The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-04
The secretary says there is great neces-


ity for a reorganization of the customs
districts; ports of entry where little
or no business is done should be
abolished and consolidated. This
could be done, he says, without
impairing the service. The sppropris-
tions heretofore made for the enforcement
Of the Chinese exclusion act are made
quate. They should be not less than
100000 yearly. The provisions for the
pending treaty with China will necessi-
tate greater vigilance az to the identifica-
tion of laborsrs and consequently an in
crease in expenses.
He expresses his inability to put in
effect the portion of the tariff act author
izing refund of taxes on alcohol used in
the arts, etc. These refunds will amount
to at least ten millions and the cost
for official supervision to not less than
100000 yearly. Currency reform is the
most important feature of the report
and the plans for a new system OF
currency are set forth in detail. He
estimates that expenditures will exceed
receipts the current fiscal year $40, ,O0O, 900.
and wool and therefore increased re-
ceipts, but says IL these expectations
should be to any considerable extent dis
appointing the year will close with q
greater deficiency than has been estimRt-
ed, but his opinion is that the
laws now in force will yield ample
revenue for the fiscal year 80, as all their
isin kap ho tfxyoa a,,A ha
prospective improvement in the business
OF the country, II realized, will greatly in
crease the resources from which taxes are
collected, accordingly a surplus OF s2s, al
920 Is estimated for that year.
he earnestly urged remedial fnan-
cisl legislation, and says our first
and plainest duty is to provide
II possible some effective method for
prompt and permanent relief from the
consequences of the present unwise policy.
He states briefly the practical and un-
avoidable results of the existing legisla-
tion so as, he says, to demonstrate its in
furious effects upon financial affairs. He
says that since the first of August
the frequent presentation OF notes
for redemption in gold by individual
and institutions not desiring it for export,
clearly indicated the existence of a feeling
of uneasiness in the public mind, while
foreign legislation was almost constantly
al or near a rate which made IL more
profitable to export gold than to purchase
bills, and consequently Withdrawals for
shipment were daily threatened.
fg... 4
imprudent to neglect any precsutiop to
secure the safety OF the financial position.
Therefore another bond issue was made as
absolutely necessary for the maintenance
oft public credit as with current reve-
nue. inadequate to defray the ordinary
current expenses and practically
no receipts Of gold from customs
or other sources, il was evident
that the treasury would be unable to meet
even the usual demands for export. which
however, would probably be very much
augmented by the increased apprehension
produced by the depleted condit on OF the
reserve. Heretofore when redemp-
tions have been demanded TO any
considers bic amount they have com
menced at timc when the reserve
was sufficiently lhrge to sus-
tain-ihs loss without seriously
endangering the credit OF tn, Government
or impairing the soundness oft.e currency
but with a reserve OF only s6i, ,S1S,37i to
begin vita it would not have been pos
stole ut any time heretofore, and, in my
opinion, would not be possible hereafter
to meet the obligations OF the Govern
ment in manner plainly required by the
letter and spirit Of the statutes enacted
by Congress upon the subject.