Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1893-12-29
CARLISLE FOR A BOND ISSUE.
Thinks the Financial Emergency
Justifles the Course.


Washington special: The annual re.
port of Secretary of the Treasury
Carlisle was sent to Congress. 1t shows
that during the first FIVE months of the
present fiscal year the expenditures of
the government exceeded the receips
$29.9ls,O95. This was brought about
by decrease of the receipts, and an in
crease of the expenditures compared
with the corresponding months last
year. The customs revenues fell of,
sss3, ,5s9, ,s29 and the internal taxes,
s., $685. .d67; expenditures in the War
Department in the execution of con-
tracts made in the last fiscal year in-
ere lsed $6, l622, 1322, and the Navy for
the same reason, 81. 9l22.22 .22S9, with other
minor increases. There have been re-
ductions in other branches.
On December the net balance in
the treasury was only sll,o3s,44s. of
the total amount held $l2,347 ,517 was
in subsidiary silver and minor coins.
The secretary assumes that the worst
effect of the recent financial disturb-
ance AMI business depression is past:
that the remainder of the year will
show better results and he estimates
the deficiency ut the close of the year
at $2S. .OOO.OOO.
To meet this deficiency the secretary
recommends the amendment of the
specie payments resumption act of
1870 to authorize him TO sell ; per cent.
bonds not exceeding S2O0.OOO.OOO in
amount at not less than par, saying,
however. in his opinion, that only tie
great pressing financial emergencies
justities such a course. He suggests
that bonds he issued in denominations
OF 500 and multiplies thereof, to he sold
through the sub-treasuries 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 S50. 0.000.0O0. bearing 3per cent.
interest. to he held or circulated in
payment of government obligations.
He urges prompt action to prevent seri-
Gus impairment of the public service.
payments to persons, etc.
He points out the necessity for an
extension of the power of the Secretary
to maintain Il larger reserve for the
redemption of United States currency,
showing thatat the date of the resump-
tion of specie payments only legal ten
der notes subject to redemption were
outstanding to the amount of 1854 $751;
DIG. Now these obligations have in
creased to S4S9, 999, 24O direct obliga-
tions. besides the requirement to pre-
serve the parity between gold and sill
ver on s4l9,332. $50 of legal tender sill
YER on which 1894 13s. .5O4 in silver GER
tiiicatcs have been issued.
To emphasize this the Secretary
speaks OF the heavy exports of gold
during the current calendar year,
which finally in spite of all effort car
ried the gold reserve to nearly 32,OO0.-
600 below the legal requirements, the
lowest point ever reached since the re-
sumption of specie payments.
The secretary recommends that the
privilege of allowing Chinese laborers
passing through the country be at once
revoked, otherwise the Chinese exclu-
sion act cannot be efficiently executed.
The report closes with review Of
the Pacific railroad and their relations
to the government. 1t suggests that
Congress consider q means for q settle-
ment eff the roads Indebtedness to the
government, and considers that it
would be very Unfortunate if the gov
ernment is compelled to take possess
sion and operate them.