Arizona weekly citizen., 1894-12-08
TELEGRApHIc.

position to know, says Japan has naoe 8 reply favoring Chins's offer present. ed through United States Minister Denby. It still remains for China to make it plain that she can and will execute what she has proposed. Until then there will be DO cessation of hos tilities. The terms of the offer is said to be about sl25, 100000 cash indemnity and Chins's relinquishment of suzsrain- ty over Cores. There is said to be no surrender of Chins's territory.
 MANAGUA, Dec. 2.-All Zelsys and Bsas efforts are to preserve peace, but it is believed this is impossible. There are a number of small bands which the government insists upon calling ban. dits. It is believed thls government is making too many concessions to Eng gland and English psrtisans of Ortiz are most active melting the people, Troops have been and are now sent to Nicsrs- gusn- Honduras frontiers, where large number of deserters from both armies congregate and raid alternately on first one and the other country and the gov ernmcnt of Honduras has been advised that it must take some steps to stop this. The government, in view of the threatening difficulties, is promising many reforms.
 NEW YORK, Dec. 2-Jspan has aug mented her navy by the purchase of the crack Ohilisn cruiser Esmerslda. The deal was consummated here within the last few days and was managed with great adroitness, Ohiii first selling the ship to Ecuador, and the later country transferring it to Japan. To further disguise facts, report was given our rency that China had bought the ship. This was to avoid suspicion until the chip was we'll cut of danger of being sp- prehended on the high seas. She is now on her way to Japan by way of Tahits. The purchase price was over S1 ,0O0, 900 gold cash. The sale by Chili violates no neutrality law, ss Chili has DO treaty with China or Japan and moreover her sale was to Ecuador, who is also with out treaty with either of the beliger- ents.
 WASHINGTON, Dec. 4.-The annual report of the secretary of the treasury on the state of the finances was sent to congress today. It shows the revenue from all sources of the government for the fiscal year ending June 30, 1894 was s372, ,SO2, ,49S, and expenditures s442, 2,6O5, 75S thus showing deficiency of s6O, SO3- 26O.
 AS compared with the fiscal year for 1893 the receipts for1894 fell of $88,914- O82.
 During the year there was decrease of s15, 5,952,674 in the ordinary expenses of the government.
 From customs that were received s16,0OO, ,000; from internal revenue sl6- 5O0,0 900; from miscellaneous sources s1, ,5O0,000; from postal service s84, ,427- 74S.
 Total estimated revenues s424, 427, ,748.
 Expenditures for same peroid esti- mated as follows; For civil establish ment s919, 960, 900; for military estab- lishnent s53, ,350, ,0OO; for naval estslish- ment s325, 100000; for indian services S11, 800, 900; for pensions $40, ,5OO, ,OOO; interest on puplic debts s3l5, ,OO0, 900; postal service sS4,457,749.
 Total expenditures s444, ,427.748, or total deficit of g., 100000. It is estima- ted that on the basis of the exis ting laws revenue of the government for fiscal year 1896 will be from customs S185, ,000 900; from intern revenue s19,- GOO, 900; from miscellaneous sources sl5,OOO,000; from postal service sS6,9 ,9O7- 407; total estimated revenue S476, ,9O7, A. or.
 The most interesting portion of the secretary's report is that devoted to the subject of currency reform. He says there are we'll known the 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 people of the United States, at home and abroad, and check our industrial and commercial progress, than all other things combined. He then reviews the tending to the two isss- snce of bonds which he shows to have been due to 8 withdrawal of gold from the treasury through the presentation of treasury notes for redemption.
 On August 7th, 1894 the surplus of gold from the treasury amounted to s52- lS9, 800. The second issuance of bonds sold for 2,S78 per cent; he wants congress to give him the power of issue bonds on B short time and at any time he may see it. He then outlines the financial scheme he proposes as follows:
 Repeal the laws authorizing the deposit of United States bonds ss for circulation and permit | national banks to issue notes to the | amount of 75 per cent of their paid up | capital, upon their deposting 30 per | per cent of their circulating notes, out Stockholders are to be indi- Vidually liable. The circulating notes | to constitute the first lien on the assets of the banks.
 An impose tax of one half of one per ,ent per snnum, on the average amounts n circulation will be imposed.
 No national bank note is to be less han ten dollars denomination and said totes are to be redeemed at the banks ,wn offices.
 Five per cent per annum on the aver 'ge circulation of each bank notes are o constitute safety fund for redemp- ion of the notes of failed banks. When } bank fails its guarantee fund, held on leposit,is to be turned sad into the safety und. If the fund is imrslred it shall ,s replenished by sn assessment on the other national banks according to the of their outstanding circula- ion.