The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-12-08

IaFlI OulleS IN Lne preceding ear. LneEe
was, nevertheless, deficit between our
receipts and expenditures Of a LITTLE more
than $25,0O0,000. This. however, was
not unexpected. The situation was such
in December last, seven months before
tle close Of the fiscal year, that the
Secretary Of the Treasury foretold a
deficiency of SIT 100000. The great and
increasing apprehension and timidity in
business circles and the depression in all
activities intervening since that time re-
sulting from causes perfectly well under
stood and entirely disconnected with
out tariff law or it's operation, seriously
checked the imports, we would have
otherwise received and readily account
for the difference between this estimate
Of the Secretary and tn actual deficiency
us we'll as for a continued deficit 1t
must be confessed that we coud hardly
have had a Ha0re unfavorable period than
the last two years for the collection Of
tariff revenue We cannot reasonably
hope that our recuperatiOn from this
business depression will be sudden, but it
has already set in with a promise Of
acceleration of continuance | believe
our present tariff law, if allowed IL fair
opportunity, will in the near future, yield
a revenue which, with reasonable econO-
mical expenditures, will Overcmmemm
deficiencies. In the meantime no deficit
that has occurred or may occur need
excite or disturb us. To meet any such
deficit we have in the Treasury, in ad-
dition to n gold reserve Of one hundred
millions, a surplus OF more than one
hundred and twenty eight millions Of dol
lars applicable to the payment of the
expenses OF the government and which
I 1Al
remain a useless hoard, or, il not ex-
travagantly wasted, must in any event
be perverted from the purpose OF it's
eXaction from our people The payment,
therefore, of any deficiency in the reve-
nue. from this fund is nothing more than
its proper and legitimate uses. The gov
eminent thus applying surplus fortu-
nateIy in its treasury to the payment Of
expenses, not met 10y its current revenues,
is not at all to be likened to a man living
beyond his income and thus mourning
debt or encroaching on his principal.
II is not one of the functions Of our
government to accumulate and make adj
ditions to a fund not needed for imme-
date expenditures. With individuals it
is the chief object Of struggle and eff
fort. The application of an accumulated
fund by the government to the payment
of it's running expenses is n duty. An
individual living beyond his income and
embarrassing himself with debt, or draw
ing upon his accumulated fund Of prin-
cipal, is either unfortunate or IMPROVE
dent. The distinction is between a gov
eminent charged with the duty Of eX-
pending for the benefit Of the people and
for oper purposes all the money it re-
ceives from any source, and the individual
who is expected to manifest a natural
desire to avoid debt or to accumulate as
much as possible and to live within the
income derived from such accumulatiOns
TO the end that hey may be increased
or at least remain unimpaired for the
future use and enjoyment Of himself or
the objects Of his love and affection who
may survive him.
1t is immeasureably better to npropsi-
tc our surplus to the payment OF iustifa-
| de expense tI.2u to ,Hcw it t. hecomn am
| myitation to reckless appropriations and
| xtraydganI expenditures.
suppose it viii not be denied That IN
| ler the present law orr peorr' obtain the
I'D c"ssaries Of q comfortable cXiStcge"
at a cheaper rate than formerly. This is
matter Of supreme importance sjnr~
| il IS me papable duty ofaevc"r just CAV
| eifmcDt to make the burdens OF taxation
| as light as possible The people should
| not be required to relinquish this privi-
lege Of cheaper living, except under the
stress Of their governments necessity
made plainly manifest.
OUR FINANCIAL SYSTEM.
| This reference to the condition and pros
/ poets of our revenues naturally suggests
an allusion to the weakness and vices
| Of our financial methods. They have
been frequently pressed upon the atten-
| ton Of Congress in previous executive
| communications and the inevitable dan
| ger Of their continued liberation pointed
| out. Without now repeating these details,
| I cannot refrain from again earnestly pre-
| scnting the necessity Of the prompt re-
| fern of a system opposed to every rule
| OF sound finance and shown by experience
| to be fraught with the gravest peril and
| perpIexity The terrible civil war which
| shook the foundations Of our government,
| more than thirty years ago, brought in it's
| train the destruction Of property, the
/ wasting of our country's substance, and
| the estrangement Of brethren. These are
now past and forgotten. Even the dis
| Tossing loss Of life the conflict entailed
is but a sacred memory, which fosters
patriotic sentiment and keeps alive a ten
| der regard for those who nobly died.
And yet there remains with US to-day, in
| full strength and activity, as an incident
Of that struggle, feature Of its financial
necessities, not only unsuited to our
/ present circumstances, but manifestly a
disturbing menace to business security
and an eyer-present agent of monetary
distress. Because we may be enjoying
temporary relief from its depressing in
fiuence, this should not lull us into a false
security nor lead us to forget the sudden
ness Of past visitations
am more convinced than ever that we
can have no assured financial peace and
safety until the government currency OBJ
legations upon which gold may be de-
manded from the Treasury, are with
drawn from circulation and cancelled.
This might be done, as has been hereto
fore recommended, by their exchange for
long term bonds bearing a low rate Of
;,.t NV ba9 +G0