St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-12-08
The Estimated Receipts,

says the secretary, are based upon con-
dilonS prevailing prior to the late cleo
ton. Public policy having decreed
change of policy, particularly in the
tariff laws, the altered conditions re-
sulting therefrom render it impossible
at the present time to estimate the an
nual income with any marked degree of
accuracy, and it is impossible to predict
the effect that such proposed radical
changes would have upon the future
revenues of the government. The sec
rotary further says that he will not est-
mate further, but that the inevitable re-
suit of the tariff reduction agitation will
be falling Oft in impOrtatOns and rev.
enue the extent of which no one can
measure.
He does say. however that all the
facts fully Justify the opinion that the
large increase of receipts ascribed to
| the marvellous prosperity of the country
under the present revenue system
would, If continued, enable the depart
ment during the coming fiscal year to
meet all obligations without the slight
est impairments of its cash, and there
| after continue to show a material i'm
| proyement III its condition. Touching
| the sinking fund act, the report states
| that up to June so last S990.50l, 6S1 more
than is required by law has been cred
| tied to the fund.
He Recommends the Repeal
Of the act of March 3, 1881, authorizing
the application of surplus money to the
purchase or redemption of United
States bonds. in view of the very large
decrease in the national debt already
effected and the probable future condi-
ton of the national finances. Touching
the gold reserve, the report says the
treasury has difficulty with a limited
amount of cash on hand above the
500. 100000 redemption fund to keep a
sufficient stock of gold Oh hand, and if
the shipments continue as large as they
have been during the past two years
the gold in the treasury will be dimin-
Ished below the reserve line.
The maintenance of silver at par has
also increased the possible charge upon
the gold reserve, and therefore the sec
rotary suggests that the reserve for the
redemption of government obligations
should lie increased to the extent of at
least 20 per cent of the amount of treas
ury notes issued or to be issued under
the act Of July IA, 1880. The secretary
says:
"As will be seen by the estimates
submitted, the receipts of the current
and the next fiscal year are not likely
if present conditions continue, to fall
below expenditures. Yet in view oil
the fact that the surplus for this veal
will be small, upon the basis stated
With the probability of falling off il
receipts for causes mentioned, think
tha
Revenues Should BE SO Increased
as to enable the treasury department tC
maintain a gold reserve of not less than
S125,000,C00 to maintain comfortable
working balance in the treasury cash
AS a general revision of our custom.
laws is now probable. [ do not feel like
suggesting any special methods for in
creaSing the revenues, though | shoul(
otherwise think that an additional tag
on whisky. which could be collected
without additional cost, would furnish
an easy method"
In regard to the monetary conference
the secretary says:
This conference is now in session
AS yet little is known as to what its ac
ton may he beyond the general fac
that the subject of the better use of sill
yer as money metal is receiving it.
earnest attention. Whatever may be
the outcome OF the conference, it is SAFE
TO predict that clearer idea Will be ha(
OF the views and purposes of the coun
tries represented"
He gives statistics to show the sue
cess of the reciprocity treaties now il
operaton,and says the result of the rec
iprocity will be enlarged markets TO-
our agricultural and MANUFACTURED
products and increased employment TO
our ships. The secretary refers will
much satisfaction 10 the hpnefit acorn
ing from the operation OF the admins
trative" OF June 10, 1890, which show
that both the importers and custom
officers have obtained relief from man,
evils it was intended to remedy. In,
secretary
Renews Past Recommendations
the more important being the abolition
of all fees, commissions, etc. now al
lowed collectors and surveyors. and tn,
establishment OF $ fixed salary; the cor
j.! SOlidItiOn of customs districts and iii,