The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1893-12-30
THE FINANCES.

m EStunatcu Oeuctency OF TWehtyeEtRH
Million Dollnrs-To Cover This Amount
the Secretary Of tho Treasury Recon-.
rncnds the Issue, of Bonds.
WASHINGTON, Dec. 21.--The annual
report of Hon. John g. Carlisle, secre.
tary of the treasury, was transmitted
to congress Wednesday. The secretary
estimates the revenue of the govern.
ment for the fiscal year, which will end
June 80 next, at $3.50, 19l 900, and
that the expenditure for the same
period will amount to Sass, 121, 900,
leaving deficit of $4,000, O0t
on the year. He mentions that there
are Pacific railroad bonds, known n.
currency taxes" issued in Pacific rail.
roads falling due within the year 1894,
to the amount of 2,362, 600, which must
be paid at maturity, and recommends
that congress take action at this ses
sion to provide for them. He suggests
as means of enabling the government
to promptly meet the emergency and
to provide n larger reserve fund severa:
courses of action.
One is the issue of per cent FIVE
year bonds, in small amounts to be
disposed of through the sub-treasuries
and postofiices to our own people. An.
other, the issue of s5O,OO0,OOO in one.
year $ per cent bonds at par. Until
the effect of the repeal of the Sherman
silver purchase law is more fully de.
veloped he does not consider it advis
able to recommend further specific
legislation on that subject He favors
legislation to authorize more extend.
ed use of silver certificates.
He champions the system of substitu.
ting ad valorem duties for specific du.
ties in the collection of customs, and
recommends an increase of 10 cents a
gallon in the internal revenue tax on
distilled spirits, the imposition of addi.
tional internal revenue tax on cigars
and cigarettes, the imposition of new
taxes on playing cards, cosmetics per-
fumeries, legacies and SUGGESTIONS and
incomes derived from investment in
stocks and bonds of corporations and
joint stock companies.
If the authority now existing should
be so modified as to empower the sec.
retary of the treasury to issue the
bonds in denominations or sums of $25
and it's multiple, they could be readily
disposed of through the subtreasury
and post offices without the interven.
tion of banks or other financial institu.
tions and without the payment Of com.
missions.
Such bonds would afford to the peo-
pie at large an opportunity to convert
their surplus earnings into a form of Sc
curity which, while it would be per-
fectly safe, would not only increase in
value by accumulating but be at all
times available as means of procur-
ing money when needed; and the ex-
perience of this and other countries
justifies the confident belief that such
plan would be popular and success
full.
In case congress should not consider
it advisable to authorize the secretary
to use for the purpose of supplying def
ciencies in the revenues any part of the
proceeds of the bonds herein sug-
gested, l recommend that he be en-
powered to execute from time to
time, as may be necessary, the
obligations of the government not
exceeding in the aggregate $50, ,oOO,-
600, bearing rate of interest not
greater than three per cent. and
payable after one year from date, and
that he be permitted to sell them at not
less than par, or use them at not less
than par in the payment of public eX-
penses to such creditors as may be will
ing to receive them.
The condition of the treasury is such
that unless an available means is
promptly provided by law for supply
ing the growing deficiency the public
service will be seriously impaired,
and pensioners and other creditors
subject to great delay and inconveni.
ence