The morning call., 1894-12-05
A LOT OF MONEY.
Mr.. CarIisle's Currency
Proposition.
DETAILS OF THE SCHEME.
Repeal the Tax on the State
Banks,
MAKE NATIONAL BANKS LIABLE
And Give Them All Authority to
Issue Circulation to the Ut.
Most Possible Limit.
MAKE NATIONAL BANKS LIABLE

port OF the secretary OF the treasury on
the state OF the finances was sent to Con-
gress to-day. 1t shows that the revenues
of the Government. from all sources, for
the fiscal year ended June 80. 1894. were
1872, 500, 1913, and the expenditures $442.-
Cos, 1853, leaving deficit of $50, 803 $50. AS
compared with the fiscal year 1898 the re-
ceiptS for 1894 fell off S,9l4 063. During
the year there was decrease of 81, 952, 674
In the ordinary expenditures of the Gov
eminent The revenues for the current
fiscal year are thus estimated upon the basis
of existing laws:
From customs, $16O. 100000; from internal
revenue, 1880 600; from miscellaneous
sources, S15.0Oo,O0o; from postal service,
SS4, 427, 74S. Total estimated revenues, S424,-
427,746.
The expenditures for the same period are
estimated as follows: For the civil establish
ment, S9l, 100000; for the military establish
ment, s53,250,Ooo; for the naval establish
ment. S32,5oO.000; for the Indian service,
S11,500,0O0; for pensions, $40 500 oOOi for
interest on the public debt, $3l O00 900; for
postal service, S4,427, 749. Total estimated
expenditures $444, 427, 746, or total deficit
Of S20,000,000.
1t Is estimated that on the basis of existing
laws the revenues Of the Government for the
S1S5.0o0,oo0; from internal revenue, $780,
100000; from miscellaneous sources, S15.-
100000; from postal services, $50, 907, 407.
Total estimated revenue, S476 907, 4O7.
On the subject of customs administra-
ton the Secretary says there is in his
opinion great necessity for a reorganZa-
tion of the customs districts throughout the
country by reason of the fact that there
are now many ports of entry at which
little or no business is transacted. These
should be abolished and the districts con-
solidated, and in his opinion this could be
accomplished without impairing tho means
necessary 10 protect the revenue against
smugglers and wi bout Withdrawing
proper facilities for documenting vessels.
The appropriations heretofore made
annually for the enforcement of the
Chinese exclusion law are declared to be
inadequate for the purpose. The expense
involved in investigating cases where
Chinese unlawfully enter the United
States, in the trial of those arrested and
the deportation of those convicted, includ-
ing their transportation to the Pacific
Coast, is very large and the appropriation
referred to should, in the judgment of the
Secretary, be not less than 100000 per
annum. The pending treaty between
China and the United States, under which
laborers residing here may, under condi-
tions. leave this country and return
thereto, will necessitate the exercise of
greater vigilance aud consequent increase
in expense.
The department is in possession of re-
ports ind eating a marked decrease in the
number of seals On Pribyloff Islands, and
In consequence the number permitted TO
be taken this year was limited to 16. 600,
and for the ensuing year the number will
have to be still further reduced. Concur
renty with this falling off on The islands
there has been for some years great in-
crease In the number of seals killed at sea.
While the official returns cannot yet be
stated. 1t Is known that the total catch in
the Northern Pacific and Boring Sea for
the season just expired is by far the largest
ever known in the history OF pelagc
sealing. The decrease of seals on the
Pribyloff Islands. coupled with the large
number of dead pups found on the islands
during the last season whose mothers pre-
sumably were killed at sea, and the further
phenomenal increase in the pelagic catch,
justify the belief that before the expira-
ton of five years-when the regulations
enacted by the tribunal of arbitration are
TO be submitted TO this Government and
that of Great Britain for a new constitu-
ton to consider possible notifications in
the light of past experen the fur seal
will have been practically exterminated.
The most important feature of Mr..
Carlisle's report is his discussion of the
subject of currency reform, in the course
of which the administration plans of
new system of currency are sci forth in
detail. Mr.. Carlisle says:
On the first day Of July last the total cash In
fhe treasury, excluding current liabilities but
Including gold reserve of S64, 837 .024. was
S116626,221, and on the first day of Novem-
Der the total cash, excluding current liabilities,
put including Sol ,361, 626 in gold, was Sl06-
992, PA, showing a decrease OF S9.633, 487.
The excess OF expenditures over receipts dur
Ing The last fiscal year was 500 803. $50, and
curing III hrst hve months OF the present fiscal
year SCI, 737, 1867 90. II is not believed, how
ever, that this difference between the receipts
and expenditures Will continue in the same
proportion until the close of The year, and &C.
cordiDgly l have estimated Deficiency of
S20000,000 at that time.
My opinion is that the laws now In force VIII
yield an ample revenue for the fiscal year 1896,
as all their provisions will be operative ana the
prospective improvement in the business OF the
country, Il realized. Will grea lv increase the
resoui ces from which taxes are collected and
accordingly surplus OF S,814, 920 Is estl-
mated for that year.
In my last annual report called attention to
the Unsatisfactory condition of our financial
legi Station. especially TO the issue and redemp-
ton Of circulating notes by the Government
and the Inability OF the Secretary of the Treas.
nry under existing laws 10 make prompt aud
adequate provisions In support OF public credit
The experience OF the past yea has confirmed
and strenglh ened the opinions then expressed
and therefore respectfully, but most earnestly
urge upon Congress the necessity for remedial
legislation during Its present session. The
well. nown defects In our financial system and
the serious nature of the evils threatened by
them have done more during the last two wears
10 impair the credit OF the Government and the
people Of the United States at home aud
abroad, and 10 check our industrial and com.
mercial progress, than all other things CON-
bined, and our first aud plaiDest duty Is to pro.
vide, if possible. some effective method for the
prompt and permanent relief of the country
from the consequences of the present unwise
policy. A brief statement OF the pI tactical and
unavOidableNresultsof the existing legislation
will demonstrate its injurious effects upon our
financial affairs more clearly than any argu-
ment that could be submitted.
The lowest point reached by the reserve since
the resumption of specie payment was on the
7th day OF August, 1894, when by reason of
Withdrawals, in the redemption OF notes, II was
reduced 10 $50. 189. 800. After that II was
slowly repenished by voluntary exchanges OF
gold coin for United States noes by the banks
and by small receipts of gold In the payment OF
dutfa tha