Capital journal. (Salem, Or.) 1893-1895, 1894-12-04
Report of The Secretary Of the
Treasury.
The IMPORTANT MONETARY FACTS
Reiterates CleveIand's New Bank
ing Schemes.
oARLIsLE's REPORT.

|
report OF the secretary of the treasury
was sent to congress today. 1t shows
the revenues of the government from
all sources for the fiscal year ended
June 80, 1894, were 1872, ,sO2, ,49S and ex-
penditures $442, sos. 75S, which shows a
deficit of $50 SO3, 200. AS compared
with the fiscal year 1893, the receipts
for 1894 fall off $SS, ,914,O63. During the
year there was decrease of $15, ,952, GA
in ordinary expenditures of govern
ment. The revenues for the current
fiscal year estimated upon the basis OF
existing laws are from customs, $780,
000, 900; from internal revenues $685.
OOO, 0OO;from miscellaneous sources $l5,-
600 900; from postal service $94, 427, ,748.
Total estimated revenues $424, 427, ,748.
The expenditures for the same period
are estimated as follows: For civil
establishment SOL, $50, 900; for military
establishment $53, 25O,OOO; for nava
establishment $32,5OO,OOO; for Indian
service $l1, 800, 900, for pensions $780,
500, 900; for interest on public debt $3I,
000 900; for postal service $S4,427 ,749.
Total estimated expenditures $444, ,427,-
74S. Total deficit of 800, 100000, 1t is
estimated that on the basis of existing
laws the revenue of the government for
the fiscal year 1896 will be; from Gus.
toms $lS5, 900, 000;from internal revenues
$500 900; from miscellaneous sources
$4,000, 900; from postal service $50 907,
407. Total estimated revenues $476,
0O7, ,407. On the subject of the customs
administration, the secretary says there
is in his opinion great necessity for
reorganization of the customs districts
throughout the country.
Appropriations heretofore made an.
nually for the enforcement of the Chi.
nese exclusion law are declared to be |
inadequate for the purposes. In the
judgement of the secretary they should |
be not less than 100000 per annum.
Pending the treaty between China and
the United States will necessitate the
exercise of greater vigilance and con.
sequent increase in expense. The most
important feature of Mr.. Carlisles re-
port is his decision of the subject of cur
rency reform, In the course of which
the administration plans of the new
system ofcurrency are set forth in detail,
|. The repeal of all laws requiring or
authorizing the deposit of United
States bonds as security for circulation.
2 Permitting banks to issue notes to
an amount not exceeding rs per
'sntum OF tLeir paid up and unim-
paired capital, but require each bank
before receiving notes, to deposit a
guarantee fund consisting of United
States legal tender notes, includin g
treasury notes Of 1890 to the amount of
20 per centum upon circulating notes
outstanding to be maintained at all
lines and whenever the banks retire
ts circulation in whole or in part, lis
guarantee iund is to be returned to IL
n proportion to the amount of notes
etired. 8. TO retain the provision of
he law making stock holders indiyid.
ally liable and provide that elrculat.
NJ notes shall constitute the first lien n
pom all assets Of the bank. 4. 10 i'm. i
ose tax Of one'half OF one per eentum =
or annum payable semi-annually up,
D the average smoDnt of notes in cir.
llatlon TO defray the expenses of print n
" notes, official, supervision, cancel U
'tion, etc. 8, No national bank note
be OF less denomination than $40 and
J notes OF the same denomination 10 b
uniform IN design, bat banks deslr- |
y to redeem their notes In gold may |
ave them made payable IN that coin. b,