Morning journal and courier., 1892-12-07

In wheat, -four, meat and dairy products,
and In manufactures of iron and steel and
lumber. There has been large increase in
the vrlue of imports from all these coun-
tries since the commercial agreements
went into effect, amounting to $74, 1874, 525,
but it has been entirely imports from the
American countries, consisting mostly OF
sugar, coffee, India rubber and crude
drugs.
The alarmed attention of our European
competitors for the South American mar
kets has been attracted to this new Ameri-
can policy and to our acquisition and their
loss of South American trade.
THE NICARAGUA SHIP CANAL.
repeat with great earnestness the rec
concentrations which have made in sew
ersl previous messages that prompt and |
adequate support be given the American |
Company engaged in the construction of
the Panama ship canal. It is impossible to
overstste the value from every standpoint
of this great enterprise, and I hope that
there may be time, even in this congress,
to give 1t an impetus that will insure the
early completion of the canal and secure
to the United States its proper relation to
Ii when completed.
THE MONETARY CONFERENCE.
Congress has been already advised that
the invitations of this government for the
assembling of an international monetary
conference to consider the question of an
enlarged use OF silver were accepted by
| nations to which they were addressed. The
| conference assembled at Brussels Novsm-
Der % and has entered upon the considera-
&c HOY 10n
| doubted, and have taken occasion to ex-
press that belief, as well in the invitations
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 be-
| lieve that very soon commercial conditions
| will compel the now reluctant governments
to unite with US in this movement to Sc
cure the enlargement of the volume of
coined money needed for the transaction
of the business world.
| CONDITION oF THE NATIONAL TREASURY.
The revenues for the fiscal year ending
June 80, 1892, from all sources were 1926,
1856, 300 20, and the expenditures for all
purposes were s415 ,953, S06 SO, leaving a
balance of So, 914, 453. IS. There were paid
during the year upon the public debt $40
$40, 467 SO. The surplus in the treasury
and the bank redemption fund, passed by
the act of July IA. 1890, to the genera
fund, furnished in large part the csst
? available and used for the payments made
upon the public debt. Compared with th'
3 year 1891, our receipts from custom
|
9 receipts from internal revenue increased
: Sc, 1884, 1923 IS, leaving net loss of revenue
t from these principal sources of $33, 7S4,
It 41795, The net loss of revenue from al
f sources was $32, 675, 972 81.
g The revenues, estimated and actual, TO
n the iscal year ending June 80, 1898, ar
- placed by the secretary at s463, 1886, $50 4
n aud the expenditures at $461 1886, $50. AZ
% showing surplus of receipts over expsn
j. ditures of So, 100000. The cash balance
J, in the treasury at the end of the fiscal yeaI
r it ia estimated, will be $50, 1892 ,377. Oh. S
# far as these figures are based upon est
n mates of receipts and expenditures for tn
l. remaining months of the current 6scE
d | year, there are not only the usual element
a of uncertainty, but some added element
New revenue legislation, or even the e1
'e pectation of it, may seriously reduce tn
Is public revenues during the period {
II uncertainty and during the process {
4 business adjustment to the new condition
p when they become known. But the seer
J. tary has very wisely refrained from guess
IF ing as to the effect of possible changes
le our revenue laws. Since the scope of thos
n changes and time of their taking effet
n cannot in any degree be forecast or for
lie told by him his estimates must be base
K upon existing laws and upon continuant
,e of existing business conditions, except {
K far as these conditions may be affected h
IN causes other than new legislation.
ID The estimated receipts for the fiscal yes
in ending June 80. 1894, are $500, 121 1855
r; and the estimated appropriations 1852
es 261 1886. 80, leaving an estimated surplr
le of receipts over expenditures of $32, 1850
1T 03O05. This does not include any pa,
re ment to the sinking fund.
IN THE DEMAND FOR GOLD.
~ The demand for gold in Europe and Il
ct consequent calls upon us are in a conside
y able degree the result of the efforts of son
Z of the European governments to increa
= their gold reserves. and these effor
OF should be met by appropriate legislatie
ds on our part.
n The conditions that have created th
ey drain of the treasury gold are in an il
of portant degree political and not CONNIE
,e- revision of our revenue laws in the ne
ur future seems to be probable, it would
We better that any changes should be part
on that revision rather than of tempera
,es nature. During the last fiscal year t
lat secretary purchased under act of July
ke 1890, 81 1856, 74S ounces of silver and
te. sued in payment therefor SOL ,10 SOS
ce notes. The total purchases since t
of passage of the act have bsen 100, 479, 8
ed ounces and the aggregate of notes issu
ia. SIG, 1888, 500. The average price paid
es- silver during the year was 81 cents F
ice ounce, the highest price being $1.0s
ne July 1, 1891, and the lowest .83, Mar
ate 81, 1899. In view of the fact that t
by monetary conference Is now sitting a
Div that no conclusion has yet been reached
he withhold any recommendation as to leg
in ton on the subject.
in CLAIMS TO AN ENORMOUS AMOUNT.
ny The aggregate of claims pending agail
,as the government in the court of claims
m, enormous. Claims to the amount of ne
ess ly $500, 600, 900 for the taking of or inju
lea to the property of persons claiming to
loyal during the war, are now before
BILE court for examination. When to tn
m are added the Indian depreciation clsi
in and the French spoilstion claims, an agg
out gate is reached that ls indeed startling.
Day the defense of all these cases the govel
hat ment is at great disadvantage. The clai
re- ants have preserved their evidence, whe
go as the agents of the government are ct
to | into the field to rumags for what they {
IN find. This difficulty is peculiarly or
md where the fact to be established is the
or loyalty of the claimant during the war;
&C this great threat against our revenues ia
have no other check certainly congr
should supply the department of just
=. with appropriations sufficiently liberal
uo- secure the best legal talent in the defer
'm- of these claims and to pursue it's vas
zeal search for evidence effectively.
zil The report of the postmaster gene
shows a most gratifying increase an
ano most efficient and progressive msnsgem
ter of the great business of that depa1tme
all TIE NAVAL MILITIA.
nv The development of a naval mill
Iras which has been organized in eight sta
ded and brought into cardinal and eo-operst
ue5 relations with the navy is another impc
,ase ant achievement.
OTIS. There are now enlisted in these orgsni
ure tions / 800 men and they are likely to
re- extended. I recommend such legislat
the and appropriations as will encourage 6
late develop this movement. The recommen
ten tions of the secretary will receive
e ~G e.