The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1894-12-28
CONDITION OF THE TREASURY.
Extract From Report Of the Secretary o,
the Treasury.


On the Ist day of July last the
total cash in the Treasury, excluding
current liabilities, but Including
gold reserve of $64,S73,oa4, was
$II6,6z6,221; and on the Ist day of
November, the total cash, excluding
current liabilities, but including $61,-
36I, ,S26 in gold, was $Io6,oo2,734,
showing decrease of $o,633,4S7.
The excess of expenditures over re-
celpts during the last fiscal year was
500, sos, 400, and during the first FIVE
months of the present fiscal year, $2I,-
737,367.oa. 1t is not believed, how
ever, that this difference between the
receipts and expenditures will con-
tinue in the same proportion until the
close Of the year, and, accordingly, l
have estimated deficiency of $2o,-
900, 900 at that time. Owing to the
large import1tions Of raw sugar in
anticipation of the passage of the
tariff act of August 2S, 1894, the
duties collected upon that article up
to December 1st amounted to only
$3,o22,ooo, and, of course nothing
has yet been realized from the tax on
incomes, as its payment cannot be
legally enforced until after July I,
1895. But there is reason to believe
that the importations of sugar must
be resumed at an early date and con-
tinued upon scale which vii! yield
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 tor
nonpayment within ten days after
July I, considerable part Of the in
come tax will be realized in time to
be available. AS the reduced rates
of duty on manufactures OF wool will
take effect on January I, 1895, the
importations of that class of goods
will doubtless be greatly increased af-
ter that date, and, consequently, a
considerable addition to the revenue
may be reasonably anticipated from
that source. If these expectations
should be to any considerable extent
disappointed, the year will close with
a greater deficiency than has been
estimated.
My opinion is that the laws now in
force will yield an ample revenue for
the fiscal year 1896, as all their pro-
visions will then be operative, and the
prospective Improvement in the bust
ness of the country, if realized, will
greatly increase the resources from
which taxes are collected, and, accord
ingly, surplus of $2S,SI4,92o is
estimated for that year.
In my last annual report l called
attention to the unsatisfactory condi-
tion of our financial legislation, and
especially to the issue and redemption
of circulating notes by the Govern
ment, and the inability of the Secre-
tary of the Treasury, under existing
laws, to make prompt and adequate
provision for the support of the pub
| lie credit. The experience of the past
year has confirmed and strengthened
the opinions then expressed, and l
therefore respectfully but most earn
estly urge upon Congress the necessity
for remedial legislation during its
present session. The well-known de-
fects in our financial system and the
serious nature of the evils threatened
| by them have done more during the
last two years to impair the credit Of
the Government and the people Of
the United States, at home and
abroad, and to check our industrial
and commercial progress than all
other things combined, and our first
and plainest duty is to provide, il
possible, some effective method for
the prompt and permanent relief OF
the country from the consequences Of
the present unwise policy.