The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-01-16

WASHINGTON. Jan. 10.
~ ECRETARY CARLISLE has made
w public through letter addressed
NM to Mr. Voorhees,, chairman Of
W the senate committee on finance,
an authentic statement Of the present
critical condition of the United States
treasury and of its urgent needs. The
letter says in part
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 SOS, 000,-
900, and / asked congress for authority to
issue and sell bonds, or other forms of OBJ
legations, to dn amount not exceeding S50,-
000,00 That estimate was much too low.
If the same average monthly deficiencies
should continue the total differences be-
tween receipts and expenditures on the
3Oth day of June next will be S7S, l67, 532.
The coin reserve has been reduced to S74,-
| los, 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 large
part of the payments are hereafter made
out of that fund. II this is done the coin
reserve will be reduced by Feb to
about $GG, 6Ol, S64, a sum wholly inadequate
for the purpose for which it was created.
CARLISLE HAS AN EXPEDIENT.
On account of this critical condition of
the treasury / have considered i my duty,
| in addition to the earnest recommends
| tions contained in my annual report, to
appear twice before your committee, and
after full explanations Of the situation,
urge prompt legislative action on this sub
ject. With the permission Of the commit
tee, have prepared and presented for its
consideration a bill, which, if promptly
passed, would, in my opinion, meet all the
requirements Of the situation by providing
the necessary means for defraying the pub
lie expenses and replenishlng the coin re-
serve to such an extent as to assure the
maintenance of the parity OF all forms of
| United States currency.
While this proposed measure Of relief
has not yet been disposed of or consider d
by the committee the great differences of
| opinion which are known to exist in both
| bronches of congress concerning the pro-
priety Of granting additional or amended
authority to issue bonds in any form or
for any purpose render it doubtful whether
new legislation upon the subject can be
secured in time to provide the means
which are imperativey demanded in order
to preserve the credit and honor of the
government.
The necessity for relief at this time IS so
urgent, and the prospect OF material i'm
provement in the financial condition Of
the government is SO problematical. that
unless authority to issue and sell shorter
bonds, or other obligations, bearing n
lower rate of interest than thot specified in
the existing, is granted by congress at
very early day, ! shall feel constrained by
a sense OF public duty to exercise the pow
or already conferred to the extent at least
of providing an adequate coin reserve. If
| this action should be taken, congress
ought, nevertheless, to provide promptly
for the deficiency In the revenues during
the current fiscal year
WHAT cARLIsLE's BILL IS.
The publication of this important
letter, it is confidently expected, will
be followed by some immediate con-
sideration Of the question by congress.
The bill which is referred to in the
above letter authorizes the secretary of
the treasury to issue from TINA to time
as he may deem necessary, and in such
form as he may prescribe coupon or
registered bonds of the United States
in denominations OF S25 and mul-
tiples thereof. redeemable in coin
at the pleasure of the United States
after - years from date. bearing
interest at Fate not exceeding per
centum per annum, payable quarterly
in coin, and to sell the same at not less
{. than par in coin; and the proceeds Of
such bonds shall be held and used to
maintain the parity of all forms of
money coined or issued by the United
States, but the secretary of the treas
ury is hereby authorized to use from
time to time such part of such proceeds
rs may be necessary to supply the de-
ficiencies in the public revenues during
the fiscal year 1894