The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-12-21
seoretarv oarlisle,s Report.

0eCTethIy OdIAlble h6ppELs
The annual report of the Secretary of
the Treasury, which was sent to congress
yesterday, possesses unusual interest.
The finances of the treasury are not in a
! fiOurishing condition, and there has been
a very general desire to know what
recommendations the secretary would
make to meet the deficiency, which, it is
admitted, viii exist at the end of the
present fiscal year, and to increase the
revenues sufficiently to satisfy the needs
of the government. According to the es-
Inmates there will be a deficiency on
end of June 30 next Of So. 600, 600, and if
the Wilson tariff bill becomes a law the
expenses of the government will exceed
the revenues by more than $50, 0O0.O 1t
is apparent, therefore, that it is necessary
to provide not only for a deficiency, but
also for greater revenues.
The secretary fayors issuing short-time
bonds, bearing three per cent. interest.
The bonds he purposes to use to meet any
deficiency that may arise and TO
strengthen the reserve fund. To increase
the amount of the revenues he recon-
mends the substitution of ad valorem for
specific duties, an increase of ten cents a
gallon on distilled spirits, an additional
tax on cigars and cigarettes, the placing
of taxes on playing cards, cosmetics, per-
fumeries, legacies and SUGGESTIONS, and
incomes derived from investments in
stocks and bonds of corporations and joint
stock companies.
It's question whether the recon-
mendatIon to issue bonds to meet the
emergency that now exists will meet with
general approval. There is a feeling
against increasing the national debt for
any reason. but it is difficult to see how
the treasury can get along without bond
issue. In a very short time the treasury
will be in urgent need of money and the
government will have TO become Dor
rover at current rates of interest
if money is not obtained by the sale of
bonds. There is no probability that a
bill for raising additional revenues will
be passed and go into effect before the
end of the present fiscal year. Addi-
tional revenues, therefore, cannot be de-
pended upon to meet the deficiency that
willexist at that time. No doubt the
secretary has given the question of pro-
vidiug the means for running the govern
ment gerry careful consideration, and he
has recommended a bond issue not be-
cause he favors bonds but because they
offer the only solution of the difficulty.
Naturally the enlarging of the list of
articles to be taxed by authority of the
internal revenue laws will arouse a great
deal of opposition from those upon whom
the taxes will fall, and there does not
seem to be any stronger reason for taxing
incomes derived from investments in
stocks and bonds than for taxing those
derived from real estate or bust
ness undertakings. When the re-
publicans took the tax off raw
sugar the democrats very generally CON
demned the act because a tax on sugar is
a revenue tax. They hesitate to restore
the tax on sugar, however, because it
would not be popular to do so. and yet a
sugar tax would cause less discomfort in
all probability than the taxing of the va
rious things which the secretary mentions.
The secretary doesn't want any silver
legislation at this time. He thinks it ad-
visable to wait year or two and see
| what effect the repeal of the Sherman
silver law will have before attempting to
deal with the silver question. If
there should arise need for
more silver dollars, he will
have them coined from the seigniorage of
the silver bullion now owned by the gov
eminent. He doesn't think he needs any
| authority other than that which he al
| ready has to do that.
Financial matters are going to attract
a good deal of attention from congress
this winter. They are hardly less i'm
portant than the tariff, and it will re-
quire the greatest care to settle them in a
way to give general satisfaction.