Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1892-12-10

"a
Hon. Charles Fosees, secretary Of the
sreasusy, makes IN admirable sbOwing Of
the finances Of the nation in his annual
report Just submitted to Congress. snd the
most thorough and critical examination Of
the same will AFFORD no encouragement to
those calamity ho~iers Who have BEEN harp
ing away for the past six months about .
.bankrupt treasury At the end Of the
fiscal scar Is appeared that the total rese-
nue.. Of the government sere s32Jr-sss
yfQ y aud il Il estimated that the avail
| able easI. available a, thu end Of the carrea,
year will be si21se;.277. Surely the
treasury Of the nation Is in healthy condi-
ton With this sum safe 10 its vanlrs. in
excess Of the amount required for the re-
.lemption Of all outstanding certificates and
| 10 excess OF other current obligations. IL
is estimated that the customs revenue for
the next year will be larger by Twelve mil
| lions of dollars. and the internal revenue
| b. ten millions Of dollars. and that sur
plu. Of revenue over expenditures viii re-
.aIs in consequence OF this excess Of re-
eeipss If So, $50 ,De9. IL is true as secre-
,ary Foster says that these estinslted re-
esjrs. are based upon conditions prevailing
prior to the late election. Public opinion
having iecreed change of policy, par
| tculariQ in the tariff laws, the al
tered conditions resulting therefrom
render IL impossible at the present time to
estinnat. the annual income with any marked
degree of accuracy, anil il Is impossible TO
predict III. effect that such proposed radical
changes would have upon the future rev.
enaes Of the government. bf course II -
understood that If Congress should make
any important changes, or menace the de-
fences of American industry, the great sur
plus would soon dwindle.
Regarding the sinking funi seere-
tsrJ Foster says The act of March
8, lssl provides that the secretary OF the
treasury may al any time apply the surplus
money in the treasury not otherwise ap-
propriated to the purchase or redemption OF
nited States bonds. In view of this pro-
vision and of the very large decrease of the
debt already effected in excess of the legal
requirements of the act, coupled with the
probable future condition of the national
finances, would strongly urge its repeal.
Sound policy would seem to dictate this
course. The conditions which called for
its enactment have long since passed away,
and no valid reason for its continuance any
longer exists. | therefore recommend its
unconditional repeal. Concerning the gold
reserve the secretary points out that We have
since lssg added $3.50, 900, 900 to the silver
dollars. represented by silver certificates, and
sI2O, 900 900 to the treasury notes for the
purchase of silver, and are adding $1,000 |
900 month to the latter. And he remarks
that IL 800, 900 900 reserve in gold was
suitable or necessary in lsS2, a
greater reserve is necessary now.
He fixes upon SIPS .0oo,o 900 as the
minimum requirement for the present
outstanding liabilities, and an addition of at
least 20 per cent. of the notes issued for
the purchases of silver, so long as these
shall be continued.
As to the silver question, Secretary Fos
ter simply give, history of the lnterna-
tional monetary congress, and the fact that
the subject of the larger use of silver is re-
eeiving attention and says; Whatever
may be the outcome of the conference, it =
safe to predict that clearer idea will he
had of III views AMI purposes of the coun-
tries represented.
\ strong argument is made against state
bank circulation.
An increase of the head tax upon imm- |
grants is recommended. The effect,
says the secretary, 'of the publication of
the restrictions of our law throughout
Europe has been to cut off portion of the !
undesirable elements that have been coming
here 1t is estimated that fully 500o0 of the
most Objectionable classes have thus been |
stopped. The doors to immigration should
not he closed, but II sesfdent that we are re-
ceiving great numbers of people who are
tiIrftless and ignorant and who have come
to this country in the spirit of adventure or
who are driven by starvation from their old
homes" 70 accomplish the stopping of
this class nothing will work so we'll, thinks
the secretary, as the increase of the person
al immigration tax. IN additional tax on
whskey is also recommended.
In general the report exhibits a condition
of wonderful prosperity in our country, a
great increase in monetary circulation with
out popular distrnst of circulating notes,
marvellous progress IN commerce with
other nations, and large present and
prospective surplus in the treasury vaults.