New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-08
TILE TEEASTEY REPORT

| The Secretary OF the treasury. In MS annuil
rcport is able 10 make a satisfactory cXpoSl-
ton Of National finances and the condition OF
the public purse. The people who have called
! the Treasury bankrupt find no encouragement
in the official statement. The report cOnylctS
them of grave error or Justification. Even
after the oxtravagant appropriations made by
the Democratic House al It's last session. there
appears a probable excess of revenue over
! expenditure of 81 900, 600 for the current
year the increase in receipts being judged by
the results during the four months pro- to
| November | : and il is now known that the
returns f T November have been equally favor
able II is officially estimated that the cash
available at the end of the current year VIII
be S12O993,277. 1t can hardly be said that
the Treasury of the Nation is in any difficulty
when it holds such sum, in excess OF the
amount required for the redemption of all GER
tificatcs outstanding, and in excess of other
current obligations.
1t is estimated that the customs revenue for
the next wear will be larger by S12,O00,0O0
and the internal revenue by S1O,OO0,OOO and
| that surplus of revenue over expenditures
| will result amounting II $50 $50, 03O. These
| estimates a'c necessarily based upon the con
dition that the existing revenue laws are not
changed TO take elect before July l, 1894.
| If the present Congress makes any important
| change. if an extra session tears down the
| def noes Of American industry early next year,
| or if the next Congress in regular session acts
| with promptncss unprecedented for Demo
cratic legislators, the surplus may be extin-
| guished 1t is also assumed that the appro-
priations will not be greater Chan the official
estimates though it is not unlikely that the
present Democratic House, whose members
were with infinite disgust restrained flom more
lavish appropriations for their districts because
CT the approaching election, will avenge them
| selves by heavy drafts upon the Treasury this
winter But if the House docs not vote away
| more money than the present Administration
deems necessary for the public service, and if
thee is no change of the tariff, the Republican
| party will turn over control of the Government
with a prospective surplus revenue next year
! of nearly $50. 600, 900, besides a surplus Of
over 500 900, 900 carried over from this year.
The Secretary recommends that the Sinking
Fund Act be repealed, because the redemption
Of bonds has already exceeded by S99O,5lO,-
6Sl the amount required by its provisions.
| But to fOrtify the credit of the Government
beyond possible disturbance, he urges that
larger bullion fund should be maintained than
the 500, 900, 900 in gold deemed necessary
ten years ago, because there has been added
to the circulation 1919, 900 600 of silver GER
tifcatcs and Treasury notes, and, "since it has
been declared to be the established policy of
the United States to maintain the two metals,
silver and gold, on a parity with each other, it
is obvious that this large addition to our cru-
| lation has increased the possible charge upon
our gold reserves" As a work ing balance OF
800, 600, 900 is not large, he suggests an ad-
ditiona tax on whskey. Without formally
noticing the unreasonable claim that the pres
| ent Administration has dissipatcd largo sur
| plus, the Secretary shows that there has been
expended in the redemption of bonds b. this
Administration S270,9 52, 431, besides the enor-
nous increase in pensions payments and the
removal Of the tax paid on sugar.
The Secretary does not recommend changes
Of duty, but reports that the new admins
| tratye act has been found highly beneficial in
op ration. As to the silver question. he mere
| ~ recitcs the history of the International Con
ference, and the fact that the subject of
| larger use Of silver is receiving attention and
observes: "Whatever may be the outcome
| OF Tue conference III is SAFE 10 pledlct mat 4
clearer idea will be had Of the views aud pur-
| poses of the countries represented" There is
| embraced in the report fOrcible argument
| against State bank circulation. and it is noted
| that the National bank issues have increased
| S1O,4S7,226 during the last year. Much spare
| is devoted in the report u the remarkable in
| crease in trade with various countries under
| Rec procity treaties and the results thus shown
| are in the highest degree favorable TO the
| policy Of the Government. A large increase
| is also shown in internal revenue, though sub
| siantially because of increased consumption OF
uhjskey. A strong argument is submitted in
| favor of the encouragement of American ship
| ping, and it is shown that the trade of this
country is in fact hcmmcd in by subsidized
steamship companies and railroads sustained by
other Governments. While existing restric-
tions of immigration have cut off fully 80, 600
objection persons, it is recommended that
an incr, ase Of the head tax be imposed
OF this admirable report, as Of the Pres-
dents Message, it may be said with truth that
it sets mark by which Democratic Admin
istration will be judged. 1t exhibits a cond-
ton of wonderful prosperity great increase
in monetary circulation without popular dis
trust of circulating notes. large present and
pres, ective surplus in the TrC asrry In spite of
oxtravaga1t appropriations and marvellous
progress in commerce with other countries.
The people will have reason to be Gratifed if.