Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1899-12-05
RECEIPTS AND EXPENDITURES.
Showing Made by tho Treasury Depart
ment During the Year.

Government receipts from all sources for
ths neal al year year ended June 80 1892 includ-
trsl Pasifis ABROAD indebtedness. aggre-
gated selo. 1882 004.35. Customs receipts We're
s2oS l2 ss ~ g. and those from internal rev.
For the fiscal year the expenditures were
fzS9 9ss y leaving deficit Of ssslll II. 8
The secretary Of the treasury estimates
win aggregate s64O, s5s112, and upon the
ana SURPLUS W' If sS aSS teaV
z For the fiscal year ended June 80. 1899, the
800 100000
The present gratifying strength Of the
treasury is shown BY the fact that on De-
s esmesa I ne & aya Msiss ess sSss
was in gold coin and bullion The condi-
tons of confidence which prevail through
more general use and customs receipts are
now almost entirely paid in that coin.
Resumption of Bond Purchases.
The strong condition Of the treasury
with respect to cash on. hand and the
favorable showing made by the revenues
have made it possible for the secretary
Of the treasury to take ast ss, under the
Statutes. relating. to- the sinking fund.
Receipts exceeded expenditures for the
first five months Of. the current fiscal year
the secretary of the treasury estimates
that there will IA surplus Of approx
lmately $40000.000 al the end of the year
visable. and proper to resume compliance
with the provisions of the sinking fund
law, which for eight, years has not been
done because of the deficiency in the rev.
enue. The treasury department there
fore offered to purchase during November
ss5. oo0. 900 of the five per cent. loans of
1904. or the four per cent. funded loan of
1907. at the current market price. The
AMOUNT offered and purchased during No
by the government on such purchases was
ss.2Gs52 and l. IL The oo net saving in interest
operation was sufficient to induce the gov
ernment to continue to offer to purchase
bonds to and including the twenty-third
Z day Of December, inst, unless the re-;
be presented in; the meantime for redemp-
ton. Increased activity in industry with
Its welcome attendant, a large employ
msnt a q labor a at higher wages. gives to
serb the circulating medium. 1t is further
true that year by year with larger areas
volume of agricultural products, corn,
wheat. calls for a larger volume of money
Supply. This is especially noticeable at
the, crop haryests and crop moving period
Changes In Banking Act Needed.
In its earlier history the national banking
act seemed to prove rea sonable avenue
through which needful additions to the
cIcanlatioop could from time to time be
(
emily rendered It now imperative to that
end The high margin In bond securities
required, resulting from large premiums
which government bonds command in the
market. or the tax on note issues, or both
operating together. appear to be the infiu-
ences which impair Its public utility.
The attention of congress is respectfully
invited to this important matter with the
view Of ascertainfng whether or not such
reasonable notifications can be made in
the national banking act as will render Its
service in the particulars here referred to
more responsive to the peoples needs.
again urge that national banks be author
lied to organize with a capital of s25.000
urgently recommend that to support the
existing gold standard. and to maintain
1.-THE parity In value of the coins Of the two
metals gold and silverl and the equal
market and in the payment of debts" the
secretary of the treasury he. given. addi-
tional power and charged with the duty to
sell United States bonds and to employ
such other. effective means, as may be
necessary to. these ends. The authority
3 should include the power to sell bonds on
long and short time. as conditions may re-
qutre, and should provide for rate Of In
terest lower than that fixed by the act Of