The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-12-21
FINANCES OF The NATION.
The Annual Report Of the Secretary
Of the Treasury.

Gold Reserve-Reform of the Tariff.
Washington, Dec. 2O-The annual re-
port of the Secretary Of the Treasury on
the state of the national finances was
submitted to congress to-day. 1t COM
prises pamphlet of sixty-two printed
pages. and gives an elaborate review Of
the operations of the treasury depart
ment during the past fiscal year.
The revenues of the government from
all sources for the fiscal year ended June
80, last, were $46l, ,7l6,562, and the total
expenditures $459, ,314 ,ss7, leaving a sur
plus of 81, ,341,675.
I Compared with the fiscal year 1899,
there was an increase of $S5, ,S4S, ,30t of re-
ceipts, and an increase of $3S, ,454, 1923 in
the ordinary expenditures.
For the fiscal year 1894. the revenues,
estimated on the basis of existing laws,
will be s430, l2i ,965, and the total estima-
ted expenditures Sass, 121 1856. or deficit
of SIS, ,000, 900.
On the basis of existing laws, the reve-
nues, for the fiscal 1895, are estimated at
1854, ,427,74S. The estimates of approprl-
ations required for the same period, as
submitted by the various executive de-
partments and offices, exclusive of the
sinking fund, aggregate $44S, ,306, $50, or
an estimated surplus Of s., l20,95S
BOND ISSUE RECOMMENDED.
Secretary Carlisle estimates probable
deficiency of SIS, ,00O, 900 at the close of the
fiscal year, and says:
III congress conours in this view OF the sit
uation, 1t will be incumbent upon It TO make
some provision for raising that amount as
soon as practicable, by taxation or otherwise.
On occount Of the dificulty of securing such
sum within the time IL will be required by
fta.aNH
taxes recommend that the third section of
the act to provide for the resumption OF
specie payments, approved Jan. Il, 1875,
which confers authority upon the Secretary
OF the Treasury to issue and sell certain de-
scriptions of United States bonds, be
so amended as to authorize him to
issue and sell. at not less than
par in coin, bonds TO an amount not ex-
ceeding 500 0000o,OOO, bearing a lower rate Of
interest and having a 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 sup
ply any deficiencies In the public revenues
that may occur during the fiscal years 1924 and
1867
The secretary presents alternative
plans for bond issue; one providing for
the issue of bonds of denomination OF s25
and its multiples, which he thinks could
be readily disposed of through the sub
treasures and postottices without the
agency Of banks or other financial insti-
tutions, and without the payment of
commissions.
f.. TIRE GOLD DESERVE.
Mr.. Carlisle aff1rms the necessity for
the extension Of the power of the secre-
tary to procure and maintain larger re-
serve for the redemption of United States
currency. He says:
So long as the government continues the
unwise policy OF keeping its own notes out
standing to circulate as currency and under.
takes to provide for their redemption In coin
on presentation, it will be, in my opinion, es-
sential for the Secretary Of the Treasury TO
possess the means, or to have the clear and
undoubted authority to secure the means,
which may from time to time become neces-
Sary 10 enable him to meet such emergencies
as the one which has recently occurred in our
financial affairs Under existing legislatio n,
the treasury department exercises to O larger
extent than all the other financial fms titu-
tions OF the country combined, the functions
OF a bank OF Issue, and while the credit OF the
government Is so strong that they may not be
necessary to maintain at all times the actual
coin reserve: which expense has shown to
be requisite in the case OF ordinary bank
ing companies. still it would be mani
testify tmprudent, to say the least, not TO
adopt such precautionary measures as would
enable the government In times of unusual
monetery disturbance to keep its faith with
the people who hold its notes and coins, by
protecting them against the disastrous effects
of an irredeemable and depreCiated currency
Whatever objections may be urged against
the maintenance of large coin reserve, pro
cured by the sale Of interest bear
that this course cannot be safely
avoided unless the government abandons the
policy Of issuing its own notes for circulation,
and limits the functions OF the treasury de.
partment to the collection and disbursement
OF the public revenues for purely public pur-
poses. and TO the performance Of such other
administrative duties as may be appropriate
to the character of its organization as
branch Of the executive authority. To the
extent that IL Is required by law
TO receive money on deposit and repay
II, or 10 issue notes and redeem them on
demand 1t is engaged In a business which
cannot be conducted without having at all
times the ability TO comply promptly with
its obligations. Its operation necessarily
affects, benehcially or otherwise, the private
financial AFFAIRS OF all the people, and they
have right TO be assured by appropriate
legislation that their confidence in the in
tegrity and power Of The government has not
been misplaced.
The recent repeal OF so much Of the act Of
July a. 1890, as required the Secretary Of the
Treasury TO purchase silver bullion and issue
treasury notes in payment for 1t. makes such
radical change In the policy Of the govern
ment respecting the currency of the country
thatuntl It's effects are more fully developed
/ do not consider II advisable 10 recommend
further specific legislation upon that subject
TARIFF REFORM
Mr. Carlisle presents at some length
his views upon the necessity for a com
prehensiye revision of our tariff laws in
the interests of greater industrial and
commercial freedom, which are directly
in line with the argument presented in
the majority report of the ways and
means committee upon it's tariff bill
printed this mornieg.
MONEY FOR INTERNAL TAXES.
He then goes on to say:
am OF the opinion that with proper econ
omy In public expenditures, which II is hoped
will result In a considerable reduction from
the estimates. an increase OF a5O,OO1y0OO
to the revenue for the is
cal year 1895, by the imposition OF
additional taxes under the internal revenue
saytem. will supply sufficient means for the
support OF the government, ana that this sum
can be raised without seriously disturbing
the business OF the country or doing injustice
to any part OF the people. Many different
methods Of providing this additional revenue
have been suggested and discussed, and
after a careful examination OF the
whole subject I have reached the
conclusion that IL can be mJst conveniently
and Justly raised by increasing the tax on dis
titled spirits i0c. per gallon and by additional
taxes on cigars and cigarettes. and the impo-
sition OF new taxes on playing cards, cos
metics, and perfumeries. iegacfes and sue
Cessions and incomes derived from invest
ments IN stocks and bonds OF corporations
and Joint stock companies
The increased tax on distilled spirits
cigars ami cigarettes, should De imposed
upon all such articles in existence and upon