The herald., 1894-01-16
Carlisle's Plan for Recoup-
ing the Treasury.
His Appeal to the Senate
Finance Committee.
He Requests rpecial Authority to
Issue Bonds.
II 1t Is Not Granted He VIII Issue Them
on the Authority in Him Already
Vested-The Treasury's Des.
perate Condition.
By the Associated pra,s.

By the Associated Press.
WASHINGTON, Jan. 15-The following
letter has been forwarded by Secretary
Carlisle to Senator Voorhees,, chairman
OF the finance committee of the senate:
TREASURY DEPARTMENT.
OFFICE OF THE SECRETARY,
WASHINGTON, Jan. 13, 1894.
Hon. D. W. voorhees,. Chairman OF the Com
mittee on Finance, United States senate:
DEAR SIR: In compliance with your
verbal request. l have the honor to
submit for the consideration of the
finance committee statements showing
the actual condition of the treasury on
the 18th day of the present month,
and an estimate OF the receipts and ex-
pendituree during the remainder of this
month and the month OF February. 1t
will be seen from the statement that
there is urgent necessity for such im-
mediate action as will replenish the coin
reserve and enable this department to
continue the payment OF public ex-
penees and discharge the obligations of
the government to pensioners and other
la$F i'll creditors.
When my annual report was prepared
it was estimated that the expenses dur
ing the current fiscal year would exceed
the receipts by the amount of about
s2S, ,000, 900, and asked congress for au-
thority to issue and sell bonds or other
forms OF obligations to an amount not
exceeding $50, 900. 900, bearing low rate
OF interest and having reasonably ehort
time to run, to enable the secretary of
the treasury to supply such deficiencies
as might occur in the revenues. The
estimate then made was based upon the
assumption that the worst effects of our
financial distur Dances had already been
realized and that there would be a sub
stan.ial increase in revenues for the re-
mainder of the year. While it was not
believed that the deficiency then exist
ing would be supplied by increased
revenues in the future, it was hoped
that no additional deficiency would oc-s
eur. But the receipts and expenditures
up to the 18th OF the present month
chow tAFt tAe estimate OF deficiency
OF $2S. .000, 600 at the close OF the year
was much Too low.
The actual excess of expenditures
over receipts during the first three
months of the fscal year (July. August
and September) WAS $l7 ,560 072 50; in
October the deficiency Was st, ,03l, 1897. 81;
in November, ~ ,322 625 go; December,
81, 746 233. 81; January (12 days), Sc, $685.
1877 total, $43. Dos, ,044.94.
Ii the same average monthly de-
fciency should continue, the total de-
6ciency on the 30th OF June next will
be SIS, 1877 ,542.
According to the best estimate that
can be made, the total receipts during
the present month and the month of
February will be SAL 300. 900. and the
total expenditures will be 100000. 900,
showing deficiency during the two
months of $l8, 100000. But this does
not include any payments ON account OF
sugar bounty claims, which. to the
amount of nearly So 600, 600. have
already been presented and are now
under investigation in the department.
The assets of the treasury and current
liabilities, in excess of certificates and
treasury notes outstanding were as iol-
lows ON the 18th day of the present
month: Gold, s74, l0S l49; silver dol
lars and bullion, So ,092, 197; fractional
silver coin, 2,133 903; United States
notes, s5.03l ,272; treasury notes OF
| 1890. $476, 1000; national bank notes,
$l4 026, 1856; minor coins, $93S S25; de-
posite in banks $15 470, 1868. Total cash
assets, 1882, ,327 ,SS9.
Liabillt;e Bank note per cent
fund, S7,19S.2l9; outstanding checks
and drafts, So, 5,l639l7 disbursing off.
GERS balances, $2S, l76 l49; postoffice de-
partment account, $3,S97, 741; undis-
tr buted assets of failed national banks,
| 81 927.727; District of Columbia ac-
count, s144, 2S0; total urgency account.
s46, 1896, 1856; gold reserve, $74,0l7 $40;
net balance, s1l, ,223, ,374. Total liabili-
ties, $l32, ,377 1853.
1t will appear from this statement
that the com reserve has been reduced
to $74. los, 149, and It is evident from the
condition OF the treasury that the de-
partment will have no means to defray
the ordinary expenses unless large
part of the payments hereafter is made
out OF that fund. Ii this be done, the
coin reserve will be reduced ny the Let
of February to about s66, SOL 1854, sum
wholly inadequate for the purposes for
which it was created.
On account of this condition OF the
treasury | have considered it my duty,
in addition to the earnest recon-
mendations contained in my annual
report, to appear twics before your
committee, and after a full ex-
plsnation OF the situation, urge prompt
legislative action on this SUBJECT With
the permission of the committee / have
prepared and presented for consideration
Q bill. which, if promptly passed,
would, in my opinion, meet all the
requirements OF the situation by
providing the necessary means for
defrayipg the public expenses
and replenish the coin reserve to such
an extent as to assure the maintenance
Of the parity of all forms of United States
currency. While this proffered measure
| of relief has not yet been disposed OF or
consdered by the committee, the great
differences of opinion which are known
to exist in botn branches of congress
concerning the propriety Of granting adj
ditional or amended authority to Issue
bonds in any form, or for any purpose,
render it doubtful whether new legisla-
| ton upon the subject can be secured in
| time to provide the means which are
| imperatiyely demanded in order to pre-