Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1894-12-13

considerable disturbance in the fiscal
operations or the government as well
as the business of the people. and.
therefore, the plan now suggested provides for
its gradual retirement by the use OF surplus
revenues hereafter received. process which
will probably require several years for its COM
plet1on- As these notes cannot be retired
until other forms Of currency to an equal
amount have taken their place, there will be
neither forced contraction or expansion OF
the circulation on account OF the change.
As the plan suggested proposes to exempt
the government of the United States from all
liability for the redemption of national bank
notes and place the sole responsibility upon
the banks themselves, q guaranteed fund of
ing circulation is regarded a very proper
and necessary feature of the system.
In my opinion, the imposition of a tax by the
federal government upon the use of circulating
notes, lawfully issued by state banks, is
Justihable, If not an unconstitutional interior
ence with the authority of the several states;
but its validity has been judicially sustained
ana as 1t does not appear to be practical to
repeal absolutely at this time, it is proposed
to avoid the prohibitory effect by exempting
from taxation the notes OF such banking inSti-
tut1ons as may be organized and conducted
under conditions which will amply protect the
holders OF their paper. While direct super
vision is not, and ought not to be provided for,
| the requirement. that a bank, in order to Sc
cure exemption from taxation must satisfy the
secretary OF the treasury and the comptroller
of the currency that it has complied with all
the conditions imposed, will enable those off,
Gals to adopt such measures may be neceS-
Sary in each case to secure every material fact
involved in the inquiry.
The secretary after dilating upon the
| foregoing, then discusses the tariff and
makes'a strong plea for reform. The
secretary afterward states:
| The revenues of the government from all
sources for the fiscal year ended June so, 1894,
were S372, 802, 1913, and the expenditures S442,-
| cO5,7o8. which shows deficit Of $50 .260
| The excess of expenditures over receipts dur
| ing the first five months of the present year
were S21 ,737, 357.92.
| The revenues for the current fiscal year are
| thus estimated upon the basis OF existing laws:
From customs. $4,000
From miscellaneous sources. 100000
From postal service. Observation-Disclosures. S4,42T 48
Total estimated revenues. Si24, 427 48
The expenditures for the same period
| timated as follows:
For the civil establishment. 81 $50 900
| For the military estabIishment...... 53,250 900
For the naval establishment. ........ S2.5OOOO0
For the Indian service. .......-..-... 11,50O,0O0
| For interest on the public debit. S1,0O0,O00
| For postal service. S4,421I4e
Total estimated expenditures S444. 427, 74S
| The above estimates show deficit of 500
| 100000.
| It is estimated that upon the basis of exist
| ing laws the revenues of the government for
SI85, 100000: from internal revenue, S19909O,000;
| from miscellaneous sources, S15 100000; from
postal service, SS5 9O7, 4OO total estimated rev.
| enue. S476, BOZ, 407.