The Portland daily press., 1892-12-07
Portland, Me.

ing net loss of revenue from these princi-
pal sources 1913, 7S4,417.95. The net loss of
revenue from all sources was :S32,675,9 72.8l.
The revenues, estimated and actual for
the fiscal year ending June so, 1898, are
placed by the secretary at $463,336, 350.44
and the expenditures at $46l, 1886, 1904,
showing surplus Of receipts over expendi-
lures of $2,000,000.
The cash balance in the treasury at the
end of the fiscal year, it is estimated, will be
500, 49,, 377.03.
So far as these figures are based upon an
examination of the receipts and expendi-
lures for the remaining months of the cur
rent fiscal year, there are not only the usual
elements of uncertainty, but some added
elements. New revenue legislation or even
the expectation of it may probably reduce
the public revenues Outing the period of
uncertainty and during the process of BUSH
ness adjustment to the new conditions when
they become known. But the secretary has
very wisely refrained from guessing as to
the effect of possible changes in our revenue
laws since the scope of those changes, and
the time of their taking effect, cannot in any
degree be forecasted or foretold by him
when his estimates must hbe based upon
existing law and continuance of
business conditions, except so far as these
conditions may be affected by causes other
than new legislation.
The estimated receipts for the fiscal year.
ending June 80, 1894, are $490, l21, 365.3S,
and the estimated appropriations $751;
26l $780, 3, leaving an estimated surplus of
receipts over expenditures of $32,S60,030.05.
This does not include any payment to the
sinking fnnd.
In the recommendation of the secretary
that the sinking fund law be repealed l
concur. The retirement of bonds in the
future before maturity. 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 $32, S6003005 of receipts
over expenditures for the year 1898 should
be added the estimated surplus at the be-
ginning of the year, $20,992, 37703; and
from this aggregate there must be deducted,
as stated by the secretary, about $44, 100000
of estimated unexpended appropriations.
The public confidence in the purpose and
ability of the government to MAINTAIN the
purity of all our money issues, whether coin
or paper, must remain mistaken. The de-
mand for gold in Europe and the consequent
calls upon us are in considerable degree the
result of the efforts of some of the European
governments to increase their gold reserves,
and these efforts should be met by appropri-
ate legislation on our part.
The conditions that have created this
drain of the treasury gold are in an impor-
tant degree political and not commercial. In
view of the sact that general revision of our
revenue laws in the near future seems to be
probable it would be better that any
changes should be a part of that revision
rather than of temporary nature.
During the last fiscal year the secretary
purchased under the act of July IA, 1890,
54,355,7 4S ounces of silver and issued in
payment therefor SOL, l06,60S in notes, Ths
total purchases since the passage of the act
have been 12o,479.981 ounces and the aggre>
gate of notes issued $l16,7S3,59o. The
average price paid for silver during the year
was "a cents per ounce, the highest price
being $1,O23l, July l, 1891, and the lowest
S3, March 81, 1892.
In view of the fact that the monetary
conference is now sitting and that no con-
clusion has vet been reached withhold