The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1894-12-12

annual report Of the secretary Of the
treasury on the state of the finances was
sent to congress today. 1t shows that
the revenues Of the government from all
sources for the fiscal year ended June 90,
1894, We're $372S02.4 9S. and the expendi-
lures SIP 605.65S, which shows deficit Of
500, 500, 200. As compared with the fiscal
year 1898, the receipts for 1894 fell Off
SSS.914.063. During the year there was a
decrease Of S15,952,6 ga in the ordinary eX-
penditures Of the government. The rev.
enues for the current fiscal year are thus
estimated upon the basis Of existing
laws:
FROM customs. ....-............. sloUVUOVUV
From internal revenue. ......-.. 1b9,UOOOOO
From miscellaneous sources.... 100000
From postal serVlce............. o442fl4o
Total estimated revenues. .$424 427.7 4S
The expenditure for the same period
are estimated as follows
For the civil establishment.... 81, 100000
For the military establish
ment NEUTRALITY-SUSPICIOUS.. 55,ZJUOUO
F0r the naval establishment. S2,50000O
For The Indian service. ll,5OOOOO
For pensions NEUTRALITY-SUSPICIOUS.. 4fJouVVVU
For interest on the public debt. 5lO0O0OO
For postal serVtce-- S44zt,l4S
Total estimated expenditures, $444, 49,
7iS, or q deficit Of S20,000,000.
It is estimated that upon the basis Of
existing laws the revenues of the gov
eminent for the fiscal year Of 1886 win be-:
From customs. $1S5, 600 900
From internal IeVcnue.-......- 19O, 600 600
From miscellaneous sources..... 100000
From postal service............. S69OL lOl
Total estimated revenues. .S47s. 9o7. 4O7
Currcne. peforn,
In discussing currency reform Mr.. Car
Isle says:
On the first day of July last the total
cash in the treasury, excluding current
article up 10 Dec. I. amounted to
S64S73,024 was 1i6,626,22l, and on the
first day Of November the total cash, eX-
Guiding current Liabilities, but including
SCI 1861 .S26 in god, was Sl06.992, lai, showing
a decrease of S9.633.4S7 The excess of eX-
pendi-ur-s over receipts during the last
fiscal year was $69S03260 and during the
first five months of the present fiscal year
S21737 1861 %. Ii is not believed, however.
that this differences between the receipts
and expenditures VIII continue in the same
proportion unu. the C.Ose OF the year, and
accordingly / have estimated a deficiency
OF 600 at that time. Owing TO the
large importation or raw sugar in anticl-
patton Of the passage of the tariff act Of
Aug IS, 1S9f, the duties collected on that
only 5000 600, and, Of course, nothing has
yet been realized from the tax on incomes.
as its payment cannot b5 legally enforced
until after July /, 1855.
But there is reason to believe that the
impOrtatiOns Of sugar must be resumed at
an cary date and continued upon a scale
which VII yield large revenue from that
source during the remainder OF the year,
and Il IS probable. also. that on account Of
the penalties which may be incurred for
81 aUaaw- I'll
j. considerable part Of the income tax
wiz be realized in time to be available.
Ample Revenue in Time.
Ny opinion is that the laws now in
force VIII yield an amp-e revenue for the
fiscal year 1896, as all their provisions viii
then be operative and the prospective i'm
provement in the business Of the country,
il realized. will greatly increase the re
sources from which taxes are collected.
and accordingly a surplus Of s2S,S14,920 is
estimated for that year
In my last annual report I called atten-
ton to the unsatisfactory condition Of our
financial legislation. especially to The issue
and redemption Of circulating notes by
the government, and the inability of the
secretary Of the treasury, under existing
laws. TO make prompt and adequate pro-
vision for the support Of the public credit.
y
frmed and strengthened the opinions then
expressed, and 1. therefore. respectfully
but most earnestly urge upon congress the
necessity for remedial legislation during
the present session.
The Well-known defects in our inan-
cial system, and the serious nature Of the
evils threatened by them, have done more
during the last two years To impair the
credit Of the government and the people
OF the United States at home and abroad.
I'll
cial progress, than all other things COM
blned, and our first and plainest duty is
70 provide. II possible some effective
method for the prompt and permanent
relief OF the country from the conse-
ouences OF the present unWise policy A
brief statement OF the practical and I'M
avOidable results OF the existing legisla-
ton will demonstrate its Injurious effects
upon our financial affairs more clearly
than any argument that could be sub
mitted.
The First Bond Issue.
The secretary then reviews the circum-
stances leading up to the first $4,000 600
Issue Of bords as { means Of replenishine
the gold reserve, yielding SIS 66O,917 and
Increasing the free gold In the treasury
to S1O7, 44e.SO2. The lowest point reached
by the reserve since the resumption of
specie payments was on the 7th day of
<NtrA7-f 1871 ~ A-e.''il VI Will
drawalg in the redemption Of notes il
was reduced to $521S9 500 After that date
Il was slowly replenisaed by voluntary
exchanges Of gold coin for United States
notes by banks and by small receipts OF
gold in the payment Of dues to the gov
eminent until the 18th Of November. 1894,
when II reached the sum Of $6f,S7S.34
In the meantime. however, the frequent
presentation Of notes for redemption in gold
by individuals and institutions not desiring
it for export, clearly indicates the existence