The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-12-21
The NATIONAL FINANCES.
hECRErtBY oABLisLDs REPORT SENT
10 CONGRESS

n. Rsuaat.s Thst There WIN Ne = n.
ass.-sy Of So cse,soO a. tAe Close OF tn
Ysss, ana ASKS Gor Authortty 90 Issu
Ho-as 20 decrease aud Nsiss-in the Coli
Reserve sss 70 ssrpiS A.y Dsnsiessis'
i.shs Pssuo Revenue.-He Fsvor- Ts,
s- Isso-ss rroH Cooperate Inyestnents
wLsHrroror, Dec. 2o-Ths annual report o
che Hon. John q. Carlisle. Secretary Of tbs
Treasury, was transmitted TO Con Rress to-day
The Secretary estim ates the revenues Of tbs
Government for the lscsl year. which will END
on June 30 next at $3.50. 121. 900 and that the
expenditures for the same period will amount
to S46s II .00o. leaving e1clt OF s2S 600. 900
He says:
"Itmay be safely assumed that the worst
effects Of the recent financial disturbances
and consequent business depression. have
been realized, and that the conditions will
he much more favorable hereafter for the col.
lection Of an adequate reven Q for the support
OF the Goyernme nt but II can scarcely be
expected hat the receipts during the remain
der OF the nscal year will exceed the eGDendi-
lures for the same time 10 such an extent az
60 prevent very considerable deficiency.
have. therefore. estimated q probable de-
nciency OF s2s. 900 600 at the close Of the year.
and II Congress conours in this view Of the
situation IL will be incumbent unon II to make
some provision for raising that amount rs
soon az practicable. by taxation or
otherwise On account Of the difficulty OF
securing such sum within the time
It will be required BY tho imposition and
collection Of additional taxes 1 recommend
that tho third section OF the act to provide for
the resumption OF specie payments. approved
Jan. Is. 1875 which coniers authority upon
ito Secretary OF the Treasury 20 issue and sel
Il a IfafN -. -.
DO so amended rs to authorize him TO issue
and sell. at not loss than par In coin. bonds 10
an amount not exceeding 5000. 100000. bear
INK lover rate OF interest and having a
shorter tins TO run than those now provided
for. and that he lie permitted to use. from tim
70 time, such part OF the proceeds as may be
necessary to supply any deficiencies in the
public revenue that may occur during the fiscal
years 1894 and 1895. The United States four
per cent. bonds payable In 1907 are now SELL
ing at rate which yields investors less than
three per cont. upon their cost. and nm con-
fdent that a bond bearing interest at the rate
ofthres per cent. payable quarterly and re-
deemabls at the option OF the Governm ent
aiternv We years. could be readily sold a. par In
our own country
II the authority now existing should be 40
modified as to empower the Secretary OF the
Treasury to issue bonds In denominations or
sums OF S2J and Its multples they could be
readily disposed OF through the Sub-Treas-
. - 49,, IL, cs.I
.N,..'..,.1 I. -, -.
~ CO, 80. w 20 80. - A., .S.
sIons' ouch Donus nouiu ahoru 10 'le peop'e
at large an opportunity to convert their sur
plus earnings into form OF security which.
while It would be perfectly safe. would not
only Increase in value by reason OF accumu-
latlng interest but DO at all times available as
smesns OF procuring money when needed
justifes the confident belief that this plan
would DO popular and successful
In case Congress should not consider It adj
~ y, ,,sI. Sss"Ta, Vs. az,
he purpose VI supp,'ins uehcieheies IN 'ne
herein suRVested. I recommend that he bs
.mnovsrsd 20 sr.cp,s rom Tina N Tina as
S Of ,Sa
eminent, not exceeding In the aggregate s5O.-
,soo,cu0 hs,ris : = ,.ts o, in,orest n OF grcntsr
than thrce per cent. and payable after one year
from date. and that he be permitted to sell
them At not less 'han par or use 'hem' at not
less than par In the payment OF public ex-
rs.a,va ,hsn, nh. cond,,Ior ., ,ho Traasnrv
receive tnoni' A"o eohui''oh VI ."o AFeasuFP
s,ow,no dnncIon.v m. nrblIc ssr,ic. wi,l ha
so""E eeh|'ohey' Nio p"O'l' 'ei'''o "'t w
seriously Impaired and pensioners and other
creditors subieoteI to great delay and Incon-
$1,000.
'onIoheo
He urges the necessity Tor the extension OF
the power Of tina Serretary To nrocura and
maintain A lnrrer coin reserye for tho redem n
tion Of United States eurreney and saws
that tho exis,snce OF such authority in a con-
siantly available form would OF itself inspIra
such eonndence In the security and stabIlIty ~
our currency that its actual exercise might
never become necessary He Adds.
80 ionr as the Government continues. tina
unwise policy OF Keeping lis own notes out
standing to circulate as currency, and under
taxes TO provide for their redemp tIon In coin
on resentation IL will he in my opinion es-
sentisI for the secretary OF the Treasure 10
possers the m cans or 10 have tho clear and un,
doubted authority 20 secure the means. which
sn able him to meet such emerGsncies as tie
one which has recently occurred in our Imam.
cial RffaJrn I'ndpr existing circumstances ina
Treasury Department exercises to a iars.
or extent Than all The other hnan-
cial institutions Of the country com
bued tho functions OF bank OF issue.
O nd while the credit Of the Government is so
strong that 1t may not be necessary to main
tain at all times the actual coin reserve which
experience has shown Go be requisite in the |