Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-12-21
secretary CarliSle'S Annual Report Sub
mitted TO Congress.
BOND ISSUE PROPOSED.
Increase of Tax ON DisttIIcd Spirjts.
Cigars, and Cigarettes-Other
Recommendations.


The revenues Of the government from
all sources for the fiscal year ended June
Goth last were $4Gl. 1862 and the total cx-
pendltures. $459.37i,SS7, leaving a surplus
/ OF $2,3ll. .6s5. Compared with the fiscal
year 1892 there was an increase Of 3d.
SS.S0l in receipts and an increase Of SS.-
454.623 in the ordinary expenditures. For
the fiscal year 1894 the revenues. estimated
| on the basis Of existing laws, will be $780, =
.3C5. and the total estimated expendi-
lures, si5S,12l .3G5. or n deficit Of S2SOOO0lo.
On the basis OF the existing laws :he
revenues for the fiscal year 1895 are es-
timated at $5i427,7i8. The estimates Of
appropriations required for the same pc
riod. as submitted by the various execu-
tive departments and offices, exclusive Of
sinking fund. aggregate si4s3O6,7S9, or an
estimated surplus Of $6,12O.95S.
Secretary Carlisle, in estimating the
probable deficiency of s2s,OO0,COO at the
close Of the fiscal year. says: "1f Con-
gress concurs in this view Of the situation,
| II will be incumbent upon II 10 make some
provision for raising that amount as sou.
| as practicable, by taxation or otherwise.
ISSUE OF BONDS.
"On account Of the difficulty of secur-
! ing such a sum within the time II viii be
required by the imposition and collection
| Of additional taxes, | recommend that the
| third section Of the act to provide for the
| resumption Of specie payments. approved
! January IA. 1879. which confers authority
| upon the Secretary OF the Treasury 10
fs-esr ,..,I coll al TiT a
| United States bonds be so amended as 10
/ authorize him to issue and sell. at not
/ less than par In coin. bonds TO an amount
not exceeding 500 10000 bearing lower
/ rate Of interest and having shorter time
| to run than those now provided for; ana
/ that he be permitted to use. from time to
| time. such part of the proceeds as may
| be necessary to supply any deficiencies in
| the public revenues that may occur DUR
/ ing the fiscal years 1894 and lS0.
The Secretary presents alternative plans
! for a bond issue; one providing Tor the
| issue of bonds Of a denomination OF 20,
/ and its multples which he thinks could
| be readily disposed of through the sub
| treasures and post-ofIiccs. without the
agency or Intervention Of banks or other
| institutions, and without the payment OF
| commissions.
| The other provides for the disposal Of
| bonds directly from the Treasury as IT'S
needs may require. The rate of 3 per
| cent is suggested in both plans.
A LARGER RESERVE.
MIR. Carlisle afiirms 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 IT'S
own notes outstanding to circulate as
currency. and undertakes TO provide Tor
! their redemption in coin on presentatloh'
| il will be- in my opinion essehtlal ior
! the Secretary OF the Treasury TO possess
| the means. or TO have the clear and un-
! doubted authority TO secure the means
which will from time to time become
| necessary TO enable him to meet such
| enerrencies as the one which has re-
| Gently occurred in our fiscal aualrS'
! Tnder existing legislation the Treasury
| Denartmeut exercises 10 a larger extent
! than all the other fiscal institutions Oh
| the country combined the functions OF d
| bank Of issue ana while the crednt Oh 'ilc
! government is so strong that ii may not
| be necessary TO maintain at all times inc
actual coin reserve, which experience mas
shown 10 be requisite in the case OF or
! din,rv banking companies, still II Wouiu
| he manifestly imprudent, to say the leaS'
not to adopt such precautionary measure
| as would enable the government IN 'iihe7
n unusual monctarN disturbance TO Keep
/ it's faith tith the people who holu us
| notes and coins by protecting 'he"'
| against the disastrous effects OF an IRE
| deemable and deprecated currIhcS' d,
"Whatever objections may be urs, Il
AGAINST the maintenance of large com
raserve. procured by the sale OF interest
hearing hands. II must b. evident mat thlS
! course cannot be- safely avoided unless the
/ government abandons the policy or lssu-
| ing its own notes for circulatoh' anu
limits the functions Of the Treasury De-
nartment TO the collection ana dlsburSt-
! rnent Of the public revenues TOT pu'tS
riIblLr PURPOSES and to the perlorInanV'
| of such other administrative uuueS a.,
| ,,,o,- ha anpropriate to the character or
its organization as q branch OF the eNecu-
tive authority. To the extent that II Is
| reo,,ired hv law to receive money on de-
/ noeit and pay il, or 10 issue notes
and redeem them on demand, 1t Is en-
7 ,,ared in q business which cannot ne con-
t ducted without having at an uihes IN
ability TO comply promptly Win us o"'l
/ cations It's operations necessarily Affect
henefcially or otherwise, the private hhal-
cial affairs Of all the people, ana 'h'y
have a right TO be assured Dy appioPil
ate legislation that their confidence III
the integrity and power OF the BoNein IL
| ment has not been misplaced.
| "Tbe recent repeal Of so much OF tlt
oc, of July H. 1890, as required the seer
| tarv of the Treasury to purchase slNet
! bullion and issue Treasury notes III pay
! mont for IL, makes such ra'ncdl chanS'
In the policy OF the government respecilhp
tho currency of the country, that, untl
It's effects are more fully developed
do not consider It advisable 10 recommend
! further specific legislation upon that SUD
ject.'
TARIFF LAW REVISION.
Mr. Carlisle presents at some length his
,.ior,s mon the necessity for compre-
bensiye revision Of our tarin laws IN 'he
interest of greater industrial ana CONNER
rial freedom, which are directly IN h"'
With the argument presented IN the ma
toritv report of the Ways and Means
committee upon its tariff bill EGinted TINS
morning. He then goes on TO say
"I am Of the opinion that win PrVPel
( economy I'm public expenditures WIuJi
II Is hoped VIII result III a a,,ras 81
: REDUCTION from the estimates, an lhcreaS'
- S,o oOO OOO to the revenue FOR the nscd
,ear 1SQ5 by the imposition or addluohd
taxes under the internal-reVenue system
In sunnly sufficient means for the sup
nort Of the government and that thl'
,,n can be raised without seriousiS
disturbing the business of the country
or doing Injustice to any part OF th'
naonle Many different methods OF pro
t,iding this additional revenue nave peer
snggested and discussed, and after care
Sui examination OF the whole subject
have reached the conclusion that IL car
he most conveniently and justly ralse'
nv increasing the tax on distilled sPlIiu
10 cents per gallon and by auu'uoia
taxes on cigars and cigarettes an an,
the imposition OF new '"Ne
~ nIaving-cards. cosmetics ah'
nerf,meries. legacies and SUGGESTIONS, an.
Incomes derived from investments
the stocks and bonds OF corporations aii'
io,nt stock companies. -,.u
."rhe increased tax on dlstliieu spiIl''
o,,,ars and cigarettes should be imposed
,,nnn ali such articles In existence am
mon which the revenue mas ho' -
oaIIacted al the time the act taxes eIlec'
h,,, reasonable time should De above
tn the cases of the new taxes. Inc pro
nr,stv under the circumstances OF III
ccreaslns the taxes upon disulieu spniss
c,aars. and cigarettes. and the inipos'
Ion of new taxes at reasohaoie iau @
,ron playing-cards and cosmetics an
,,n,rnmerles will not, think ps selioual. ~
| pN' nxoant nv some or thc pro