Marshall County independent. (Plymouth, Marshall County, Ind.) 1894-1895, 1894-12-14
Total estimated revenues. .s424. az. : IS

For interest on the public debt 3l.00300o
For postal service. ........... Sl,421.7 rs
Total estimated expenditures. .S4ii.f27. IS
The above figures. compared with the
estimated revenues. show dcfici; Of SO
OO0.0O0. II is estimated that upon the
basis of existing laws the revenues of the
government for the fiscal year 1896 will
be:
From customs. Observation-Disclosures 49,. COO 0GO
From internal revenue. ......... 1870. 600 0OD
From miscellaneous sources. -. 1J.0D0.eo9
Total estimated revenues =. SIG. 9OI 401
The Secretary thinks many small dis
trict offices should be consolidated and Il
general reorganization of the customs SER
vice made.
He also asks for 100000 per annum
for investigating Chinese cases and pay
ing expenses of deportation, owing to the
new treaty with China.
Subject Of Currency Reform.
The most important feature of Mr. Car
isles report is his discussion OF the sub
| ject of currency reform, in the course of
which the administration plans of Il new
| system of currency are set forth in detail
| Mr.. Carlisle reviews the financial statis-
| tics referred to in the tabulatcd state
| ment and charges S3,022.0 600 OF the de-
| felt to the Importation Of raw sugar prior
| to the time the new tariff law went into
| effect. The income tax will afford no
revenue till July /, 1895, but there is rea-
| sen to believe the importation of sugar
| must soon be resumed on IL large scale
and he thinks by July 10 considerable col
| lections under the Income tax law will
have been made. lie is of the opinion
that the execution Of the present laws will
yield sufficient revenue for 1896 and leave
a surplus of S2S.S14920.
In urging financial legislation for the
purpose of supporting the public credit
| Mr.. Carlisle says:
"The well-kn0wn defects in our financial
system and the serious nature of the evils
threatened by them have done more during
| the last two years to impair the credit Of the
| Government and the people of the United
| States at home and abroad and TO check our
Industrial and commercial progress than all
| other things combined and our first and
| plainest duty is to provide, If possible, some
| effective method for the prompt and perma-
| nent relief Of the country from the conse-
| Quences of the present unwise policy
The Secretary then reviews the circum-
stances leading up TO the first $50. 000,000
| issue of bonds, yielding SOS. $50 11 and
"a
| S101. 446,S02 The lowest point reached
by the reserve since the resumption Of
specie payments was on the Tth day of
August. 1894, when, by reason of with
| drawals in the redemption of notes, it was
reduced to SO, 1S3.500. After that date
it 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 to the gov
ernmcnt until the 18th of November
| 1891, when it reached the sum of $61,-
S7S,374
In the meantime, however the frequent
presentation of notes for redemption in
gold clearly indicated the existence of Il
feeling of uneasiness in the public mind
In addition the vast accumulation Of
money at our financial centers and the
general depression in business which pre-
vailed in this country had 50 reduced the
rates of discount that the inducement TO
keep funds abroad was much greater than
in ordinary times and made it highly i'm
prudent to neglect any precaution which
appeared necessary TO insure the safety
of our financial position. Therefore, the
second issue of $50.000.OO0 was decided
upon. The proceeds of the sale, S5S.-
53S, 800, have nearly all been paid into
the treasury, according to the terms of the
sale, reducing the rate of interest to
2.S1S per cent. The transaction justifies
the opinion that a 21a per cent. bond
could probably have been sold at par.
Here the Secretary asks for law giving
him such authority, saying it would
strengthen public confidence.
Preservation of the Gold Reserve.
With regard to the redemption of gov
eminent obligations the Secretary shows
his attitude on the hard money question
| and says the one who presents paper for
redemption must be given his choice of
metals, as n change would work hardship
on the public and nation. This condition
cannot be permanently remedied except
by great changes in the laws relating to
the subject. The situation is the result,
too, of three policies: The circulation of
United States notes as currency and their
current redemption in coin on demand;
the compulsory resistance of such notes
after redemption; the excessive accumu-
lation and coinage of silver and the issue
of notes and certificates against it at
lower ratio than is warranted. He con-
tinues:
Frequent issues of bonds for the purpose
of procuring gold, which cannot be kept after
1t has been obtained, will certainly cause in
creased diStruSt among our own people
Wen as among the people of other countries
and not only swell the volume of our securi-
ties returning from abroad for sale or re
demption. but Increase the withdrawal of
foreign capital heretofore invested In our do
nestle enterprises
1T is not the capitalists alone whose inter
ests are affected by the use or threatened
use of deprecated and fluctuating cur
re:Icy and the consequent arrangement and
dtn,nution of business. A paralysis of bust
ress, whatever may be Its cause, strikes first
tie wage-earner.
"Under our present currency system. the
volume of circulation Is Interchangeable; 1t Is
unalteraby fixed at a certain amount and
70 matter how great the emergency may be
It can be neither enlarged nor diminished.
The only part Of the currency possessing In