Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1895-12-21
THE TREASURY.
Synopsis OF Secretary Carlisle's
Report to Congress.
A Deficit Of eAa.soS, aas the Past Fiscal
xeaf-iIs Favors tho Retirement Of
Grcenbacks-The Recent
Bond Hales.

xeaf-ils Favors tho Retirement Of
Grcenbacks-Th Recent
Bond Sales
WASHINGTON, Dec. i7.-Secretary
Carlisle's annual report on the state OF
the finances has been sent to congress.
It shows that the REVENUES Of the gov.
eminent from all sources during tho
last fiscal year amounted to $500, s7a,'
s0S.. The expenditures diitins this same
period aggregated sl3s, ~, 4s6, leaving
deficit for the year Of $40, sos, 223. As
compared with the fiscal year
1884, the receipts for 1905 in.
creased sl7,57O, 705, although there
was q decrease Of si1,329,9sl in the or
binary expenditures; which Is largely
accounted for by reduetiou OF sii,-
1874, 055 on sugar bountiea. The reve-
nues for the current fiscal year are
estimated upon the basis Of existing
laws Mt SAL. 007, 407, and the expend-
lures Mt si4s, 9O7, 4O;, which will leave
deficit of $1,000 600 For the coming
fiscal year ending June 30, 1897, the
secretary estimates the receipts ut
s464, 70S, 100 and the expenditures $751;
ssi, 1913, or IN estimated surplus OF co.
9O6, geo.
Tho secretary devotes large share
of his report to 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!ss 1.-THE cash balance In
the treasury on the LIST Of December,
1885," he says, twas SIT, 406, 1856, being
sos, 072, 100 in excess OF the actual gold
reserve on that day and s77, 400, $3.50 In
excess of any sum that would be
necessary to use for replenishing that
fund in case the secretary should
ut any time be able 10 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 large cash balance Mt its
close without imposing additional tax.
alton in any form upon the people, but
! adhere to the opinion, heretofore ex-
pressed, that the secretary OF the treas
ury ought always to have authority to
issue, sell or use In the payment OF ex-
penses short time bonds bearing q low
rate of interest TO supply casual de-
ficiencics in the revenue. With COM
plete return to the normal business
condition OF the country and proper
legislative and executive supervision
over expenditures, the revenue laws
now in force will, in my opinion, yield
ample means for the support OF the
public service upon the basis now
esta blished and upon the assumption,
which seems to be justified, that the
progress now being made toward the
restoration OF our usual state Of pros
perity will continue without serious
interruption"
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.
"The safety OF the existing situa-
ton" the secretary says, sis, however,
constantly menaced and our further
progress toward 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 tho 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 rs 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 n tend.
ency to facilitate the efforts OF the Sec
rotary to accumulate and maintain
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 oil times
to preserve equality in the exchange.
able value OF its various parts II,
however, IN attempt is to be made to
keep the United States notes and
treasury notes permanently in circula-
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 DO conferred upon the
secretary rs will enable him to ex-
ecute the laws relating to these sub.
jects with the least possible disturb.
nnce Of the business affairs Of the peo-
pie, and the least possible charge on
the treasury. ! am thoroughly con-
vineed that this policy ought not to be
continued, but that the United States
notes and treasury notes should be re-
tired from circulation ut the earliest
practicable day, and that the govern
ment should be wholly relieved from
the responsibility OF providing q credit
currency for the people.
There has never been q time since
the close of the war when the gradual
retirement and cancellation of the
United States notes would not have
been benefit TO the country. II our
legal tender notes were retired there
Is abundant reason 10 believe that q
very lnrpe nmount OF gold which has