The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-01-16


the finance committee of the Senate, a
| statement showing the actual condition
of the treasury on the 18th day of the
| present month, and an estimate of the re-
ceipts and expenditures during the re-
mainder of this month and the month of
! February
ut will be seen by these statements
| that there is urgent necessity for such
immediate action as will replenish the
| coin reserve and enable the department
to continue the payment Of public ex-
| penses and discharge the obligations of
the government to pensioners and other
law full creditors.
THE ESTIMATED DEFICIENCY.
"When my annual report was prepared,
| it was estimated that the expenses during
| the current fiscal year would exceed the
| receipts to the amount of about SIS, 000,-
| OOO and l asked congress for authority to
| issue and sell bonds, or other forms of
| obligations, to an amount not exceeding
| $4,000, 900, bearing a low rate of
| interest and having reasonably short
time to run, to enable the Secretary of
| the Treasury TO supply such deficiencies
| as might occur in the revenue The esti-
| mate then made was based upon the as
| sumption that the worst effects of our
| financial disturbances had already been
| realized and that there would be a sub
! stantial increase0in the revenues for
| the remainder of the year. While
| it is not believed that the deficiency then
| actually existing, would be supplied by
| increased revenues in the future. it was
| hoped that no additional deficiency would
| occur, but the receipts and expenditures
! during the month of December and up to
| the 18th day of the present month, show
| that the estimate of deficiency of S2S.-
| OOO,OOO at the close of the year was too
! low"
MAY RUN TO SIS, 167, 532.
The secretary then presents a table of
| actual receipts, expenditures and def
| ciencies for each month of the fiscal year.
! including twelve days in January, show
| ing total excess of expenditures over re-
| ceipts of $43, 55S,0 44. Mr.. Carlisle says if
| the same average monthly deficiencies
| should occur the total difference between
| receipts and expenditures on June 30
next, will be SIS, 167 $50
According to the best estimate that can
| be made the total receipts during the
| present month and the month of Febru-
airy will be SAL 800, 900, and the total ex-
| penditures will be $50, 300, 900, showing a
| deficiency during the two months of Sl8.-
| 100000; but this does not include any
| payments on account of the sugar bounty
! claims, for which total amounts of nearly
| S5,OO0,000 have already been presented,
and are now under investigation in the de
| partment.
THE LOSS IN THE RESERVE.
A statement of the condition of the
| treasury is presented, from which the
| secretary says: at will appear that the
| coin reserve has been reduced to S74, 10S,-
| l49, and it is evident from the condition of
| the treasury that the department will
have no means to defray the ordinary ex-
| penses of the government unless a large
| part of the payments are hereafter made
| out of that fund. If this is done the coin
reserve will be reduced by Feb. to about
500, SOL 1864, sum wholly inadequate for
the purposes for which it was created.
"On account of this critical condition
! of the treasury, have considered it nv
duty, in addition TO the earnest recon-
mendations contained in my annual re-
! port, to appear twice before
| your committee, and after full
explanations of the situation, urge
| prompt legislative action on this subject.
| With the permission of the committee |
have prepared and presented for its con-
sideration a bill, which, if promptly
passed, would, in my opinion, meet all the
requirements of the situation by provid-
| ing the necessary means for defraying
I, the public expenses and replenishing the
coin reserve to such an extent as to as
| sure the maintenance of the parity of all
forms of United States currency.
MATTER OF DOUBT.
"While this proposed measure of relief
has not yet been disposed of, or consid-
| cred by the committee, the great differ
ences of opinion which are known to ex-
ist in both branches of congress concern
| ing the prOpriety of granting additional or
amended authority to issue bonds in
| any form or for any purpose render
| 1t doubtful whether new legislation upon
the subject can be secured in time to pro-
vide the means which are imperatively
demanded in order to preserve the credit
and honor of the government. Authority
| TO issue and sell bonds for the purpose
| OF maintaining specie payments was
expressly conferred upon the secretary
of the treasury by the act of Jan. IA, 1873,
| but 1t has not been exercised since 1879,
and, on account of the high rate of inter-
est provided for, and the length of time
! such bonds would have to run, have not
been satisfied that such an emergency
/ had heretofore existed as would clearly
! justify their issue.
THE NECESSITY URGENT.
But the necessity for relief at this
time is urgent, and the prospect of mate
! rial improvement in the financial condi-
/ tion of the government is so problemati-
! cal, that, unless authority to issue and
/ sell shorter bonds or other obligations
I bearing lower rate of interest than that
! specified in the existing law, is granted
/ by congress at very early day, I shall
feel CONTAINED by sense of public duty
I to exercise the power already conferred
/ to the extent, at least, of providing
an adequate coin reserve. If this
action should not be taken CON
gress ought, nevertheless, to pro-
| vide promptly for the deficiency in the
revenues during the current fiscal year,
and l will from. time to time advise your
| committee of the condition of the treas
ury, in order that this subject may re-
/ celve consideration"
| The bill referred to in Secretary Car
/ isles letter Empowers him to issue from
| time to time, as he may deem necessary
and in such from as he may prescribe,
/ coupon or registered bonds of
| the States in denomination
of $50 and multiplies thereof
| redeemable in coin at the pleasure of the
| Unit d States, after - years from date
bearing per cent. iutesest, and to use
the proceeds to supply deficiencies in the
revenues.
Miners on a S+rka