Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1894-12-06


Congressman Interesting Paper.
WASHINGTON, Dec. 4.-The annual re-
port of the Secretary of tile Treasury on
tho state of the tnnpces was sent to Con-
grcss to-day. 1t shows that the revenues
OF the government from all sources for tho
fiscal year ended June Both. 1894, were
1872, SO2,iDS. and the expenditures S4i2-
605, 1858. which shows u deficit of $50 SO3, 9H0.
As compared with the fiscal year 1893.
the receipts for 1894 fell off sSS 9l4, 0G3.
During the year there was decrease of
Sl5,952,674 i'll the ordinary expenditures Of
the government. The revenues for the
current fiscal year are thus estimated
upon the basis of existing laws (ccnts
omitted:
REVENUES AND EXPENSES.
From customs scale, 100000, 900; from
Internal revenues, $lG5, U00, UgO; from mis-
cellaneous, sl50O0.0 600; from the postal
service, SS4, i27, 14S; total estimated reyG-
nues, 1921, 427.74s
The expenditures for the same period.
are estimated as follows For the civil es-
adjustment scale, $9l. 250, 900; for the mill
tary establishment, SOL, $4,000; for the
naval establishment, S32 50D, 900; for the
Indian service, Sill 800, 900; for pensions,
Sl4O, 100000 for interest on public debt,
S3l QUO, QUO; for the postal service. SS4, 49,
7is; total estimated expenditures. S44i,-
AT, 74S. Or deficit Of $20,00o,U00.
II is estimated that upon the basis of eS-
listing laws the revenues OF the govern
ment for the fiscal year 1906, will be:
ternal revenue. Sl9O.00O,0 00 from miscel-
lanenus, Sl5,000.00O; from the postal SER
vice, SSG,OO7, 407; total estimated reveuues.
s4769U7, 407.
CURRENCY REFORM.
The most important feature of Mr.. Car
isles report is his discussion of currency
reform, in the course OF which the adj
ministration's plans OF new system of
currency are set forth in detail. Mr..
Carlisle says:
On the first day of July last, the total
cash in the Treasury, excluding current
Liabilities, but including gold reserve of
S6i. ST3, 024. was $ll6,62G, 2gl and OH the
first day of November, the total cash OK
Guiding current liabilities but including
SCI ,36l, 826 in gold was Sl06 992. 1874. show
ing decrease of 50. 633, 4S7. The excess of
expenditures over receipts during the last
fiscal yea was 500. S03, go, and during the
first five months OF the present fiscal year
S2l, 73I, 367.92 1t is not believed, how
ever, that this difference between the re-
ceipts and expenditures will continue in
the same proportion until the close of the
year and, accordingly. ! have esti-
mated a deficiency Of S20,000,00o at
that time. Owing to the large impor-
tation of raw sugar in anticipation
of the passage of the Tariff act of August,
| 1884, the duties collected upon that article
| up to December LIST amounted to only
| $3,022,oO0, and of course nothing has yet
been realized from the tax on incomes, as
| its payment cannot be legally enforced
| reason to believe that the impprtations of
sugar must be resumed at an early date
and continued upon scale which will
| yield d large revenue from that source
| during the remainder Of the year, and it
| is probable, also, that on account of the
| penalties which may be incurred for non,
payment within ten days after July LIST, a
considerable part of the income tax will
be realized in time to be available.
| My opinion is that the laws now In force
will yield All ample revenue for the fiscal
year 1906, as all their provisions will then
be operative, and the prospective improve
| ment in the business of the country il
| realized, will greatly increase the resources
from which taxes are collected. and accord.
ingly surplus of S2S, Sl4, 920, is estimated
| for that year.
In view of considerations that might be
urged in favor of a reorganization and re.
| formation of our paper currency SYSTEM
have prepared the outlines of plan which
| in my opinion, will relieve the government
| to great extent from the burdens now
imposed upon it. secure within reason
able time a safe and elastic national and
State bank currency, and result ultimately
| in the permanent retirement of unitet
States lega! tender notes of both classes
It is in brief as follows:
Repeal all laws requiring or authorizing
| the deposit of United States bonds assae
curty for circulation.
Permit national banks to issue notes tt
an amount not exceeding 70 per centum O.
| their paid-up and unimpaired capital, bu
require each bank before receiving note
to deposit guarantee fund, consisting o
United States legal tender notes. including
treasury notes of $780, to the amount Of ~
per centum upon the circulating notes out
standing, to be maintained at all times
and whenever bank retires Its circulation
in whole or in part its guantee fund to be
returned to il in proportion to the amount
of notes retired.
Retain the provision of the law making
stockholders individually liable and pro
vide that the circulating notes shall con
stitute first lien upon all the assets of tn,
bank.
Impose tax of one-half of per centun
per annum, payable seini.annually, npot
the average amount of notes in circulation
to lefray the expenses OF printing notes
official supervision, cancellation, NC.
Require of each national banking asso
citation to redeem its notes at its own offic
or at agencies to be designated by it.
Repeal the provisions of the reorganiza
ton and extension act of July 18th. 1882
imposing limitations upon the reduction
and increase of national bank circulation
Repeal all provisions of the law requir
ing banks to keep u reserve on account o
deposits.
The Secretary Of the Treasury ma
under proper rules and regulations to b
established by him, permit state banks t
procure and Use in the preparation q
their notes the distinctive paper used j
printing United States securities but II
State banks shall print or engraveits note
in similitude of United States note, G
certificate or national bank note.
Every prudently managed bank, IL lei
free to conduct its deposit and discout
business in the manner most advantageou
to its own interests and the interests of IL
patrons. will undoubtedly have on hand
reasonable reserve to meet not only all til
ordinary demands upon it, but to provid
for such emergencies as are liable to occu
: in the community where it is located bl
it ought not to be provided by the la
from using such reserve for the only pu
!; poses it was designed to accomplish.
. A safety fluid. consisting of per Gel
upon the outstanding circulation of all I'll
banks, to insure the prompt redemptio
; of the notes of the failed banks, is believe
, to be necessary feature of any pla
} which proposes to dispense with the d
: post Of bonds and exempt the goyernmet
from liability on account OF the nation
bank currency.
3 Oh the subject of revenue reform, I'll
D secretary continues:
D If this country is to utilize to the fulle
! extent the opportunities offered by i
geographical position, natural resonrc
r and the mechanical skill and commerce.
0 enterprise of its people. it must adhe
steadfastly and asgressively to the revenl
: policy inaugurated by the present, Coz
r gress at Its last session. The reduction
tnyntion tn the lowest t,oint conlpatfb