Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-12-05


WAsHINGToN, L. c., December 4-The
annual report of the Secretary Of the Treas
ury on the state Of the finances, was sent
TO Congress to-day. IL shows that the
revenues Of the government from all
sources for the fiscal year ended June 30,
1894, were $372, ,SO2, 49S and the expeudi-
lures S442. COS, 75S. which shows q deficit
Of $50, sos, $50 As compared with the fiscal
year 1898, the receipts for 1894 fell OF SSS,
8l4,O63. During the year there was de-
crease OF 81 >, ,g53.654 iu the ordinary eXpen-
ditures Of the government. The revenues
for tue current hsC I year are thus estl-
mated upon "a. oasis ST existing laws,
(cents Omitted): From customs, SI6O,UUO,-
600; from internal revenue, Sl65,OOO,OOO;
from miscellaneous sources, Sl0OIO,OuO;
from postal service, SS4,42L14S; total esti-
mated revenues, &424, 435,1 as.
The expenditures Tor the same period ara
estimated as follows: For the civil est2O-
hshmeGt. S9l,250,OOO, for the military
establishment, SIS, ,2j0.C0J; for the naval
establishment, 81, 800 600; for the Indian
service, 81 800, 900; for pensions, $40, 5OJ,-
coo; for interest on the puOliC debt, $3l, 900 =
900; for postal service $S4, ,42I, AS; total
estimated expenditures, S4i4, At, 14o, or a
deficit of s-OOUO,OtO.
IL is estimated that upon the basis of eX-
listing laws the revenues OF the govern nmeuL
for the hsca. year 1896, will be: From
customs, SlSj, 900, 900; from internal reve-
nue., gl,OUOO OJO; from miscellaneous
sources, Sl5,O0J.OJ0, from postal service,
So, ,9OT, 400; total estimated revenues, $40
gJ5 4O1
The appropriations he r0fore made for
tue enforcement of the chinese exclusion
laws are declared % be- Inadequate. lu-
Bpectors are needed not only az ports where
Chinese arrive directly Oy vessels, but at
various places on tRe Mexican and Cana
dian frontiers and also az places IN the in
terror where there are large Chinese COLO
MES. The appropriation should oe SlOO,OUO
THE SECRETARY BRIEFLY Explains
his inability to pat into operation the sec
tion Of the new tariff ACT authorizing the
refuuding of taxes Oh alcohol used i'm the
arts, etc, and estimates that these refunds
will amount TO not less than SIC, C0O,00O,
and that the cost Of the necessary official
supervision viii not be less than SjOO,Ou0
per aunum.
Tue most important feature is his dis
cussiOn of currency reform. Mr.. Carlisle
says that on July 1, 1894 the total cash in
the treasury, including Sj4 S53.U24 gold re
serve. was Sll6,626, 92l; and November I,
including Sol, ,56l, so Ia gold, was; $780,
9J2, ,134, a decrease of S9,653. .4S1 Expendi.
lures over receipts for the first five mouths
Of the present fiscal year SCI, ,731, ,3jT ~. 1t
IS not believed that this difference viii
continue prOpOrtiOuately during the year,
and have estimated a deficiency
OF $4,000, 100. Owing TO the large impor-
tauOn of raw sugar in anticipation OF tue
new tariff Ibe duties on that article TO De-
Cember l., amounted 10 only &,O22,OO0.
Nothing has been realized from tue income
tax lmpOrtatiOns OF sugar must resume
and they will yield a large revenue. II is
probable that q considerable part of the in
come tax will be available. Under the re-
duced rates imports of manufactures of
wool viii greatly increase after January
J. '95, and addition % the revenue may be
anticipated. My opinion is that existing
laws Will yield ample revenue for 1895.
Improvement IN the business of the Coun-
Try, if realized, will greatly increase the
resources and surplus Of S2S,ol4J-O IS
estimated for that year.
In my last annua, report / called atten-
ton 20 the unsatisfactory condition of our
financial legislation, especially 10 the issue
and redemption of circulating notes by the
government and the inability Of the Secre-
tary of the Treasury under existing laws
20 make prompt and adequate provision for
the support of the public credit. The eX-
perieuce Of the past year has confirmed and
strengthened the opiniens then expressed,
and L therefor respectfully out most earn
estiv urge upon Congress the necessity for
remedial legislation during itS present SeS-
sion The well known defects 10 our ln-
aucjai system and the serious nature OF the
evils threatened Oy them, have done more
during the last two wears % impair the
credit OF the government and the people Of
the United States, at home and abroad,
and 20 check our Industrial and CONNER
Cial progress than al other things COM
bined, aud our first and pialnest duty Is 10
provide, ii possible, some effective method
Tor the prompt and permanent rehet OF
the country from the consequences Of the
present uuwise policy. A brief statement
Of the practical and
UNAvoIpABLE RESULTS
Of ne existing legislation viii demonstrate
its injurious efet's upon our financial
affairs more clearly than any argument
that could be submitted.
After many huctuations, the gold reserve
held for the redemption OF United states
legal tender notes was reduced on the nth
dav of January 10 S69. 751, so. The current
expenses for some time had been consider
ably in excess OF receipts, aud 1t was i'm
.p0sSi ole TO procure gold wituOul reSorung
70 the sale of bombs. Accordingly S2OUO0-
600 8 per cent. ponds were sold for S5S, ,66O,-
gI68 on March 6. 1894. the free gold
amounted 10 sfO1. .H46. .S02, the highest point
reached since Mafch ., 1893 The lowest
point was AurDstl Z, 1884, when it was re-
ducsd II 81 lSQ 500. After that date il was
slowly replenisheh BY voluntary exchanges
of gold coin FOR nokes 5v the banks, and by
small recelDts OF lCoId In dues until No
vember a. 1894 when 10 reached Sol,Ste,o4f.
In the meantimd freQueot PRESENTATIONS
of demands for 0Old not desired for export
indicated "a fealirlg of uneasinesS, while
foreign exchanges 9,as at a rate which made
il more Dro6rablb 10 export gold than 70
purchase oils. anti shipments were threat
ened. I'm ad6Itioul the kast accumulation
of money ar fiDankisl ceb tres and the gen
eral deDressiOn ~ businA IS had so reduced
the rates of 6isNount [ hat better invest
ments could be Made ab foad, which made
il highly imprud ; In 10 n glect any precau-
tion no iDsurs IN safetyH Of our financial
position. Sons AipmeAts OF gOlu were
made. and a. M Asous was approaching
when large ex Aicns nearly always
Occur il was n for the execution
of the noDetar y declared oy Con-
gress. 10 resorf % the issue of bonds.
With revenues ouaie for the oriin-
ary expenses am ttically no receipts Of
gold, the treasur s unable 70 meel
TUE USUAL NpS FOR ENfoi
This was the Auon Of audlr
on November ID 600 O0J ~
bonds were sold b7S per ce