The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-01-16
Twelve DAYS.
III the same average monthlv def

If the same average monthly def
ciencies should continue, the total diff
ferences between the receipts and eX-
penditures on the Goth of June next
will be SIS, 167, 542. According to the
best estimate that can be made the to-
tai receipts during the present month
and he month of February will be SAL
900, 900 and the total expenditures will
be $50, 300 900, showing a deficiency dur
ing the two months of $1S,400,000; but
this does not include any payments on
account of sugar bounty claims, for
which the amount of nearly $4,000, 900
has already been presented and is now
under investigation in the department.
The assets of the treasury and the
current liabilities in excess of certifi-
Gates and treasury notes outstanding
were as follows on the 18th day of the
present month: Gold, ,149; sill
yer dollars and bullion, $685. 2S7; frac-
tional silver coin, 2,133, 9O3; United
States notes, $5,031,272; treasury notes
of $780, $2,476000; national bank notes,
1925, 1856; minor coins, 1898, S25; de-
posts in the banks, $15,47O,863; total
cash assets, $132, S27, S89. Liabilities:
Bank notes, 5 per cent. fund, 81, 1875, PIG;
outstanding checks and drafts, So, 1884,
917; disbursing officers balances, $28,
176, 149; postoffice department account,
| SO, 1877, 741; undistributed assets of fail
ed national banks, $1,927,727; District
of Columbia account, $144, 230; total
account, SAG, 1896, 1856; gold reserve, $74,-
SAG; net balance, 81, 223,374 To-
tai liabilities, 1872, 377, $780,
1t will appear from this statement
that the coin reserve has been reduced
to STA, 10S, 149, and it is evident from the
condition of the treasury the depart
ment will have no means to defray the
ordinary expenses 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 re-
! duced by the 1st of February to about
$66, 601, S64, sum wholly inadequate for
/ the purpose for which it was created.
/ On account of this critical condition
iof the treasury, / have considered it
my duty, in addition to the earnest
recommendations contained in my an
! nual report to appear twice before your
committee and after full explana-
ton of the situation, l urge prompt
1 Legislative action on this subject and
with the permission of the committee
7 have prepared and issued for con-
| sideration a bill which, if promptly
passed, would, in my opinion, meet all
the requirements OF the situation by
providing the necessary means for de-
| fraying the public expenses and re-
plenishing the coin reserve to such an
extent as to assure the maintenance OF
the parity of all forms of the United
States currency. While this proposed
measure of relief has not yet been dis
posed of, or considered by the COM
mittee, the great differences of opinion
which are known to exist in both
branches of Congress concerning the
propriety of granting additional OF
amended authority 10 issue bonds in
any form, or for any purpose, render
| it doubtful whether the new legisla-
ton upon the subject can be secured
in time to provide the means which are
limperatively demanded in order to pre-
serve the credit and honor of the gov.
eminent, authority to issue and sell
bonds for the purpose of maintaining
specie payments was expressly con.
ferred upon the secretary treasury by
the act of Jan. IA, 1875, but has moi
been exercised since 1879, and on ac-
lcount of the high rate of interest pro-
ivided for and the length of time such