Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1896-12-28

of the bonds deposited and reduce the tax
on notes to n of l per centum per annum,
branch banks for the Transaction of all
kinds of business now allowed, except the
issue of circulating notes.
These amendments would. in my opinion,
greatly improve the system by increasing
its efficiency as q means of furnishing ac-
comm dations to the people in times OF need
and in localities where adequate banking
facilities do not now exist. The Limitation
upon the required amount of capital OF banks
should, in the judgment Of the secretary,
be reduced to $4,000.
Receipts and Expenditures.
In the course Of his report on the public
expenditures and revenue the secretary
says:
At the close Of the fiscal year, 1895, the
available cash balance in the treasury, after
deducting all current liabilities, but lnciud-
ing the gold reserve of 500, 900, was
$195, 24O, 153, and at the close of the fiscal
Guiding the current liabilities, but including
the geld reserve of $500, 000,O0 was $751;
432,O9G, an increase of $50, 191, 942 The ex-
cess of expenditures over receipts during
the year was $25, 203, 245, while the deficiency
during the fiscal year Of 1894 and 1S9? was
500, 1913, 260 and 2,so5223 respectively
receipts from the ordinary sources Of reYe-
nue. during the three years $137 81, 729.
The ordinary expenditures Of the govern
ment including pensions and interest on the
public debt, were $31, 29S, sos less during
the fiscal year than during the fiscal year
Whlch closed on the 3Oth day of June, 1923
less than during the year 1895. The total
receipts from the ordinary sources of reye-
nue. Including the postal serv ice for the
than in 1894 and for the year 1896 they
were $19. ,205 greater than in 1898, max
1 1ago an aggregate INCREASE of $36,672,913 in
1896 over the year 1894.
The increase in the receipts from customs
dues during the year 1896 was SOS, 2O3, 221
oyer oyer the receipts from the same source in
for 1895; but during the first five months Of
the current fiscal year the receipts from all
sources have been $962S, 62S less than dur
year. while the expenditures for the same
time have increased $14, 44S, S91, resulting
IN IN a deficiency Of 500, 946,845 on the LIST day
Of December. The decrease in the receipts
from customs during the five months was
$l2,98O, pa, while the receipts from in
ternal taxes were about the same as dur
ing the corresponding period last year.
For the eleven months next preceding De-
cember l, 1896, the total value Of our i'm
p0rtat1Cns, dutiable and free, was SIG, $780,
ooo less than during the corresponding elev-
en- months in the calendar year, 1895, the
decrease in free goods being $65, 900, and
in dutiable goods sol. 900. More than
four-fifths of these large decreases occurred
IN the first tive months of the present fiscal
year, the falling off during that period be-
ing S50, PSI, 900 in free goods and $44679, 900
in dutiable goods.
OF the existing situation and conservative
reliance upon improved business conditions
IN the future fully justify the conclusion
that the estimated deficiencies for the cur
rent year and for the year 1898 will not be
realized unless our public expenditures shall
be very materially increased by acts of
congress, and that, with proper economy i'll
administration and such reductions in ap-
preparations as might be made without detri-
ment to the public service, the receipts will
be equal to the disbursements in 1898.
But, however. this may be, the condition
of the treasury is such that no revenue legs-
lation is Immediately necessary, or can be-
order TO enable the government promptly to
meet all it's ordinary obligations. Although
the receipts from the ordinary sources of
revenue during the last three fiscal years
have been less than the expenditures, there
have been at all times sufficient available
funds in the treasury to maintain an eff
cient public service and discharge the cur
rent obligations of the government and no
public creditor has been delayed in the
collection of his claim nor has the business
Of the country even been disturbed by q
doubt concerning the ability OF the govern
ment to defray its ordinary expenses.
Much the greater part OF the estimated de-
fciency for the current fiscal year has al
ready been incurred and has been paid, leav-
ing still in the treasury on the LIST day of
December, balance Of 500, 397 ,09S, which,
after deducting the gold reserve is about
500, 100000 more than is necessary as a
permanent fund to insure the regular con
duct Of the ordinary fiscal operations of the
L.
not collected by taxation, but was procured
by the issue of bonds, for purpose other
than the payment of ordinary expenses,
does not affect the situation in the least.
When the gold secured by the issue of bonds
to replenish the reserve has been used for
the redemption of notes, the notes redeemed
are received and held as part of the general
fund, and must be used for all the public
purposes to which they can be legally APP
piled. The money being actually in the
treasury the sole question is whether
hal 70 tn of -
the expenses of the government, or be held
as an idle and useless fund in order to af
ford an apparent reason for the imposition
Of additional taxes upon the people This
available balance is represented by outstand-
ing bonds bearing interest. and, it's
permanent retention in the treasury can be
of no advantage to the government or it's
citizens, substantial reason exists why
it should not be expended. if required, be-
fore our trade and industries are subjected
to new or increased burdens.
What is most needed at present is not
more taxes, but more economy in appropria-
lions and expenditures.
ditures of the government during the last
seven years has been without precedent in
our history in time of peace and presents
a subject which imperatively demands the
most serious consideration Of Congress.
An examination OF the expenditures and
objects for which they were made follows:
During the first period of four years-1SS6,
1887, 1888 and 1SS9-the average annual pay
ments on account of civil and miscellaneous
items were ST8, TO-, O2O; on account of the
war department, $38, $50, ri; on account of
the navy department, $16,S39, 568; on ac-
count Of Indians, $6, 1853 799; on account of
pensions $7s,576.sl3, and on account of in
terest on the public debt $46009. 553; while
the average amount of expenditures for the
same objects during the succeeding period
of seven years was: For civil and mis-
cellaneous TENS, 500. $50 s65; for the war
department. $94577. 677; for the navy de-
partment $27 ,S6S, 164; for Indians, $103S4.
314; for pensions, $135 ,32S, 561, and for inter-
est on the public debt, $31, 213,341.
The average annual excess of expenditures
during the last period over the expenditures
for the same purposes during the first period
was: For civil and miscellaneous items,
$1s,51s S45; for the war department., So
S1G,956; for the navy department, 81 029,-
1913; for Indians $3,945, 515, and for pen
sions, $5S, 751, 74S, the only decrease being
in the amount paid for interest on the pub
lie debt, which was S14, 1921 less per an
mum than during the first period.
It does not appear that there has been
any such necessary extension or substantial
improvement Of our public service as to
Justify those enormous increases in eX-
penditures, and in my opinion we have
reached a situation which not only fOrbids
the favorable consideration Of measures cal
cuated to augment our annual outlay, but
which obviously demands thorough rev's-
ion of orr permanent APPROXIMATION laws