The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1894-12-08

| listing laws:
| from customs GlEC.
| From internal revenue. ............. 1o', OoO00O
! From miscellaneous sources. ........ 10 ,OOOOOo
| From postal service ................ 4.427 7l8
Total estimated revenues 1914 y ,74s
| The expenditures for the same period are
estimated as follows:
I For the civil establishment. d91.s5O ODO
For the military establishment. So. $50 OoO
| For the naval establishment. 32.5O0 0OO
| For the Indian service II 5cOCOO
| For persons. OBSERVATION-DISCLOSURES. $40. 500 900
For interest on the public debit. 81 100000
| Total estimated expenditures e. S4H 427 ,74s
! The above figures, compared with the estl-
| mated revenues, show deficit Of S2O.0OO,OOO 1t
! is estimated that upon the basis OF existing
| laws he revenues Of the government for the
! fiscal year 1896 will be:
| From customs ........... 1885,, 600 600
] From internal revenue. ........ 19O.OOOOO
| From miscellaneous sources. ....... 1000 600
| From postal service .............. S6N7 4O7
! Total estimated revenues. -. s476. 907 407
Reorganization Necessary.
| The secretary thinks many small district or
| fees should be consolidated and general re-
| organization Of the customs service made.
| Ee also asks for O,000 per annnm for in
| vestigating Chinese cases and paying expenses
| OF deportation owing to the new treaty with
China.
| Subject of Currency Reform.
| The most important feature of Mr.. Carlisle .
report is his discussion on the subject Of cur
| rency reform, in the course OF which the ad-
| ministrations plans of system OF cur
rency are set forth in detail. Mr.. Carlisle re-
views the financial statistics referred to in the
| tabulated statement and charges 5000, 600 OF
the deficit 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 reason to believe
! the importation OF sugar must soon be re-
sumed on large scale, and he thinks by July
| 10 considerable collections under the income
| tax law will have been made He Is OF the
! opinion that the execution OF the present laws
| will yield sufficient revenue for 1895. and leav
| q surplus Of S28 .8l49N.
The Bond System.
! In urging financial legislation for the pur-
pose Of supporting the public credit Mr.. Car
| Isle says:
| 1.-The well-known defects in our financial sys-
| tenn and the serious nature Of the evils threat
| ened by them have done more during the last
two years to impair the credit of the govern
| ment 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 pla1nest
! duty is to provide. II possible, some effective
method for the prompt and permanent relief OF
the country from the consequences OF the pres.
| ent unwise policy
Discusses the BOND Issues.
| The secretary then reviews the c1rcum"
| stances leading up to the first 600 issue
of bonds, yielding 1853, 66O9l7 and increasing
| the free gold in the treasury to $107 ,4468 O2
The lowest point reached by the reserve since
| the resumption OF specie payn. ents was on the
| Tth day Of August 1894. when. by reason OF
| Withdrawals in the redemption Of notes, 1t was
reduced to s52 $50 800 After that date it was
I NV EXCHANGES
geld coin for United States notes by the banks
| and by small receipts Of gold in the payment
OF dues to- the government until the 18th OF
| November, 1894. when it reached the sum OF
| S6i ,67S.S
In the meantime. however, the frequent
| presentation Of notes for redemption in gold
clearly indicated the existence Of feeling
of uneasiness in the public mind. In ad-
dition the vast accumulation OF money
| at our financial centers and the general
depression in business which prevailed In
| this country had so reduced the rates OF dis
| count that the inducement to keep funds
abroad was much greater than In ordinary
| times and made II highly imprudent to neglect
any precaution which appeared necessary to
insure the safety of our financial position
| Therefore the second issue OF $4,000 GOO was
decided upon. The proceeds OF the sale,
S5s, 5ss. 500, have nearly all been paid into the
| treasury according to the terms OF the sale,
reducing the rate of interest to 2. 876 per cent
The transaction justifles the opinion that ~
per cent. bond could probably have been sold
| at par. Here the secretary asks for a law Civ
ing him such authority, saying it would
strengthen public confidence.
| Preservation OF the Gold Reserve.
With regard to the redemption OF govern
ment obligations the secretary shows his attt-
rude on the hard money question and says the
one who presents paper for redemption must
| be given his choice OF metals, as q change
would work o hardship on the public and
nation. This condition cannot be per-
manently remedied except by great
changes in the laws relating to the
subject The situation is the result, too,
OF three policies: The circulation Of
United States notes as currency and their
| current redemption in coin on demand the
compulsory resistance of such notes after re-
| demption; the excessive accumulation and
coinage Of silver and the issue OF notes and GER
tifcates against it at lower ratio than is war
| ranted.
The National Bank Question.
! With regard to the Baltimore plan" for ma
tional banks the secretary says:
| LAS 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
/ less than 80 per centum upon the outstanding
circulation is regarded as very proper and
! necessary feature Of the system"
| Then coming down to the tariff he says:
! 1.-The raw materials used in the production
of commodities for the use OF the people In
their homes and in their various industrial
pursuits should be free from taxation. II our
Industries are to be prohtably conducted re-
duced cost Of production must precede or ac-
company reduced prices OF the finished prod
uct
The late act, while it places upon the free
lista considerable part of most import raw
materials used in our manufacture, left iron
and lead ores and bituminous coal, together
with several articles OF less consequence, still
dutiable, thus not only failing to put in force 8
consistent system of revenue reform but leav-
| Ing some Of our most valuable industries at .
great disadvantage as compared with their RE
Y ais differently located
Ii The Civil Service.
| WASHINGTON, Dec s.-The eleventh
annual report of the United States
OWL service commission shows that
from July /, 1898, to June so, 1894, +