The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1897-01-09
THE FINANCES OF THE NATION.
Facts Cleaned from Secretary Cariisie's
Report

Facts Cleaned from Secretary Cariisle's
Report.
The recent report of the secretary OF
the treasury exhibits the financial con-
dition of the government as it was June
30 last, the close of the fiscal year, and it
contains estimates, on the basis OF eX-
isting laws and expenditures, for the
years ending June 80, 1897, and June 80,
1895.
| The total revenues of the government
for the past year were sos, 475,4oS, and
the expenditures S434,67S,654, leaving a
deficit of S25,203,2i5. This was six
months ago. Since then the expcndi-
lures have exceeded the receipts TO a
still larger extent, and the deficit at the
end of next June will probably be $64,-
10000. Should the same revenue laws
and the same rate of expenditure con-
tinue the deficiency for the next year
will be about Si6,000,000.
That is bad business management
even Wilkins Micawber could tell US. for
his great financial discovery was thatif
the income was G 20 and the eXpendi-
lures L 20 Os Cd the result was misery,
but the income being 6 20 and the ex-
penditures SIC los Cd the result was
happiness.
The principle applies to nations as
we'll as TO individuals, and no nation can
be considered as well governed or pros
porous whose expenditures exceed it's
income from S25,000,000 to SS0,00o,000
annually.
1t is generally conceded that the fall
ing off in revenue is due TO the Wilson
German revenue measure, but that does
not excuse the last congress from its re-
sponsibility. 1t was the duty of that
congress either to increase the revenue
or cut down expenditures. 1t did
neither. The appropriation committees
went gayly forward with their usual ex-
travagances, just us If the treasury was
overlooking with money, while the ways
and means committee did nothing ade-
quate 10 provide for the expenditures.
This condition admirably illustrates
the beauty of our congressional finan-
cling. which suffers one committee 10
provide the money and another COM
mittee to spend it. One and the same
committee should do both, or, ut all
events, the appropriation committee
should be limited 10 the minimum es-
timated income.
The most deeply interesting part OF
the secretary's report is that which
urges the retirement of the greenbackS
and the establishment of the national
finances on a sound and enduring basis. |
So long as the government issues its de-
mand notes TO be circulated as money 50 |
long will the treasury be subject 10 |
raids at particular junctures by those |
who wish 10 obtain gold 10 export or - |
hoard. The result is constant anxiety |
on the part of the business public. a.
well as on the part of the government |
officials. and thus the foundations OF
our entire currency system are weak
ened.
This policy also keeps the money /
question in politics. and ut every election
sends a tremor through the business
world from fear that extreme and rad
cal theories viii prevail. and this dis
tu-hs the stability OF our currency. The
thing for congress TO do is to remove
this question altogether from politics |
by taking away the money-issuing func-
ton from the government and permit |
ting the people under proper safeguard,
to provide their own money. The sec
retary very justly says:
The people, II left free 20 conduct the,- |
business affairs in their own way, will al |
ways decide fo- themselves how much |
money they need. and. unless prevented by |
artificial Distractions. the necessary |
amount will always be supplied either from |
their own resources at hcme or through |
exchanges abroad. The volume Of bust |
ness transacted determines the amount of |
money and credit required. and whenever |
the volume OF business demands an addi- |
tioral supply OF money or an extension of |
credit the demand Will certainly be CON- |
Piled with. provided the laws do not inter- |
fere to prevent it. AS rapidly as our notes
are redeemed and Cancelled. gold. or a cur
rency as good as gold will take their places |
in the circulation. II the interests of the
country require it
The secretary's arguments should be
weighed and considered by every busi-
ress man interested in the future iinan-
cial welfare of the country.-Chicago |
Times-Herald.
PRESS OPINIONS.