The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-12-08

nual report OF the secretary OF the treas
uryshows that the government revenues
from all sources during the past fiscal
year were S425, SO9, 2GO, and the total ex-
penditures s4l5, 953,SO6, leaving a sur
plus of s0,O14,54S. With the cash bal
ance, the national bank redemption
fund, and few small items added, this
surplus was increased to SiO,570r 46S.
AS compared with tho fiscal year 1891,
the receipts for 1892 have fallen off s32,-
G75,972, the principal losses being in
customs receipts, s42,069,24l, and in
profits on coinage, s5,GSl, 479. On the
other hand there was a gain Of SS,2S4,-
1913, in internal revenue receipts OF $4,-
909,690, and in sales OF District OF Co
lumbia bonds OF S2,4l2,744. In tho or
binary expenditure there was decrease
OF $40, 349, 544, which is accounted for by
diminished payments for direct tax re.
fund OF excessive customs deposits,
drawbacks, census, quartermasters sup
plies and interest on the public debt,
the decrease in the last item alone being
Sl4,169,090.
For the present fiscal year the revo-
nues are estimated: From customs,
Sl9S, 100000; from internal revenue,
SI65, 10000 from miscellaneous sources,
$20,00O,000; from postal service, $780,
336,050. Total estimated revenues
s46S, 336,350. The expenditures for the
same period are estimated as follows:
For civil establishment, SOS, 100000;
for the military establishment, $40, 000-
600; for the naval establishment, $751;
100000; for the Indian service, S9,0U0,-
600; for pensions, Sl5S,0O0,0O0; for in
terest on the public debt, S26,OOO,0OO;
for postal service, $50, 1856, 1904. Total
estimated expenditures, $6l, 1886, 350.44,
leaving an estimated surplus for the
year OF 100000.
CASH IN THE TREASURY.
The available cash balance in tho
treasury at the end of the present fiscal
year is stated at Sl2O,992, S77. The rev.
enues for the fiscal year 1894 are esti-
mated at S490, 12l, 1866 and the appropria-
tons required 1851, 26l 1886, exclusive OF
thu sinking fund, or an estimated sur
plus OF $50, $50, 03O, which, with the cash
balance above gold reserve, would make
the available balance $50, S52, 407, and
deducting accrued or accruing obliga-
tions, (mail contracts and redemptions)
would leave the balance $57, 1852, 407.
Chargeable against this are unex-
pended river and harbor and ordnance
appropriations amounting TO $4,000
600, and no account is taken OF the
sinking fund requirements amounting
to $4,000, 900 beyond redemptions esti
mated at S., 100000.
The estimated receipts, says Secreta-
~ Foster, are based upon conditions
prevailing prior to the late election.
Public opinion having decreed a
change OF policies, particularly in the
tariff laws, the altered conditions re-
sulting therefrom render it impossible
at the present time to estimate the an
nual income with any marked degree OF
accuracy, and it is impossible to pre-
dict the effect that such proposed radi-
cal changes would have upon the future
revenues OF the government. The secre-
tary further says that he will not esti-
mate further, but that the inevitable
result OF the tariff reduction agitation
will be falling off in importations and
in revenue, the extent OF which no ono
can measure. He docs say, however,
that all the facts fully justify the opin-
ion that the large increase Of receipts
ascribad to the marvellous prosperity
OF the country under the present rev.
cnue system would, If continued, enable
the department during the coming
fiscal year to meet all obligations with
out the slightest impairment Of its cash,
and thereafter continue to show
material improvement in its condition.
Touching the sinking fund act the re-
port states that up TO June 30 last $780,
550,6Sl more than is required by law
has been credited to the fund. He rec
ommends the repeal Of the act OF March
4, 1891, authorizing the application OF
surplus money to the purchase or re-
demption OF United States bonds, in
view OF the large decrease in the ma
tional debt already effected. and the
probable future condition OF national
finances. Touching the gold reserve
the report says the treasury has diff
Guilty with the limited amount OF cash
on hand above the 500, 100000 redemp-
ton fund, to keep q sufficient stock Of
gold, and ii the shipments continue as
large as they have been during the past
two years the gold in the treasury will
be diminished below the reserve line.
INCREASED REVENUES.
The maintenance of silver at par has
also increased the possible charge upon
the gold reserve, and therefore the sec
rotary suggests that the reserve for the
redemption OF government obligations
should be increased to the extent OF at
least 20 per cent OF the amount OF treas
ury notes issued or to DO issued under
the act OF July IA, 1890
The secretary says: "As will be seen
by the estimates submitted, the re-
\ ceipts OF the current ar / the next fiscal
wear are not likely, If present condi-
tons continue, to fall below expendi-
lures. Yet in view OF the fact that the
surplus for this year will be small upon
the basis stated, with the probability OF
II falling off in receipts for causes men,
toned, think the revenues
should DO so increased to enable the
treasury department to maintain gold
reserve OF not less than Sl25, 900, 900, to
maintain comfortable working bal
ance in the treasury cash. As general
revision OF our custom laws is now
probable, do not feel like suggesting
amy special method for increasing the
revenue, though l should otherwise
think that an additional tax on whisky
which could bo collected without addi-
tional cost would furnish an easy
method"
In regard to the monetary conference
he says; This conference is now in
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