The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1898-12-07
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 30, $685. including SSi.75l, 22S, received
from sale of Pacific railroads, ammounted
to $i05, 321 1885 and its expenditures to S443,-
1865, 5S2 There was collected from GUS
toms $149, 575, 062 and from internal revenue
$170, 9OO641. Our dutiable imports amount
ed to 1924, 795,479, a decrease of $5S,156,69O
over the preceding year, and importations
free of duty amounted 10 1921 HALO. de-
crease from the preceding year or $yO :
524, 06S. Internal revenue receipts exceeded
those of the preceding year by $24 2l2, O6S.
The total tax collected on distilled spirits
was s92 $500, on manufactured tobacco
$50, 2SO,522 and on fermented liquors sSs,-
15,4s1 We exported merchandise during
the year amounting to 81 ,23l 49,, $3.50, an in
crease of $3.50, 4SS,H4 from the. preceding
year. 1t is estimated upon the basis of
present revenue laws. that the receipts of
the government for the year ending June
80 1892 will be $57, S74, 607 and its eXpendi-
lures $3.50, i,647, resulting in deficiency
of sl12,000,0 600.
Gold In the Treasury.
On the LIST of December, 1898. there was
held in the treasury gold coin amounting
to $685. 441.547, gold bullion amounting TO
$13S, 500, 545 silver bullion amounting to
1913, 359 $50, and other forms of money
amounting to S45l, 963, 1881. On the same date
the amount of money of all kinds in cir
culation or not included in treasury hold
ings. was $l,S36, 49, 04, an increase for the
year of $685. 1874, 800. Estimating our popu-
lation at 1874, 900 at the time mentioned
the per capita circulation was 5000. on
the same date there was in the treasury
gold bullion amounting to $l3S, O2,545.
The provision made for Strengthening
the resources of the treasury in connection
with the war has given increased CONN.,
dence in the purpose and power OF the gov
eminent to maintain the present standard
and has established more firmly than ever
the national credit at home and abroad. "A
marked evidence of this is found in the IN
flow of gold to the treasury. Its net gold
holdings on November !, 1898, were 1893, $780,
100 as compared with $l53,573,lH on Novem-
Der |, 1897, and an increase of net cash or
500 756iOO Noyember J. 1881, TO SSVV2So 80
treasury gold outstanding government la
bilities, including United States treasury
notes of 1890, silver certificates, currency
certificates. standard silver dollars, ana
silver coin, November /, 1898, was 25.35 per
cent. as compared with 1886 per cent. No
vember l, 1897.
Recommendation Renewed.
renew so much of my recommendation
of December, 1897, as follows: That
when any of the United States notes are
presented for redemption in gold and are
redeemed in gold, such notes shall be kept
and set apart and only paid out IN eXchahge
the holder of the United states note pre-
fers the gold and gets II from the govern
ment. he should not receive back from
II
out paying gold in exchange for it, The
reason for this is made all the more APP
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 IL should not
pay them out again except on demand and
for gold If 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 Notwithstanding debt" This
Recommendation was made in the belief
that such provisions Of law would insure
to greater degree the safety of the pres
ont standard and better protect our cur
rency from the dangers to which ii is
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 justifies the immedi-
ate enactment of the legislation recon-
mended one year ago, under which por-
ton of the gold holdings should be placed
I'm a trust fund from which Greenbacks
when once redeemed should not thereafter
be paid out except for gold. 1t is not to
be inferred that other legislation relating
TO our currency is not required; on the
contrary there is an obvious demand for
Ii. The Importance of adequate provision
which will insure to our future a money
standard related as our money standard
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
scarcely less important The subject, in all
it's parts, is commended to the wise con-
SideratiOn of the congress-