The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1892-12-14
THE TREASURY.
Secretary Fosters Statement Of the
Country's Financial Condition.
The Available Cash Balance Reaches the
Sum OF Nearly S121, OO-Estimates
of Receipts and Expenditures for
the Current Fiscal Year.

OcC d-OtCTGkuTJ FOSbCEt Va
the treasury department, in his annual report
as to the financial operation OF the government
estimates the revenue for the present fiscal
year ending June 30 1893, as follows;
From customs slos,000,000 From internal
revenue Sl65, 1000. From miscellaneous sources
S20,000,0O0 From postal service So, $50, $50 A.
Total estimated revenues Si63, ,33o, 1904
The expenditures for the same period are es
timated as follows: For the civil establishment
el0o,0O0,000. For the military establishment
Ho,000.0O0 For the naval establishment $751;
100000 For the Indian service 100000 For
pensions N52, 100000 For interest on the public
debt S2o 900 For postal service $50, zee, $50 a.
Total estimated expenditures A6i, ,S3e, $50 A.
Leaving an estimated surplus for the year Of
100000
The following Is submitted as the probable
condition Of the treasury at the close OF the
present fiscal year, June 80, lso3 Cash in the
treasury July |, 1899, including gold reserve,
N29e97, ,S770S; surplus for year as above g, ,OOO,-
600 Deposits during the year for redemption
Of national bank notes s3,5O0,0O0 Total amount
available 1881, ,l92, ,377.0a Redemption OF national
bank notes during the year s9,5OO0Oo Redemp-
tion OF bonds, interest notes and fractional cur
rency during the year 100000 Total $40, 2OO,O 600
Cash balance available June 80 1893, sl2O, ,3T
1t is estimated that the revenues OF the gov
ernment for the fiscal year 1874 will be on the
basis named below:
From customs S2l0,OOO,OOo From internal rev.
enue Sl75,000,OO0 From miscellaneous sources
s20,0OO,0OO From postal services ,R5, l2l, ,36A&
Total estimated revenues s490, l2l, ,3S.2
No account is made in the foregoing Of the re-
quirements OF the sinlIng fund for 1894, amount
ing 10 S4s GOO,0OO beyond the redemption OF past
due bonds, fractional currency and national
bank notes estimated at 100000 The esti.
mated receipts are based upon conditions pre-.
vailing prior to the late election Public opin.
ion having decreed q change OF policy" says
Secretary Foster, particularly in the tariff
laws, the altered conditions resulting therefrom
render II impossible at the present time TO esti'
mate the annual income with any marked de-
gree OF accuracy and It is impossible TO predict
the effect that such proposed radical changes
would have upon the future revenues OF the
government"
"Under all Of the circumstances II would be
inappropriate In me TO undertake TO make an
estimate other than rs already stated, but II is
not out OF place TO remark that the business
community having full knowledge OF proposed
tarin reductions, tho inevitable result will DO O
falling OF in importations and corresponding
decrease in the revenues. The extent Of this
decrease no one viii be able TO measure until
business shall again adjust itself TO new condi
tions"
Secretary Foster recommends the uncondi
tional repeal Of the sinking fund laws rs ut is
hardly probable that moro than about S7O0O,0OO
can be credited 10 the fund during the present
fiscal year as against legal requirement ex
ceeding S4s ,0OO and further applications TO
the fund during suct eeding years must neces
sarily he limited 10 such small sums as may
IRON 'ltne 70 Time DO pald lor past uue Donus'
frat .'onal currency and national bank notes re-
decmed under the act OF July H. 1870
One OF the embarrnssments TO the treasury
In the opinion OF the secretary is tho inability
with the limited amount OF cash on hand above
the one hundred million reserve, 70 keep up q
sufficient gold supply. when the demand comes
for tho expectation OF gold" he says, "the
treasury ia called upon to furnish IL II this do
mand should provo TO bo as large the coming
year as II has been for the past two years. gold
In the treasury would be diminished 70 or below
the reserve line.
"The status OF this reserve and Its amount
have recently beon subjects Of discussion In
the bank act OF 1889 congress gave expression
10 Its belief that lOO,OC0.OOO in gold was suit
able reserve; by providing that whenever the
amount OF god In the treasury should fall below
that sum the issue OF gold certificates should
cease. In 1885 the then secretary OF the troas.
ury adopted the practice OF reporting SlOo,OooOOl
CT the gold IN the treasury as reserve Tor the
redemption Of United States notes, and recently
the majority OF tho judiciary committee OF tho
present house of representatives expressed the
opinion that under existing law the. mainten'
ance OF this reserve is obligatory.
"But II SOO0OoOoo in gold was suitable or
necessary reserve In lsS' and In 1888, II would
seem clear that greater reserve Is necessary
now.