The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1892-12-16

IL
ssssss ,Ss w.ss S Sssss9 ss9 s s sss e
nations to va Ach they weFe I'D iressed.. The
conferences a$emblei att Brussels on the
22d Of November auJ has euterei upon tho
consideratiod ot this treat question. Ihave
not nc r doubted . Add haks not taken occasion ion
invitations issued for this conference
az in my public biessayei, that the
free coinage of silsr uoon an agreed
International ratio Yould greatly promote
the interest of our pRple ana equally those
OF other nations. ibis too early to predicS
what results may bj accomplished by the
conference. II anS temporary check OF
delay intervenss. I elieve that very soon
commercial condition. will compel the now
reluctant Governme1ts to unite with US in
this movement to sectre the enlargement OF
OF the volume Of coihe1 mouey needed fol
the transaction of th5 business Of tho world
THE TREASURY.
The report OF the Secretary Of the Treas
ury will attract espedial interest in view OF
the many misleading st ten ants that have
been made as to the state of TIA pu 1lic rev.
enues. Three preliminary facts should not
only be stated, but emphaszea, b,eore Look
debt has been reduced since March 4,
1889, $259, ,014,2o anA the. annual
interest oasssss.s .eSttea second, that
Mons 49,, q 932 W
of STA Acc, ,3s80 03 over tie sum exoende5
during the period from March I, 1885, to
March 1, 1889, and third, that under the e4-
istiny tariff up to December l about s93,.
900, 900 of revenue. wnch would have been
collected upon imported sugars il the duty
had been maintained, has gone into the
pockets of the people aud not into the pub
lie treasury, as before.
If there are any who still think that the
surplus should have been kept out of circu.
lation by boarding 1t in the Treasury, OF
deposited in favored banks without interest
while the Government continued to pay to
these very banks interest upon the bonds
deposited as security for the deposits, or
who think that the extended pension legis.
lation was a public robbery, or that the
duties upon sugar should have been main
tanned, am content to leave the argument
where it now rest, while we wait to see
whether these criticisms will take the form
Of legislation.
The revenues for the fiscal year ending
June 80. 1892. from all sources were S425.
S6S, 260.22 and the expenditures for all pur.
poses were S415, ,953 S06.56. leaving a balance
Of 80. 914, 453 go. There were paid during
the year upon the public debt $40, 570,-
467.9S. The surplus in the Treasury and
the bank redemption fund. passed BY thsaet s
nished in large part tue cash available and
used for the payments made upon the pub
lie debt. Compared with the year 1891, our
receipts from customs duties fell of $42.-
OGl, 24l CO, while our receipts from internal
revenue increased IS, 2S4, ,s23. .13, leaving the
sources s33, 7s4, ,417.95. The net loss Of
revenue from all sources was S32, 675, ,975.S1.
The revenues, estimated and actual, for
tue fiscal year ending June 30. 1898, ara
laced by the Secretary at s46S. 336, $50. a
and the expenditures at S461, 1886, 350. Al,
n infs
lures of So, 600, 600. The cash balance in the
Treasury at the end OF the fiscal year it is
estimated will be 500, ,292,377 .o3.
The estimate 1 recei ots for the fiscal year
ending June. 80, 1s94. are $49l, 12l 36S .3s,
and the estimated appropriations S457 ,26l,-
1858. leaving an estimated surplus OF re-
ceipts over expenditures or S32. $50, 030. 05.
This does not include any payment to the
sinking fund.
The public confidence in the purpose aud
ability of the Government to maintain the
purity of all our money issues, whether coin
or paper, must remain uushaken The de-
mand for gold In Europe and the consequent
calls upon us are n a considerable de1rea
the result of the efforts OF some of the Euro
pean Governments to increase their gold
appropriate legislation on our part. The
conditions that have created this drain OF
the Treasury gold are in an jmoortant de-
gree political and not commercial. In view
Of the fact that a general revision OF our
revenue laws in the near future seem to be
probable, it would be better that any changes
should be q part of that revision rather than
of temporary nature.
SILVER BOUGHT AND COINED.
During the last fiscal ysar the Secretary
purchased under the act of July II, 1890,
IA, 355. 74S ounces OF silver. and issued In
payment therefor S4. l06.S03 in notes. The
total purchases since the passage OF the act
kox haa atSd fha
gregate of notes issue1 $l16. 7S3, 500. Tho
average prics paid for silver during the year
was 81 cents per ounce. the highest prics he-
ing S1.02sI July !, 1891, and the lowest so. 50
March 81, 1892. In view Of the fact that the
monetary conference is now sitting and that
no conclusion has vet been reachsd, I With.
hold any recommendation as to legislation
upon this subject
ARMY REORGANIZATION DEMANDED.
The report OF the Secretary of War
brings again to the attention Of Congress
some important suggestions as to the re.
organization of the infantry and artillery
arms OF the service which his predeces.
sors have before urgently presented. Our
army is small, but its organization
approved modern basis. The conditions
upon what we have called the "frontiero
have hereto ore required the main.
tenance of many small posts, but now
the policy OF concentration Is obviously the
right one. The reorganz ltion and enlarge.
ment OF the Bureau of Military Information
which the Secretary has effected is a work
the usefulness OF which will become every
year more apparent. The work of building
heavy guns and the construction OF coast
defensss has BEEN well begun and should be
carried on without check.
CLAIMS AGAINST THE GOVERNMENT.
The aggregate of claims pending against
the Government In the Court of Claims Is
enormous. Claims to the amount OF nearly
$40, 900, coo for the taking Of or injury to
the property of persons claiming to be- loyal
during the war are now before that court for
examination. When to these are added tho
Indian depreciation claims aud the French
spoilation claims an aggregate Is raacne1
that is Indeed startling. In the defense OF
all these cases the Government Is at great
disadvautagesThe claimants have preserved
their evidence. whereas the agents of the
Government are sent into the field to rum.
mage for what they can find. The difficulty
Is peculiarly great where the fact to be estab-
lished Is the disloyalty OF the claimant dur
ing the war. IL this great threat against
our revenues Us to have no other checx csr-
tainly Congress shoul supply the Depart
ment Of Justice with appropriations suffi.
ciently liberal TO sscufs the best legal talent
In the defense OF these claims aud to pursue
its vague search for evidence effectively.
pOsrAT. kgrAroo