The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-12-05
THE NATIONS FINANCES.
A Deficit Next Year Estimated at
$112.OOO.OOO.

The secretary of the treasury reports
that the receipts Of the government
from all sources during the fiscal year
ended June 80, 1898, including SS4. Isl, 223
received from the sale of Pacific rail-
roads, amounted to S405, 321, S35 and its
expenditures to SAB, 36S, $50 There was
obtained from customs $149, SIS. 062, and
from internal revenue 500, 800. GAL. Our
dutiable imports amounted 10 S324,-
735,479, a decrease of SIS, 156, $50 over the
preceding year, and impOrUaIionS free
of duty amounted to 1921, Az, IFS, a de-
crease from the preceding year of $50
524, 06S. Internal revenue receipts ex-
ceeded those of the preceding year by
S24.212. O6S- The total tax collected on
distilled spirits was S92, SIS, e99; on man
uIacLured tobacco S36.230 5Z6 and on fer
mented liquors $39, 515, 421- We exported
merchandise during the year amounting
10 1921, 4S2, $50 an increase of SIS, 1885,
IA from the preceding year.
It is estimated upon the basis of
present revenue laws that the receipts
of the government for the year ending
June 80, 1899, Will be S577. S74. 6o7 and its
expenditures S6S9. s74, 647, resulting in
deficiency of S112, 900, 000
On the first of December, 1898, there
was held in the treasury gold coin
amounting to $13S. AL. 547; gold bullion
amounting to S13S, 500, 545; silver bullion
amounting to 1883, go and other forms
of money amounting tS S451, S63, 9s1.
on the same date the amount of
money, all kinds, in circulation, or not
-
S30,SlS.504 an increase for the year of
S165. 794 see. Estimating our population
at 75,1O4. 600 at the time mentioned, the
per capita circulation was $500.
On the same date there was in the
treasury gold bullion amounting to
S13S. 502, SIS
The provision made for Strengthening
the resources of the treasury in cOnnec-
ton with the war has given increased
confidence in the purpose and power of
the government to maintain the present
standard and has eSta blished more
firmly than ever the national credit at
home and abroad. A marked evidence
of this is found in the inflow of gold TO
the treasury. Its net gold holdings on
Nov /, 1898, We're S239. $50. 100. as COM
pared with Sl03, l4l on Nov. 1, 1897,
and an increase of net cash of S207, 1885,
100. Nov. l, 1897 to $500, 23S, 275 Nov. 1,
1888. The present ratio of net treas
ury gold, outstanding government LA
bilities, including United States treas
ury notes of 1890, silver certificates,
currency certificates, standard silver
dollars and fractional silver coin Nov. L
1898, was $25.35 per cent as compared
with 1855 Nov. I, 1897.
renew so much of my recommenda-
ton of December, 1897, as follows: That
when any Of the United States notes are
presented for redemption and are re-
deemed in gold, such notes shall be kept
and set apart and only paid out in eX-
change for gold This is an obvious
duty If the holder of the l. s note
government he should not receive back
from the government a U. S. note with
out paying gold in exchange for it. The
reason for this is made all the more ap-
parent when the government issues an
Understanding debt to provide gold for
the redemption of United States notes
a nOn-interest bearing debt Surely Il
should not pay them out again except
on demand and for gold. If they are
put out in any other way they may re-
turn again to be followed by another
bond issue to redeem them. another in
tereSt bearing debt to redeem a nom
interest bearing debt This recOmrnen-
dalton was made in the belief that such
provisions of law would insure to q
greater degree the safety of the present
standard and better protect our cur
rency from the dangers to which it is
subjected from a disturbance in the
general business conditions Of the coun-
try
In my judgment the present condition
of the treasury amply Justifies the i'm
mediate enactment Of the legislation
recommended one year ago under which
a portion of the gold holdings should be
placed in a trust fund from which green
backs should be redeemed upon presen-
tatiOn. but when once redeemed should
not thereafter be paid out, except for
gold
1t is not to be inferred that other leg
islation relating to our currency is not
required. On the contrary, there is an
obvious demand for 1t.
The Importance of adequate provision
which will insure to our future money
standard related as our money standard
now is to that Of our commercial rivals
as generally recognized.
The companion proposition that our
domestic paper currency shah be kept
safe and yet be so related TO the needs
of our industries and international com
merce as to be adequate and responsive
to such needs is a proposition scarcely
less important. The subject, in all its
parts, is commended to the wise con-
sideration OF the congress.
OUR NEW DUTY.