The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1893-12-29
CARLISLE'S REPORT.
Synopsis OF tho Report OF the
Secretary of the Treasury
Laid Before C~oagress-A Deficit Of o2S.-
100000 In sight ut the Close OF
the Present Fiscal Year
Recommendation.

WASHINGTON. Dec. 30 - annual report
Of Hon John q Carlisle. secretary Of the
treasury, was submitted 20 congress-, OF which
the following Is an abstract:.
THE REVENUES.
The secretary estimates the revenues Of the
government for the fiscal year. which viii end
on the 3Oth OF next June. NJ SsyD. III .VO. and
that the expenditures for the same period will
amount TO sass. i2i.0A. leaving a deficit Of ~
10000 on the year. He mentions that there
are Pacific railroad bonds. known A. eur
rency SKIES issued In aid OF the Pacific
railroads. falling due within the year
1894. to the amount Of t.S6..00. which
must be paid at maturity, and
that congress stake action at this session TO
provide for them. He suggests a. a meaps OF
enabling the government to promptly meet the
emergency and provide y larger reserve fund
several courses OF action. One is the issue OF
3 per cent. nye-year bonds. In small amounts.
10 he disposed A. OF through the sub-treasuries and
post Offices % our own people Another. the
issue OF siO.0J00D0 in one-year 3 per
cent. bonds at par. Until the eject OF
the repeal OF the Sherman silver purchase
law Is more fully developed. he does not
consider II advisable 10 recommend further
special legislation on that subject. lie favors
legislation TO authorize q more extended use OF
silver certificates. He refers to the opinion OF
his predecessor and OF the late attorney-gen-
erai that the gain or scigniorage resulting from
the coinage OF the silver bullion as II pro
crosses constitutes a part OF the general
assets OF the treasury. and states that he has
ordered the mints at New Or
leans and san Francisco TO be kept In
readiness 10 commence the coinage Of stand
and silver dollars at any time when required
POSSIBLE ISSUE or BoSDs.
In speaking OF the possible issue OF bonds
under the act Of July u. 1870, the secre-
tary says: In the present condition
OF the country's credit nothing less than
the existence of "A great and Pressing
financial emergency would. In my opinion. jus
tify the issue and sale OF any OF those classes
OF bonds. on the first class the interest would
amount. at the maturity OF the bonds. To one
half the principal: on the second class II
would amount to more than two thirds of the
principal. and on the third class il would ex
coed the principal ty - per cent. Ii any one
OF these methods OF raising money were pre-
scented as an original measure for consideration
In congress. 1 am satisfied IL wonid not receive
the approval OF that body or o. the people
III the authority now existing should be so
modified as to empower the secretary OF the
treasury to issue the bonds in denominations OF
81 and its multiples. they could he readily dis
posed of through the sub-treasuries and post
onices without the agency or Intervention o.
banks or other financial institutions and with
out the payment Of commissions Such bonds
would afford TO the people at large an oppor
tuuity 10 convert their surplus earnings into a
form Of security which. while IL would he per-
fectly safe. would not only Increase In value By
reason Of accommodating interest. hut be at all
times available as the means OF procuring
money when needed: and the experience OF
this and other countries ~lustlnes the
confident belief that such a plan
would be popular and successful Congress
acne has the power TO adopt such measures As
will relieve the present situation and enable
the treasury 10 continue the p%unciual payment
of ali legitimate demands upon It. and | re-
specifnlly hut earnestly urge that immediate
attention he given to the subject The ncces-
sity for the extension ~ the power of the see
rotary TO procure and maintain a large reserve
Tor the redemption OF United states currency
must. | think. be evident u everyone VINO
has given serious thought TO the subject"
CURRENCY
Secretary Carlisle SAYS that AT the date Of
the redemption Of specie payments January !
i-79. there were s3is 81 .Oi6 Of the OH legal ten
der notes to ne redeemed. and the secretary OF
the treasury considered that siOJJJ.0 uD would
constitute a sufficient basis for the .mainte
nance Of that amount Of currency at par. But
since July IL. 1850. additional treasury
notes have been issued to the amount
Of / 5s93O.q 80. Of which there are
now outstanding si53. 3is.@i. making the
government obligations in currency sig9.
90 .i0. In addition. he says that there have
been coined under authority OF the law Ai9.
ass.5s0 in legal tender silver. upon which Ger
tihcafcs have been issued TO the amount Of
ssEli. l3s 5,l. with reference to this matter ths
secretary says.
Under these circumstances 1t Is. in m,
opinion. necessary not only that he should b,
clothed with full authority TO procure an,
maintain an ample reserve in coin. but that th'
purposes for which such reserve iSto be hell
and used should he made as compre
heasive as the duty imposed upon hin
hv the law. The existence OF suci
authority ia u constantly available form wouls
OF itself inspire such confidence In the securitl
and stability OF our currency that rs actua
exercise might never become necessary. but tn
futiiity OF declaring a specific policy and with
holding the means which may become neces
sary for its execution, is too apparent 1
require m
THE TREASURY REsERvE
After detailing the recent efforts OF the treas
ury department to maintain the 800. 90. 900 r.
serve. he continues.
so long as the government continues III
unwise policy OF keeping its own notes out
standing TO circulate as currency. and under
takes to provide for their redemption in col
on presentation. IL will he. in my opinion. e.
sential for the secretary OF the treasury I
HoN~f~> u tt'ah- vi w nave ~ a ~
undountcd authority TO secure the mean
which may from time to time become nece.
sary to enable him TO meet such emergencie
as the one which has recently occurred In on
financial Affairs"
The secretary says that the amount OF none
in this country outside Of the treasury on ID
ccmbc l. 1893. was sire. greater than N
amount out standing on November J.. lsgs. an
. insists that il Is greater than l. required Il
the transaction of the business OF the peoll
AZ This time. THIS is conclusivcly shown, b
says. ny the fact that the money has accumi
lated. and 1t Is still accommodating In the hnal
cial centers to such an extent as 10 constitui
a serious EN- iafrassment 10 the banks In while
il Is deposited. The secretary says that "a
money does not create business, but bushes
creates a demand for money. and until there
such q revival OF industry aud trade as to r
: ouirc the use o. the circulating medium no
outstanding. ~ would be hazardous 10 arbitr
rily increase its volume BY law or 10 mai
! material changes in its character by distrr
7 ing In any manner the relations which its III
: .crcni forms now bear 10 each other.
4 DIFFICULTY DISCUSSED.
!, Secretary Carlisle says that one OF the prime
pal difficulties encountered hy the treasury q
partment results from the indisposition OF u
public 10 retain standard silver dollars and s.
L. TN A.aHafA