Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1894-12-06
SEC. CARLISLE'S REPORT.
He Discusses Vital Topics Very In
terestfngly-Tarf kef0rmers
Must Not be Discouraged at
Temporary Kevcrses.

Washington, Dec. 6.-The annual report
of the secretary Of the treasury on the
state of the finances was sent to congress
yesterday. 1t shows the revenues of the
government from all sources of the fiscal
year, ended June 80, 1894, were $372,002,-
498, and the expenditures, $442,6O5,758,
which shows deficit of $60,803,260. A
veluminous review of government
finances follows and the secretary says:
"My opinion is that the laws now in
force will yield an ample revenue for the
fiscal year Of 1896, as all their provisions
will then be operative and the prospec-
tive improvement in the business of the
country, if realized, will greatly increase
the resources from which taxes are col
lected, and accordingly q surplus of $28,
814,92O IS estimated for that year.
THE NEW soHEME.
$50 long as there are in circulation
under the authority of the government
two coins unequal in value but equal in
legal tender qualities, every considera.
tion of good faith and sound policy re.
quires the prompt redemption of the
notes on presentation in the kind of coin
demanded by the holder and the constant
observance of such administrative meth
DDS as may be necessary to preserve the
purchasing power of the less valuable
metal. This is essential to the continued
circulation of cur standard silver dollars
and their paper representatives at par
and to abandon this policy without sub
stituting better one in its place would
not only fail to cure many of the evils
now existing, but would entail upon the
people of the country additional and
greater ones.
"This situation is the necessary result
of these features of our currency legisla
tion, and it can not be permanently
avoided or even temporarily improved
without material changes in our laws re-
lating to that subject.
Here follows an elaboration of the
secretary's new financial scheme as deal
with in the presidents message, and tht
report continues.
TALK OF SILVER.
The experience of this country under
the act of February 8, 1874, which limited
silver certificates to denominations O.
$40 and under the act of August 4, 1886
which removed that restriction, justifet
the belief that the change now proposed
would result in greatly increased use O
silver coins and certificates and that they
would be much less likely to return tt
and remain in the treasury than at pres
ent. At the time of the passing of tn,
act last referred to permitting the issu,
| 0f oil 1n11ovo mr. rnnroeontod " 10
tificates, in denominations of one, two ant
five dollars, standard silver dollars ha.
accumulated in the treasury to the amour
of $83 1858, $50, although the total coinag
up to that date was $235, ,643,2S6. Within
four months after that date, although il
the meantime the coinage was progress
| ing at the usual rate, the amount of fire.
silver held in the treasury was reduced t.
$71, ,259,568, and it continued to decreas
on account of the demand for small Ger
tificates until it became so reduced tina
further issues Of certificates had to b
limited, practically to the current coinag
of the dollars.
REVENUE REFORM.
On the subject of revenue reform tn
secretary continues:
If this country is to utilize to the full
est extent the opportunities offered b.
its geographical condition, natural re
sources and the mechanical skill an
commercial enterprise of its people,
must adhere steadfastly and aggressivel
to the revenue policy inaugurated by tn
present congress at it's last session. Th
reduction of taxation to its lowest poin
compatible with the collection of rev
enue sufficient to maintain an efficien
service is a duty which, upon the PLANES
principles OF justice, every governmen
owes to its citizens under all circum
stances; but when the taxation is impose
in such form and at such rates as to In
crease the cost of living and obstruot tn
processes of industry and trade, this dut
becomes still more imperative, and
failure to discharge it when the power ez
lists is gross violation of public trui
and confidence.
For many years our tariff laws hav
been framed upon the theory that tn
wealth of the country could be increase
by imposing burdens upon the people
and that the prosperity of our industrie
could be promoted by increasing the COS
of production, and the result has, bee
that the net profits of labor and capit1
have
CONSTANTLY D1M1NIsHED
until they reached point which mad
further Development Of our resources a
most impossible. But little opportunit
was afforded for the extension of OF
manufacturing and mechanical industrie
or for the growth of our trade at HON
or abroad, and thus the farmers an
other producers of the country were cor
fronted by situation which compelle
them to receive diminished rewards fe
increased production.
A change was demanded by every col
sideratisn Of public duty and private ii
terest, and, although the recent leglslatio
did not accomplish all that was expecte
or desired, it inaugurated policy whicl
it is hoped and believed, will ultimatel
result in great Improvement in our il
dustrial condition and correspondent
enlargement of our international and il
ternnl commerce. In the prosecution