The times. [volume] (Richmond, Va.) 1890-1903, 1895-12-17

1895. was $3.50 81 ,V23, ana OF inns sun
s22. 4e2. go IS was paid out OF the paIanSe
on hand at this date In excess OF sloo-
oNo.0o and the remainder has been sup
nl,ed by the use OF United States notes
and Treasury notes presented Tor re-
demption. and thus received INTO tne
Treasury In exchange for gold com Inc
act OF May 81, 1873, provided that VIZ"
any United States note may De reneen"-
ed or be received into the Treasury uhuer
any law. from any source whateNer' az"
shall belong to the United STATES 'heS
shall not be retired. cancelled, or destIoS
ed. but they shall be reissued and palo
ont again and kept in circulation ana
the act OF July II, 1890. provided that
the Treasury notes, when redeemed may
be reIssued. but that mo greater or less
amount of such notes shall be ou'stahu
ing at any time than the cost OIL 'ie
silver bullion and the standard SILVER
dollars coined therefrom then held IN
the Treasury purchased by such notes.
II is clear that when any OF these notes
have been redeemed. they 90 not CON
stitute q part OF the reserve tuho' pul
become a part of the general cash assets
NJ tho Treasury. TO be used in the same
manner as other money belonging TO the
Government. Whenever they could. by
exchanges. be used 10 procure gold TOT
the REIMBURSEMENT of the reserve theS
have been so applied. but. when this
could not be done, they have been treat
ed as available funds in the Treasury ana
reissued in payment Of pubic EXPENSE
None Of my predecessors IN once has
ever made any distinction between the
notes received in payment of the or
binary revenue and notes presented py
tho holders and redeemed in coin, put
euch notes have been used indiscrimlhatt
lv as the exigencies OF the public service
required.
SHERMAN QUOTED.
Secretary sherman discussed this ques-
zion in mis- annual report for 1871. before
,bo massage OF the act Of May 81, h'o'
and. among other things. he SAID. y
notc redeemed with coin is In the Treas-
IVY and subject to tho same Jaw ~
| ~ received FOR taxes. or as a hahN-ho,e
redeemed by the corporation issuing ~
/ The authority to reissue II does not "'-
mend unon the mode in which II II r.
| turned to the Treasury. lie "dS ''1
! oussing the question whether tne ho.es
which might be redeemed aiter 'ne III
dav ~ January. 1879. under the resuinp-
49,, oct could lawfully be reissued. and
! bo hold that they could: but ne sta''"
,hot THE construction Of the law Wa
oontrovorted and insited that the ques'
ton should be settled by a distinct pro.
-, 90 law The result was that
| conpress passed the act Of May o. 100
making II mandatory upon the oecfeiai
| Of the Treasury 10 reissue inc no
| e,oc, the massage Of that act. the rlgh'
| and duty of the Secretary OF the iie"s
urv IN reissue the old legai-tennei n"'eS
no matter how received into the tie"N
urv provided they belong 10 inc NJ,
c,a,es has never been questioned In any
treasury
,ss,,od under the silver-purchaslng ac'
,ho,. must be reissued when redeemeu j
Ia or II cancelled standard sliN'
-. ms, be issued in their Piac.
~ a. This were not done. there Noui'
,,oaiior amount Of such ho'eS '"'
| e,andinp than the cost OF ''4' -.
h,,IIion and the standard silver ..a,.
lived therefrom and held III 'he -
NY and this condition Is expressly -,
hihited in the statute uhde' VIZ =
i''.'. 80 issued Whether these ho''
nus o,s,,ea or DESTROYED. and standar'
"n,.or dollars substituted for theh' VI
,ractical result is the same. i9r III ~
80, the Secretary would DC "sii
80 redeemed in gold Ior vi
,a,rocnt Of I he Ordinary
p-S ~ the Government. in one ca
~, ,,a,.ing ont the notes themselves ali
g., ,bc other by drawing silver from
7 ,'asor,.e fund. on account OF thelr Va
/, ooiIation and then paying out Inc III
yer.
, TREASURY BALANCE.
+. Tho cash balance in the Treasury o
- tho FIRST dav of December. 1872 Wa fi''
+ Sos sSs 90. being $9S.Os2 5000 IN eNceSS
4 The actual gold reserve on 'ha' uas' a., a.
4 s77 4o6. so in excess OF any sun -,
q - ,vo,,Id he necessary 20 use IN repiei'9i
,hat fund I'm case the Secretary shoul
al any time be able 10 exchange curien,
CO.. GOLD There is. therefore no re-
) SON 10 doubt the ability OF the 1oNvl
ment to discharge all its current o'''o'
= tons during the present fiscal year. al
have a large cash balance al us olO'
y without imposing additional taNaton
any form upon the people oul "O, ~,
TO the opinion. heretofore EMP 49, go, =
e tho Secretary OF the Treasury ought q
e yrovs TO have authority 10 issue al
cell or use in the payment OF eApehSe
] rhort-time bonds. bearing low ia'c
II interest. TO supply casual deiciehcles
= 49,, ,a,,orue Although former recOi
= msndations upon this subject cannot
- strongthened by repetition, the supJe
( is of such Importance that cohs,uei
IL nv dutv TO present II again 10 the .
Is tention OF Congress, and 10 express =
- hope that II VIII receive
y sideration. ...... o.,
while the situation does not require al
\ legislation for raising addltlohhi i'Ne
r nv taxation at this time, II Is such
3, Ia require the strictest economy III
Al nronriations and public expenditures
"a a time when the people. upon Whom l
I'd avnense of sustaining the Government
a. imnosed. are compelled 10 practice /
closest economy IN their business a
er domestic affairs. i'm order TO meet 'l
he obligations and re-estaDilsh their IRA
ld and industries, ii Is more thah ever
g. duty of the public authorizes 10 aN'
o. waste and extravaganza in the app
d. priation and disbursement OF the re'
- mes Nearly every appropriation IS
80 terms or bv necessary implication,
nj rection 10 the executive authorizes
=. evnend the money, and therefore the
- snnnsibjlity for an increase or reducu
Of the expenditures rests primarily q
mainly upon Congress. II Is certi
II that if appropriations are not made
money will not be expended, ana,
al the reason lust stated. II Is almost elua
in certain that if appropriations are ma
Di- the money must be expended The pow
or Of the executive officials 10 reduce
he nendjtures is limited 10 the comparau
sh iv few cases in which the disbursement
rs. left TO their discretion. and. however
60. diciously this discretion may be eN
OF cised. the effect upon the total out
'es is scarcely appreciate.
o. RETRENCHMENT.
h. While all the essential agencies for
~ efficient administration OF the pun
= service should be adequately PROVE
-. | for. | am sure that "A careful eNa
~, nation oe the subject will disclose mi
." sources Of expenditure which might