Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-12-16
| M PROVING Tim ES
Indicated by Secretary Carlisle's An
nual Report.
URGES RETIREMENT OF GREENBACKS
As the Only EffectuaI Way to Hold
the Gold.
THE YEA RS FINANCES

Secretary Carlisle's annual report on the
state Of the finances was sent to Congress
today. 1t shows that the revenues of the
government from all sources during the last
fiscal year amounted to $39O.373, ,203. The
expenditures during the same period aggre-
gated $433. lis. .426. leaving deficit for the
year of 81, $685. .223. AS compared with the
| fiscal year 1894, the receipts for 1885 in
| creased s17.57O.7O5. although there was a
| decrease of s11 .329.Gs1 in the ordinary ex-
penditures. which is largely accounted for
by reduction of sl1. .134.O55 on sugar boun-
ties The revenues for the current fiscal
year are estimated upon the basis of exist
ing laws at $431 ,0O7, ,4O7, and the expendi-
lures at $44S 9O7, ,4O7, which will leave de-
felt Of $17,0OO,0OO For the coming fiscal
year ending June 80, 1897, the Secretary es-
| Inmates the receipts at $464. 793. 12O. and the
expenditures at $457, ,Ss4 1913, or an estimated
| surplus of $69OS.926. The Secretary states
briefly the facts concerning the issue of
bonds during the year. the particulars Of
which have all eady been reported to Con-
greSs. The report shows that the Bering
sea patrol fleet during the last season board
ed ana examined "a vessels, hfty-four OF
| which were engaged in sealing. The num-
ber of skins actually counted was 81, ,216.
Many OF the vessels in the revenue cutter
SeINlCe, tue secretary says, are very ola,
and nearly unseaworthy. and he recon-
mends that four new ones be provided to
| take the places of the 'McLane," the "Craw
ford" the Seward" and one for the port Of
New York.
The Secretary says that the government
OF Great Britain has refused to renew the
sealing regulations agreed upon for the
season Of 1894 providing for the sealing
up or arms, which leaves the question of
the possession and use of arms to be deter
mined wholly by the Paris award. The
total catch of seals at sea in the award
area during the last season was 56291, as
compared with 81 ,S3S for the season of
1884. The catch on the seal islands was
$4,000. A careful count of all the seals on
the islands last year makes the number
little over 100000, a decrease of over one
half since 1891. The Secretary devotes a
large share of his report to a discussion of
the condition Of the treasury and the cur
| rency. in the course of which he makes an
exhaustive argument in favor of the re-
tirement of the greenbacks.
Looking for a Surplus.
'The cash balance in the treasury on the
1st day of December, 1885," he says, was
s177. .4O6,3s6, being s9sO72, 42O in excess of
the actual gold reserve on that day, and
ST., 7,406,3s6 in excese of any sum- that it
would be necessary to use for replenshing
that fund in case the Secretary should at
any time be able to exchange currency for
gold. There is. therefore no reason TO
charge all it's current obligations during
the present fiscal year. and have a large
cash balance at its close, without imposing
additional taxation in any form upon the
people, but l adhere to the opinion hereto
fore expressed that the Secretary of the
Treasury ought always to have authority
to issue and sell, or use in the payment of
expenses short-time bonds, bearing a low
rate of interest, to supply casual defcien-
cieS In the revenue.
with a complete return to the normal
business conditions of the country, and
proper legislative and executive super
vision over expenditures, the revenue laws
now in force will, in my opinion, yield am
pie 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
mLde toward the restoration of our usual
state of prosperity will continue without
serious interruption, 1t Is estimated that
there will be a surplus of nearly $7,OoO,OO
during the fiscal Year 1897. During the
fiscal years 1894 and 1895 the ordinary ex-
pc ndtul es of the government have been
decreased s27. .2S2, ,656 20, as compared with
the fist al yesr 1898, and 1t is believed that,
with the cooperation Of Congress- further
reductions can be made in the future with
out impairng the efficiency Of the public
service"
The Gold Withdrawals.
Contir uing, he seys:
1.-The large Withdrawals of gold in De-
cember, 1894. and in January and the early
part of February, 1895, were due almost
entirely to a feeling Of apprehension in the
public mind which increased in intensity
fl ON day to day until 1t nearly reached the
proportions of panic, and it was evident
to all who were familiar with the situation
that unless enectual steps were promptly
taken to check the growing distrust the
government would be compelled within a
few days to suspend gold payments and
drop to a deprecated silver and paper
OF a M Ia r6 Of fh,
amount withdrawn during the brief period
last mentioned was not demanded for ex-
port, but was taken out by the people who
had become alarmed on account of the
critical condition of the treasury in its re-
la tions to the currency of the country.
THE purchase of 100000 ounces of gold
followed. it being in the contract that not
less than one-half of the gold was to be
procured abroad, but after a large part of
the gold had been furnished from abroad
the Secretary, in order to prevent disturb
ance in the rates of foreign exchange at a
critical PERIOD and avoid a condition which
would force gold exports and consequent
Withdrawals from the treasury acquesced
in a departure from the literal terms of the
be procured abroad. and accepted deposits
of gold then held in this country to COM
plete the delivery. Ordinary prudence de-
manded that the success of the plan 10
protect the treasury against Withdrawals
should not be endangered by insisting upon
strict compliance with all the details of
the CCulIdCt, especially DIS the government
could sustain no loss, and the whole
amount of gold stipulated for was secured
The Bond Issues.
1.-THE amount Of bonds issued under this
contract was $62,3 400, and the amount
of gold received was s65, 5,1l6,244.62 The
beneficial effects of this transaction, the
Secretary says, were felt Immediately, not
only in this country, but in every other
having commercial relations with us.
coincidence in our securities" he con-
tinues was at once restored, and these
encouraging indications of increasing pros
perity still continue, and it is reasonably
certain that If our progress is rot checked
by repitition of large demands upon cur
resources, or by a failure to meet the jus.
expectations of the people in respect 20 the
reformation of our fiscal system, we are
entering upon an era of material growth
and development not surpassed in our his
tory The safety of the existing stua ton
is, however, constantly menaced, and our
further progress toward a complete restora-
ton of confidence and prosperity is serious
ly impeded by the defects in our currency
laws, and the doubt and uncertainty still
| ;,, th1 y,,,l1 tod