The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1895-12-20
NATIONAL FINANCIAL REPORT.
The Report of the Secretary Of the
Treasury.
An Echo Of the Presidents Message On the
Matter Of Finance.
Deficit the Past Yesr-AIr. Carlisle Says
There VIII Be ample Revenues to
Meet Current Expenses IN Flu
ture-The Bond Issue.

It shows that the revenues Of the gov
eminent from all sources during the
last fiscal year amounted to 1890. s73,-
2O3. The expenditures during the same
period aggregated S4SS, 17s, 426, leaving
a deficit for the year of s42, sO5, 223. As
compared with the fiscal year
1884, the receipts for 1895 in-
creased 1870, 7O5, although there
was a decrease Of S11, 329, ga in the or.
binary expenditures, which is largely
accounted for by reduction of 811,.
1874, O55 on sugar bounties The reve-
nues for the current fiscal year are
estimated upon the basis of existing
laws at s441, 9O7, 4O7, and the szpend-
lures at s44S, 9O7, 4O7, which viii leave
a deficit OF $1,000 OOO For the coming
fiscal year ending June 80, 1897, the
secretary estimates the receipts at
S464, 793, 100 and the expenditures $751;
sS4, 1913, or an estimated surplus of &c.,
COS, 996.
The secretary devotes large share
of his report to a discussion of the con-
dition OF the treasury and the currency
in the course of which he makes an ex-
haustive argument in favor of retiring
the greenbac ''The cash balance in
the treasury on the 1st of December,
1885," he says, was SIT, 400, 1856, being
sos, O72, 100 in excess of the actual gold
reserve on that day and S77, 4O6, 1856 in
excess of any sum that would be
necessary to use for replenishing that
fund In case the secretary should
at any time be able to exchange cur
rency for gold. There is, therefore,
no reason to doubt the ability of the
government to discharge all its current
obligations during the present fiscal
year and have a large cash balance at its
close without imposing additional tax
alton in any form upon the people, but
I adhere to the opinion, heretofore ez-
pressed, that the secretary of the treas
ury ought always to have authority to
issue, sell OF use in the payment of ex-
penses short time bonds bearing low
rate of interest to supply casual de-
iciencies in the revenue.
The beneficial effect of the bond
transaction, the secretary says, was
felt Immediately, not only in this
country, but in every one having COM
mercial relations with US.
1.-THE safety of the existing situa-
ton" the secretary says, lis, however,
constantly menaced and our further
progress toward a complete restora-
ton of confidence and prosperity is Sc
riously impeded by the defects in our
currency laws, and the doubt and
uncertainty still prevailing in the
public mind. and especially, abroad,
concerning the future monetary
policy of the government Until
these defects in our laws are remedied
and these doubts are removed, there
can be no satisfactory assurance of
immunity from periodical disturbances
growing out of the obligations which
the government has been compelled to
assume in relation to the currency.
Our past experience with the United
States notes and the treasury notes
have clearly shown that the policy of at
tempting to retain these obligations of
the government permanently as a part
of our circulating medium and redeem
them in coin on presentation, and re-
issue them after redemption, must be
abandoned or that such means must be
at once provided as will have a tend
ency to facilitate the efforts of the sec
rotary to accumulate and maintain
a coin reserve sufficient in amount to
keep the public constantly assured
of the stability of our entire volume of
currency and of our ability at all times
to preserve equality ia the exchange
able value of its various parts. If,
however, an attempt is to be made to
keep the United States notes and
treasury notes permanently in ciroula-
ton by reissues after redemption, and
the government is to be permanently
charged with the duty of sustaining
the value Of all our currency, paper
and coin alike, the conclusion can
not be avoided that the policy OF
issuing bonds for the accomplishment
of these purposes must also be-
come permanent, and such additional
powers must be conferred upon the
secretary as will enable him to ex-
ecute the laws relating to these sub
jects with the least possible disturb
ance of the business affairs of the peo-
pie, and the least possible charge on
the treasury. I am thoroughly con-
WINGED that this policy ought not to be
continued, but that the United States
notes and treasury notes should be re-
tired from circulation at the earliest
practicable day, and that the govern
ment should be wholly relieved from
the responsibility Of providing credit
currency for the people.
There has never been a time sin ce
the close of the war when the gradual
retirement aud cancellation of the
United States notes would not have
been a benefit to the country. If our
legal tender notes were retired there
is abundant reason to believe that
very large amount of gold which has
been excluded from the country By
excessive use of silver and paper in
circulation would promptly return to
take It's place in our currency aud con-
stitute permanent part of our me-
dium of EXCHANGE"
The secretary, in closing his report,
says that it is not probable that any
plan for the permanent retirement Of
United States notes and treasury notes
will be adopted that viii not require
considerable time Cor its complete exc
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