The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-21

The annual report of the Secretary Of the
Treasury, which was sent 10 Congress yes
terday should have been made at the OPEN
ing OF the session. Section 1885, Revised
Statutes of the United States, says that
excepting where different time is ex-
pressy prescribed by law, the various an
nual reports prepared to be submitted to
Congress by the heads Of departments,
shall be" made at the commencement of
each regular session" The delay in send
ing in the treasury report this year is due
to the inefficiency Of the ways and means
committee. and is another instance of Dem
ocratic incompetence.
The Secretary discusses some features of
national finance in a clear and vigorous
style and makes ssome important recon-
mendations. 1t is not pleasant to learn
that during the first FIVE months OF the
present fiscal year, from July to Dec. l,
the expenditures of the government ex-
ceeded its revenue about S3O,OOO,OOO. The
Secretary thinks. however. that the next
few months will show an improvement,
and he estimates the deficiency at the end
of the fiscal year at s2S,OOO.OOO. 1t is to be
hoped that this optimistic view and rosy
conjecture may be fulfilled.
The Secretary devotes considerable space
to a discussion of the tariff question,
with much greater ability than Mr..
Cleveland does. He takes strong ground in
favor of tariff for revenue only and in
favor of ad valorem in preference to spe-
cific duties. His argument in favor of free
raw materials offers nothing new. but it is
presented in q clear and plausible style
This part of the report is doubtless in
tended to reflect the Presidents view and
strengthen the tariff reform movement in
Congress.
The Secretary is of opinion that it will
be necessary to provide for 100000 addi-
tional revenue for the fiscal year 1895, and
after careful consideration has concluded
that "it can lie most conveniently and just
ly raised by increasing the tax on distilled
spirits 10 cents per gallon, and by addi-
tional taxes on cigars and cigarettes. and
the imposition Of new taxes on playing
cards. cosmetics and perfumeries, legacies
and SUGGESTIONS. and income derived from
| investments in stocks and bonds of cor
| porations and joint stock companies" He
| recommends these changes and it is prob
able that most if not all of them will be
| adopted.
In order to replenish the treasury and
meet the inevitable obligations of the gov
| eminent the Secretary recommends that
| he be authorized to issue and sell 500 600 600
| of three-per-cent. coin bonds, redeemable
| at the option of the government after five
| years. He thinks If such bonds were Of
| fered in denominations of SIS and its null
| tipIes they could be easily and rapidly dis
| postoffices without the Intervention of the
banks and without paying any commission.
| He is evidently thoroughly convinced of the
necessity of replenishing the treasury by
| this means.
| The Secretary's discussion of the cur
| rency question does not amount to much
| more than statement that our present
| currency system is cumbersome and unsat-
| isfactory. He recognizes the necessity for
a radical change in the policy of the gov
eminent regarding the currency of the
country, but does not recommend any spe-
| cific legislation make any suggestions
| looking in that direction. His treatment Of
shows he is not a practical financier, and
| we do not think his report will raise him in
the estimation of that class or of any who
have well defined views In regard TO cur
rency reform.