St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-12-07

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 onl be
stated, but emphasized, before looking into
details-lrst that the public debt has been
reduced since March 4, 1889, $3.50, 200, and
the annual interest charges. $11,6S4, 1859; sec
ond, that there have been paid out for pen
sions during this administration up to Nov.
i, 1892, $432, 564, 1870, an excess Of S114,466,
1856 .09 over the sum expended dur.
ing the period from March 1. 1885, to
March 1. 1889; and. third. that under the ex-
revenue which would have been collected
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. II there are any VINO SUI think ths at
circulation by boarding it in the treasury, or
deposited in favored banks without interest
while the government continued to pay to
these very banks interest upon bonds de-
posted as security sfor the deposits, or who
think that the extended pension legislation
was public robbery or that the duties upon
sugar should have been maintained, am
content to leave the argument where it now
rests, while we want to see whether these
criticisms will take the form of legislation.
The revenues estimated and actual, for the
fiscal year ending June 30. 1893 are placed
by the secretary at S463, 336, 1904, and the
expenditures DIT T4O1, 900, oOU.4f, suOWluS u
surplus Of receipts over expenditures Of
So, OO0.000. The cash balance in the treasury
at the end of the fiscal year, it is estimated,
will be $40, 992, 377.03. SO far as these figures
are based upon estimates of receipts and ex-
penditures for the remaining months of the
current fiscal year. there are not only the
usual elements of uncertainty, but some
added elements. New revenue legislatlon,or
even the expectation of il, may seriously re-
duce the public revenues during the period
of uncertainty and during the process of
business adjustment to the new conditions
when they become known.
In the recommendation of the secretary
that the sinking fund law be repealed con-
cur. The public confidence in the purpose
and ability of the government to maintain
the parity of all our money Issues, whether
coin or paper. must remain mistaken. The
demand for gold in Europe and the conse-
quent calls upon us are in considerable
degree the result of the efforts of some of
the European governments to increase their
gold reserves. and these efforts should be
met by appropriate legislation upon our
part. The conditions that have created this
drain of the treasury gold are in an impor-
View oe of the ef fact ana that aOna gem
eral revision of our revenue laws
in the near future seems to be probable,
1t would be better that any changes should be
part of that revision rather than OF a tenn
porary nature. During the last fiscal year the
secretary purchased under the act of July IA,
1890. 54,35j. 74S ounces of silver, and issued in
payment therefor 81, JOG. 46S in notes. The
total purchases since the passage of the act
have been Sl20. 459,99l ounces and the aggre
gate of notes issued Silt, 1888, 500 The average
price paid for silver during the year was "a
cents per ounce, the highest price being
S1.02a4, July !, 1891. and the lowest So cents,
March 81, 1892 In view Of the fact that the
monetary conference is now sitting and that
no conclusion has as yet been reached.
withhold any recommendation as TO the leg
islation upon this subject