Evening journal., 1892-12-06

lohSc uhuci but OpcIhllOu VI u bulih Aoi
revenue only.
Reciprocity Eulogized.
Regarding reciprocity the president
says: "Under these trade arrangements
a free or favored admission has been Sc
cured in every case for an important list
of American products. The full benefits
of these arrangements cannot be realized
instantly; new lines of trade are to be
opened. The commercial traveller must
survey the field. The manufacturer must
adopt his goods TO the new markets and
facilities for exchange must be estab-
lished.'
In order to insure the total abolition
of seal pcaching in the North Pacific,
the president recommends that power be
given the president to prohibit by procla-
nation the taking the seal by American
as well as foreign sealers. Comment is
made upon the enormous traffic drawn
from this country by Canadian railways;
the construction of an American canal
around the falls of Niagara is spoken Of
as means of diverting to our transpor-
tation interests the traffic that now goes
TO Canadian concerns.
The president repeats with great earn
estness the recommendations made in
previous messages, that prompt and
adequate support be given to the Ameri-
can company engaged in the construc-
tion of the Nicaragua ship canal. Refer
ence is made to the Brussels monetary
conference, and the president repeats ms
personally expressed belief that the free
coinage of silver upon an agreed inter
national ratio would greatly promote
the interests of our people and equally
those of other nations The belief is
expressed that commercial necessities
will require other governments to join
with the United States in the enlarge
ment of the volume of coined money.
Treasury 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 preliminary
facts should not only be stated but en-
phasized before looking into details
First, that the public debts have been
reduced since March 4, 1889, $259, 074, 200
and the annual interest charge,
! 81 1884, ,469; Second, that there have
been paid out for pensions during this
administration up to November D., 1892,
| $432 564, t7S 20, an excess of $114 1885,
3S609 over the sum expended during the
period from March /, 1885, to March /,
1889, and Third, that under the existing
tariff up to December 1 about $93, ,OU0, 600
of revenue, which would have been col
lected upon imported sugars if the duty
had been maintained, has gone into the
pockets of the people and not into the
public treasury as before If there are 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 without interest while
the government continued to pay these
very banks interest upon the bonds
deposited as security for the
deposits and who think that the
extended pension legislation was public
robbery, or that the duties upon sugar
should have been maintained. / am con-
tent to leave the argument where it now
rests.
The revenues for the fiscal year ending
June 30, 1892, from all sources were
1925, S5S, 260 % and the expenditures for
all purposes were S415, 953, S06. 90, leaving
a balance Of $9,9l4, 1886 There were
paid during the year upon the public
debts $40, $40, 467 9S The surplus in the
treasury and the bank redemption fund
passed by the act of July IA, 1890. to
the general fund furnished in large part
the cash available and used fol the pay
ments made upon the public debt com
pared with the year 1891 on receipts from
custom duties.
After reviewing the figures given in
the report of the secretary of the treas
ury the president adds:
80 far as these figures are based
upon estimates of receipts and expen-
4 fs,frt Ia
current fiscal year there are not only the
usual elements of uncertainty but some
added elements, new revenue legislation,
or even the expenditures of it, may seri
ously reduce the public revenues during
the period of uncertainty, and during
the process of business adjustment tC
the new conditions when they become
known.
The demand for gold in Europe and
the consequent drain upon us are all in
considerable degree the result of efforts
of some of the European governments
to increase the gold reserves, and thes'
effects should be met by appropriate
{ legislation on our part. The conditions
that have created this drain of tho
treasury gold are in an important degree
political and not commercial. In view o
Z the fact that a general revision Of oul
revenue laws in the near future seems u
. be probable, it would be better that an,
Z changes should be a part of that revis
ion rather than of a temporary nature.
Proposed Coast Defenses Commended.
, The enlargement and perfection o
our sea coast defenses recommended b,
the secretary Of war, is approved by tn
, president, who thinks that this wori
! and the work of building heavy gun
should be carried on without check
The message has a good word for tn
attorney general and the enactment o
legislation by congress establishing uni
formity of time allowance for good be
! havior for prisoners convicted by FEEDERS
= courts is recommended. The report o
the postmaster-general the piesiden
] says, shows a most gratifying increas
and earnest efficient management Of tn
! great business Of that department.
. The gratifying results of the ocea
. mail subsidies act are offered by tn
y president, the creation of a naval reserv
: under its provisions being considered
! matter for congratulation. In tn
y opinion of the president there is n
4 course left for the government but I