The record-union., 1894-01-16
Total sl62 O5 s2o5,643 2S 90 $iS55S,ol4 "a
@Twelve days.
If the same average monthly deficien-

If the same average monthly deficien-
cieS should continue, the total differences
between the receipts and expenditures
on the 30th of June next will be SIS, l67,-
542. According to the best estimate that
can be made, the total receipts during the
present month and the month of Febru-
airy will be S41 100000 and the total ex-
penditureS will be SGT, SOC, 900, showing q
deficiency during the two months of SIS,-
400, 900 But this does not include any
payments on account OF the sugar bounty
claims, for which amount nearly 81, 5,000-
COO has already been presented and is
now under investigation in the depart
ment.
The assets of the Treasury and cur
rent liabilities in excess of certificates
and Treasury notes outstanding were as
follows on the 18th day OF the present
month: Gold, S74. Jos, l49; silver dollars
and bullion, $S,O9Z, ,287; fractional silver
coin, 81, l33, ,903; United States notes,
S5,03l, ,272; Treasury notes of 1890, S476000;
national bank notes, Sl4,02o, 735 minor
coins, S93S, ,S25; deposits in banks. Sl5,-
41O, ,S63; total cash assets, Sl32, ,327 ,So9.
Liabilities: Bank note per cent.
fund, 81, ,l9S. PIG; outstanding checks and
drafts, 80, l63, ,9l7; diSbursing officers bal
ance, SIS, ,l76, l49; POstoflice Department
account, %, S97, ,74l; undistribuIed assets
of failed national banks, 81, 81, III; Dis
trict OF Colum bia account, Sl44, 80; total
agency account, SIT, 800; gold reserve,
S74, ,0lI, ,549; net balance. Sll, ,374. Total
liabilities, $751; ,oS9.
1t Will appear from this statement that
the coin reserve has been reduced TO
$74, los, l49, and it is evident from the con-
dition OF the treasury that the department
will have no means to defray the ordi-
nary expenses of the Government unless
large part of the payments hereafter be
made out of that Iund. If this is done,
the coin reserve Will be reduced by the
lst of February to about 500, ,6Ol, ,S64-a
sum wholly inadequate for the purpose
for which it was created.
On account OF this critical condition of
the treasury, L have considered it my
duty, in addition to the earnest recon-
mendations contained in my annual re-
port, to appear twice before your com
mlttee. and, after full explanation OF the
situation, urge prompt legislative action
on this subject. With permission of the
committee, bave prepared and presented
for considerations bill which, ii promptly
passed, would, In my opinion, meet ali
the requirements Of The situation by pro-
viding the necessary means for defray-
ing the public expenses and replenishlng
the coin reserve 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 consid-
cred by your committee. great differences
OF opinion which are known to exist in
both branches of Congress concerning
the propriety OF granting additional or
amended authority to issue bonds in any
form or for any purpose. render 1t doubt
full whether new legislation upon the
subject can be secured in time to provide
means which are imperatively demanded
in order TO preserve the credit and honor
of the Government. The authority to
issue and sell bonds for the purpose of
maintaining specie payments was ex-
pressIy conferred upon The Secretary OF
the Treasury by the Act of January II.
1875, but has not been exercised since 1879.
and on account of the high rate OF inter-
est provided for and the length of time
such bonds would have to run, have
not been satisfied that such an emergency
has heretofore existed as would clearly
Justify their issue, but the necessity for
relief at this time is SO urgent and the
prospect of material improvement in the
financial condition of the Government so
problematcal, that unless authority to
issue and sell shorter bonds or other OBJ
legations bearing a lower rate of interest
than that specified in the exist
ing law, is granted by Congress
at very early day, l should feel
constrained by sense of public duty to
exercise the power already conferred to
the extent at least of providing an ade-
ouate coin reserve. Ii this action should
be taken, Congress ought, nevertheless,
to provide promptly for the deficiency in
the revenue during the current fiscal
year. and / will from time to time advise
your committee OF the condition of tie