The Red Cloud chief., 1895-12-20
NCLE SANS FINANCE
SEC'Y. CARLiSLE'S ANNUAL
TO CONGRESS
Evils and Remedies of our Present system
Pointed Out The Trcasur,'s Condition
Would he Good " u Were Noi for the
legal Tender Menace.

WASHINGTON, ice. II. - secretary
Cariislc's annual report on the state Of
finances was sent to Congress to day.
IL shows that the ven of the gov.
eminent from all sources during the
last fiscal year amounted to $500, 37a,-
eO3. The expenditures during tho
same period aggregated si33, LIS, 426,
leaving u deficit for the year of Si2,-
sos. a23. As compared with fiscal year
1894, the receipts for 1895 increased
sl7,5TO, EOS, although there was a de.
crease Of s.i,3ao. 0sI in the ordinary
expenditures, which is largely nc
counted for by a reduction of Sii.l3I,-
O55 on sugar bounties. The
for the currant fiscal year are csti-
mated upon the basis Of existing laws.
at SAL ,9O7, 401, and the expenditures
at 84+s, 30, IO7, which will leave n dc.
felt OF $1,000, 600. For the coming
fiscal year ending June 30, 1897. the
Secretary estimates the receipts mt
Stct, T03, 100 and the expenditures
sA51 ,sS4, 1913, or an estimated surplus OF
81. COG, aa6.
The Secretary states briefly the facts
concerning the issue OF bonds during
the year, the particulars of which
have already been reported tn Con-
gress and the reports concerning the
seals of Alaska at some length.
SHORT TIME BoNps DESIRED.
The Secretary devotcs q large share
Of his report to a discussion OF the con-
dition Of the treasury and the curren-
cy In the course of which he makes an
exhaustive argument in favor Of the
retirement OF the grccnbacks. The
cash balance In the treasury on the LIST
Of December, 1885," he says, was
sl77, 4OG, 3s6, being SOS, ore. 100 in excess
Of the actual gold reserve on that day
and So, 4O6, 1856 IN excess of any sum
that it would nc necessary to use for
replenishing that fund in case the
Secretary should Mt any time be able
TO exchange currency for gold. There
Is, therefore. 40 reason to doubt the
ability of the government to discharge
all its current obligations during
the present fiscal year and have n
large cash balance ut its close with
ont imposing additional taxation in
any form upon the people. but | ad-
here to the opinion, heretofore Y
pressed, that the Secretary of tho
Treasury ought always to have author
ity to issue, sell or use in the payment
Of expenses short time bonds bearing
d low rate of interest to supply casual
deficiencies In the revenue. With u
complete return to the normal bust
ness conditions of the country. and q
proper Legislative and executive super
.,s..~, a.. ~oas a..
laws now in force will, in my opinion,
yield ample means for the support of
the public service upon the basis now
established and upon the assumption,
which seems to be justified, that the
progress now being made toward the
restoration of our usual state of pros
interruption. 1t is estimated that
there will be IA surplus of nearly
o., OOO, 900 during the fiscal wear 1897.
During the fiscal years 1894 md 1895
the ordinary expenditures OF the gov.
eminent have been decreased So, os2,-
$50. 20 as compared with the fiscal year
1891, and II is believed that with the
60 operation of Congress further re-
duc,ion> can be made in the future
without impairing the efficiency of the
public service
TnL LAST GOLD BOND DEAI.
Continuing the Secretary says: The
largo Withdrawals OF gold in Deem
Der, 1894, and in January and the
early part OF February, 1855. were due
almost entirely to "a feeling Of appre.
hension In the public mind which in
creased in intensity from day &c day
till II nearly reached the proportions
Of q panic and IL was evident To all
who were familiar with the situation
that unless effectual stops were
promptly taken to check the growing
d~istrust, the government would be
compelled within "a few days to sus-
pend gold payments and drop to a
deprecated silver and per standard.
| More than S+3, O0O, 900 of the amount
withdrawn. during the brief period
last mentioned vas not demanded for
export, but was taken out by people
who had become alarmed ON account
Of the critical condition of the treas
ury In its relation to the currency CT
the country. The purchase Of $780,
100 ounces OF gold followed. it being
in the contract that no less than one
half of the gold was to be pro.
cured abroad. but after a large purt
OF the gold had been furnished
from abroad the secretary. in order to
prevent disturbance ia rates of foreign
exchange at n critical period and
avoid a condition which would force
gold exports and consequent with
drawals from the treasury. ncquiesced
in a departure from the literal terms
of the contract that onc-half of the
coin should be procured abroad and
accepted deposits of gold then held in
this country to complete the delivery.
Ordinary prudence demanded that the
success Of the plan to protect the
treasury against withdra walls should
not be endangered by insisting upon
q strict compliance with all the details
OF the contract while especially the
government could sustain no loss and
the whole amount of gold stipulated
for was secured. The amount Of bonds
issued under the contra ct was &c.. 3i5.-
400, and the amount Of gold received
was Sb5, rs, 24i. g.
|. II hENACEs OF TIE PRESENT.
The beneficial effect Of this trans
action. the Secretary saws, was felt