New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-08

appended laances OF cont nuing apr p-atoas ;or
hcavy ordnance rivers ana haibJ,s. me -" u ne
Navy and rnbllc bulldogs amount to $40 900
No account Is made IN The force ing OF NE re-
isGOO.OoO beyond the redemption Of past due ms
fractional currency and Natl mai bank notes est mated
III estimated receipts are based uron conditions
prevailing prior 20 the lat election Pall oni,n ION
having dccrccd change Of Obey. plrlcrlt y II ne
tariff laws. the altered cond II ns n tnt he CT !"
render II lmpo>s Bile at the p cs"it nm" - IN
hc annual Income with any ma ket deg g, o. a'cu
and II is impossible predict the effect mat such
pr,io 81 r,dlca chnnccs w2uli hive pom me i"'"r
rev MUGS Of tn Government. , ,na,
Under all the circumstances. = wonld be map
propraic in TO undertake 70 make an e, SUI, of
place 70 remark that the business community haV!hhe
null know'cisc Of proposed ard rcouCuons ans
and "A c0rrcSpo ndiug decrease in !" revenues, i,o
extent of this decras" no one VII be tI =, - now CON
until business shall again adjust Itself 10 ~" ''"
ditions. 1870 nu ,us,;sos thc
opinion that the large increase OF rrcrlpS as L
the maryelou prosperity Of the country I'ucI ~
present revenue system would fo'' na ~ n,nnt
the Department during tho coming sca wear 10 il''
nj Obligations without The slightest impairment Of
It's cash and thereafter continue TO Sho" H'a'er"'
Improvement I'm iS condition.
The estimates of appropriations for the fiscal year
ending June 80. 1894. are based upon 'nc r rSnG
the heads OF departments and other da'a AZ connt
They are believed to be only such Il. the needs Oh
the public service demand: =, =, a.,
Loci sation will determine the amount TO he ap-
rrop?latcd and administration viii In many instances
define the sum to he expended IN any one Y' hr, nv
nished more closely determine tn" appropqqna''1sS o
be made for the year fmnins tame be mad,
ihcrefrom and from continuing apP91 pre- ,sc
lions above referred 10. than 1t is possible or '"'
Department 10 do at this time.
s1XKING FUND.
The act Of February o. IsGo section n2 stat.
346) provides that all duties imported goonS Sha'
be paid in COIN and that the coin paid shall Dc
set apart as special fund and applied ms,' ~
the payment of Interest bonds ana no'cS % o,V
nnmt Of one Der ccntum of the entire debt OF the
United states. to be made within each fiscal yea;
after the first day of July. 1eG2. which IS - DC ~,
apart rs q sinking fund, and the interest Of which
Shall like manner be applied to TIE parc "a" or
Treasury shall from time to time direct , "a
The total requirements Of The fu1d TO S 9@nT ME-
si aGs 4s s? S4 The bonds and other sScurc.
annually applied TO the fund ineludnS inl"r IL.
dempti0n Of the debt including amounts appneu 10 tI
fund since August b. l.63 when le ag 10, s or
$3.50 $40 Gs1 80 more than required to BE- lall Nv
the OF the sinking fund act II Is haFon 4o
10 the flnd during the present fiscal year as against
q legal requirement exceeding Sl7.ooo,oOo ara lnr
Their applications to the fund during succeeding wear
must necessarily be limited TO such small sums as
may from time to time be paid for past dae bond
nnder the act Of July Ii. $3.50.
The act OF March D. lo,l t2l stat 45,l provide
that The secretary of the Treasury may at any TN,
amply the surplus money In III" Treasury nj tci WE"
app.op lated 10 the purchase or redemption 0; lTw
2cry ,arr decrease Of the debt already effected IN
excess oil the Legal req uiremcnt> of the act compiled
with the probable future condton IF the Nh'lona,
finances | would strongly urge its repeal. S''ind
policy would 10 dictate this course. me con.
ditons which called for its enactment have l)g since
passed away and no valid reason for its CONTINUANCE
any ionger exists. therefore recommend it' IN
One of The cmharrassments TO the Treasury, III the
opinion of the secretary, is the INABILITY with til'
million reserve to keep up sufficient gold supply.
When the demand comes fer the expectation OF eSi1
the Treasury IS called upon 70 furnish II. II UNI
demand SlOUd TO he large tnc COIlIU- l'su
il has been for the past two year., gold IN u"
Treasury would be diminished to or below the re-
The status Of this reserve AMI it, amount hay re
o e Sopsr soy G "yeon TO us brof taat
slO0,ooo.oOo in gold - suitable reserve; By pr
Treasury should fall below that m i''ue OF gold
certificate, should In 1885 the then tr'ia
siO0ooo,o0o Of the gold in the Tr' a>,ny r.;
serve for the redemption OF IN tel STATS MT -
recently the majority OF the judiciary Commute" o.
the present House If Representatives expressed tie
opinion that under existing law the maintenancc 4
I'll" But TIL Il sl0ooSGooo in gold was sal,gilc or
necessary reserve In icoa ana IN l7s3 wonM seem
should be remembered that since l-o2 We have addcl
10 our silver circulation the sum OF $3.50 . l52 In
standard silver dollars coin under the cid slvrr
act OF 1878. These dollar are nearly all "nlSlalN
NE have also Increased the legal-tcnder paper cir IL
Iation by Issuing about sl20,0o00)9 Of ire Trcasu
=" th,s we arc adding about f1ur millions each
month in payment of silver bullion purchased.
IN gold and that the Treasury notes of 100 are ie
deemable In coin but since ii has been declared 70
he thc es,abT policy of the United states t. main
tSn the two metals, silver and gold. on putty win
each other 1T IS obvons tnat US ch ha,r nron
our gold reserve. .,... ,,..o,.., aud ,rcr.os,,,
,,,iiI,,iS the reserve I'm one Treasury Tor the re-
a@mnion Of The Government obligations should IN my
OPINION increased 70 the extent 9l d, ird an y,
cont 81 the amount Of Treasury notes aSheu anu 10
he issued under the act Of july Ia, looo. ,.., ca,
" As viii he seen 10y the estimates snDlh,ieu, III"
.ha ,--l1,
not likely II present conditions continue nm fc 70 la
low cxpndirT Yet II view m o 'ng tsS' the basis
stated. with The probability Of falling OF IN receipts
for causes mentioned MINK Inc reSr' n"Nortwcn ,o
maintain gold reserve Of not less tran S12a oOo 10,
TO maintain comfortable wor9s 81 d cSo I
laws is now probable. l do not feel like suggesting
any special method for ncrGasns 'h ea6ona ax On
NhsS~y which could be collected without additional
cost would furnisS an easy me'hou'
CONTROLLER OF THE CURRENCY.
The ,o,o, number Of banks in operation October
Al 1899. was 1888. having an aggregate capllai o.
$500. s6s .GG5. and surplus and undivided prohlS OF
s3Ao3a4l7O The total amount of individual de-
posi,s was 81 765 422 063; total bank deposits S'o
G532O2. and total resources, S3'olo'o'4'7"'' i"e
National bank circulation outstanding Hh2% 10Y ,h v.
hanSs as compared vita last year. SHOW; an incre1ss
Of i; surPI, v %hn depcs incras
sir iO4 9O2; bank deposits. increase ,|
OF the liabilities Of the seventeen ElhiS t ae i''
dnrinp The wear twO-thrs Of the amount bclonStl 10
The Maverick National Bank. OF Boston lsld' rom
This one Institution ihc failures were no; OF s' rH,
character The estimated value OF a." assets ihci
cate that over IS per cent will be PAID 10 cr'u'os
The Maverick National iank has aIcai, lrnn - III
cent and there f. a probability OF an adoluohl "''
derd OF from . 10 per cent. g.. .ho
The domestic exchange drawn by hanks lOr inc
wear ended June 80, 1892. was Sl23J',J C''0J", ~
Increase over the preceding year OF over ~ per Tc.
The Controllers argument ia favor - Na'lohni
hank circulation elbows that il is more elastic, 'nrj
economical and better calculated 10 serve me ll'T
ests OF the public which special attention IS invlu
lie crticlses and condemns state bank clicnlaIOn
from "a hist ,ical standpoint ana shows the w'akhc,o
and impOcy OF Congress dividing with tle lO''y i1ur
ktats soyercg entities The responsibility OF frnlsiHS
the people with money that The currency furnished
by this chain of sOvCrcgnticS would be no sr,ng"r
or better than that OF the weakest lnk -
Congress BIZ the Constitution must lnThlsh All
money OF full debt paying power, and by every con
sheraton 81 public policy and public n"ccsSiN sh wa
fnrnish Ill thn nnn,.x thnt The ncopo rclnlIn. Tic