The Owosso times. (Owosso, Mich.) 1897-1926, 1898-12-09
OUR FINANCES.
Interesting Figures Regarding Rev.
enues and Expenditures.


The secretary of the treasury reports
that the receipts OF the government from
all sources during the fiscal year ended
June 80. 1898. including 1884, 75l, 223. received
from sale of Pacific railroads. ammounted
to $405.S21 1886 and its expenditures to $44S,-
46S, $50. There was collected from Gus
toms $149. ,062 and from internal revenue
$17O,9OO.64l. Our dutiable imports amount
ed to $3247S5,479 a decrease of s5S,166,6so
over the preceding year, and importations
free of duty amounted to $291. 414l7S, de-
creaae from the preceding year OF sso,,
624,068. Internal revenue receipts exceeded
those of the preceding year by $24 .2l2,OeS.
The total tax collected on distilled spirits
was ss2,54e.ss9, on manufactured tobacco sSS
$36, 230,522 and on fermented liquors $780,
515,421. We exported merchandise during
. the year amounting to 1921 ,4S2.SSO an In
crease Of slSo,4SSM from the preceding Ss etl
present revenue laws that the receipts of
the government for the year ending June
80, 1899, will be $577, GOT and its expendi-
lures $3.50, S7i,647. resulting in a deficiency
of $112.000,000
Gold in the Treasury.
On the LIST of December 1898. there was
held In the treasury gold coin amounting
to $1SS, 44l547, gold bullion amounting to
S13S, 502545, silver bullion amounting to
500, 1855, $50. and other forms of money
amounting to s451 1863, yS1. On the same date
culation or not included in treasury hold
ings, was 1886, SIS, 504, an increase for the
year of $1G5, ,966. Estimating our popu-
lation at 75ls4,OOo at the time mentioned
the per capita circulation was $25.O9. On
the same date there was in the treasury
gold bullion amounting to $13S, 5O2,545
The provision made for strengthening
the resources of the treasury in connection
with the war has given Increased conf
dence in the purpose and power OF the gov
eminent to MAINTAIN the pTesent sb eue
the national credit at home and abroad
marked evidence of this is found in the In,
flow of gold to the ieSsHGy fts n eSaa g sSg
100 as compared with $153, 573,l47 on Novem-
Der 1, 1897, ard an increase OF net casn OF
1ss TO ratio Of net
treasury gold outstanding government ma
bilities, including United States treasury
notes of 1890. silver certificates, currency
silver coin, November l, 1893, was 25.S5 per
cent. as compared with 1886 per cent. No
vember 1, 1897
Recommendation Renewed.
I renew so much of my recommendation
when any of the United States notes are
presented for redemption in gold and are
In spSh na nSteS IN
for gold. This IL an obvious duty III
the holder of the United States note pre-
ss the ss so sSo anS rece%e baE
the government United states note Win
out paying gold In exchange for It: the
reason IOr THIS ID Hbdue I'LL the luoiC dp-
parent when the government issues an in
terest-bearing debt to provide gold for the
redemption OF United States notes-a nom
Understanding debt. Surely 1t should not
pay them out again except on demand and
for gold. II they are put out In any other
way they may return again, to be followed
by another bond issue to redeem them
another interest-bearing debt to re-
deem a MISUNDERSTANDING debt" This
Recommendation was made In the belief
that such provisions of law would insure
IA = greater degree the safety of the pres
ont standard and better protect our cur
rency from the dangers to which II ID
subjected from a disturbance In the gen.
eral business conditions Of the country.
Other Currency Legislation Needed.
IN my judgment the present condition of
the treasury amply justiiies the immedi-
ate enactment Of the legislation recon-
mended one year ago, under which por-
ton of the gold holdings should be placed
in a trust fund from which greeDbacks
should be redeemed upon presentation, but
when once redeemed should not thereafter
be paid out except for gold. II Is not to
be inferred that other legislation relating
to our currency Is not required; on the
II. The importance of adequate provision
which will insure to our future q money
standard related as our money standard
now and to that Of our commercial rivals
Is generally recognized. The companion
proposition that our domestic paper cur
rency shall be kept safe and yet be so re-
lated to the needs Of our Industries and
internal commerce as to be adequate and
responsive to such needs is a proposition
its parts, is commended to the wise con-
QfdarQtfOn of the