The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1894-01-17
WANTS CASH.
The Secretary Says His Estl-
mates We're Too Low
BONDS MUST BE ISSUED AT ONCE.

Secretary Carlisle Warns Congress That II
It Does Not Give Him the Necessary
Assistance at an Early Date He VIII
Exercise the Power Vested In Him TO
RepIenish the Gold Reserve.
WAsH1HGToN, Jan. Secretary Car
Isle has addressed letter to Senator
voorhees,, chairman of the senate finance
committee, showing the actual condition
of the treasury ON the 18th day of the pres
emit month, and an estimate of the re-
ceipts and expenditures during the re-
mainder Of this month and the month of
February. Following are extracts from
the letter:
1t will be seen from the statements
that there is an urgent necessity for
such immediate action as will replenish
the coin reserve, and enable. this depart
ment to continue the payment of public
expenses and discharge the obligations of
the government to pensioners and other
lawful creditors.
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 S2S, 000, 600,
and asked congress for authority to issue
and sell bonds. or other forms of obliga-
tions, to an amount not exceeding $50. 000,-
goo, bearing low rate of interest and hay
ing a reasonably short time to run, to ena-
BILE the secretary of the treasury to supply
such deficiencies as might occur in the rev
enues.
Receipts and expenditures during the
month of December and up to the 18th day
of the present month show that the esti-
mate of deficiency of s2S 600 600 at the
close of the year was much too low.
If the same average monthly deficiencies
should continue, the total differences be-
tween receipts and exenditures ON the 30th
of June next will be SIS, 167, $40. According
to the best estimate that can be made the
total receipts during the present month
and the month of February will be $4,-
1000, and the total expenditures will be
$50, 3O0,0 coo, showing deficiency during the
two months of S1S, 400, 600; but this does not
include any payments on account of the
sugar bounty, claims for which to the
amount of nearly s., 100000 have already
been presented, and are now under investi-
CATION in the department..
The coin reserve has been reduced to S74.s
108, 149, and it is evident from NE 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 the 1st of Feb
ruary to about S66, COZ, S64, sum wholly
inadequate for the purpose for which it
was created.
On account of this critical condition of
the treasury have considered it my duty,
in addition to the earnest recommends
lions contained in my annual report, to APP
pear twice before your committee, and,
after full explanations of the situation,
urge promised legislative action on this
subject.
With the permission of the committee
have prepared and presented for its consid-
Grafton bill which, if promptly passed,
would, in my opinion, meet all the re
quirements of the situation, by providing
the necessary means for defraying the pub:
lie expenses and replenishing the coin re-
serve to such an extent as to assure the
maintenance of the parity of all forms of
all United States currency.
Authority to issue and sell bonds, for the
purpose of maintaining specie payments,
was expressly conferred upon the secretary
of the treasury by the act of Jan. IA, 1875,
but it has not been exercised since 1879,
and, on account of the high rate of interest
provided for, and the length of time such
bonds would have to run, 1 have not been
satisfied that such an emergency existed as
would clearly justify their issue. But the
necessity Tor relief at this time is so urgent,
and the prospect of material improvement
in the financial condition of the govern
ment is SO predetermined that. unless au-
thority to issue and sell shorter bonds or
other obligations, bearing lower rate of
interest than that specified in the existing
law, is granted by congress at very early
day, shall feel constrained by sense of
public duty to exercise the power already
conferred, to the extent, at least, of provid-
ing an adequate coin reserve. II this ac-
ton should be taken, congress ought,
nevertheless, to provide promptly for the
deficiency in the revenues during the cur
rent fiscal year, and 1 will from time to
time advise your committee of the con-
dition of the treasury, in order that this
subject may receive due consideration.
SERVANTS MADE RICH.