The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-11-15
TREASURY CASH STILL Low
The Balance Now SS4,454,i5i in
Gold and Sl4,422,Oi9 in Paper.

eAAO O0JOSN Va SOAAAe~8S AO
Whole Matter to be Laid Before Con-
gress.
Washington, Nov. 14.-The net treas
ury balance to-day declined to sos, ,S76 no,
of which SS4, ,454,1 ISL was gold and S14,
422, ,019 was currency.
Secretary Carlise stated to-day that he
had made no change in his announced in
tention as to the coinage of standard
silver dollars. The original announce
ment made by direction of Secretary Car
Isle stated, :hat while the actual coinage
of standard silver dollars had not been
commenced, orders had been issued to
the mints at New Orleans and San Fran
cisco to prepare the ingots and blanks so
as to be ready for coinage at moments
notice. The mints are now in readiness
and await only explicit orders to be-
gin. When these will be given Sec
retary Carlisle does not care to say.
They may not be given all, or may be
given at any day. He will be guided, as
he expresses it, by the emergency of
the situation. He simply wants to be
prepared.
OBJECT OF THE COINAGE.
The object of the proposed coinage, as
was stated at the time, was to utilize the
seignOrage arising from the coinage.
This seignOrage with the mintage facili-
ties as available would not amount to
more than $500,000 month at present.
1t was hoped by increasing the
coinage to run the seignorage up
to 81 100000 a month The coin
age of the seignorage thus obtained is no
innovation. 1t has been going on under
this administration as well as former
ones AS a matter of fact, SS5, 600, the
profit of seignOrage arising from the coin
age or subsidiary silver coin, was last
week put into the treasury assets, as has
been done from time to time for years.
At no time has it been the intention of
Secretary Carlisle, nor Is it his intention
now, to toll off the seignorage and coin it.
He is convinced that the Secretary of the
Treasury has not authority to do so and
that it can only be done by an act of con-
gress.
TO BE LAID BEFORE CONGRESS.
This matter will probably be one that
will engage the early attention of con
gress in December. AS the subject is un-
derstoOd at the treasury, congress will be
asked to give the Secretary of the Treas
ury this power to toll of the seignorage
and coin it, as he may in his discretion
decide Compulsory coinage of the seign-
orage is not desired. BY coming this
seignOrage, the treasury, it is pointed out,
will be in from 100000 to 81, 900 900 in sill
yer per month. At present the treasury
net balance hovers about the 100000, 600
mark, and for the past ten days or so has
been one day above it and the next
day below it. The receipts continue
disappointing and fears are expressed
that from now on the net balance will
continue below Sl00000,000. This balance
is made up of S85, 100000 gold and $l5000,-
600 currency. 1t is no longer a question
of gold, but a question of money. In
proportion to the national bank circula-
tion, the supply of gold is greater than it
has been for some time, and even if all
the balance was in gold, it would simply
have to be paid out to meet current ex-
penses. No uneasiness is felt, however,
in treasury circles, as until the net bal
ance becomes so low as to destroy public
confidence, no evil effect can result.
THE INCOME TAX.
A revenue of $50, 900, 600 is expected by
the democrats of the ways and means
committee, from the moderate income tax
which they propose to incorporate IN the
new revenue bill. The rate of tax will
probably be 2 per cent, and the ex-
emptions will be high enough to exclude
the great mass oflaboring men and people
on small salaries. The limit now under
discussion is from 50, 500 TO S4 ,000.
A good many statistics have been pre-
pared by the treasury experts on the in
comes of the country and rates of revenue
obtained under different plans, and it is
believed that the 2per cent.rate will yield
a handsome addition to the revenue of the
government. IT the increase i'll revenue
should prove insufficient after a year or
two to meet the demands of the
treasury the rate might be slightly in
creased or the limit of exemption lowered.
One of the attractions of the income tax
to those members of the committee who
are advocating it is thatit allows changes
in the rate TO meet the demands of the
treasury without disturbing the indus
tries Of the country, as in the case of
changes in the tariff. If the income
tax is adopted in the form now
under consideration, other changes in the
internal revenue laws will not be neces-
sary. There will be no increase in the
beer tax, the whisky tax the tax on
manufactured tobacco or the tax on
cigars.
THE DUTY ON SUGAR.
The question of the duty on sugar is
still an open one, but it is not unlikely that
a duty will be imposed OF about l cent
per pound on both raw and refined
sugars. This will enable the committee
to abandon the bounty now paid the
Louisiana and Nebraska growers, with.
out leaving them absolutely without pro-
lection against foreign competition 1t is
also desired TO strike blow at the sugar
trust by making the duty on refined sugar
substantially the same as on raw sugar
The reciprocity section which deals with
sugar, hides, tea and coffee, will
probably be stricken from the
law, but without necessarily
abrogating the existing reciprocity ar
rangemeuts with Germany. with Spain
regarding Cuba, and with the South
American countries. The articles named
will remain free of duty from all coun-
tries unless a small tax is imposed on
sugar. and it is not believed that coun-
tries now having reciprocity arrange
ments will desire 10 abrogate them be-
cause the retaliatory duties against
Venezuela, Colombia and Hayti may be
abandoned.
TREATMENT OF COAL.
The treatment of bituminous coal Is an
other open question with the democrats
of the committee. Coal was on the free
list in the original draft of the tariff bill,
in accordance with the pledge of the dem
ocratic national platform to modify the
Mckinley law in the direction of free raw
materials. The protest from the coal dis
tricts of West Virginia, Pennsylvania,
Tennessee and Alabama has been so
strong however, that some of the mem
bers of the committee are weakening,
and may vote to retain small duty. /