The farmers' union. (Memphis, Mo.) 1891-1895, 1894-12-13

OFT SSS.Hl .pJ.
During the year there was decrease
of S1I.?,..6.4 i'll the ordinary eXpendi-
lures of the governments. The revenues
tor tn" current fiscal year are thus esti-
mated upon the basis of existing laws:
rom customs. .Sl'W.Ho.T1
From internal revenue. ......... l;i.}.Up. OU1
r Ill miscellaneous sources. 49,. l.,.tn,ntn
From postal service. sl.i27.14>
The expenditures for the same period
are estimated as follows:
For the civil establishment. SOL 90, n0N
Tor III" military establishments. %. .5u. nr,
For the naval establishment. 81 ..Nht 900
Tor the !!idian service. ......... 1l."H,rH
FOR pensions. NEUTRALITY-SUSPICIOUS.. 14u. .nkt. 900
For intercs; on the ruhlic debt. :.1.ooo,o 900
For postal service ............. Si.l91 as
Total estimated expenditures. Sill -io7,7iS
l he above figures. compared with the
estimated revenues. show Il deficit Of $40
ON,uto. 1t is estimated that upon the
basis Of existing laws the revenues of The
government for the fiscal year 1896 will
be:
from customs .... 5 n. ooNn
From miscellaneous sources. .... 15,MAJ,atb
From postal service ....-..-. SG.!n1 10.
Total estimated revenues " SIZE, o07 4o7
The Secretary thinks many small dis
trict Offices should be consolidated and 4
general reorganization Of the customs ser
vice. made.
He also asks for 100000 per annum
for investigating Chinese eases and pay
ing expenses of deportation, owing TO TIL,
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 administrations plans of Il new
system Of currency are set forth in detail.
MIR. Carlisle reviews the financial stats
ties referred to in the tahulat"d state
ment and charges S:,U.o1oo, 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 l. 1895. but there is r,:-
sen to believe the Importation of sugar
must soon be resumed on Il large scale,
and he thinks by Jul, 10 considerable col
lections under the income tex law will
have been made. He is Of the opinion
that the execution of the present laws Will
yield sufficient revenue for 1S.6 and leave
!; surplus of S2S,Si4.32o.
In urging financial legislation for the
purpose of supporting, the public credit
Mr.. Carlisle says:
1.-The wel!-knoWn defects in our financial
system amt the serious nature. of the evils
threatened by them have Gone NOR" during
the last tW" years ~ impair the credit of the
Government and the people Of the United
States at home ana abroad and to check our
Industrial and commercial progress than all
other things combined. and oar first and
plaincst duty Is t" prov ,!c. if possible. some
effective method fer the prompt and perma-
nent relief Of the country from the conse-
quences of the present unwise policy
The Secretary then reviews Tia, circum-
stances leading up to the first $:lo.M0.OtO
issue of bonds. yielding SIS. G'D?17 and
| increasing the free gold in the treasury to
| 500. 4 4G,SO2. The lowest point reached
| by the reserve since the resumption Of
specie payments was on the 9TH day of
| August. 1894, when, by reason Of with
| drawalS in the redemption of notes. it WAS
! reduced to So. 1S9. 900. After that date
! it was slowly repleniShcd hy voluntary
! exchanges of gold coin for L ni.cu States
! notes by the banks and by small receipts
of gold in the payment of dues To the gov
eminent until the 14th of November.
1894 when it reached the sum Of SOL,
/ S7S.374.
| In the meantime. however. the frequent
| presentation of notes for redemption in
/ gold clearly indicated the existence of !,
| feeling of unea sineSs in the public mind.
F., In addition the vast accumulation of
money ut our financial centcrs and the
general depression in business which pre-
vailed il this country had So reduced the
| rates of discount that the intiucemcnt t.
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. tt,
second issue OF $:O,0nuD0 was decided
upon. The proceeds of the SALE SOS.
;,::sS. 800 have nearly all been paid into
the treasury. according to the terms of the
sale. reducing the rate Of interest t
2.S1S per cent. The transaction justitic:
the opinion that Il 81. per cent. bone
could probably have been sold at par
Here the Secretary asks for Il law givin
him such authority. saying it woul,
strengthen public confidence.
Preservation of the Gold Reserve.
With regard to the redemption of gov
eminent obligations the Secretary show:
his attitude on the hard money question
and says the one who presents paper fo
redemption must be given his choice o.
metals, as a change would work hard shi.
on the public and nation. This conditin:
cannot he permanently remedicd eNcep
by great changes in the laws relating I,
the subject. The situation is the result
too. of three policies: The circulation @
. Unite! States notes is currency and thei
current redemption in coin 81. dennnd
the compulsory reiS-uance Of such note
after redemption: the excessive accumu
latter and coinage % silver and the issu
OF notes and certificates against il 1T
lower ratio than is warranted. He con
tlnueS:
''FreGuent issues Of bonds for the pIrpo>
Of procuring gold. which cannot o. Kept afte
II has been obtained. VIII certainly cause l.
creased di>tTu>t among our own people :.
we! Is aulon. Tie people Of ctEer couutrie
An, not o;t!r swell the volume - oar sec,,r
ties returning; from ahroa.. for sale o- =.
,ieinrtiun, hut increase the withdrawal u
foreign capital heretofore invested III our q
UlcStic enterprises.
1T Is ,tot the capitalists alone whose inter
esrS are affected by the U.s. Or chrearenc
use Of deprecated and f!1c-Ca1iu- cul