Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-12-29

OF the present fiscal year tue eNpenul
lures OF the government exceeded tue
receipts S-3,91S,O95. This was brought
about by the decrease OF receipts and
increase OF expenditures us compared
with the corresponding months last
year. The customs revenues fell off
23,oS9,S2e; internal taxes, $1,S66,66i.
Expenditures i'll the war department
i'll execution OF contracts made the
last fiscal year increased So, IT,, e.; in
the navy, for the same reasons, SIDE
$50, with other minor increases. There
have been reductions in other branches
OF the public service OF $6,3o2,2O6
December last the net balance i'll the
treasury WAS only S11 ,O3S, AIS. OF the
total amount held $I2,247,J11 is i'll sub,
Sidiary silver and minor coins. The sec
rotary assumes that the worst effect
Of the recent financial disturbances
and business depression is post, and
that the remainder of the year will
show better results, and he estimates
the deficiency at the close OF TIE year
at SIS 100000. To meet this he rec
omncndS IN amendment OF the specie
payments resumption act Of 1870 to
authorize him to sell three per cent.
bonds, not exceeding $2oO,OOO,oO0 il,
amount, ut not less than par, saying,
however, that in his opinion only
Il great financial stringency JuStiiles
such Il course. He suggests that the
So and multipleS thereof, to be sold
through the Stlb-tI c:iSuriCS and post
offices. In case congress should decline
to follow this course he recommends
that the secretary be empowered to
execute obligations of the government
not to exceed $5O,OOo,UUo, bearing three
per cent, to be sold or circulated in
payment of government obligations.
He urges prompt action to prevent
serious impairment Of the public ser
vice, the payment OF pensions, etc.
He points out the necessity of an
extension of the power of the secretary
to maintain Il larger reserve for the re-
demption of United States currency.
showing that 1T the date OF rcsump-
ton of specie payment the only legal
tender notes subject to redemption out
standing We're to the amount of S346
GS1 ,O16. Now those obligations have
increased to $499, 1895, 24O in direct obi
CATIONS, besides the requirement to
preserve the parity between gold and
silver on $419,3332, $50 i'll legal tender
silver, on which 1884 lbs, 504 in silver
certificates have been issued. To EN-
phaSize this he speaks of the heavy
exports of gold during the current
calendar year which finally, i'll spite
Of all effort, carried the gold reserve
TO nearly SIo,0o000O below the legal
requirement, the lowest point ever
reached since the resumption of specie
payments. The secretary adds:
80 long as the government continues
the unwise policy of keeping its own
notes outstanding to circulate as cur
rency and undertakes to provide for
their redemption i'll coin on prcSenta-
ton it will be, i'll my opinion, essential
for the secretary of the treasury to
possess the means to meet such emer-
gencies us the one which recently oc-
CURED i'll our financial affairs
He says the repeal of the silver pur-
chase act makes such Il radical change
in the currency policy of the govern
ment that until it's effects are more
fully developed he does not consider it
advisable to recommend further Spe-
cilic legislation on that subject. He
says the great increase in the bank
reserve i'll the monetary centers of the
shows conclusiyely that the
amount of money in the country is
greater than is required for the trans
action of business. He finds one of
the principal difficulties OF the treasury
is {; result of the indisposition of tn.
public to retain silver dollars and sill i
yer certificates in circulation. He says
he cannot understand why this should
be the case, and has sought Il remedy
by increasing the number of silver GER
titicateS of denominations Of less than !
ten dollars, retiring the larger ones and /
for them larger notes Of
other kinds of currency.
The report then deals at length with .
the tariff laws. He argues i'll favor OF
I'd valorem duties; declares the induce
ire much greater undcl. the system Of
rates, as 1T present, than
Under the ad vaIorcm. He also urges
strongly the desirability Of free raw
The estimated revenue for the fiscal
ear 1893, on a basis of existing laws
$ S434,427,74S. Expenditures $44S,-
'03, 7S9. Estimates Of revenues from
$3.50, 100000. IL inportations
or the fiscal year of 1895 should not
Exceed those of 1893 the receipts under
he pending tariff bill will be S122, OOO,-
400; but the secretary believes the pro-
,osed reductions will increase inpor-
ations and thinks with economy an in
rease of S15,000,0OO in internal revenue
viii supply the necessary funds for
rover nment To this end he recon
nends an increase of ten cents per gal
On on distilled spirits and additional
axes on cigars and cigarettes, and
lew taxes on playing cards, cosmetics,
,erfumel-ies. 1egacies. SUGGESTIONS, in
ONES from stocks and bonds of cor.
,orations. and joint stock companies.
The secretary recommends the privi-
eye of allowing Chinses laborers pass
ne through the country to be at once
evoked, as otherwise the Chinese ex-
fusion act cannot be efficiently exc
uted. The report closes with review
f the Pacific railroads and their rela-
ion to the government; suggests that
ongress consider means for settlement
f the roads Indebtedness to the gov
rnment, and considers it would be
o,,x, ~, fop 80 tho 10 i