Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1893-12-28

Washington, Dec. .O.-The annual re-
port of Secretary of the Treasury Car
Isle was sent to congress today Il
shows Jhat during the first five month";,
of the present fiscal year the eXpendi
lures Of the government exceeded the
receipts S29,91S,095. This was brought
about by the decrease of receipts and
increase OF expenditures as compared
with the corresponding months last
year. The customs revenues fell off
$50, $50, $40; internal taxes, $7,S66. SOL
Expenditures in the war department
in execution of contracts made the
last fiscal year increased SO, 1872, 132; in
| the navy, for the same reasons, $1.912,-
$50, with other minor increases. There
have been reductions in other branches
of the public service of $685., 2O6.
December last the net balance in the
treasury was only $11 ,03S,44S. Of the
total amount held $12,247, 517 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 pest, and
that the remainder of the year will
show better results, and he estimates
the deficiency at the close of tie year
at SOS, 100000. To meet this he rec
OmmendS an amendment of the specie
payments resumption act of 1879 to
authorize him to sell three per cent
| bonds, not exceeding $20O,000.000 in
amount, at not less than par, saying,
however, that in his opinion only
great financial stringency justifles
such a course. He suggests that the
bonds be issued in denominations of
$50 and multiples thereof, to be 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
per cent, 10 he sold or circulated in
payment OF government obliga tons.
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 a larger reserve for the re
demption of United States currency,
showing that at the date of resump-
ton of specie payment the only legal
tender notes subject to redemption out
standing were to the amount of $346.-
6S1, O1G Now those obligations have
Increased to $499, 999, 240 in direct obi
cations, besides the requirement to
preserve the parity between gold and
silver Oh $419, 3,332 $40 in legal tender
silver. on which $33334, 13S, 504 in silver
certificates have been issued. To en-
plastic this he speaks of the heavy
exports Of gold during the current
calendar year which finally in spite
of All effort, carried the gold reserve
to nearly $LO,000,000 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 it's own
notes outstanding to circulate us cur
rency and undertakes to provide for
their redemption in coin on presenta-
ton it will be, in my opinion. essential
for the secretary of the treasury to
possess the means to meet such epler-
gencieS as the one which recently Oc-
CURED in 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-
cific legislation on that subject. He
says the great increase in the bank
reserve III the monetary centerS of the
country shows conclusively 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 tie treasury
is a result of the indiSpoSitiOn of TIL,
public to retain silver dollars and sill
Yer certificates in circulation. He SAYS
he cannot understand why this should
be the case, and has sought a remedy
by increasing the number of silver GER
tificates of denominations of less than
ten dollars, retiring the larger ones and
substituting for them larger notes of
other kinds of currency.
The report then deals ut length with
the tariff laws. He argues in favor OF
ad valorem duties; declares the induce
mentS to commit frauds and perjuries
are much greater under the system Of
: compound rates, as at present, than
under the I'D yalOrem. He also urges
strongly the desirability of free raw
materials.
The estimated revenue for the fiscal
year 1895, On basis of existing laws
is 454,427,74S. Expenditures s448,-
BOB, 7S9 Estimates Of revenues from
customs, S19O,OOO,OOO. If iniporta tons
for the fiscal year Of 1895 should not
exceed those Of 1893 the receipts under
the pending tariff bill will be 500, 0O0.-
900; but the secretary believes the pro
posed reductions will increase impOr
tations and thinks with economy an in
crease Of 100000 in internal revenue
will supply the necessary funds fOr
government To this end he recon-
mends an increase Of ten cents per gal
lon on distilled spirits and additional
taxes Oh cigars and cigarettes, and
/ new taxes OH playing cards, cosmetics,
perfumeries. legacies, SUGGESTIONS, in
comes from stocks and bonds of cor.
pOrations, and joint stock companies.
The secretary recommends the priyi-
lege Of allowing Chinses laborers pass
ing through the country to be at once
revoked, as otherwise the Chinese eX-
c1l1Sion act cannot he efficiently exc