The evening times., 1895-12-16
atflBtisA9I NEEDED
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S6ee&1feee~stOt N1lOIO
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| -ss@ssssasssi ----------.
nd sSsnSy ia aspr9. Hs
s e pls ss sapS1 RS1eynnens MaSn ss Is sn @
ES6hony IA s6sit business and domestic af.
ISlrS in 2Sder tS nSsst their obligations and q
is more than eyer the duty OF the Imblic
'ahffhHfitiSs Sfb avoid waste and cxtrava-
gance in the appropriation and disbursement
of the reveniSrss :
CoNGREssIs RESPONSIBLE.
| Nearly every appropriation is in terms.
or by necessasy-iSbfsliantiOn, direc. ion to
the executive authorities TO cxpend the
money, and 'ttesefOfs, the responsibility
Tor an increusc or REDUCTION of rX Xpntiilures
rests pritifarhsr AAu mainly upon Congress.
II Is certain hnstqlf appropriations arc not
| iuadt'ftfc1noisey Win not be exIendeI. and,
ior the rcaso II Just stated. it Enthusiastically Is
tc'rtafH@ that m appropriations are fDadc.
the money musl be expended. The power
/ az THE executive Officials 10 reduce expcn-
! ditures is liniiIcst To the comparatively few
| cases in which-the disbursement is left to
tnelr discretion, and, however judiciolsiy
TINS discretion may be exercised, tie effect
IRon DE. 'ne 'o'ai outlay IS scarcely appreela-
while all the essential agencies for an
ciiicfht naninistrauun OF lire public seI-
VICE should be adequately provi,iel Tor, |
am sure that a aIeIui.rXaniii,utiUn of the
subject VIII disclose many sources Of cx-
m'nuiiu ure which might be greatly r,uuCed
or entirely aboiisled, ana legislation in
tins aulrcction,, together with refusal Ia
nakt appropriations for new Objects of
doubtful necessity or propriety, would tend
very materially Ia caualizc the public re-
celpts ana expenditures. With complete
return To the normal business conditions OF
.ttAcauDtry, and proper legislative and ex-
revenue laws DGw IN force VIII, in my opln-
Ion, yield ample means for the support of
the public service upon the basis now es-
i'tahflShed, and upon the assumption. which
seems TO be justified, that the progress
now being made toward the restoration
~ our usual state OF prosperity Will con.
finuts without serious Interruption, IL Is
estimated that there will be u surplus Or
Tnearfy 81 900 .00u during the fiscal year
1897. During the fiscal years 1894 and
1885 The ordinary expenditures OF the gov
.rDnnent have been ecreasett ST. ,2S. ,6ae. 20
rs compared with the fiscal year 1888, and
II is believed that. with the cooperation
-of Congress, further reductions can be
made in the future without impairing the
of the pubitc service.
'Between the 1st dayO February. 1894.
ana the 5ihday OF March. 1895. three issues
of bonds were made. amou ntjng in The ag-
grrgatc to $161.31 8, 400. The conditions
existing al tue dates of the first two OF these
issues. and lbe. results OF their nego,laiiOn.
were FULLY detailed in my last annual re-
port, and need noi be further noticed at this
time. The payments into the Treasury on
aruGlnt Of tbe sseG'pd pnnd sale were not
entirely conplei ed until after the LIST day
OF December. 1884, arl IT soon became evil
dent that the transaction had not been ef-
fcc,pal 10 stop lte drain of gold; In ,hat
niuIItb che Withdr;iw;ils amounted 10 S3l.-
9OT,221, and during the next. January,
1895. they afiIouirth 10 S45, III ,13s, aud
they cunllnued without diminutlon durlng
'tbc early days Gf Fcbruary. so that on the
Sth OF mat month the reserve had been re-
',ldcad t6 S4f!34O. 1sl and several million
more had been demanded. part OF winch
was rake.l ,ttit and aiterwaru returned 10
IIr Treasury On account OF the temporary
restoration of confidence resulting from
IhcIaci that IL Eecai.ic reIeraiiy knownthat
measures were about 10 he taken Tor tue re-
plcnish;ncnt of the reserve.
RELIEVING PIfBL1C APPREHENSION.
THE large Withdrawals in December,
1884. aud III January aud tue early part oil
February. il SS5. wcrcduc calmostehtlrtiS'o
4 feeling oil apprehension IN The pub Die hiihi'
winch Increased In intensity from ulS 10
day until il nearly reached thc proportIons
Iun il yi.liIc, ana II was evident 10 al wno
were iiitniar With the Situation tiiit' uh-
less cTIc"tuai sSUps were promptly iaheh
Ia i-ti,4K ILe glowing uis,rdsi the toSerp-
iflrth wollu br coiuI.ciicu wlttiin u rev uiSs
10 suspend gold payments ana drop 10 q
,st.I,Irri,tcu siyUr .i.iu pdbrr si''LuaIu-
More than $4,000. COO OF The auiohm WIN,
ala wuu.r..iu Tue DrieI pcriOu i.ist tlehiiuueu
was no, acIia uded Tor export. put was
Iukci, out by Ie"DIe VINO bau pes'hic
.II.tTiu,su On si.Nt'ltI ot tue tihis'i ''pui-
ton uL ,hr Treasury III lts icia'ionS l" inc
currency of the country
''CongrcsS, although earnestly aPpeanu
TO for rchcf, having failed 10 MAKE any
atIi.r PROVISION Iuf mecung TIE .htr-
ceucy n e ntihct, tie particulars OF winch
were inImeuiatcly communicated 10 thae
i,G.y, Was .I"tI,u mo on lie III day ~
February lSS5, Tor Tie purchase oi d,
,,JtJ Ug,, ounces OF S,an0aid gold CON- at
the price OF SlT.sG441 Ter LunGe. 70 be
paln for 10y tie ucnhcry OF thlteu Stal.s
bones. having iiir,y Years 10 iuh, aLu ,a - n.
Ug ! per cent lis,r.si, ana the goa 10 De
ucpnsitru AZ tic tinted states shubtrcasuries-
ky the Terms Of tie contract, not less iiiaii
ont .aif oi ihc So.u Was 10 lie IiCtcreo
abroad and he Iar.iCs with wht IL IL WIS
n,;,,,. s,InuI;itta "a al tLcy wou-u as lal as
hes in lncir power exert all financial IN
tlucncc and VIII make all legitimate efforts
b. protect the I re:;snry OF II Tinted States
against Tie withdraw walls OF gold pending
the complete performance of TINS contract
This uuGcrlaking was faiihfuiiy ana
efficiently carried out, and 10 goo was
taken from thc Treasury TO he nstu IN pay
ing for tie BONDS. as lad been done III Two
former cases, nor WAS aBy witfdra WI Tor
shipment until after the delivery had
been completed under thccontract.
After "a iaige part uf the god had Eeen
furnished from aboard, tie Secretary, i'll
nrcicr 10 prevent disturbance in the rates
of foreign exchange at a critical period
and avoid IA CONDITION which woulu force
gold exports and consequent Withdrawals
from the Treasury, act.u t.uiesoed in G, part
ure from the literal terms OF tie contract,
that onc-halr OF the com should he procured
abroad, and accepted deposits OF gold
then held in this country To complete the
delivery. Ordinary prudence demanded
that tie success of the plan TO protect the
Treasury against Withdrawal should not
bc endangered by insisting Upon a strict
compliance with all The details of tie con-
tract, especially as the Government could
sustain no loss, and tie whole amount or
gold stipulated for was secured.
DELIVERY OF GOLD.
i"Thc amount OF bonds issued under this
contract was $62.315.4O md the amount
of gold received was S65. 16. .244.62. The
last deposit of gold to complete the de-
livery under the contract was made June "a.
deposits until September IL. 1885, in eN-
change Tor United States notes and Treas
ury notes, the total amount SO deposited
being SIG. 1T ,432.94. The beneficial ef-
fccts of this transaction were felt imme-
diately, not only in this country. but i'll
every other having commercial or financial
relations with our people. Confidence IN
our securities as safe and profitable invest
ments was at once restored to such an cx-
tent that they ceased 10 he returned TO our
market for sale, and very considerable de- |
maDd for them was created abroad: but the
most gratifying evidences of Improvement |
in our condition were afforded by the
prompt revival or business among our own |
people, the increased activity and eXten-
sion OF our domestic Industrial aud com |
mercial operations, the rise in the prices |
Of our principal agricultural products, and |
The general feeling of relief aud security |
which became apparent in every part OF |
the country.
These encouraging Indications of in. |
creasiDg prosperity still continue, and 1t |
is reasonably certain that, if our prOgress |
Is not checked by repetition of large de- |
mands upon our resources. or by failure |
TO meet the Just expectations of the DeO- |