Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1895-12-21
Secretary Carlisle and H.s Ar
nueI Treasury Report
ISSUING OF BONDS DEFE NDE D
Purchases OF Gold and the Issue OF
Bouds Therefor He Regards
Good Flnanciering.

of the government from all sources dur
ing the last fiscal year amounted to
$3.50, 373 ,2C3. The expenditures for the
same period were s433. us, S26, leaving
deficit of $42, ,805, ,623. AS compared with
the fiscal year Of 1894, the receipts Tor
1896 increased $17.57O705. although there
was a decrease of $11, ,329, ,99l in the ordl-
nary expenditures. which is largely ac-
cou,1ted for by reduction Of $11, ,124,Goo
on sugar bounties.
The revenues for the current fiscal
year are estimated upon the basis OF eX-
listing laws at $431, ,907, ,407 and the eX-
penditures at S44S, ,907, ,407 which will
leave a deficit Of S17, 100000. For the
coming fiscal year ending June 80, l83',
the secretary estimates the receipts at
$464 793, ,12O and the expenditures at 34o',-
S84, 1913, or an estimated surplus OF ST.
9OS,927.
The secretary says that Great Britain
has refused to renew the sealing rcsoiE-
tions agreed upon for the season Of 1891
providing for the sealing up OF arms,
which leaves the question of POSSESSION
and use Of arms to be determined Who'll
" by the Paris awards. The total eaten
of seals al sea in the award area during
the last season was 56,294, as compared
with G1 ,S3S for the season OF 1884. A
careful count Of all the seals on the isl
ands last year makes the number a lit
tie over 200, O00 a decrease Of over one
half since 1891.
The secretary devotes a large share OF
his report to a discussion of the condi-
ton of the treasury and the currency, in
the course Of which he makes an eG-
naustive argument in favor of the re-
tirement of greenbacks.
GOLD RESERVE.
1.-The cash balance in the treasury on
December /, 1885, he says was $i77,-
400, 1856. ing $9S, ,012, ,420 in excess of the
actual gold reserve on that day and ST.
4OG, 1856 in excess of any sum that it
would be necessary to use for replenish-
ing that fund in case the secretary
should at any time be able to exchange
currency for gold. There is, therefore,
no reason 10 doubt that the ability OF
the government 10 discharge all of the
current obligations during the present
fiscal year and have large casn bal
ance at its close without imposing addl-
tional taxation in any form upon the
people, but I adhere to the opinion here
tofore expressed that the secretary OF
aIEa treasury ought a W SS ? - Ait"' -
thority to issue and sell, or use in the
payment of expenses, ShOrt-tine bonus
bearing a low rate Of interest, to supply
actual deficiencies in the revenue.
with a complete return to the nor
NAL business condition OF the country
and a proper legislative and executive
supervision over expenditures, the rev
enue laws now in force will, in my opli2-
ion, yield ample means for the support
of the public service upon the basis no"
established; and upon the assumption,
which seems to be justified, that Ihe
progress now being made toward the
restora ton Of our usual state or pros
Derity will continue without serious IN
terrupti0n it is estimated that there
will be a surplus of nearly $7,0oo,00o dur
ing the fiscal year of 1897. During the
fiscal wears 1894 and 1899 the ordinary
expenditures of the government nave
been decreased $2T, ,282, ,6o6, as compared
with the fiscal year 1893 and il IS be-
Iieyed that with the cooperation OF
congress further reductions can dc
made in the future without impairins
She efficiency of the public service.
GOLD WITHDRAWALS.
Continuing. ne says:
The large Withdrawals OF goid lH I1e
tcnber 1884, and January ana tie carmen
mart of February, 1895 were due Amos
entirely to a feeling of apprehension IN tnt
nublic mind which Increased in intensit!
from dav to day until it nearly reached
the proportions of panic, and II was eNl
dent to all who were familiar with th'
situation that unless et1eCtual stress Wa
promptly taken TO check the growing as
trust the government would be competed
within a few days 10 suspend solG pay
m, Its and drop to a deprecated silver am
,onar standard More than $43, ,000,O0o o
the amount withdrawn during the bEle
nertod mentioned was not demanded 10
export but was taken out by people "I
had become alarmed on account OF IN
critical condition of the treasury in IT
relations to the currency OF the country
The purchase of 100000 ounces OF gol
followed, it being in the contract tha
NOT less than one-half of the gold was I
no nrocured abroad but after a large par
of the gold had been furnished fror
abroad the secretary, in order TO preyen
disturbance in the rate of foreign ex
change at a critical period and avoid
condition which would force gold export
and consequent withdrawals IRON IN
treasury acuuiesced in departure fror
me literal terms Of the contract, that one
half of the coin should be procured aproa
and accepted deposits OF gold then hel
N, this country to complete the delivery.
Confidence in our securities was at one
restored and the encouraging !ndlcalo
of increasing prosperity still continue, an
il Is reasonably certain that II our pros
ross is not checked by repetition {
large demands upon our resources OF
p. faiI,1re TO meet the just expectations c
+ro neo,,le in respect to the reformatio
f onr fiscal system, We are entering upo
- ava of material growth and develop
mani not surpassed in our history.
RETinr4MrNr Or 4>olr1S.
.r,be safety of the existing situation il
sowever. constantly menaced and our III
+har progresS toward the complete re-
toration Of confidence and prosperity
cariously impeded by the defects IN o'
currency laws and the doubt and unce
taintv still prevailing in the public n1i1
and esnecially abroad concerning the II
+rre monetary policy of the goVernmeh
o,,r past experience with the 1h.t
states notes and the treasury noles hS
clearly shown that the policy OF altehlp
in1 TO retain these obligations OF the 60
eminent permanently as part OF the cl
culating medium, and TO redeem 'Ael,i
coin on presentation and reissue .ie
after redemption must be abandoned'
,b,+ enc, means must at once be proVl
cd as viii have a tendency TO 1acllila
the efforts OF the secretary TO accuiiiuis' "
and maintain coin reserve sui1lclehl
amount to keep the pubic cons Tan !
assured Of the stability OF our eiittie "
uEe Of currency and Of our apiii.s a. 9
times to preserve equality III 'iie
changeable value of it's various par
The latter alternative, which, in my OPP
ion, if adopted, would not afford 1he
lief demanded by the existing s''ua ~
necessarily involves such large lncrea'
of the Understanding pubic dept ~ -
time to time. and would impose perm
nently upon the government such cry ~
eous and inappropriate duties IN relatl
to the paper currency of the country III
it ought not to be favorably entertain
except as a last resort in the struggle
the maintenance Of public faith and t