The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-12-21

washington, Dec. 20-The annual re-
port of Secretary of the Treasury
Carlisle was sent to Congress today. 1t
shows that during the first five months
of the present fiscal year the expendi-
ture Of the government exceeded the
receipts by S2S, s1S,O s5. This was
brought about by a decrease in the re-
ceipts. an increase in expenditures as
compared with the corresponding
months of last year.
The customs revenues fell off $685.
S29; internal taxes, $7,S66.6 SOL; expendi-
lures in the war department in the
execution of contracts made in the
last fiscal year increased Sc, 162, 132;
in the navy. for the same reason. ST.
9l2, 2S9, with other minor increases.
There have been reductions in other
branches Of the public service of 1882
206. On December 1, the net balance
in the treasury was only $11,0SS, 44S.
Of the total amount held, So. 81, 517 is
in subsidiary silver and minor coins.
The secretary assumes the worst effect
Of the recent financial disturbances
and business depression are past; that
the remainder Of the year Will show
better results and he estimates the de-
fciency at the CLOSE of the year at
SIS GOO 600 To meet this he
recommends the amendment of the
specie payments resumption act of
1875 to authorize him to sell 3 per cent.
bonds not exceeding $780, 900, 600 in an
amount at not less than par Saying,
however, in his opinion only the great
pressing financial emergencies justifies
such course. He suggests bonds be
issued il denominations of S25 and the
multiples thereof to be sold through
the sub-treasuries and postoffces.
In case Congress should decline to
follow this course, he recommends the
secretary be empowered to execute the
obligations of the government not to
exceed $50 900, 600, bearing 3 per cent,
to be sold or circulated in payment OF
government obligations. He urges
prompt action to prevent serious inn
pedinent of the public service, the pay
nent of pensions, etc.
He points out the necessity of the
extension of the power of the seere-
tary to maintain a large reserve for
the redemption of United States cur
rency, showing that at the date of re-
sumption of specie payment only legal
tender notes subject to redemption were
outstanding to the amount of s346, 6S1.-
01f. Now these obligations have in
creased to S499, $780, 4O direct obligations.
besides the requirement to preserve the
parity between gold and silver, on
$419, 332, $50, legal tender silver, on which
$685., 13S, 5O4 in silver certificates have
been issued
To emphasize this, he speaks of the
heavy experts of gold during the cur
rent calendar year. which finally, in
spite Of all effort, carried the gold re-
serve to nearly $40, 000,0 900 below the
lowest point ever reached since the re-
sumption of specie payment.
~ 1.
government continues the unWise pol
icy of keeping its own notes outstand-
ing to circulate as currency and under
takes to provide for their redemption
in coin on presentation, il will be- in
my opinion, essential for the secretary
of the treasury to possess means to
meet such emergencies as the one
which recently occurred in our fnan-
cial affairs"
He says the repeal Of the silver pur-
chase act makes such radical change
in the currency policy of the govern
ment that until the effects are more
fully developed, he does not consider it
advisable to recommend further spe-
cific legislation on that subject He
says the great increase in the bank
reserve in the monetary centres of the
country show cOnclusiVely the amount
OF money in the country is greater than
is required for the transaction of bust
ness He finds that one of the pT1nci-
pal difficulties Of the treasury results
from the indisposition of the public TO
retain silver dollars and silver certifi-
Gates in circulation, and says he cannot
understand why this should be the
case, and he has sought to remedy 1t
by increasing the number of silver Ger
tificates of denominations less than SO,
retiring the larger ones and substitute
ing for them larger notes of other kinds
Of currency.
The report then deals at length with
the tariff laws. He argues in favor of
ad Valorem duties; declares the induce
ment to commit frauds and Derjuries
is much greater under the system of
compound rates, as at present, than
under ad valorem. He also urges,
strongly, the desirability of free raw
materials
1t is estimated that the revenues for
the fiscal year 1895, on the basis of ex-
listing laws viii be $454. 427,74S and
the expenditures $44S. 303, 7S9 The
estimates Of revenues from customs are
$3.50, 600, 600. If the importationS during
the fiscal year 1895 should not exceed
those of 1893, the receipts under the
pending tariff bill would be only s122,-
900. 000 but the secretary believes the
proposed reductions will increase the
importations, and thinks that with
economy an increase of $45, 900. 900 in
the internal revenue viii supply the
necessary funds for the government.
To this end he recommends an increase
of 10 cents per gallon on distilled spir-
its and additional taxes on cigars and
cigarettes and new taxes on PLAYING
cards. cosmetics, perfumes, legacies,
SUGGESTIONS, incomes from stocks and
bonds Of corporations and joint stock
companies.
The secretary says that much diff
Guilty is experienced by officers charged
with the duty of assisting in the en-
forcement of the Chinese exclusion
laws, by reason of certain practices
resorted TO by Chinese coolies. Il am
of the opinion that as long as our laws
prohibit the landing of Chinese labor
ers. the privilege of passing through
our territory cannot be safely granted
and should at once be revoked. If
this privilege is continued it will be
impossible to secure efficient execution
Of the laws passed by Congress for
the exclusion Of Chinese laDorers."
On the subject Of the Pacific railway
411e secretary says that there are now
outstanding So. 623, 5I2 six per cent.
United States bonds, issued in aid of
the Pacific railroads. On January 16,
zSS5, $2.362. 900 of these bonds mature