Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-12-21

ceps from Internal Taxes
WASHINGTON, d. c., December 90
The annual report Of Secretary Car
Isle was sent to both houses Of Congress
to-day. The document is a very thor
ough and exhaustive review Of the con-
dition Of the governments finances and
contains various recommendations for
the relief Of the treasury. During the
first Ave months Of the present fiscal
scar the expenditures OF the govern
ment have exceeded the receipts by
S29,91S, O95. There has been a decrease
Of receipts aud an increase OF expendi-
lures. The net balance in the treasury
on December 1 was only S11,O3S.44s.
The Secretary says: ''It may be safely
assumed that the worst effects Of the
recent financial disturbances, and con-
sequent business depression, have been
realized, and that she condition will be
much more favorable hereafter for the
collection Of
An ADEQUATE REVENUE
for the support OF the government, but
10 can scarcely be expected that the re-
celptS during the remainder Of the MS
cal year will exceed the expenditures
for the same time 70 such an extent as
70 prevent a very considerable defcien-
cy. have, therefore, estimated a
probable deficiency OF SIS, 900, 600 az the
close OF the year, and II Congress con-
ours IN this view or the situation IL will
be incumbent upon 10 20 make some pro-
vision for raising that amount as soon
as practicable" To meet the deficiency
the Secretary makes this recommends
tiOn: son account of the difficulty Of
securing such a sum within the time It
would be required by the imposition and
collection of additional taxes, / recon-
mend that the third section Of the act
10 provide for the resumption Of specie
payments, approved January IA, 1879,
which confers authority upon the Sec
rotary OF the Treasury 20 issue and sell
certain descriptions Of United States
bonds be so amended as TO authorize
him to issue and sell, at not less than
par in coin, bonds 90 an amount not ex-
ceeding two hundred million dollars,
bearing a lower rate OF Interest and
having q shorter time TO run than those
now provided for, and that he be per-
mitted % use srom time 70 time such
part of the proceeds as may be neces-
sary 70 supply any deficiencies in the
putlic revenues that may occur during
the fiscal years 1894 and 1898.
In case Congress should not consider
10 advisable 20 authorize the Secretary
10 use for the purpose of supplying de-
ficiences in the revenues any part or the
proceeds OF the bonds herein suggested
he recommends that he be empowered
10 execute from time to time, as may oe
necessary, the
OBLIGATIONS OF THE GOVERNMENT
not exceeding I'm aggregate $50, 600,
hearing a rate of interest not greater
than 8 per cent. and payable after one
wear from date, and that be be permit
ted Co sell them 40 not less than par IN
the payment of public expenses TO such
creditors as may be willing 70 receive
them. So long as the Government con-
tinues the policy of keeping its own
notes outstanding 70 circulate as cur
rency and undertakes TO provide foI 'neiT
redemption in coin 0u presentation the
Secretary should possess the means, or
have the clear aud undOubted authority
IN secure the means, which may FROM
time 10 time become necessary 10 en-
able him % meet such emergencies as
the one which has recently occurred in
our financial affairs.
The Secretary says there is no sub
stantiaI reason WHY the silver certih-
cate should not be as iavOrably received
and as literally treated by the pub
lie as any other form or money,
and for creating a greater demand
for their permanent use 10 Ine uaHy
transactions OF the people, be has
directed that as far as the law permits,
and as rapidly as the opportunity Is
afforded, the amount OF such certln-
Gates of denominations less than so
shall be increased by substituting them
for larger ones TO be retired, and that
the small denominations Of other kinds
of currency shall be retired as they are
received into the treasury, and larger
ones substituted in their places.
CoNcERNrNG THE TARIFF
the Secretary makes a long argument
against specfc duties and in favor of
All valOrem duties. A tariff d a tax
upon consumption, and the cOnd ition
of those who are compelled by poverty
of means 20 purchase and use the
cheaper and cOarSer grades OF goods
should certainly protect them from un-
lust discrimination, even If 10 does not
entitle him 20 some measure Of eXemp-
ton from the eXactiOns Of the govern
mept. TaXatiOn according 90 value
does Injustice Co no one unless the rates
are too high or are uneQually ADJUSTED
upon ARTICLES OF the SINE general char
acter and utility. Ii is distinctly the
American system OF taxation, and is
recognized as just and equitable by the
peoDle in an the states In their laws
for the assessment and the collection
OF local revenues upon the ad valorem
basis. Estimated that the revenues for
the fiscal year 1895 will amount upon
the basis of existing laws 60 S454, 421,-
-43. and that the expenditures, includ-
ing the sinking fund, will amount TO
SlS.3O3. -S9 The estimated revenue
from customs is 100000, 600 and the
total estimated receipts from all sources
will exceed the estimate of eXpend-
itnres, S6,12O,955. Assuming these
amounts 90 be approximately correct, it
will be necessary To any changes that
may be made In our revenue laws 10
provide for raising about Sl24, 100000