Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1894-01-18

II will upEclr from this statement that The
coin reserve has been reduced to U,tkIip.
and IL Is evident from he condition Of ihr
treasury that the depir. mcnt will have ~
means to dCfrtv thg ordinary CXICn.ps u th
government unless a large part OF The payments
are hereafter madc from that fund II this g.
done The coin reserve Will b. reduced by the
lst Of February to iGiGl,sH about % SIM
wholly inadequate for the purpose for which 90
was created On account of this critical ,0adi.
tion Of the treasury ! have considered ID M p,
duty In addition to the carnos, rrcommen ia.
lions contain In my annual report to up.car
twice before Ylut ommlt lon and after fun eH.
y nnation OF tho situation, urge prompt l,gl4ta.
tive action Oh thu -ublntt,
with the permission Of tho committee,
have prepared aud presented for ita cons dora.
Ton a 5ll which II promptly passed would IN
my opinion, meet all r,q uremcnts of ihH situa.
top b. providing tho nee sslfy me ms fir de.
tru ing tho public exp u-py and rCpltnIgai. L
the coin reserve % guCh un extent ~ TO as, tr
the miinienhner Of tho psglty otu.l forms ut
United States currency While this proposed
measure of rrlioi has not vet been It spasni nj
or considered b the COMMITTEE the great ,if.
1erenc0s VI opinion which are known 10 exist
In both branches ~ congress concerning the
proprlety granting uddt o lul or amcude
authority to issue bonds In any form or fof
any purrose render II doubtful whether
new legislation upon the subject can be Sc.
cured In time 10 provide the means which
are imperauyely demanded ia order TO prc.
serve the credit aud honor OF the government
Authority to Issue aud Sc bonds for the pur
pose OF maintaining specie payment Wis *
pressly conferred upon the secretary Of the
trcasur By tho act Of January H. ls7,, but b.
has not been exercised since 1870 and ON uc.
count of the high rate Of Interest provId ID { r
md the length OF time such bonds would hlv
u run have not cen satisfied that such nn
emergency ns sherctofure existed as would clear.
w justify thClr issue
hut the necessity for roliof at this tima /, an
urgent and prospect OF mat rial improy m ,gt
in the financial cond tiOn Of the governmr So
problematlcal that unless authority % i,.. and
soil shorter bonds or ithor Ohligu ions btlriuf IA
10 er rate OF interest than that specific I'm the
existing law is granted b. tongfoss at very
carry day shall faol constrained by a sense Of
public duty to exercise the power already con d.
ierrel to tho extent at leas Of producing an
adequate coin reserve 10 provide promptly for
the dehcirnc In revenues during The current
hscal vear, ana will from time to time advise
your committee Of the condition of tho treas
ur in order that this subject may receive du
consideration. | have the honor to be- Yours
worry respectfully
J @ CARL'sLE, Sccrctnry
Section 3O7i OF the revised statues
provides that "all stocks, bonds, treas
ury notes and other obligations of the
United States shall be exempt from
taxation by or under state, or mumici.
pal authority" On account of this gen.
eral statute II was not proposed in tho
bill which the secretary OF the treasury
laid before the senate finance com
mittee in the early part of last week to
make any provision concerning the
taxation of the bonds which he is ask
ing congress to authorize him to issue
The house of representatives by u
rule adopted some time ago, had dedi.
Gated all its time until the 20th OF tho
present month to the consideration OF
the Wilson tariff bill, and therefore II
would have been Impossible for the
secretary of the treasury to procure
any legislation in that body before
that time, and for this reason Secre-
tary Carlisle thought ii necessary to
make the application first to the com
mittee on finance of tho senate, which
he hopes will act on the measure in
time to provide the necessary means
4 for tbs govsrRaaonN