The times. (Owosso, Mich.) 1882-1897, 1892-12-09
REPORT OF THE TREASURY.
Misleading Statements that Have Been
Made Concerning the Revenues.


The report of the secretary of the treasury
will attract especial att IGNITION in view of the
many misleading statements that have been
made as TO, the state OF the public revenues.
Three preliminary facts should not only be
stated but emphasized before looking into
details: First that the public debt has been
annual interest charge 1864, l69; second, that
there have been pad out for pensions duriI g
this administration up to Nov ], 1892, Si;'2 564,-
1870 an excess OF $il4, 466,3 S602 over the sum
expended during the period from March /, 1885,
to March l, 1889; and third, that under the
existing tariff up to Dec. about $930OO,0O0 of
revenue, which would have been collected
upon imported sugars il the tariff had been
maintained, has gone into the pockets of the
people and not into the public treasury, as
circulation by boarding IT in the treasury or
deposited in favored banks without interest,
wne the tbdSe bso to
upon the bonds deposited as security for the
deposit, or who think that the extended pension
iSegisatl0n was Was. PnGIc aooPery OF n4at the
l am content to leave the argument where it
now rests, while we wait 10 see whether these
criticisms will take the form of legislation.
The revenues for the fiscal year ending June
30. 1882 from all sources were S425 S6S, 260S2
and the expenditures for all purJ o,es were
S4l5,953, 656, leaving balance of 1914, 1896
There were paid during the year upon the pub
lie debt S40570, 1928. The surplus in the treas
ury and bank redemption fund, passed by the
dCU Ol July lcDO, 10 Une RC0eTal lunC.
nished 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 duties fell off S42,06J241. 0S, willie our
receipts from internal revenue Increased S.
2S4,SZ3.l3, leaving the net loss of revenue from
these pl ipclpal sources $33 7si, 4l795 The net
loss OF revenue from all sources was S3s, &c.
972. 81.
TIL, revenues, estimated and actual, for the
fiscal year ending June 3D. 1888 are placed by
the secretary at S463 6,3J044, and expendi-
lures at $40, J}6,3JOH showing a surplus of
receipts over expenditures of S2OOO,OUO The
cash balance IN the treasury at the end of the
fiscal year, it is estimated will be SO, s2 337 03.
Elements of Uncertainty.
So far as these figures are based upon esti-
mates of receipts and expenditures for the re-
manning months of the current fiscal year, here
are not only the usual elements OF uncertainty,
but some added elements. New revenue leals-
lation, or even the expectation OF 1t, may Sc
riously 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
In VS., since the scope of those changes and the
time of their taking effect canno, in any degree
be forecast or foretold by him. His estimates
must be based upon existing laws and upon q
cept so far as these conditions may be affected
by causes other than new legislation.
The estimated receipts for the fiscal year
ending June 30, 1894 are say, III 51SS ana the
estimated appropriations Si5.2jl, 1888 leaving
an estimated surplus of receipts over the ex-
penditures OF 1880, 03O05. This does not in
clude any payment To the sinking fund In the
recommendation OF the secretary that the sink
ing fund law be repealed | concur. The re-
demption III bonds Slice the passage OF the law
to June 81, 1872, has already exceeded the
requirements by the sum of S!Ehl,blO,bSl49 The
retirement Of bonds in the future before ma