The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-12-07
NEW ELEMENTS.

So far as these figures arc based upon
estimates OF receipts and expenditures
for the remaining months of the cur
rent fiscal year, there are not only the
usual clements OF uncertainty, but some
added elements. New revenue legisla-
ton, or even the expectation OF it, may
seriously reduce the public revenues
during the period of uncertainty. and
during the process OF business adjust
ment to the new conditions when they
become known. But the secretary has
very wisely refrained from guessing Us
to the effect OF possible changes in our
revenue laws, since the scope OF those
changes and the time OF their taking
effect can not in any degree be forecast
or ioretold by him. His estimates must
be based uuon existing laws and upon
continuance OF existing business condi-
lions, except so far as these conditions
maybe affected bycauses other thannew
legislation. :,
The estimated receipts for the fiscal
year ending June so, 1894, are $500, l2l,-
3G5 IS, and the neutrality-suspicious.
S4j7, POI, S35 SO, leaving an estimated
surplus OF receipts over expenditures OF
So, SG0,030 05.
This does not include any payment to
the sinking fund. In the recommends
ton OF tho secretary that the sinking
fund law be repealed, l concur The
redemption OF bonds since the passage
OF the law to June so, 1892, has already
exceeded the requirements by the sum
OF $3.50, 5l0,6Sl 40. The retirement OF
bonds in the future for maturity should
be matter OF convenience, not OF COM
pulsion. We should not collect revenue
Tor that purpose, but only use any cas-
ual surplus. To the balance OF So, $780,
$50 O5 OF receipts over expenditures Tor
the year 1894 should be added the esti'
mated surplus ut tho beginning OF the
year 500, 992, 377 03; and from this aggre-
gate there must be deducted, rs stated
by the secretary, about St4,00O,OO0 OF
estimated unexpended appropriations.
THE GOLD DRAIN.
The public confidence in the purpose
and ability of the government to main
tain the parity of all our money issues,
whether coin or paper, must remain
unshaken. The demand for gold in
Europe and the consequent calls upon
us are in considerable degree the re-
suit of the efforts OF some OF the Euro
pean governments to increase their gold
reserves, and these efforts should be
met by appropriate legislation on our
part.
The conditions that have created this
drain OF the treasury gold are in an i'm
portant degree political, and not COM
mercial. In view OF the fact that gen.
eral revision OF our revenue laws in the
near future seems TO be probable, 1t
would be better that any changes
should be q part OF that revision rather
than OF temporary nature.
During the last fiscal the secretary
purchased under the act Of July II,
1880, 5i,S55,74S ounces of silver, and
issued in payment therefor Sol, lO6,6Os
in notes. The total purchases since the
passage OF the act have been l20,479, 9Sl
ounces, and the aggregate OF notes is
sued Si16,7S3 500. Theaverage price paid
for silver during the year was "a cents
per ounce, the highest price being
81 O2l, July /, 1891. and the lowest 50
cents, March 81, 1892. In view OF the
fact that the monetary conference is
now sitting, and that no conclusion has
yet been reached, l withhold any