Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-12-04
For Correcting the Evils Of the
Present Financial Condition.
MORE ELASTIC CURRENCY NEEDED
Annual Report Of the Secretary Of
the Treasury.
VIE VS. ON 81 L V E r

STSSS IOudy. he OpSIdtiohS Va SAAS NN~S>
ury and the general changes that have
occurred during the past year were re-
capitulated in the Presidents message.
published yesterday. The main feature OF
the financial report is Secretary Carlisle's
Recommendation for an improved system
Of currency, briefly referred to and In
dorsed in the Presidents message In a
general resume of the business of the
Treasury Department Secretary Carlisle
takes occasion to advocate reorganiza-
ton of the customs districts throughout
the country as work of public necessity.
He also shows the injustice and extortion
of the operation of section VII of the Gus
toms administrative act, prescribing penal
additional duties in certain duties, and
suggests it's correction.
He says the appropriations heretofore
made annually for the enforcement of the
Chinese exclusion laws are inadequate, ana
advocates an appropriation of 100000 for
that service He also urges careful re-
vision of the alien contract laws so that
they shall be more certain, explicit and
comprehensive, and also that effective rem
edes be provided to insure their enforce
ment. The Secretary concurs in the re-
commentator that the several marine
bureaus of the Treasury Department be
assembled under the direct supervision of
one assistant secretary Of the treasury,
and he requests that Congress make pro-
vision for an additional assistant secretary
for that special service.
Public Architecture.
On the subject of public buildings he
says:
THE amount Of work imposed upon the
office Of the supervising architect would
for the required technical service should
be increased in order that the public
buildings authorized by Congress may be
erected with greater promptness, and this
has been given consideration in the prepa-
coming fiscal year.
Experience convinced me that sub
stantial reorganization Of this Office was
necessary in order that the several kinds
OF work allotted to ii might be so sepa-
rated as to secure a greater degree of
harmony and efficiency in it's administra-
ton, prevent Implications of labor and thus
reduce the expenditures in certain branch
es of the service, and, accordingly, such
reorganization has been recently made.
1t has been done upon a basis which will
enable the department, without supple
mentary legislation. to carry into effect
the provisions of the bill Oh r. 7470 now
pehding, with reference to securing COM
petitiye designs and plans for public build
ings erected under the authority of the
Secretary Of the Treasury, and the pas
sage OF that measure Is again respectfully
recommended"
TJ-e Treasury Condition.
In long chapter on the subject Of cur
rency reform, Secretary Carlisle says, in
part:
ION the LIST day of July last the total
cash in the treasury, excluding current ia
bilities. but including a gold reserve of
S64, s73, 024, was SIG, 626, 221; and on the LIST
day of November the total cash, excluding
current liabilities, but including SCI ,361, S26
in gold, was Slo5,992, I3I, showing a decrease
of 9,G13 4s1. The excess of expenditures
over receipts during the last fiscal year
was $50, SGS,2jO, and during the first five
months of the present fiscal year, S2l 49,
1912 1t is not believed, however, that
this difference between the receipts and
expenditures viii continue in the same pro-
portion until the close of the year, and, &C
cordingly, L have estimated a deficiency of
$2O,OOO.OW at that time. Owing to the large
importationS OF raw sugar In anticipation
OF the passage of the tariff act of August
Is, 1894 the duties collected upon that
article up 20 December amounted to only
$},U22,oOO. and of course nothing has yet
been realized from the tax on incomes, as
it's payment cannot be legally enforced I'M
til after July 1, 1895. But there Is reason to
believe that the impOrtations~ of sugar must
be resumed at an early date and continued
upon scale which will yield large reve-
nue. from that source during the remainder
of the year, and IL is probable, also, that on
account OF The penalties which may be in
Cured for pon-payment within ten days
after July ] a considerable part of the IN
come tax VIII be realized in time to be
available. AS the reduced rates of duty
on manufactures Of wool will tahe effect on
January l. 1895, the iniportations OF that
class of goods will doubtless De greatly in
creased after that date, and, consequently,
ilava 10 n
be reasonably Anticipated from that source.
II these expectations should be to any con-
siderable exteh. disappointed, the year will
close with Sreater deficiency than has
Keen estimated.
My opinion Is that the laws now in force
will yield an ample revenue for the fiscal
year 1896 rs AL their provisions Viii then
be operative, and the prospective improve
ment in the business of the country, If real
lied, will greatly increase the resources
from which tl..s are collected and ac-
cordingly, IA surplus of SES,SIi,92O Ia esc-
mated for that year.
ton to the unsatisfactory condition of our
financial legislation, and especially to the
issue and redemption of circulating notes
by the government, and the inability Of
the Secretary Of the Treasury, under ex-
listing laws, to make prompt and adequate
provision for the support of the public
credit The experience of the past year
has confirmed and strengthened the opn-
IONS lnen expressed, anu therefore re-
spectfuly, but most earnestly urge upon
Congress the necessity for remedial legisla-
ton during its present session. The we'll
known 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 gov
eminent 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 pos
sible, some effective method for the prompt
and permanent relief of the country from
the consequences of the present unwse
policy.
The Bond Issue.
The Secretary then substantiates his as
sertions as to the Injurious effects of ex-
listing legislation upon our financial status
by a brief review of the experiences Of the
past year, in the efforts to replenish the
gold reserve and maintain the national
credit In regard to the November $780,
Co., 900 bond issue, ho says: This transac-
ton justifies the opinion that a IL per
cent bond, having a reasonable time to
run, could probably have been sold at par,
and certainly that a per cent bond could
have been disposed of at OF above that
rate The fact that a bond bears so high
a rate of interest and has so long a time
to run that 1t must be sold at large prem
ium, deters many from offering to pur-
chase and detracts considerably from its