The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1894-12-08

estimated as follOWs
For the civil establishment. s9i. 900
For the military establishment. 80 O)O
For the naval establishment. ........ 39bO0.00O
For the Indian service. '.....,....... II 600,Cp0
For Interest on the public debt So. 100000
For postal service. eif219fs
Total estimated expenditures s4a4 4g7.74s
The above figures, compared with the csti-
mated revenues, show deficit OF aaO000O00 II
"a estimated that upon the basis OF existing
laws the revenues OF the government for tho
fiscal year 1870 will be.
FROM customs ,..,...t,s..'. $3.50, 100000
From internal revenue. ............. 00Oo0,O00
From miscellaneous sourcos......... 15OoOOOO
Prom postal service, ............ 80. $780,, f07
Total estimated revenues !. a.. si7ooC1.4@
The secretary thinks many small district Of
fees should be consolidated and a general re-
organization OF the customs service made.
He also asks for 100000 per annum for In
vestigating Chinese cases and paying expenses
Of deportation owing TO the new treaty with
CHM.
The most important feature OF Mr.. Carlisle's
report Is his discussion on the subject OF cur
rency reform. IN the course OF which the adj
minlstration's plans OF new system OF cur
rency are set forth IN detail Mr. Carlisle re-
views the financial statistics referred 20 IN the
tabulated statement and charges ts.Oa2.OOO OF
the dehcit 10 the importation OF raw sugar
prior 20 the time the new tariff law went Into
effect The Income tax will afford no revenue
TIL July l. 1925 but there Is reason to bolicve
the importation OF sugar must soon be re-
sumed on a large scale. ana he thinks by July
10 considerable collections under the income
tax law will have been made. He Is OF tho
opinion that tho execution OF the present laws
will yield SUFFICIENT revenue for 1898, and leave
a surplus OF S2s. sl4.9eO
In urging financial legislation for tho pur-
pose OF supporting the public credit Mr.. Car
isle says:
The well-inown defeets-in our financial sys-
TEN and the serious nature OF the evils threat
ened by them have done more during the last
two years TO impair the credit OF the govern
mcnt and the people " the United states nc
home and abroad and 10 check our Industrial
and commercial progress than all other
things combined. and our first and plainest
duty is 20 provide. II possible, some effective
method for the prompt and permanent relief OF
the country from the consequences OF the pres
ent unwise policy"
The secretary then reviews the circum-
stances leading up 70 the first &00ooo 600 issue
OF bonds yielding s5s 600.9i7 and increasing
the free gold Ia the treasury 20 Si07 4l6.sO2
The lowest point reached by tho reserve since
the resumption OF specie payments was on the
9TH day OF August. 1894 when. by reason *
Withdrawals ia the redemption OF notes, IL was
reduced 70 s52 1856, 500 After that date IL was
slowly replenished by voluntary exchanges OF
gold coin for United states notes by the banks
and by small receipts Of gold in the payment
OF dues 20 the government until the 18th OF
November, 1894 when II reached the sum OF
sol 81, g74
In the meantime. however. the frequent
presentation OF notes for redemption I'm gold
clearly indicated the existence OF n feeling
OF uneasiness In the public mind. In adj
dillon the vast accurs~lation Of money
az our financial ceuters and the general
depression In business which prevailed In
this country had so reduced the rates OF dis
count that the inducement 10 keep funds
abroad was much greater than IN ordinary
times and made ~ highly imprudent 20 neglect
any precaution which appeared necessary TO
insure the snfcty OF our financial position.
Therefore tho second issue OF 10000 600 was
decided upon. The proceeds OF tho sale,
e5s SD. 500. have nearly all boon paid into the
treasury, according 10 the terms OF the sale,
reducing the rate OF interest 10 2.SIe per cent.
The transaction iustifes the opinion that eib
per cent. bond could probably have been sold
at par. Here the secretary asks for law giy-
ing him such authority. saying IL would
strengthen public confidence.
With regard 20 the redemption OF govern
ment obligations the secretary shows his att-
tude on the hard money question ana says the
one who presents paper for redemption must
be giycn hts choice OF metals. as change
would work n hardship on the public and
nation This condition cannot be per-
manently remcdied except by great
changes In the laws relating 70 tho
subject. The situation is the result too,
OF three policies: The circulation OF
United states notes rs currency and their
current redemption IN coin on demand; tho
compulsory reinsurance OF such notes after
demption; the excessive accumulation aud
coinage OF silver ana the issue OF notes and cor
tlncates against IL at u lower ratio than is war;
rnnted
With regard 20 the Baltimore plan" for ma
tional banks the secretary says
"As the plan suggested proposes TO exempt
the government OF the United states from oil
liability for the redemption OF national bank
notes and place the sole responsibility upon
the banks themselves, guaranty fund OF not
loss than 10 per centum upon the outstanding
circulation is regarded as very proper and
necessary feature OF the system"
Then coming down 10 the tarif he says
The raw materials used In tho production
OF commodities for the use OF the people ia
their homes and IN their various Industrial
pursuits should be free from taxation II our
industries are 20 be probably conducted ro-
duced coat OF production must prcccdc or ac-
company reduced prices Of the finished prod
uct
The late net. while II places upon the FREQ
list q considerable part OF most import raw
materials used in our manufacture, left iron
and lead ores and bituminous coal. together
with several articles OF less consequence. sim
dutiabie, thus not only falling to put In force
consistent system OF revenue reform. but lcav-
ing some Of our most valuable industries az
great disadvantage as compared with their RI
walls differently located
Tries Her New skates aud Perishes.
OSHKOSH, Wis. Dec. Miss Minnie
Lee, OF Ormo, aged II. was drowned
Tuesday morning while trying a new
n.