Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-12-18


"out OF Thine own Month viii l Judge
Thee, Thou Wicked Servant" ST. Luke
XIX, %.
Secretary Carlisle on Dec. 10, 1898,
asked Congress to give the secretary
authority to issue short term. low rate
bonds, not exceeding two millions, "and
that he he permitted TO use from time to
time such part OF the proceeds as may be
necessary to supply any deficiency in the
public revenue that may occur during the
fiscal years 1894 and 1895.
During those fiscal years of "a and '05,
according to Secretary Carlisle's own
figures, however reliable they may he, the
excess OF expenditures over receipts
amounted to sl12, 608, 1873. 76. From Feb
/, 1894 to March IS, 1895, there were
three issues Of bonds amounting tc
$I62, 3l5, 400.
In his message to Congress on Dee 3,
1895, President Cleveland said lat NJ
time when bonds have been issued ha,
there been any consideration Of the ques
ton of paying the expenses of the govern
mcnt with their proceeds. -
Were Secretary Carlisle and common
sense in error? IF the Presidents words
were to be accepted according to their
intentional, or at least apparent meaning,
such a conclusion was unavoidable. But
what would Secretary Carlisle say in his
forthcoming report? Hitherto he had
been subservicnt to the President in all
his utterances. Would he stultify him.
self, resort to evasion and juggling, or
come out manfully, sustained by facts
In his report Monday he says, "the
situation does not require any legislation
for raising revenue by taxation" but
notice the three words following: Eat
this time" Perhaps after Congress has
adjourned he may change his mind
In the preceding paragraph of his
report the secretary says there is mo rea-
son to doubt the ability of the govern
ment to discharge it's currency obliga-
tons during the present fiscal year.
So far it would seem that the secretary
had resigned himself, surrendered to his
chief, renowned all convictions heretofore
maintained. But sentence follows,
which may have been added after Mr.
Cleveland had seen and approved the re
port, II sentence which gives the lie to
previous assumptions. 1t is this: "But
adhere to the opinion, heretofore ex-
pressed, that the secretary of the treasury
ought always TO have the authority to
issue and sell, or use in the payment of
expenses, Anote the word expenses
"short time bonds. bearing low rate of
interest, to supply casual deficiencies in
the revenue.
Does this support the statement of the
President that lat no time when bond,
have been issued has there been any con-
sideration of the question of paying the
government expenses
The idea would he absurd. Surely if
there has been occasion for no such idea
amid all the stress during which over
$l62, 600 600 in bonds were issued. when
in two years revenues did not meet
expenses by over $3.50, 600, 900; If dur
ing all this time and when Carlisle
asked Congress for authority to issue
bonds to make good the deficit. if up to
now, when according to this last report
there is no lack of money to pay govern
ment expenses, il under these conditions
there has been no thought of bond issues
to raise money to pay expenses, when in
the name of all the financial prophets Of
the ages is there likely to be such an
emergency: and how did Secretary Car
Isle happen to discover that such author
ity would be most excellent thing will
which to invest the secretary Of th'
treasury?
"Out of thine own mouth will I judg
thee.
The day Cleveland was elected Presi
dent the gold balance In the treasury wa
Sl24, 900, 600 Since taking his once IN
government debt has been increase
nearly two hundred millions. In {"
fiscal years there wasn't received IN rev
enues enough by over sl12, 900, ooo TO pa
the running expenses of the government