Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1895-12-21
OUR FINANCES.
Secretary of the Ire asury Pre-
sents His Annual Report.
A Deficit Shown of s4s, sO6,ees-Indorse-
ment of President Cieveland's Finan-
cial Plan-Authority to Issue
Honda Asked.


Tt shows that the revenues of the govern
ment from all sources during the last fiscal
year amounted to $500, ,373, ,203. The expendi-
lures during the same period aggregated
I33, ,17S, ,426, leaving deficit for the year OF
$42 S05, ,223 AS compared with the fiscal
year 1894 the receipts for 1895 increased
$17, $40, ,7O5, although there was decrease OF
S31, 1920, ,9S1 in the ordinary expenditures,
which is largely accounted for by reduc-
ton of $11,13i 055 on sugar bounties' The
revenues for the current fiscal year are
estimated upon the basis of existing laws
at $i31, ,9O7, ,407, and the expenditures at $4iS,-
S07, ,407, which will leave a deficit of $l7,-
600 900.
For the coming fiscal year, ending June
30, 1897, the secretary estimates the re-
ceipts at s4G4, ,793, ,120, and the expenditures at
$i57, ,SS4,193, or an estimated surplus or S6,-
90S 926. The secretary states briefly the
facts concerning the issues of bonds during
the year, the particulars of which have al
ready been reported to congress.
with a complete return to the normal
business condition of the country and
proper legislative and executive supervision
over expenditures the revenue laws now
in force will In my opinion yield ample
means for the support of the public service
upon the basis now established and upon
he assumption, which seems to be justified,
mat the progress now being made toward
the restoration of our usual state of pros
perity will continue without serious inter-
ruption, 1t Is estimated that there will be
a surplus of nearly N,OO0,OOO during tne
fiscal year 1897.
During the fiscal years 1894 and '95 the
ordinary expenditures of the government
have been decreased s27, ,2S2, $500. as COM
pared with the fiscal year 1898, and 1t Is
believed that, with the cooperation of con-
gress, further reductions can be made in
the future without impairing the efficiency
of the public service
The secretary states in detail the differ
ent bond transactions entered into since
the adjournment of the last congress and
states that the contract entered into for
the last issue of s62, 400 of four per cent.
bonds was fully carried out by the syndi-
cate to whom the contract vas given and
that "the beneficial effects of this trans
action were felt Immediately not only IN
this country but in every other having
commercial or financial relations with our
people," But he says the safety of the
existing situation is constantly menaced
and further progress toward COM
plete restoration of confidence and prosper
ity is seriously impeded by the defects
in our currency laws and the doubt
and uncertainty still prevailing In the
public mind, especially abroad, con-
cerning the future monetary policy
of the government. These dtfficulties
he proposes to remove by the re-
tirement OF the grnenbacks and the extern
sion of the national bank system as in
dicated in the presidents message. He
controverts the convention that surplus
revenue would extricate the country from
It's difficulties and states:
NO surplus revenue, however large,
could extricate us from our present diff
culties or give assurance of safety In the
future unless IL should be required to be
| paid in gold under a system which would
exempt the government from the obllga-
| tion to furnish the gold when demanded to
| be used in making the payments; and It
| Is scarcely necessary to suggest that such
system is impossible as long as the
United States notes and treasury notes are
| kept in circulation and are redeemable in
gold by the government itself on presenta-
| ton"
| AS a temporary remedy for existing con-
ditions he suggests that authorization be
| given to the secretary of the treasury Ito
issue from time to time bonds payable In
| gold, bearing interest at a ratio not ex-
| ceeding three per cent. per annum and
having a long time to run, and to exchange
the bonds for United States notes and
treasury notes upon such terms as may
be most advantageous to the government,
or to sell them abroad for gold whenever,
in his Judgment, it is advisable to do so
and use the gold thus obtained in redeem
| ing the outstanding notes..
| The secretary also favors the passage of
a law allowing national banks to establish
branches in small towns. The secretary in
closing his report says that 1t Is not prob
tirement of United States notes and treas
ury notes will be adopted that will not re-
uuire considerable time for Its complete
| execution, and he therefore urges upon
congress the propriety of prohibiting any
future issues of such notes or of national
bank notes of less denominations than ten
dollars, thus making room in the circula-
ton for silver coins and silver certificates
OF small denominations. This. he says
| would increase their use among the peo-
atr- ant v-Gttt &c
and accumulation in the treasury.
Among the minor topics treated upon ir
the report are a reorganization of customs
districts; more stringent regulations &c
prevent infection from yellow fever from
the port of Havana (Which is spelled
"Habana" in accordance with the mandate
of the board of geographic names); he re
news the recommendation for retiring
provision for officers of the revenue
marine service; he conmends Commission
er Chamberlain's recommendations as tt
the revision of the navigation laws CT the
United States, and asks for an additona
assistant secretary of the treasury TO take
charge of the consolidated marine bureaus
of that department. He commends the
manner in which the work of patrcllini
BehrinE sea and the North Pacific oceaI
for the protection of seal life is carried
ont under the 81 LpervlSion of Capt. Hooper
of the revenue cutter Rush, and refers Il
the fact that Notwithstanding the prepon
deraI Ce OF BrltlSn-C Canauian Vessels III tn
eealing fleet. the British government fur
nishes only one patrolling vessel. II. NJ.
Pheasant, to assist in the patrol. Thl
vessel, he says, was stationed for tn
greater part of the time ut Sitka AM
Unalasfn and took little or no part in tn
patrol otner than to receive British YES
sells se'::,!l by cur fleet.
Further commenting on the failure of tn
British government to carry out in goo
faith the Paris award. the secretary state
that the "use of firearms in fur seal fish
ing In Beltring sea was prohibited by tn
Paris award regulations and the legisla
ton of the respective governments, passe
TO enforce the award. AS the award regu
lations merely prohibited the use of fire
arms and dii not make their possessio
illegal, II was agreed by the respectiv
governments. in 1884, that all sealing yes
| sells before entering Behring sea shoul
have their firearms secured under sea
This provision worked satisfactorily dui
ing the season OF 1894. but the British gov
ernnent refused TO agree to such an al
rangement for tho season ~ 1888, tlleSi'
. that lit had not in practice worked for IN
protection of British sealers from intei
, terence. as her majesty's government ha