Democratic Sentinel, Volume 16, Number 48, Rensselaer, Jasper County, 16 December 1892 — ABOUT OUR FINANCES. [ARTICLE+ILLUSTRATION]

ABOUT OUR FINANCES.

ANNUAL REPORT OP SECRETARY FOSTER. Revenue* and Expenditures of the L»at Fiscal Year—Election Modifies Figures— Repeal of Sinking Fund Laws Recoin. ; mended—Redemption Reserve Should Be Increased. The Country’s Cash. The annual report' of the Secretary of the Treasury shows that the government revenues from all sources during the last fiscal year were $425,868,260, and the total expenditures $415,953,806, leaving a surplus, of $9,914,453. YVith the cash balance, the national bank redemption fund and a few small Items added, this surplus was $40,750,488, which was applied to the payment of the publio debt. As compared with the fiscal year 1891 the receipts for 1892 have fallen off $32,675,972, the principal losses being customs receipts, $42,069,241, and in profits on coinage, $5,681,479. On the other hand, there was a gain of $9,284,823 in internal revenue reiMpts, $4,998,690 In postal service and in sales of District of Columbia bonds of $2,412,744. In the ordinary expenditures thero was a decrease of $10,349,354, whioh is

accounted for by diminished payments for discount taxes, refund for excessive customs, deposits, drawbacks, census, quartermaster’s supplies and interest on the publio debt, the decrease in the last item 'alone being $14,169,019. For the present fiscal year the revenues are estimated as fol-

lows: From customs, $198,000,000; from internal revenue, $165;000,000; from miscellaneous sources, $20,000,000; from postal service, $80,836,'350; total estimated revenues, $463,336,350. The expenditures for the same period are estimated as follows: For the olvll establishment, '$108,000,000; for the military establishment, $49,000,000; for the naval establishment, $31,000,000; for the Indian service, $9,000,000; for pensions, $158,000,000; for interest on the publio debt, $26,000,000; for postol sorvice, $80,336,350; total estimated expenditure, $461,336,360; leaving an estimated surplus for the year of $2,000,000. The available cash balance in the treasury at tne end of the present fiscal year is stated at $120,992,377. The revenues for the fiscal year of 1894 are estimated at $490,121,365 and tho appropriations required $457,261,335, exclusive of the sinking fund, or an estimated surplus of $32,860,030, whioh, with the catfh bafitnee above gold re-' serve, would make the available balance $53,852,407, and deducting accrued or accruing obligations (mall contracts and redemptions), would leave the balance $47,852,407. Chargeable against this are unexpended river and harbor and ordnance appropriations, amounting to $44,000,000, and no account is taken of the sinking fund requirements, amounting to $48,600,000, beyond redemptions estimated at $5,000,000. Estimates Based on the McKinley I.aw, The estimated receipts, says Secretary Foster, are based upon conditions prevailing prior to the Jate election. Publio opinion having decreed a chango of policy, particularly in tho tariff laws, the altered conditions resulting therefrom render it impossible at the present time to estimate the annual income with any marked degree of accuracy, and it is impossible to predict the effect that such proposed radical changes would have upon the future revenues of the government. The secretary further says that he will not estimate further, but that the inevitable result of the tariff reduction agitation will be a falling off in importations and in revenue, the extent of which no one can measure. He 6ays, however, that all the facts fully justify the opinion that tho large increase of receipts ascribed to tho marvelous prosperity of the country under Ihe present revenue system, would, if continued, enable the department during the coming fiscal year to meet all obligations without the slightest impairment of its cash, and thereafter continue to show a material improvement In its condition. Touching the gold reserve, the report says, the Treasury has difficulty with the limited' amount of cash on hand above the $100(000,000 redemption fund to keep a sufficient stock of gold, and if the shipments continue as large as they have been during the last two years, the gold in the treasury will be diminished below the reserve line. The maintenance of silver at par has also increased the possible charge upon the gold reserve and therefore the Secretary suggests that the reserve for the redemption of Government obligations should be increased to the extent of at least 20 per cent, of the amount of treasury notes issued or to be Issued under the act of July 14, 1890. In regard to the monetary conference he says: “This conference is now in session. As yet little is known as to what its action may be beyond the general fact that the subject of the better use of silver as a money fnetal is receiving its earnest attention.” On the subject of publio buildings, 5 the Secretary says that the expenditures during the year ended Sept. 30 last were $6,741,286, and the outstanding contract liabilities $2,834,408, making a total of $9,575,69?! - The subject of the "World’s Fair is briefly dismissed with the statement that satisfactory progress has been made in the preparation of the department’s exhibit, In the arrangement of the customs laws and regulations, and upon the Government buildings. Speaking of the subject of immigration, the Secretary is clearly of the opinion that only by a rigid examination, made at the place of departure, can the prohibitive features of the law be executed with any considerable degree of efficiency.

SECRETARY FOSTER.