The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-12-21

i
comprises a pamphlet of sixsy-two
printed pages and gives an elaborate
review OF the operations of the Teas
urY Department during the past fiscal
year.
The revenues OF the Government from
all sources for the fiscal year ended
June 80 last were Si6l.7l5. 500, and toe
total expenditures, $3.50, 374 ,Ss7, leaving
surplus OF So, BAL, 675. Compared with
the fiscal year 1892, there was al in
crease OF S35,s4S, 30l of receipts and an
increase of S3S, S4S, 623 in the ordinary
| expenditures.
For the fiscal year 1894 the revc aues,
estimated on the basis Of existing Il r.,
will be $3.50. lei 1865, and the total esci-
mated expenditures S45S, l2l 365, or a
deficit OF $4,000, 600 On the basis of
existing laws the revenues for the fiscal
! year 1895 are estimated at S454,4o7,
The estimates OF appropriation requirod
for the same period as submitted by the
various executive departments and
offices, exclusive Of sinking fund, aggre-
gate S44S, 306,7S9 or an estimated sur
plus Of ST., l20,95s.
Probable Deficiency OF S2s, 900, 900.
Secretary Carlisle estimates q prob
able deficiency of S2S, 900 900 at the
close Of the fiscal year, and says that
''if Congress concurs in this view OF the
situation 1t will be incumbent upon i to
make some provision for raising that
amount as soon as practicable by taxa
zion or Otherwise. On account Of the
difficulty of securing such a sum within
tho timeit will be required by tho i'm
| position and collection OF additional
taxes, he recommended that the third
| section OF the act to provide for the re.
| sumption OF specie payments, approved
January IA, 1878. which confers author.
ity upon the Secretary OF the
Treasury to Issue and sell GER
tain descriptions of United States
bonds, DC so amended as to author
ize him to issue and sell, at not
less than par on coin, bonds to an
amount no. exceeding $500, 900, 900,
bearing lower rate of interest and
having shorter time to run tnan Those
now provided fer, and that he1te Der
mitted TO use from time to time, such
part OF the proceeds as may be neces-
sary to supply any deficiencies in the
public revenues that may occur during
the fiscal years 1894 and 1895.
Alternative Plans for Bond Issue
The secretary presents alternative
plans for bond issue; one providing for
tie issue OF bonds of q denomination Of
could be readily disposed of through the
sub treasures and postoffices without
the agency or intervention OF banks or
other financial institutions and without
| the payment OF com missions.
| MIR. Carlisle aftlrms the necessity for
| the extension OF the power Of the Sec
rotary to procure and maintain larger
| reserve for the REDEEM ption of United
States currency. He says:
$50 long as the Government con-
tinues the unwise policy OF keeping its
own notes outstanding to circulate as
| currency and to provide for the ire
| demption in coin on prosecution, it will
be, in my opinion, essential for the
| Secretary OF the Treasury to possess
| tho means or have tho clear and un-
doubted uthority to secure the means
| which may from time to timo become
| necessary to enable him to meet such
emergencies rs the one which has re-
Gently occurred in our financial affairs.
Precautionary Measures Necessary.
| Under existing legislation the Treas
ury Departing exercises, to q larger
extent than all the other financial in
stitutions OF the country combined, tho
actions OF o bank of issue, and, while
the credit of the Government is so
strong that it may not be necessary to
maintain at all times the actual coin
reserve which experience has shown to
be requisite in the case OF ordinary
| banking com panies, still it would be-
manifestly imprudent, to say tho least,
not to adopt such precautionary meas.
ures as would enable thesGovernment,
in times OF unusual monetary disturb
ance, to keep it's faith with the people
who hold its notes and coins by protect
| ing them against the disastrous effects
OF an irredeemable and deprecated cur
| rency.
whatever object lions may be urged
against the maintenance of large
coin reserve, procured by the sale of
interest bearing bonds it must be evil
dent that this course cannot be safely
avoided unless the Government aban-
dons the policy OF issuing its own notes
for circulation and limits the func lions
OF the treasury department to the col
lection aud disbursements OF the public
revenues for purely public purposes,
and to the performance Of such other
administrative du ties as may be appro.
pirate to the character of its organiza-
ton as a branch of the executive au-
thority.
40 tho extent that it is required by
law to receive money on deposit and re-
pay, or to issue notes and redeem them
ON demand, 1t Is engaged in a business
which cannot be conducted without
having az ali times tho ability To comply
| promptly with its obligations
The recent repeal OF 40 mucn u the
act OF July IA, 1890, as required tho
Secretary Of the Treasury 10 purchase
silver bullion and issue treasury notes
in payment for 1T, makes such radical
change in the policy OF the Government,