The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1893-12-29
FINANCIAL
The Secretary Of the Treasury Sab.
mits His Annual Report 20
Congress.
It Treats Of the C0nd!tien VT the
Treasury, Currency LEGISLATION
and revenue Laws.
There Will Probably Be u Deficiency
Of $4,000, OOO-IncOme Tax
Favored.

WASHINGTON, Dec. 22.-The annual
report of Secretary Carlisle was sent to
both houses Of congress. The document
Is a very thorough and exhaustive re-
view of the condition of the govern
ment's finances, and contains various
recommendations for the relief of the
treasury. The secretary discusses at
considerable length the following gen.
eral topics, viz: Condition of the Treas
ury," Currency Legislation" and RE
view Of the Revenue Laws" What the
secretary has to say on the questions
follows:
During the first five months of the
present fiscal year the expenditures of
the government have exceeded its re-
ceipts to the amount of SEQ, 918, OS5. SO.
There has been not only a decrease, but
also an increase of expenditures
during this period as compared
with the corresponding five months
of the last fiscal year. The
revenues from customs have fallen off
$23, 5S9, S28. "a; from internal taxes, ST.
$50, 667 .96, and from miscellaneous re.
ceipts, 1924, l52.3 80. The expenditures OH
account of the wal department in the
execution of contracts made during the
last fiscal year have increased $6. 1884,
49,. AZ; on account of the navy depart
ment for the same reasons the increase
was 81 ,912, 289.3l; On account of Indians,
$685., 97S, 80, and on account of interest,
$89, 450. %; but there have been reduce
tons in some other branches of the pub
lie service to the amount of S6, 3J2 2O6,
as compared with the corresponding
period last year.
The Result of These Changes
Is that on Dec. /, 1898, the actual net
balance in the treasury, after deducting
the bank note 5 per cent redemption
fund, outstanding drafts and checks,
disbursing officers balances, agency ac-
counts and the gold reserve, was only
81 ,O4S, 44S.25, and of the total amount
held $12, 3i7 1917. so was in subsidiary sill
yer and minor coins. 1t may safely be
assured that the worst effects of the re-
a., cent financial disturbances, and conse-
dient business depression have been
realized, and that the condition will be
much more favorable hereafter for the
collection Of an adequate revenue for
the support Of the government; but it
can scarcely be expected that the re-
ceipts during the remainder of the fiscal
year will exceed the expenditures for the
same time to such an extent as to pre-.
vent a very considerable deficiency. l
have therefore estimated u
Probable Deficiency Of S:s, 900, o
at the close of the year, and it congress
concurs in this view of the situation il
will be incumbent upon it to make some
provision for raising that amount as
soon as practicable, by taxation or
otherwise. On account of the difficulty
of securing sIich a sum within the time
it would be required by the imposition
and collection of additional taxes, l rec
ommend that the third section of the act
to provide for the resumption of specie
payments, approved Jan. IA. 1s,5,which
c~onfers authority upon the secretary of
the treasury to issue and sell certain
descriptions of United States bonds, be
90 amended as to authorize him to issue
and sell, at not less than par in coin
bonds to an a mount not exceeding
GOO, O0O, 900,
Bearing . Lower Rate
Of interest and having IA shorter time ia
run than those now provided for, and
that he be permitted to use, from time
to time, such part of the proceeds as
may be necessary to supply any def.
~ciencies in the public revenue that may
occur during the fiscal year 1894 and
1895. The secretary recommends that
the bonds be issued in sums of $25 OF
multiplss thereof, and that they bear
per cent. He believes they can in this
manner all be disposed of at home.