public rev.
| cnues during the period of uncertainty and
| during the press OF business attendant to
| tho r"w conditions when they become
| known. But tho secretary has very wisely
| refraincd from guessing az to the effect of
| possible changes In our revenue lava, since
| the scope of those changes and the time
| OF taking effect can not in any degree be
| forecast an foretol b. him. His estimates
| must bc based updb existing laws, and upon
| a Continuance of existing business condi-
! tions. except SO far MS these conditions may
| be affected by cnoscs other than new Icglsi
| lation. ..., 49,:
| The estimated receipts Tor the nsc"' year
| ending June 30, 1Sl3 are SioO. 12l .36J..sc
and the estimated appropriations si57. POI :
| 335.33. leaving an estimated surplus OF re-
| ceipts over the expenditures OF $50
| GiO.OJ This does not include any payment
| 10 the sinking fund. In the recommendation
| OF the secretary that the sinking fund law
| he repealed. ! concur. The redemption 81
| bonds since the passage OF the law TO June
| 30. 1892. has already exceeded the require
| mcnts by the sum of SyD,Jia.Gs1sfO. The
| retirement of bonds IN the future before
| maturity should be . matter of convenience,
| not of compulsion. We should not collect
revenue for that purpose. but only use any
| casual surplus. To the balance of 81. $50
OiO.OJ of receipts over expenditures for the
year 1894. should he added the estimated
surplus at the beginning OF the year so.
| 92.317.30. and from this aggregate there
must he deducted. as stated by the sccre'
tary, about s40.OOo.O00 Of estimated uncx'
pended appropriations
GOLD AND SILVER.
The public confidence In the purpose nm,
| ability Of the government to maintain Tilt
parity OF all orr money issued. whethe
coin or paper. must remain mistaken. Tn,
demand for gold In Europe aud the conse
quent calls upon us are In considerable
degree the result OF the efforts OF some o
the European governments to Increase thci
gold reserves and these Efforts should b
met by appropriations upon our part, TIL
conditions thnt have created this drain o
the treasury gold are In an important dc
gree political and not commercial. In yley
Of the fact that general revision of on
revenue laws in tic near future seems 4
he probable II WORLD be better that NJ!
changes should be n part Of that revision
rather than Of temporary nature.
During the last fiscal year the secretar
Of the treasury purchased under the act o
July II. 1870. 5t.335.I+s ounces OF silve
and issued In payment thereof SOL. loG,Gos !
notes. The total purchases sncc the pass
age OF the act have been 10, s1v.psl ounces
AMI the aggregate OF notes issued SIG
ISi. 800 The average price paid for ri
, yer during the year was ~ cents per ounce
the highest price being si.02a.. July I. 1881
and the lowest so,S' March n. lsn2. 4
view Of the fact that the monetary confer
, cnce is now sitting and that no conclusion
Aas as yet been reached. I withhold any
recommendation as to tho legislation upon
his subject.
THE LAND OFFICE.