Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-12-06
canal and secure to the United States its proper
relation to il when completed

The Congress has been already advised that
the invitations of this Government for the as-
| sem bling of an International Monetary Confer
enee to consider the question Of an enlarged
use Of silver were accepted by the nations to
| which they we're addressed The conference
assembled at Brussels on the 22d of November
| and has entered upon the consideration of this
great question. l have not doubted, and have
taken occasion to express that belief, as well in
| the invitations issued for this conference in
my public messages, that the free coinage Of
silver upon an agreed international ratio would
! greatly promote the interests of our people and
equally those of other nations. II is too early
TO predict what results may be accomplished
by the conference. If any temporary check or
delay intervenes, l believe that very soon COM
mercial conditions will compel the now reluc-
tant governments to unite with in this move
ment to secure the enlargement of the volume
of coined money needed for the transaction Of
4 the business of the world.
THE NATIONS FINANCES
The report Of the Secretary of the Treasury
will attract especial interest in view of the many
misleading statements that have been made as
| to the state Of the public revenues. Three pre-
| liminary facts should not only be stated. but
| emphasized, before looking into details: First
that the public debt has been reduced since
| March T. 1889, S259. 074. 200 and the annual in
terest charge sl1.6s4 ,469 second. that there
have been paid out for pensions during this adj
ministration up to November 1. 1892. s432. 564.-
| 1870, an excess of S114, 466. $500 over the
sum expended during the period from March
1, 1885, to March 1. 1889, and, third, that under
the existing tariff up to December about
| sos, 000. 600 of revenue, which would
have been collected upon imported sugars if
the duty had been maintained. has gone into
the pockets of the people and not into the pub
lie treasury, as before. II there any who
still think that the surplus should have been
kept out of circulation by boarding it in the
Treasury, or deposited in favored banks with
out interest while the Government continued to
pay to these very banks interest upon the bonds
deposited as security for the deposits, or who
think that the extended pension legislation was
| a public robbery, or that the duties upon sugar
should have been maintained. am content to
leave the argument where it now rests. while
we wait to see whether these criticisms will take
the form of legislation.
The revenues for the fiscal year ending June
3d. 1892, from all sources were S425, 86S 26O 20.
and the expenditures for all purposes were
S4l5 953, SOC. &c. leaving u balance of S9,914,-
1886. There paid during the year upon
the public debt $40. SIC. 467. 49, The surplus in
the Treasury and the bank redemption fund,
passed by the act Of July IA, 1890. to the gem
eral fund. furnished in large part the cash
available and used for the payments made upon
the public debt. Compared with the year 1891.
our receipts from customs duties.fell off S42,-
O69. 24l.OS, while our receipts from internal
revenue increased SS.2S4. S23.13, leaving the
net loss revenue from THESE principal sources
$50, 7s4. 95. The net loss of revenue from
| all sources S32, 675, 972.S1.
The revenues, estimated and actual, for the
fiscal year ending June so, 1893, are placed by
tine Secretary at S463 1886, $50. A and the expen-
diures at 446l 1856 $50 Al, showing n surplus of
receipts over expenditures of 81, DOC, 900. The
cash balance in the Treasury at the end of the
fiscal year it is estimated will be $40 1872 377 O3
So far as these figures are based upon esti-
mates of receipts and expenditures for the re-
naming months OF the current fiscal year,
there are not only the usual elements of uncer-
| tainty, but some added elements. New reve-
nue. legislation, or even the expectation of it,
may seriously reduce the public revenues dur
ing the period Of uncertainty and during the
process of business adjustment to the new con-
ditions when they become known. But the
Secretary has very wisely refrained from guess
ing as 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 foretold by him. His es-
Inmates must be based upon existing laws and
upon a continuance of existing business condi-
tons, except SO far as these conditions may be
affected by causes other than new legislation.
The estimated receipts for the fiscal year end
ing June so, 1894, $3.50, 121 1865. SO. and the
estimated appropriations S457 261 ,335 SO, leav-
ing an estimated surplus of receipts over ex-
penditures of e32 1860, 030.05. This does not in
clude any payment to the sinking fund. In the
recommendation of the Secretary that the sink
ing-fund law be repealed concur. The re-
dempton of bonds since the passage of the law
to June 80. 1892. has already exceeded the re-
qulrements by the sum of S990 $40 $751; 40. The
retirement of bonds in the future before ma
turity should be a matter of convenience, not
of compulsion. We should not collect revenue
| for that purpose, but only any casual sur
Plus. To the balance of So, $50 $50 05 of re-
ceipts over expenditures for the year 1894
should be added the estimated surplus at the
beginning of the wear So0 900 37T az. and from,
this aggregate there must be deducted as stated
by The Secretary. about S44 600 900 of esti-
mated unezpended appropriations.
The public confidence in the purpose and
| ability of the government to main tain the rarity
of all OF our money issues, whether coin or
paper, must remain mistaken. The demand
for gold in Europe and the consequent calls
upon us are in n considerable degree the result
Of the efforts Of some of the European govern
ments TO increase their gold reserves, and these
efforts should be met by appropriate legislation
on our part. The conditions that have created
his drain of the Treasury gold are in an i'm
portant degree political and no. commercial.
In view of the fact that general revision of
| our revenue laws in the near future seems to be
probable. it would be better that any changes
should be part of that revision rather than of
a temporary nature.
SILVER PURCHASES.
During the last fiscal year the Secretary pur-
Nh'HSN uii"Ni eiO at vi aiN loJO. 10
ounces of silver, and issued in paynen. there
FOR S5l. l0G. COS in notes. The total purchases
since the passage of the act have been 12Q, 49,
9Sl ounces. and the aggregate of notes issued
:ll6. 7s3.59O. The average price paid for silver
during the year "a cents per ounce, the
highest price being sl02si July /. 1891, and
The lowest SO cents March q, 1892 In view of
The fact that the monetary conference is now
sitting and that no conclusion has vet been
reached, l withhold any recommendation as to
legislation upon this subject.
THE WAR DEPARTMENT.
The report of the Secretary Of War brings
again to the attention Of Congress some i'm
portant suggestions as to the reorganization of
the infantry and artillery arms OF the service,
which his predecessors have before urgently
presented. Our Army is small, but its organiza-
Ion should all the more be put upon the most
approved modern basis. The conditions upon
what We have called the frontier have here
tosore required the maintenance Of many small
posts, but now the policy of concentration is
obviously the right one. The new posts should
have the proper strategic relations to the only
frontiers" we now have, those of the seacoast
and of our northern and part of our southern
boundary. do not think that any question of
advantage TO localities or to States should de-
termine the location of the new posts The re-
organization and enlargement of the Bureau of
, Military Information which the Secretary has
effected is work the usefulness of which will
become every year more apparent. The work
OF building heavy guns and the construction of
6afepsac hal hoo oil -.