The Portland daily press., 1892-12-07

mendation which l have made in several
previous messages that prompt and adequate
suppost be given to the American company
engaged in the construction of the Nicaragua
ship canal. 1t is impossible to overstate
the value from every standpoint OF
this great enterprise and | hope that
there may be time, even in this Congress.
to give to it an impetus that will insure
the early completion of the canal and secure
to the United States its proper relation to it
when completed.
The Monetary Conference.
The Congress has been already advised
the assembling of an international monetary
conference to consider the question of an
enlarged use of silver were accepted by the
nations to which they were addressed
The conference assembled at Brussels on
the 22d of November and has entered upon
the consideration of this great question.
have not doubted and have taken occasion
to express the belief, as well in the invita-
tons issued for this conference, as 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.
1t is too early to predict what results may
be accomplished by the conference. If any
temporary check or delay intervenes II believe
that very soon commercial conditions will
compel the now reluctant governments to
unite with us to secure the enlargement of
the volume of coined money needed for the
transaction of the business of the world.
The Public Revenues.
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 preliminary facts should not only be
stated but empasized before looking into the
details. First, that the public debt has been
reduced since March 4, 1889, $259,074, 200
and the annual interest charge Sill, 1884, 1859 /;
second, that there have been paid out for
pensions during this administration up to
Nov. l, 1892, $432, 564, 1879, an excess of
$ll4,466.3S6 over the sum expended
during the period from March l, 1885 to
March l, 1889; and third that under the
existing tariff up to December l about
1898, OS0,0 900 of revenue, which would have
been collected upon imported sugars if the
duty had been maintained, has gone into
the public treasury, as before. If there are
any who still think that the surplus should
have been kept out of circulation by hoard
ing it in the treasury, or deposting in favor
ed banks without interest while the gov
eminent continued to pay these very banks
interest upon the bonds deposited as security
for the deposits, or who think that the ex
tended pension legislation was 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 80, 1892, from all sources were $425,
S6S, 26022 and the expenditures for all pur
poses were $4l5, 953,806.56, leaving bal
ance of $9,9l4, 1896. There were paid
during the year upon the public debt $40
570,467.9S. The surplus in the treasury
and the bank redemption fund passed by the
act of July Il, 1890, to the general fund,
furnished in large part the cash available
and used tor the payments made upon the
public debt. Compared with the year 1891
our receipts from customs duties fell Off
$40, 069, 24I.09 while our receipts from in
ternal revenue increased $S,2S4,825.lS leav-