Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1892-12-14
UNCLE SANS FINANCES.
Annual Report of Secretary Foster Be-
fore Cong ess.

Annual Report of Secretary Foster Be-
fore Cong ess.
WASHINGTON, D. c., Dec. 1.-THE an
nual report of the secretary of the
treasury shows that the government
revenues from all sources, during the
past fiscal year. were 1926, 1858, 26O, and
the total expenditures $415, $685.
SOC, leaving a surplus of So
14,453. With the cash bal
ance, the national bank redemption
fund and a few small items added
this surplus was $40, $50, 1853, which
was applied to the payment of
the public debt. AS compared
with the fiscal year 1891, the receipts for
1892 have fallen off $32, 675, 972, the princi-
pal losses being customs receipts, $i2, O59,-
al, ana IN profits on coinage. S. 6S1 ,479.
On the other hand there was a gain of
SIS, 2S4,82 in int nal revenue re-
ceipts, Of $4,998,C90 IN postal service,
and IL sales of District of Columbia
bonds of So, 412, 744. In the ordinary ex-
penditures there was a decrease of So
$40 354, which is accounted for by d1min-
lShed payments for discount taxes, refund
ofeXceSSive customs deposits, drawbacks,
census, quartermaSterS' supplies and IN
tereSt on the public debt, the decrease in
the last Item alone being S14 169.019
For the present fiscal year the revenues
are estimated as follows: From customs,
$lgS 900, 900; from internal revenue, $780,
900, 600; from miscellaneous sources, $780,
O0C, 600: from postal service, $50, 336, 30O.44;
total estimated revenues, $463, $50. $50 A.
The expenditures Tor the same PERIOD are
estimated as follows: For the civil eStab-
liShment, $1OS,000, 900; for the military eS-
adjustment, ssS49, 900, 900; for the Indian
service, 5000, 900; for pensions, S15S, 000,-
600; for interest on the public debt,
SIS 900, 900; for postal service, $50
lures, $461, 35t 35O.44, leaving an estimated
surplus fol- 8 re year Of $1,000. 600. The
available cash balance in the treasury at
the end OF the present fiscal year Is stated
at $120, 992, 377 30. The revenues for the
fiscal year 1894 are estimated at $3.50, 121,-
S65, and the appropriations required $751;
261, 1885, exclusive of the sinking fund, or
an estimated surplus of $32, $50, O3O;
which with the cash balance above gold
reserve would make the available balance
$50. So, 407, and deducting accrued or &C
crulng obligations mail contracts and re-
demptlOnS) would leave the balance SAT )
S52, 407. Char2eable against this are I'M
expended river and harbOr and ordnance
appropriations amounting to $4,000, 00O
and no account is taken of the sinking
| fund requirements, amounting TO $48, $780,
90, beyond redemptlons estimated at
| S5.000000.
| The estimated receipts, says Secretary
| Foster, are based upon conditions prevail
ing prior to the late election. Public Opin-
ion having decreed change of policy,
| particularly in the tariff laws, the altered
| conditions resulting theretrOm 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 up
| on The future revenues Of the government.
| The secretary further says that he will
! not estimate further, but that the ineyita-
| bic result of the tariff reduction agitation
| will be falling off in importationS and IN
revenue, the extent of which no one
| can measure. lie does say, however,
| that all the facts fully justify
| the opinion that the large increase OF re-
| ceiptS aScribed to the marvellous prosperity
| Of the country under the present revenue
| system would, ii continued, enable the de-
| partment during the coming fiscal year to
| meet all Obligations without the slightest
impairments of its cash, and thereafter
| continue TO show material improvement
| in its condition.
Touching the sinking fund act, the re-
port states that up 10 June so, last, $780,
| 510,6 S1 more than is required by law has
| been credited to the fund. lie recon-
! mendS the repeal OF the act Of March 3,
! 1881, authorizing the application Of sur
| plus money to the purchase or redemption
| of United States bonds, III view OF The
very large decrease in the national debt
already effected and the probable future
condition OF the national finances.