Evening star. [volume] (Washington, D.C.) 1854-1972, 1894-01-16

receipts and expenditures on the 30th day
of June next will be SIS l67, $50.
According to the best estimate that can
be made. the total receipts during the pres
ent month and the month of February will
be $41,9OO.OO0 and the total expenditures
will be s6O,300,000, showing deficiency
during the two months of $1s.4OOOOO: but
this does not include any payments on ac-
count of the sugar bounty, claims for which
to the amount of nearly $5,OUOOOO have al
ready been presented and are now under
investigat ton in the department.
1.-THE current liabilities in excess of Ger.
tificates and treasury notes outstanding on
the 18th day of the present month were
$132, 321, $50.
The Low Coin Reserve.
The letter includes a statement Of assets
and liabilities, from which the Secretary
says it appears that the coin reserve has
been reduced to $I4, los, 149, and it is evident
from the condition of the treasury that the
department will have no means to defray
the ordinary expenses Of the government
unless a large part of the payments are
hereafter made out of that fund IL this is
done the coin reserve will be reduced by
the LIST of February to about $50, .Sti4, a
sum wholly inadequate for the purposes for
which it was created.
the treasury i have considered 1t my duty.
In addition to the earnest recommendations
contained in my annual report, TO appear
twice before your committed, and after full
explanations Of the situation urge prompt
legislative action on this subject. With the
PERMISSION Of the committee l have prepar-
I'd and presented for its consideration a bill
which, If promptly passed, would, in my
opinion, meet all the requirements OF the
,ituation by providing the necessary means
for defraying the public expenses and re-
plenishing the coin reserve to such an ex-
tent as to assure the maintenance Of the
parity Of all forms of United States cur
rency.
As to a Bond Issue.
"while the proposed measure of relief
has not yet been disposed Of or considered
by the committee, the great differences of
opinion which are known TO exist in both
branches of Congress concerning the pro-
priety Of granting additional or amended
authority to issue bonds in any form or for
any purpose render it doubtful whether
new legislation upon the subject can be Sc
cured in time to provide the means which
are imperatively demanded in order TO pre-
serve the credit and honor of the govern
ment
Authority to issue and sell bonds for
the purpose of maintaining specie pay
ments was expressly conferred upon the
secretary the treasury Dy tHc act VI ian
uary IA, 1875. but 1t 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.
have not been satisfied that such an einer-
gency has heretofore existed as would clear
" Justify their issue. But the necessity for
relief at this time is urgent ard the pros
pect Of material improvement IN the finan-
cial condition Of the government is 30 prob
lematical that unless authority to issue and
sell shorter bonds or other obligations bear
ing a lower rate Of interest than that speci-
fed in the existing law is granted by Con-
gress at a very early day l shall feel con-
ercise the power already conferred, to the
extent, at least, of providing an adequate
coin reserve.
IF this action should be taken Congress
ought nevertheless, to provide promptly
for the deficiency in the revenues during
the current fiscal year. and will from time
to time advise your committee Of the con-