The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1895-12-21
CARLISLE ANNUAL REPORT.
Receipts and Expenses of the Government
For the Past Year.

WASHINGTON, Dec. 16.-Secretary
Carlisle's annual report of the state of
the finances was sent to congress to-
day. 1t shows that the revenues OF
the government from all sources dur
ing the last fiscal year amounted to
$500, ,373, ,203. The expenditures dur
Ing the same period aggree ated s433,-
l78,S26 leaving deficit for the year
OF 81, ,S05, ,293. He says there is no
reason to doubt the ability of the gov
ernment to discharge all of its curreny
obligations during the present fiscal
year and have large cash balance at
its close without imposing additional
taxation in any form upon the people,
but Il adhere to the the opinion here
tofore expressed that the secretary of
the treasury ought always to have au-
thority to issue and sell or use in pay
ment of expenses, short-time bonds
bearing low rate of interest to supply
cusual deficiencies in the revenues
The secretary estimated that there
will be a surplus of nearly S7,O0O.0OO
during the fiscal year of 1897.
GREENBACKS AND TREASURY NOTES
There is but one safe and effectual
way, he says, to protect the treasury
against gold Withdrawals, and that is
retire and cancel the notes. which con-
stitute the only means through which
Withdrawals can be made.
"This can be most successfully and
economically accomplished by author
izing the secretary. to issue from time
to time bonds payable in gold, bearing
interest at rate not exceeding per
cent per )annum, and having long
time to run, and to exchange such
bonds for the United States notes and
treasury notes upon such terms as may
be most advantageous to the govern
ment, or to sell them abroad for gold
whenever in his judgement it is ad-
visable to do so, and to use the gold
thus obtained in redeeming outstand-
ing notes. Under the operation in
such a plan, if judiciously executed,
there could be no proper contraction
of the circulation, because if it should
at any time be found that other forms
of currency were not being supplied to
the extent required, exchanges of
bonds for notes would be suspended
and gold would be procured by selling
a sacurities abroad -
SIN order to further facilitate substi-
tutions of other currency for the re-
tirement of legal tender notes, ma
tional banks should be authorized to
issue notes equal in amount to the face
value of bonds deposited to secure
them. and the tax on their circulation
should be reduced to one-fourth of one
per cent per annum. AS part of the
plan for the retirement and cancella-
tion OF legal tender notes, the treasury
should be relieved from the RESPONSE
bility for the redemption OF national
bank notes, except worn, mutilated
aud defled notes, and notes of
failed banks, and each association
should be required to redeem its cir.
culation, or if this is not considered ex-
pedient and the present system of cur
rency redemption by the treasury is
continued, the secretary should have
power to require banks to keep their
5 per cent redemption fund in gold
coin and to deposit gold coin for the
of bonds whenever their |
is to be permanently sur
rendered or reduced"
SILVER COINS AND CERTIFICATES.
The secretary also favors the passage |
of law allowing national banks to es-
tablish branches in small towns with a |
view to bringing them closer to- The |
people:
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 will not require
time for its complete exc
cution, and he ethereforeu urges upon con-
gress the propriety of prohibiting any
further issue of such notes of national
banks, that is notes of less denomi
nation than $40, thus making room in
for silver coins and silver
certificates of small denominations,
This, he says, would increase their use
among the people and prevent their
frequent return to and accumulation
in the treasury.