The Helena independent., 1893-12-21
'MR, CARLISLE'S REPORT.
A Deficit Of $29,018,O95 for the First
Five Months OF tho
Year.
Due to tho Decrease OF Receipts
and the Increase of
Expenditures.

and the Increase of
Expenditures.
The Rost OF the Ysar Expected to Show
Better Kssul.s-Recemm m sndatlons
for Kissing Money.
4 WASHINGTON. Dec. 20-Ths annual report
Of Secretary Of shs Treasury Carlisle was
sent TO- congress te-dsy. II Shows that
during the AssS hYe| months OF the present
fiscal year the sxplnditusss of Ahs Rovsrn-
msnt sxcssded .ths receipts ~. OLE. OF.
This was bro il about By the decrease Of
receipts and the inoseass Of sxpenditures.
Compared with the corresponding months
Of last year customs revenues fell OF $28.-
509. .S29 and internal taxes $7.866,667. Ex-
penditarss in the war department. in exc
cution OF contracts made the last fiscal
year. increased sc, 1862. 1872, and in the navy.
for the same reason. $l.912, 2S9, with other
MINOR increases. There have been redue-
tions in other branches Of the public SER
vice Of sc, ,352.2 FOG. ..
Tho secretary assumes that the worst
effect Of the recent financial disturbances
and business depression IL past; that ths
remainder OF ths year will show better 70.
suits, and he estimates the deficiency at the
close Of the year at $28O00.000. 10 meet
this re yscommends an amendment OF the
specie payment resumption aot of 1875 to
authorizs him to sell thtes per cent bonds
not exceeding $20O.000000 In amount at
not hess than par. saying, however. that in
biz opinion only Rrsat pressing financial
emergency justifies such course. He sua-
gests that The bonds DO issued in denomi-
nations of $25 and multiples thereof, to be
sold through ub-treasnsies and postofRces
In case congress shosld decline TO follow
this co1Ese he recon mnends that the sscre-
tary bs empowered to execute obligations
OF theRoveInmsnt not 10 exceed go 600 600.
bearing three per cent. to bs sold Of oircu-
lated IN payment Of government obliRa-
tions. He urRss prompt action to prevent
the Sssious impairnent of the public ser
vice. payment of pensions, etc.
He points ont the necessity for tho sxten-
sion of the power of tho secretary to main
tain large reserve for the redemption Of
United states currency, showing that at
ment the legal tender notes subject TO re-
dsmption. we're outstanding to the amount
Of $346, ,681, ,Ol6. Now these obligations are
increased TO $499. 800 240. Direct obliga-
tions, besides the requirement. 10 preserve
the paritys betwesn gold and silver. are
$419. .332 $50 Of legal tender silver, on which
$334, 1888 s6O4 in silver certificates have been
issued. '~ Effg ta'5
To emphasize this. Carlisle speaks of
heavy exports of gold during the current
calendar year. which. finally, IN spite of all
effort. carried the gold reserve to nearly
SIC. .0OO. 900 below the legal requirements.
the lowest point ever reached since the re-
tary adds: ''As long a. the gov
ernment continues tho unwise pol
10y of keeping its owa notes out
standing to circulate a. currency, and
undertakes to provide for their redemption
in coin ON presentation, IL will be, In my
opinion, essential for the secretary to pos
ssss means to meet such emergencies as tho
one which recently occurred in our dnsn-
ciai affaiIs.'
He says tho repeal Of the silver purchase
act makes such radical change In the cur
renoy policy Of the government that until
its effect can more fully os developed he
does not consider 1t advisable to recon-
mend further specific legislation on that
subject He says the great increase in the
bank reserve in the monetary oenters OF
the country shows conclusivsly that the
amount of money in the county 10 greater
than required for the transaction of busI-
ness. He finds that one of The principal
difficulties Of the tteasury results from the
indisposition Of the public to retain silver
dollars and silver certificates in circulation.
He says no cannot understand Why this
should bs the oass and has sought to
remedy Il by increasing the number Of sill
YER certificates of denominations less than
ID - l~~As
tutinR for them large notee OF other kinds
The report then dwslls at length with the
tariff laws. He argues in favor of ad
valoren duties; declares that tho induce
ments to commit frauds and perjuries are
much greater under the system of COM
pound Isss a: =. present. than .o under sh.
strongly The desirability of free raw mate
rials. He estimates the revenues for
the fiscal year 1895. on basis Of existing
laws. at $454, 427.7A and expenditures at
$443. 800. 789. He estimator revenues from
customs At $3.50. 900. 900. II importationl
for the flscal year 1895 should not exceed
those Of 1888. the isceipts under the pend
ing tariff bill will be $122. .000. .OOO but the
secretary believes the proposed rsduotions
will incrsase importations. and thinks that
with economy an increase Of $15. 00O. 600 In
the internal revenue will supply ths nsoes-
sAry funds for the government To thi,
end he recon msnds an inorsss. Of 10 cents
rer gallon on distilled spirits and sddi-
tional taxes on cigars and cigarettes. and
nsw taxes on playing cards. cosmetics. per-
fumsriss. loQaoies, sucoessions, and In
comes from stocks aud bonds OF corpora
tions and joint stock companies.
The secretary says much difficulty was
experienced by offics's charged with the
duty of assisting In the endorsements OF tho
Chinese exclusion laws by reason Of certain
practices rssortsd to by Chinese coolies.
II am Of the opinion thns as long a. ouE
laws prohibit tho landing OF Chinese labor
crs the privilege of passing through our
territory cannot be safely granted. aud
should at ouos bs revoked. II this privi-
lego IL continued II will be impossible to
secure sf1siont execution OF the laws passed
by congress for the exclusion OF Chinese
| lshorcrs.
On the subject OF Pacific railways the
secretary sAys there Rre now outstanding
$64. 623. .5l2 six Per cent United States bonds
issued In aid of Pacific railroads. On Jan.
IL. 1895, 81, &c., 600 of these bonds mature
and the others at various dates TO Jan. !,
1889. Ho adds: "These bonds aro abso-
| lutely payable on the respective dates oi
their maturity. differing in this regard from
other outstanding interest bearing bonds
OF tho United StAses, which are reaeemAbls
at the pleasure Of the government after
certain dntss. In view OF this fact IL 10 Inn
portnnt that congress should take action al
this osasion with respect 10 tbs payment.
at lonst, Of ths $2. 8G2. 900 which will matuse
l vi IN