The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1892-12-07

revenue from these principal sources S3,37s,-
AL ,795 The net loss Of revenue flom all
sources was $326759,72S
The revenues estimated and actual for the
fiscal year ending June 30 1888, are placed by
the secretary at Si63,S36 3j0.4 and expenses at
S461, 1886 1904, showing a surplus of receipts
over expenditures of S2,0OO,00O The cash bal
ance in the treasury at the end of the fiscal
year, it is estimated will be s20,992.31T.03 SO
far as these figures are based uiOn estimates
of receipts and expenditures for the remain
ing months Of the current fiscal year there are
not only the usual elements of uncertainty
but some added clements
New revenue legislation, or even the expla-
nation of it, may seriously reduce the public
revenues during the period of uncertainty and
during the process of business adjustment to
the new conditions when they become known.
But the secretary has very wisely refrained
from guessing as to the effect of possible
changes in our revenue laws, since the scope
of those changes and the time of their taking
effect cannot in any degree be forecast or fore
told by him. His estimates must be based
upon existing laws and upon a continuance of
existing business conditions, except so far rs
these conditions may be affected by causes
other than new legislation.
The Estimated Receipts
for the fiscal year ending June 30, 1904 are
Si9012l ,3653S and the estimated appropria-
tions 1857 ,26l .33, leaving an estimated sur
O300j This does not inc ude any payment to
the sinking fund.
In the recommendation of the secretary
that the sinking fund law be repealed con-
cur. The retirement of bonds in the future
before maturity should be a matter of con-
venience, not of compulsion. We should not
collect revenue for the purpose, but only use
any casual surplus.
To the balance of So, S60,03005 of receipts
over expenditures for the year 1894, should be
added the estimated surplus at the beginning
of the year, 5000, 377 03 and from the aggre-
gate there must be deducted as stated by the
secretary, about S44,0D,UO0 of estimated appro-
priations. The public confidence is the pur-
pose and ability of the government to main
tain the parity of all of our money issues,
whether coin or paper, must remain I'M
shaken. The demand for gold in Europe, and
the consequent calls upon u.s. are in a consid-
cradle 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 on our part
The conditions that have created this drain
of the treasury gold are in an important de-
gree political and not commercial. In view of
the fact that a general 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 tenn
porary nature.
During the last fiscal year the secretary pur-
chased under act of July IA, 1890, 54,355,74S
ounces of silver, and issued in payment there
fore S51 Cos in notes. The total purchases
since the passage of the act have been 120,-
49,9S1 ounces, and the aggregate of notes
issued S116,7 S3590. The average price paid for
silver during the year was "a cents per ounce,
the highest price being SlO2}4, July l, 1891, and
the lowest S0.S3, March 81, 1892.
In view of the fact that the monetary con-
ference is now sitting, and that no conclusion
has yet been reached, / withhold any recon-
lnendation as to legislation upon this subject.
The Army.
The report of the secretary of war brings
again to the attention of congress some i'm
portant suggestions as to the reorganization
Of the infantry and artillery arms of the
service, which his predecessors have before
urgently presented.
Our army is small, but its organization
should all the more be put upon the most APP
proved modern basis. The conditions upon
what we have called the frontier" have here
tofore required the maintenance of many
small posts, but the policy of concentration
is obviously the right one. The new posts
should have the proper strategic relation to
the only frontiers" we now have, these of the
seacoast and of our northern and part of our
southern boundary. do not think that any
question of advantage to localities or to states
should determine the location of the new
posts.
The reorganization and enlargement of the
bureau OF military Information, which the Sec
rotary has affected, is work the usefulness
of which will become every year more appar-
ent. The work of building heavy guns and
the construction of coast defenses has been
well begun, and should be carried on without
check.
Department of Justice.
The report of the attorney genera | is by law
submitted directly to congress, but l cannot
refrain from saying that he has conducted the
increasing work of the department of justice
with great professional skill. He has in sew
eral directions secured the courts decisions
the United States. and bringing in some
classes of crime that escaped local cognzance
and punishment in the tribunals of the United
States, where they could be tried with impair
TALLY.
Executive Clemency.
In the matter of executive clemency i recon-
! mend that uniform credit for good behavior
be prescribed by congress- | have EXPRESSED