Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-08
FOSTER HAS FIGURES
To Show There Will BE a Surplus Of
Couple of Millions
AT TIE ENDOF THE CURRENT YEAR
&c ID Emphatic on immigration and Quar-
antine Matters
SOME IMPORTANT RECOMMENDATIONS

WASHINGTON, Dec THE annual re-
port of the Secretary of the Treasury, pre-
sented to Congress to-day, shows that the
Government revenues from all sources dur
ing the past fiscal year were $425, 8,26O
and the total expenditures $415,95S, 800,
leaving surplus of So, ,914, 543 With the
cash balance the national bank redemption
fund and few small items added, this
surplus was $40, $40, 46s, which was applied
to the payment of the public debt and the
national bank notes
As compared with the fiscal vesr 1891 the
receipts for 1892 have fallen of S32, 2,675,9I2,
the principal losses being in custom re-
ceipts S42, ,069, 241 and in profits on coinage
S5,6S1, 479. On the other hand, there was
gain of IS, ,2s4. 1923 in internal revenue re-
ceipts, of 81, 99S, $50 in the postal service
and in sales of District of Columbia bonds
of S2,412, IA In the ordinary expenditures
there was decrease of So 349, 544, which is
accounted for bv diminished payments for
direct tax refund, of excessive customs de-
posits, drawbacks, census, quartermaster
supplies, and interest on the public DEBT,
the decrease in the last Item alone oelng
$14, ,169,019.
Figures on the Erescul AcaA'
For the present fiscal year the revenues
are estimated as follows: From customs,
S19S, 900. 900; from internal revenue, $685.
600, 900; from miscellaneous sources, S2O,-
OOO. 900: from postal service, $50, 1886, 05O A;
total estimated revenues, 1858, 336, $50 A.
The expeaditures for the same period are
estimated as follows: For the civil estab-
lishment, S10S. 000, 600; for the military es-
tablishment, S49, 600, 900; for the naval es-
Establishment, SS1. 900, 600; for the Indian ser
vice, S, ,OO0, 900; for pensions, $15S, 900, 900;
for interest on the public debt, S26 0O0, 900;
for postal service, $50, 1886, $50 A; total estl-
mated expenditures, S461, 1886 $50 A, leav-
ing an estimated surplus for the year of
s., 600, 900.
The available cash balance in the Treas
ury at the end of the present fiscal year is
stated at S120, 992, 377. The revenues for
the fiscal year 1894 are estimated at $780,
131, 1866 and the appropriations required
S45T, ,261, 1856, exclusive of the sinking fund,
or an estimated surplus of $50, 800. .O3O,
which, with the cash balance above gold
reserve, would make the available balance
S53, ,352, 407, and deducting accrued or ac-
cruing obligations (msil contracts and re-
demptions) would leave the balance SA,-
S52, ,4O7.
Politics an Important Factor.
Chargeable against this are unexpended
river and harbor and ordnance appropria-
tions amounting to $44, 000, 900, and no ac-
count is taken of the sinking fund require
ments, amounting to S48, SOC, 600 beyond re-
demptions estimated at IS, 100000
The estimated receipts: says Secretary
Foster, are based upon conditions prevail
ing prior to the late election. Public opin-
ion having decreed change of politics, par
ticularly in the tariff laws, the altered con-
ditions resulting therefrom render it i'm
possible at the present time to estimate the
annual income with any marked degree of
accuracy, and it is impossible to predict the
effect that such proposed radical changes
would have upon the future revenues of the
Government
The Secretary further SAYS that he will
not estimate further, but that the inevitable
result of the tariff reduction agitation will
be falling of in importations and in reve-
nue., the extent of which no one can meas
ure. He does say, however, that all the
facts fully Justify the opinion that the
large increase of receipts ascribed to the
marvellous prosperity OF the country under
the present revenue system would, if con-
tinued, enable the department during the
coming fiscal year to meet all obligations
without the slightest impairment of its
cash, and thereafter continue to show ma
teriaI improvement in its condition.
Condition of the Sinking Fund.
Touching the sinking fund act the report
states that up to June 80, last, $500, $50, 681
more than it required by law has been cred
tied to the fund. He recommends the re-
peal of the act of March 3, 1891, authoriz-
ing the application of surplus money to the
purchase or redemption of United States
bonds in view OF the large decrease in the
national debt already effected and the
probable future condition of national
finances
Touching the gold reserve the report says
the Treasury has difficulty, with the limited
amount of cash on hand above the 500, ,000,-
600 redemption fund, TO keep q sufficient
stock of gold, and if the shipments con-
tinue as large as they have been during the
past two wears the gold in the Treasury will
be diminished below the reserve line.
The maintenance of silver at par has also
increased the possible charge upon the gold
reserve, therefore the Secretary suggests
that the reserve for the redemption of Gov
ernment obligations should be increased to
the extent of at least 20 per cent of the
amount of Treasury notes issued or to be
issued under the act Of July IA, 1890. The
Secretary says:
Good Promises IL Carried Out
As will be seen by the estimates sub
mitted, the receipts of the current and the
next fiscal year are not likely, il present
conditions continue, to fall below expendi-
lures. Yet, in view of the fact that tine
surplus for this year will be small upon the
basis stated, with the probability of a fall
ing of in receipts tor causes mentioned l
think the revenues should be so increased
as to enable the Treasury Department to
maintain a gold reserve of not less than
sl25 600 900 to maintain a comfortable work
ing balance in the treasury cash. AS q gen.
eral revision of our customs laws is now
probable DO not feel like suggesting any
special method for increasing the revenue
though / should otherwise think that an
additional tax on whisky, which could be
collected without additional cost would
furnish an easy method.
In regard to the Monetary Conference he
says:
This conference is now in session. As vet
little is known as to what its action may
be beyond the general fact that the subject
of the better use of silver as O money metal
is receiving its earnest attention. What
ever may be the outcome of the conference
ft Is safe to predict that a clearer idea will
he had of the views and purposes of the
countries represented.
Success of the Reciprocity Feature.
He gives statistics to show the success of
the reciprocity treaty now in operation,
and SAYS the result of reciprocity will be
enlarged markets for our agricultural and
manufacturing products and increased en-
ployment for our ships. The Secretary re-