Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1895-12-20
MR.. CARLLsLEs REPORT.

Secretary Carlisle's report, just presented
TO Congress, after detailing the condition si
the country's finances, proceeds to the dis
cussion at some length of the currency
question and the measures required to re
store our currency to the position of conf
dence il once occupied. The receipts of the
treasury in the fiscal year ended June 80
1895. were $500, 1878 ,e03 the expenditures
sass, ITS, 496; the deficit, sac $685.
In the year ending June 80, 1895, the estl
mated receipts on the basis of existing laws
will be $431 ,907, 407; the expenditures, $44S,.
907.407; the deficit, $17,000,0O0 For the
coming fiscal year, ending June 80, 1897, the
receipts are estimated at $464 ,793. 100; the
expenditures at $457,ss4, 1888. giving sur.
plus OF $6.90s,9 In view of the large
available balance in the treasury and this
prospective surplus in 1897, there will be, in
the Secretary's opinion, no need to increase
the revenue by laying new taxes
The Withdrawals of gold toward the close
Of 1894 and in the early months of 1895 were
due TO apprehensions as to the ability of the
treasury TO keep all forms of money at par
with gold OF the amount withdrawn In the
period mentioned $43O00,0O0 was not for
export, but was taken out for boarding at
home by people who had become alarmed
on account OF the critical condition of the
treasury in relation to the currency of the
country. The purchase Of $4,000 ounces
OF gold in February, 1895, and the arrange
ments made in connection with that pur-
chase, restored confidence. Business re-
vived and period of prosperity was in.
augursted.
But the beneficial effects of the transac-
ton were temporary and dependent for
their continuance upon the maintenance of
our fiscal system which will render gold
reserve unnecessary. There can be no per-
manent immunity from periodical disturb
ances without the retirement of the treas.
ury notes now in circulation. While they
remain in circulation gold reserve must be
maintained, and this means new bond issues
10 an indefinite amount. AT present, when
treasury notes are redeemed, they must be
reissued, so that there is 10 prospect per.
petual round of redemption of greenbacks
In gold, reissues of the redeemed notes, fresh
Issues of bonds to get gold, renewed re-
and SO on Gd infnituDs.
If our legal. tender notes were retired gold
would fiow in to take their place. Their
retirement would not necessarily contract
the currency, but if il did bank notes and
imported gold would supply the deficiency.
1t would he part Of the scheme of retiring
the treasury note that the treasury should
be authorized in case of q contraction Of the
10 sell its securities for foreign gold
with which to enlarge the circulation.
The only efficient plan To protect the
treasury is TO retire and cancel the green
hacks and Sherman notes that constitute
The means through which Withdrawals of
gold are made. This can be accomplished
by authorizing the Secretary of the Treas
nry TO issue from time To time per cent
bonds, payable in gold, having long time
% run, and 10 exchange these bonds for |
reasury notes, or sell them abroad for gold |
With which 10 redeem outstanding treasury
totes. To aid in the substitution of other
currency for legal tender notes. the national
anks should be authorized TO issue notes
D the face salue OF the bonds deposited to I