The Oskaloosa herald., 1900-12-06
Total ...."......... s254, O26. go 1891, 613. &c
Reduction of Revenue.

In regard to the reduction of the war
tax revenue the secretary says:
From the estimates of receipts and ex-
penditures for the fiscal year 1902 there
promises TO be an excess of receipts to
the amount Of $26O5O,OOO
The operation of the act of February
3, 1852, providing for a sinking fund, con-
templates the payment or purchase and
cancellation of substantially $50, 900 600 an
nually of our Understanding debt obi
gat4ons Owing to the unfavorabIe con-
ditions in the treasury during the six
years from 1894 TO 1893, the sinking fund
was entirely neglected.
In the absence of any expression to the
contrary, il may be safely assumed that
It Is the desire of congress to observe
faithfully the general requirements Of
the sinking fund act and to provide rev.
enue sufficient to meet the charges thus
imposed upon the government. The pres
ent and prospective easy condition Of the
treasury Justiiies the belief that the sink
ing fund requirement can be met both
for the current fiscal year and for the
next fiscal year, and still permit a mod
crate reduction in taxes imposed by the
war-revenue act. A reduction to the
amount of 5000 900 is therefore recon-
mended to the consideration of the pres
ent congress.
Further Financial Legislation Urged.
In urging further legislation to main
tain complete parity between gold and
silver the secretary says:
The operation Of the act of March IA
last with respect to the money standard
and the currency, has well exempiified its
wisdom. Confidence in the purpose and
power Of the government to maintain the
gold standard has been greatly strength
ened- The result is that gold flows to-
ward the treasury instead Of away from
Il. At the date of this report the free
gold in the fa ~,
than at any former period In our history
Including the S150, 100000 reserve, the gold
in the treasury belonging to the govern
ment amounts to over S242, 100000, while
the treasury holds, besides, more than
SIS. 900. 600, against which certificates have
been Issued. That provision of the act
which HbeTalized the conditions of bank
note issue was also wise and timely.
Nevertheless, the measures referred to,
prolific as they have been IN good results,
viii yet need reinforcement in some i'm
portant particulars. Thus, as to the re-
demption fund provided for in said act,
while the powers conferred upon the sec
rotary are probably ample to enable a
jealous and watchful officer TO protect
fully the gold reserve, there appears to
be lacking SUFFICIENT mandatory require
ment to furnish complete confidence in
the continued parity, under all condi-
tons. between our two forms Of metallic
money. silver and gold Upon this point
further legislation may become desirable.
In the act Of March II a forward step
Was taken, to the great benefit Of all our
material interests. Nothing should pre-
vent timely and well-cOnsidered amend
ments where necessary to solidify and
complete the work SO we'll inaugurated.
American Shipping.
The report Of the commissioner of navi-
cation shows that on June so, 1900 the
merchant marine of the United States
including all kinds of documented ship
ping. comprised q 1913 vessels Of 5,lG4 $50
gross tons The new century confronts
as with the fact that the American mer-
chant marine in foreign trade is relative
" insignificant. 1t Is exceeded in effective
tonnage by the steamships of any one Of
several foreign corporations.
The conditions for a successful effort to |
secure again proper share of the carry |
ing trade and to reestablish our CONNER
cial flag upon the oceans have not in a |
generation been so favorable as at this
time. The effort. to be successful, must
be begun promptly and unremittingly |
prosecuted for series of years. and is |
entitled to the cooperation of congress-
A bill for the promotion Of American |
commerce and for the creation of an
American merchant marine In foreign |
trade, which shall be worthy OF tAe ma
ton. now awaits the action of both |
branches OF congress- II conforms IN |
principle and general outlines TO recon- |
mendations upon the subject in the re- |
ports for 1888 and 1899 Early consideIa-
tion OF that measure is recommended
The following further extracts from the |
=ercrt are interesting and important
Gold Reserve.
The treasurer calls attention to the |
marked irregularity In the receipts and |
expenditures. pointing out that while in |
July. 1879 there was deficiency OF 81,
la6s 6s2 81 in June, 1906, surplus OF ST.
Nb,l5s& was realized. The greatest DIFF
ference between income and outgo on any /