The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1898-12-08
OUR FINANCES,
Interesting Figures Regarding Rev
cnucs and Expenditures.


cnucs 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 sS4,75l ,223 received
from sale Of Pacific railroads, ammounted
to S4O5,321 1885 and its expenditures to SAB,
1868, 5S2. There was collected from Gus
toms $1i9, ,062 and from internal revenue
s17O,90O,641 Our dutiabie imports amount
ed to 247S5,H9, decrease of $5s,156.6 sec
over the preceding year, and importations
free of duty amounted to 1921 IT'S. de-
crease from the preceding year of $780,
524 ,C6S. Internal revenue receipts exceeded
these Of the year by
was $92, SAG, 999, on manufactured tobacco
$50. 23O, 522, and on fermented liquors $50,
5142l we exported msr Oh gS during
crease Of $50, 4SS,1 ia from the preceding
year. 1t Is estimated upon the basis OF
present revenue laws that the receipts OF
80. 1899, viii be $577s7i, sol and its expendi:
tyres e.; SS SSS SSaa7, resulting in deficiency
Gold In the Treasury.
On the 1st of December, 1898, there was
to s13S, 44l547, gold bullion amounting to
3S,5O2,545. silver bullion amounting to
500, 359, 250, and other forms of money
an: to H51 81, sS1: On the same date
culation or not included in treasury hold
ings, was 81 ,S36, 5O4, an increase for the
year of S165, 966. Estimating our popu-
lation at 75,1s4,ooo at the time mentioned
the per capita circulation was $25O9 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 present standard,
firm y
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 l, 1898, were $239, $751;
16O as compared with $153, 573,147 on Novem-
Der /, 1897, and an increase of net cash of
s2 7ss, 100, Noyember 1, 1897 to $500, 2ss 275
treasury gold outstanding government liza
bilities. including United States treasury
notes of 1890. silver certificates. currency
certificates standard silver dollars. and
cent; as compared with 1886 per cent. No.
Recommendation Renewed.
I renew 80 much of my recommendation
Of December, 1877 as follows: That
presented for redemption in gold and are
redeemed in gold, such notes shall be kept
and set apart and only paid out in exchange
tie Holder Of the United nj STATES G NOTE pre-
1ers the gold and gets it from the govern
nent. he should not receive back from
the government a United States note with
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 non
1nterest-bcarins debt Surely it should not
pay them out again except on demand and
for gold. If they arc put out in any other
way they may return again, to be followed
by another bond issue to redeem them
another Understanding debt to re-
deem non-interest-beari ring debt" This
Recommendation was made in the belief
that such provisions of law would insure
to a greater degree the safety of the nres
Ont standard and better protect our cur
rercy 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 recom-
mended one year ago, under which q nor
ton of the gold holdings should be placed
in a trust fund from which greenbacks
should be redeemed upon presentation. but
when once redeemed should not therea fter
be paid out except for gold. It 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 money