ue
which would have been collected upon imported sugars if the duty had
been maintained has gone into the pockets of the people, and not into
the public Treasury, as before. If there are any who still think that
the surplus should have been kept out of circulation by hoarding it in
the Treasury, or deposited in favored banks without interest while the
Government continued to pay to these very banks interest upon the bonds
deposited as security for the deposits, or who think that the extended
pension legislation was a public robbery, or that the duties upon sugar
should have been maintained, I am content to leave the argument where it
now rests while we wait to see whether these criticisms will take the
form of legislation.

The revenues for the fiscal year ending June 30, 1892, from all sources
were $425,868,260.22, and the expenditures for all purposes were
$415,953,806.56, leaving a balance of $9,914,453.66. There were paid
during the year upon the public debt $40,570,467.98. The surplus in the
Treasury and the bank redemption fund passed by the act of July 14,
1890, to the general fund furnished in large part the cash available and
used for the payments made upon the public debt. Compared with the year
1891, our receipts from customs duties fell off $42,069,241.08, while
our receipts from internal revenue increased $8,284,823.13, leaving the
net loss of revenue from these principal sources $33,784,417.95. The net
loss of revenue from all sources was $32,675,972.81.

The revenues, estimated and actual, for the fiscal year ending
June 30, 1893, are placed by the Secretary at $463,336,350.44, and
the expenditures at $461,336,350.44, showing a surplus of receipts over
expenditures of $2,000,000. The cash balance in the Treasury at the end
of the fiscal year it is estimated will be $20,992,377.03. So far as
these figures are based upon estimates of receipts and expenditures for
the remaining months of the current fiscal year, there are not only the
usual elements of uncertainty, but some added elements. New revenue
legislation, or even the expectation of it, may seriously reduce the
public revenues during the period of uncertainty and during the process
of business adjustment to the new conditions when they become known.
But the Secretary has very wisely refrained from guessing as to the
effect of possible changes in our revenue laws, since the scope of those
changes and the time of their taking effect can not in any deg