The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-12-07

will attract special nteresI. in view Of the many
misleading statements that have been made as
TO the state OF the public revenues. Three pre-
iinlinary facts should not only be stated, but
emphasized before looking ipto details. first
That the pubic debt has been reduced since
March 4. 1889. s25s, o74, 200 aud the annual in.
terest charges 11,6S4.469; seeond-That
there have been paid out for pensions during
this ADMINISTRATION up 10 November 1, 1892,
s432. 5e4,17s 20. an excess of s114,466, 800 %
March i. 1885. TO March /, 1889; aud third
That under The existing tarin up to December
about 500, 000, 900 Of revenue, which would
have been collected upon imported sugar. If the
duty bad been maintained. has gone into the
pockets OF the people and not into the public
treasury as before. III there be any who still
think that the surplus should have been Kept out
Of circulation by boarding It 10 the tfeasur y or
S eIsst Ebs m. 'ne DanE without in
Ss bonds deposited as Security for sne
deposits. or who think that the extended PEN
sion legislation was a public robbery, or that
the duties upon sugar should have been main
tanned. / am content to leave the argument
where 10 now rests, while we wait to see whether
these criticisms will take the form OF legisl iion
The revenues for the fiscal year ending June
2eo %. ana the expenditures for ali nnaSose.
were s415. 923. sos o. leaving a balance of
S9.9 ,453 &C. There was paid during the year
upon the public debt s40.57o. 467 80. The sur
plus Tin the treasury aud The bank redemption
fund, passed by the act OF July 1 4, 1S9O~to the
general fund furnished In large part the cash
available and used for the payments made upon
The public debt Compared with the year 1891
our receipts from customs dues fell of s42 O69.
241 o8. while our receipts from Internal reye
nue. increased s., 2S4, 1923 Is, leaving the loss of
revenue from these principal sources S33. 1884,
Az 30 Inc net loss OF revenue from all sources
was S32,675,912 81.
The revenues, estimated and actual for the rs
cal year ending June 80. 1898. are placed by the
Secretary at S463, 1886 $50 A. and the expendl-
lures al S46l, 336. 800 "A, showing surplus Of
receipts over expenditures OF S2,O00.0o0 The
cash balance In the treasury az the end OF the
fiscal year, Il Is estimated. Will be 500 $685.
377 03. SO far as these figures are based on an
estimate of the receipts and expenditures for the
remaining months OF the current ilscal year,
there are not The usual elements of uncertainty,
but some added elements. New revenue legisla-
ton. or even the expectation OF it, may seriously
reduce the public revenues during The period Of
uncertainty and duting the press of business
adjustment 10 the new conditions when
they become known. But The Secretary has
10 the effect OF possible changes In our
revenue laws. Since the scope OF these
changes and the time OF their taking effect can.
not In any degree be forecast or foretod by him,
his estimates must be based upon existing laws
aud upon a continuance OF existing business con-
ditions, except so far as these conditions may be
affected by causes other Than new legislation.
The estimated receints for the fiscal year ending
June 80. 1898. are $3.50 12l 1856 SO and the es-
tmated appropriations S457, 261 1876 90, leay-
Ing an estimated surplus of receipts over The ex-
penciluTes OF $50, $780, $50 90. This does not in-
Guide any payment to the sinking fund. In
the recommendation OF the Secretary that the
stEking-fund law be repealed. 4 concur. The re-
demption OF bonds since The passage OF The law
10 June 80. 1892, has already exceeded The re-
qnirements OF The law by the sum OF $3.50, 3d.
6Sl 40 The retirement OF bonds ia the fu-
lure before maturity should be q matter OF con-
venience, not OF compulsIOn. We should not
collect revenue for that purpose but only use
The casual surplus. To the balance OF 49,, &c.,
O3O 90, or receipts over expenditures for the
year 1894, should be added the estimated sur
Plus AT the beginning OF tile year 500 922..
31I 80. and from this aggregate there must be
deducted, as stated by the Secretary, about S44,-
OoO.oOO oil estimated unexpired approp rlalions
The public confidence in the purpo ses aud
ability or The Government to maintain the par
ity OF all our money issues, whether coin or
paper. must rem I'm mistaken. The demand for
gold in Europe and The consequent calls on US
are In considerable degree tue result of the
enorts OF some OF the European Governments to
increase their gold reserves, and these efforts
should be met by appropriations upon our part.
The conditions that have created this drain on
the treasury OF gold are Ia an Important degree
political and not commercial.
In view OF the fact that a general revision of
our revenue laws In the near future seems 10 be
probable, 10 woud be better that any changes
should be part OF that revision rather Than of a
temporary nature. During the last fiscal year
the secretary purchased under the act of July
IA, 1880. b4,335 74S ounces Of silver and issued
IN payment thereof SOL, loo sos In notes. The
total purchases since the passage OF the act have
notes issued SIG. 7S3 500. The average price
paid Tor silver during the year was "a cents per
ounce, The highest being 81 0334 on July, 1891,
ana the lowest SO cents, on March 81, 1892.
In view OF the fact that the monetary confer
enee is now sitting and that no conclusion has
as yet been reached withhold any recommends
ZION as 10 the legislation upon this subject.