And yet the situation still
continues, with aggravated incidents, more than ever presaging financial
convulsion and widespread disaster.
It will not do to neglect this situation because its dangers are not now
palpably imminent and apparent. They exist none the less certainly, and
await the unforeseen and unexpected occasion when suddenly they will be
precipitated upon us.
On the 30th day of June, 1885, the excess of revenues over public
expenditures, after complying with the annual requirement of the
sinking-fund act, was $17,859,735.84; during the year ended June 30,
1886, such excess amounted to $49,405,545.20, and during the year ended
June 30, 1887, it reached the sum of $55,567,849.54.
The annual contributions to the sinking fund during the three years
above specified, amounting in the aggregate to $138,058,320.94, and
deducted from the surplus as stated, were made by calling in for that
purpose outstanding 3 per cent bonds of the Government. During the six
months prior to June 30, 1887, the surplus revenue had grown so large by
repeated accumulations, and it was feared the withdrawal of this great
sum of money needed by the people would so affect the business of the
country, that the sum of $79,864,100 of such surplus was applied to
the payment of the principal and interest of the 3 per cent bonds
still outstanding, and which were then payable at the option of the
Government.
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