New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-07

- 4.
| the consideration Of this great question: IaNS
not doubted and have taken occasion 70 eAPits o5
that belief as we'll in the invitations that
| this conference as in my pubic meS-a9's' Wv. we.
| the free conae" Of silver upon an a2fc'u In',
national ratio would greatly promote the ,in.
Of our people and equally thGSe 0, eenIt. NAV be
| II is too carly 10 predict what results iaS
accomplished by the conference II any tenporai r
| check or delay intcryenes | beIlc'e ''.G. wv; ,.
soon commercial conditions VIII comp conn ~, in This
reluctant Governments to unite WIN us , 'r,
movement 10 sec urc the enlargement oil tic IL
| OF cCned money needed for the uaiiSac'io" VI WV
| business OF the world.
| STATE OF THE TREASURY.
The report Of the Secretary OF inc iIe"'"'
| will attract especial interest III We" Oh wv may
! misleading statements that have been MADE as 10
the state Of the public revenues ihIV P''ii'i
nary facts should not only be stated, but enpI"-
.i,cd boforo lookinr into details First, that the
puhlic debt has been reduced since March 4 ioo''
| S25gO74 200 and the annual interest chaIse
| S1l 6s4 Ago: second that there have Deeh pau
ont for pensions during this ADMINISTRATION up "
November J., 1892, $43@,j6i,l'o ~, an eAcesS Vi
Sll44CG 1856 90 over the sum eNpchue" u"'u7
the period from March /, 1881 to March l. 1882
and third that under the existing 'arih up ~
| December l about $03, 100000 OF revenue WHO"
| would have been collected upon lmpor''" su''io
| if the duty had been malntllncu ms solr ny
| Tho nockets of the people and not INTO the pun
| lie treasury, before. II mere are any WV, VIZ
still think that the surplus, sioniI ia, 10: tL
| cent ont of circulation by hoardlrg IL III .lie
| treasury or deposited in favored banks WITHOUT
| interest while the Government cOhthuei 10 pay
| to these very banks interest upon 'he nonuI hi-
| nostnd as security for the deposits, or VINO thinh
| that the extended pension legislation was pup,
| lie robbery or that the duties upon sugar shoutu
have been maintained, am content ~ ait % soc
| argument where il now rests wlIc we wal, 10 So,
| whether these criticisms VIII take 'hc i'iH VI
| legislation ,; Inn.
| on fron al OS,-o
and the expenditures for all purposes were Sil3,
| Oj3, sos SO, leaving a balance of S99l 4,43o W
| There were paid during the year upon tnC pupiIc
debt 5000, 467 9s. The surplus in the Treasury
| and the bank redemption fund, passed by inc ac1
| of July II. 1890, 10 the general flnd. IuihiSIu
in large part the cash available and used Tor inc
| payments made upon the public debt Compaleu
| with the year SOL, our receipts from customs
duties fell off Si2,069,2ll Oo, whllc our rccelPss
| from internal revenue increased SS2s i,eZ" -
| leaving the net loss of revenue from thcS' piin
cipa sources $33, AZ 81. The net loss Of
revenue from all sources was SJ?,6'',9'- 81 ~
The revenues, estimated and actual, for the
| fiscal year ending June 80. 1893, are placed by
the Secretary at Si63,536,3j0 A ami the eNpehcc
| diturcs AZ S46l 1886 $50 A. showing a surplus oil
| receipts over expenditures OF S2,OOO,OOO ne
cash balance in the Treasury at the end OF the
fiscal year il is estimated will Re S2o.992,.t' Us.
SO far as these figures are based upon estimates
Of receipts and expenditures for the remaining
months of the current fiscal year. there are not
only the usual clements Of uncertainty out SOM
| added elements New revenue lcgisl atlon, or
| even the expectation of il, may seriously reduc"
the public revenues during the period of uncrr-
tainty ana during the process OF business adJusl-
ment TO the new conditions when they become
| known But the Secretary has very wisely re-
Trained from guessing as TO the effect oil poosiol
changes III our revenue laws, since the sop Vi
| those changes and the time Of their taxing eilcct
cannot in any degree BIZ forecast or lOretolI by
| him. His estimates must be based upon eAihilh5
| laws and upon continuance OF ENSUING ouslh'ss
! conditions, except so far these conditions may
be affected by causes other than new legislation
The estimated receipts fol the fiscal year end
ing June 80, 1894. are S490,l 1863 81. and the
| estimated appropriations SA6',26l $50 81, lcaV-
! ing an estimated surplus OF receipts over eX-
| penditures of So, O30 o.. This does not in
| clude any payment 10 the sinking fund In the
| recommendation of the Secretary that the Sink
| ing-Fund law be repealed, concur The redemp-
ton of bonds since the passage OF tle law 10
ments BY the sum Of $990,ol0,6sl 40. The
retirement of bonds in the future before ma.
turlty should be a matter Of convenience not
| Of compusion. We should not collect revenue
| Tor that purpose, but only use any casual sur
| plus To the balance of S32,s60,030 o. Of re,
ceip,s over expenditures for the year 1894 should
| lie added the estimated surplus at the beginning
Of the wear, 500, 99?,377 03: and from this ag
| grcratc there must be deducted as stated by the
| secretary, about Si4 100000 Of estimated unex-
| pended appropriations. $3.50
ThN public confidence in the purpose and ability
of the Government 70 maintain the parity Of all
our money issues, whether coin or paper must
remain mistaken. Tho demand for gold in Eu-
| rope and the consequent calls upon us are in
a considerable degrec' tie result OF the efforts
|
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 degree po-
| litcal and not commercial. In view Of the
| fact that general revision Of our revenue laws
| in the near future seems 10 be probable, il would
| hn better that any changes should he part Of
! that revision rather than OF temporary nature.
PURCHASES OF SILVER.
During the last fiscal year the Secretary pur-
chased, under the act of July IA, 1890, 1885,
rs ounces o. silver. and issued in paymcn, there
for jl,1OG,G0s in notes. The total purchases
| since the passage Of the act have been l2O.-
470,9sl ounces and the aggregate of notes s-
sued SllG,1s3,590. The average price paid for
silver during the year was % cents per ounce,
the highest price bcirs 81 o. "a. July l, 1891,
and tho lowest $ cents, March 81, 1892. In
view Of the fact that the Monetary Conference
is now sitting, ard that no conclusion has yet
been reached, | withhold any recommendation as
10 legislation upon this subject
ARMY AFFAIRS.
The report Of the Secretary OF War brings
again to the attention OF Congress some import
| ant suggestions to the reorganization OF the
infantry and artillery arms Of the service. which
his predecessors have before urgently presented
Oar Army is small, bat its organization should
| oil the more be put upon the most approved mod
ern basis The conditions upon what we have
called the frontier" have heretofore required the
| maintenance OF many small posts, Dut no" 'Hc
policy of concentration is obviously the right
one. The new posts should have the proper
strategic relations to the only frontiers we
now havc-thosc Of the scacOast and Of our
northerr and part Of our southern boundary.
| do not think that any question of advantage to
| localities or TO States should determine the To-
| cation of the new posts The reorganization ana
| enlargement of the Bureau Of Military lnforma-
ton which the Secretary has effected is a work
the usefulness OF which will become every year
| mn renf Ihn a Ipn
guns and the construction Of coast dcfenccs has
been well begun, and should be carried on with
! ont check.
| DEPARTMENT OF JUSTICE.
The report of the Attorney General is by law
submitted directly 10 Congress- but cannot re-
| flan from Swing TINT be has conducted the in