San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1894-12-04
SECRETARY OF TIE TREASURY
FIRES his GUN.
HIS OFFICIAL SHOWING OF THE
FINANCES OF THE COUNTRY
AND HIS GUEssES FOR
THE FUTURE.
He Issues His Proposed Plan for the
Reorganization of the Currency
and Outlines a Revolution in
the Banking Business.

nual report of the secretary OF the treasu-
ry on the state of the finances was sent to
Congress today. 1t shows that the reven.
ues OF the government from all sources
| for the fiscal year en1ed June 80, 1894,
were 1872, S02, 44S, and the expenditures
| S4,2, sos, 65S, which shows deficiency Of
| S69, s03 26O. AS compared with the fiscal
! year 1893 the receipts for 1894 fell of $685.
| 9l4,O63.
During the year there was decrease of
| $3.50, GA in the ordinary expenditures Of
| the government. The revenues for the
current fiscal year are thus estimated:
From customs Sl60, OOO. OC0, from internal
revenue 5 65.' O0,CJ0, from miscellaneous
| sources $4,000 0O0, from postal service
ss44.7,74s; total s424 4l7,74s. The expen
oitureS for the same period are estimated
as follows: For the civil establishment
S91, $50, co., for the military $50, $50 Geo, for
| the naval S32. 100000, for the Inoian ser
vice Sl1, 100000 for pensions Sl40,5O0 con,
| for interest on the public debt s3l 600 COO,
| for postal service S4,427,74S; total esLi-
mated expenditures S444, 427,74S, or a deli
| cit OF $40 C00,C00
1t is recommended that small ports Of
entry should be abolished and the dis
! tracts consolidated, and this could be es-
tabliShed without impairing the means
| to protect the revenue against SmugglerS
and without Withdrawing proper facilities
/ for documenting vessels. The app Opria-
| tiOnS heretofore made annually for the
! enforcement of the Chinese exclusion
! laws are declared to be inadequate
| for the purpose. The expense IN
volved in investigating cases where
| Chinese unIawfully enter the United
States is very large and the apprOpria-
! tiOn referr' d should be not less than $780,
600 per annum. The pending treaty be-
/ tween China and the United States will
increase these EXPENSES,
| There Is marked decrease In the num-
| Der OF seas In the Prybylotf Islands and
the number permitted TO be taken was
| limited TO 5000, and for the ensuing year
| the number will have to be still further
reduced. 1t is known that the total catch
in the North Pacific and Behring sea for
! the season just expired is by far the
! largest ever known 10 the history of Pc
! lagic sealing. This with the decrease in
the seals on the Prybelotf islands and the
| large number of the dead pups fount on
the islands during the last season whose
| juStities the belief that tefore the expiIa-
tion of five years, the fur seal will have
[ been practically eXterminated.
| CURRENCY REFORM.
| "On the first day OF July last the total
| cash in the treasury, eXclu ling current
| liabilities but including a gold reserve OF
| S64, S75, 024 was Sl16626,22l; and on the
| first day OF November the total cash, ex-
GLIDING current liabilities hut including
Sol, 36I 1926 In gold, was Sl06, 992, 734. show
| ing a decrease of 50 633,647.
| respectful most earnestly urge upon
Congress the necessity of remedial legisla-
| tion during its present session. Our first
! and plainest duty is TO provide, IL possible,
some effective method for the prompt and
permanent re lief of the country from the
| consequences of the present unwise policy.
A brief statement OF the practical and
} unavoidable results of the existing lagis-
! lation will demonstrate its serious effects
| upon our financial affairs more clearly
| than any argument that could be submit
| ted. The secretary then reviews the cir
! cumstanreS leading up to the first ,0C0,-
| COO OF bonds as means OfreDleniShing the
! gold reserve and presents large array OF
! figures.
| have prepared the outlines of plan
| which, in my opinion will relieve to an
! extent from burdens now imposed upon II.
, secure within reasonable time safe and
! elaStice national and state bank currency
and result ultimately in the permanent
relirementOf United States legal tender
notes of both classes. 1t is IN brief as
follows: Repeal all laws requiring or
! authorizing the deposit of United States
! bonds as security for circulation; 2-Per.
nit national banks to issue notes to an
amount not exceeding Is per centum OF
their Laid up and unimpaircd
capital, but require each bank
/ before rec living notes to deposit a
guarantee fund consist of United States
| legal ttnier notes, including treasury
notes Of go to the amount Of per centum
upon the circnla ting notes outstanding to
be maintained at all times, and whenever
! bank retireS its circulation in whole or
in part, It's guarantee fund be returned to
il in amounts in proportion to the amount
of notes received; 3 Retain the provis-
ion of the law making stockholders indi-
| Vldually liable and provide that the circu
latiOn notes shall constitute a first lien
upon all assets If the bank. 4-lmpose a
taXof One-half per centum per annum,
payable semi ann Tally upon the average
amount of notes in circulation TO defray
the expenses OF printing notes,
official supervision, cancellation, etc.
denOmina ion than ten dollars and all
notes of the same denomination to be nni
form in design. but banks desiring to re-
deem their notes In gold may have them
made payable In that coin. 6-Require
each national banking association to re-
, deem its notes at its own office or at its
own official agencies to be designated by
1t. To provide safety fund for the
immediate redempt on of the circulating
notes of failed hanks, compose tax OF
per centum upon the average circulation
of each bank until the fund amounts TO 5
per cent of the total circulation outstand- =
ing. Require each new bank and each
bank taxing out additional circulation TO
[ deposit its proper proportion Of this fund
before receiving notes. When a bank
fails its guarantee fund held on deposit
! be paid into the safety fund and used In
the redemption Of the notes Of failed ma
I tional bank and IL the immediate avail
able cash assets Of such banks are INSULT
Gent to re-esJabish the fund; IL shall be
A n ade good by pro rata assessment upon
the other banks, according to the
amounts Of their outstanding circulation.
6 R peal the provisions OF the reor-
nd ~ Of lIllN 10