The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-12-21
SAID BY CARLISLE.
The Secretary of the Treasury Sub
mits His Annual Report 70
Congress.
II Treats of the Condition Of the
Treasury, Currency Legislation
and Revenue Laws.
There Will Probably Be Deficiency
of $4,000, ,000-Income Tax
Favored.

WASHINGTON, Dec. 2l.--The annual
report of Secretary Carlisle was sent to
both houses of congress The document
is very thorough and exhaustive re-
view of the condition of the govern
ment's finances, and contains various
recommendations for the relief of the
treasury. The secretary discusses at
considerable length the following gen.
eral topics, viz: Condition of the Treas
ury," Currency Legislation and RE
view Of the Revenue Laws" What the
secretary has to say on the questions
follows:
During the first five months of the
present fiscal year the expenditures of
the government have exceeded its re-
ceipts to the amount of $29, 9,918, OBS. .66.
There has been not ony a decrease, but
also an increase of expenditures
during this period as compared
with the corresponding FIVE months
Of the last fiscal year. The
revenues from customs have fallen off
$23, ,5S9, ,S29.74; from internal taxes, $7,-
S66, ,667 .96, and from miscellaneous re-
ceipts, 1924, 1890. The expenditures on
account of the war department in the
execution of contracts made during the
last fiscal year have increased $6, 1884,
1872 AZ; on account of the navy depart
ment for the same reasons the increase
was 81 ,912 ,2S9 81; on account of Indians,
$685., ,97S, ,55, and on account of interest,
$69, ,450. .25; but there have been reduc-
tions in some other branches of the pub
lie service to the amount of $6, ,352, ,2O6,
az compared with the corresponding
period last year.
The Result Of These Changes
is that on Dec. /, 1893, the actual net
balance in the treasury, after deducting
the bank note 5 per cent redemption
fund, outstanding drafts and checks,
disbursing officers balances, agency ac-
counts and the gold reserve, was only
$11.O4S, 448.25, and of the total amount
held $12, ,347, ,517.S0 was i'm subsidiary sill
yer and minor coins. 1t may safely be
assured that the worst effects of the re-
cent financial disturbances, and conse-
quent business depression have been
realized, and that the condition will BIZ
much more favorable hereafter for the
collection of an adequate revenue for
the support of the government; but it
can scarcely be expected that the re-
year will exceed the expenditures for the
same time to such an extent as to pre-
vent very considerable deficiency. /
have therefore estimated
Probable Deficiency Of Sas, 200, 900
MT the close of the year, and il congress
concurs in this view of the situation it
will be incumbent upon it to make some
provision for raising that amount as
soon as practicable, by taxation or
otherwise. On account of the difficulty
of securing such sum within the time
it would be required by the imposition
and collection of additional taxes, I rec
ommend that the third section of the act
TO provide for the resumption of specie
payments, approved Jan. IA, 1875, which
confers authority upon the secretary Of
the treasury to issue and sell certain
descriptions of United States bonds, be
90 amended as to authorize him to issue
and sell, at not less than par in coin
bonds to an mount not exceeding
5000, ,000, 900,
Bearing Lower Rate
of interest and having shorter time to
run than those now provided for. and
that he be permitted to use, from time
TO time, such part of the proceeds as
may be necessary to supply any def
ciencies in the public revenue that may
occur during the fiscal year 1894 and
1895. The secretary recommends that
the bonds be issued in sums of $25 or
multiples thereof, and that they bear 8
per cent He believes they can in this
manner all be disposed Of at home.