Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-11-22
A Report That May not Report.

II there were any previous doubts as to
what Secretary Carlisle would endeavor,
In his annual report, to make the scape-
gont OF the Democratic deficit, that doubt
was removed by his speech before the
New York chamber Of commerce. In his
forthcoming annual report he will I'M
essary to bring order out of chaos is for
Congress to pass law authorizing the
secretary of the treasury to destroy all
grccnbacks, which have been redeemed in
gold, instead of reissuing them. Whether
he will advocate any substitute remains to
be seen He is on record rs favorng what
is known as the Baltimore plan. an imita-
ton of the banking system of Canada,
and which received endorsement from
many bankers few months ago, but
which does not appear to be as popular
at this time.
1t will, however, make comparatively
little difference what Secretary Carlisle
advocates in the way of financial legsla
ton. He is undoubtedly too intelligent
not to have learned much since he has
held the position he now occupies but it
WAS quite generally understood that when
he went into the treasury department he
was deplorably ignorant upon financial
questions. Those who hold the same
views with him regarding the rcissung of
greenbaoks have not formed their con
illusions from his advice. The chief
interest which will attach to his report,
will be in the nature of Il curiosity to
learn by what juggling of figures he may
attempt to conceal the worst features of
the deficit In that New York speech
there was no hint as to the effect OF the
changed conditions of international trade
upon the gold reserve. no allusion to the
undoubtcd fact that the debt incurred by
the Democratic administration was due
in large measure to the new tariff which
did not provide "A revenue to meet ex
pcnses and threw the balance of trade
against this country. He is not expected
TO touch upon the changed proportion Of
exports to imports, but it is attracting the
attention of the country. The imports
last month were larger than during any
October Of the preceding eight years at
least, And rs to the exports they have
been exceeded in five out of those Octo-
bers. The fact that We exported last
month $50, 12l more gold than We i'm
ported demonstrates conclusively that the
conditions of our international trade have
are taking the place of home manufactured
goods that we are losing trade we had in
those much talked-about markets of the
world A" We do not expect Secretary
Carlisle to mention these things but they
exist and are inseparable from fair con-
sidera ton of the deficit and of means to
maintain the gold reserve. The mer-
cbandise exports last month were more
than three millions less than the average
of he previous seven years while the i'm.
ports were ten millions larger than
average imports for that length OF time
in the October months. Since the re-
sumption of specie payments but once
have the gold exports in October exceeded
the imports. And yet if we are to Judge
from the secretary's speech in New York
we are to suppose that these conditions of
trade have no bearing upon questions re-
! specting the maintenance of the gold
reserve.
1t is barely possible that Secretary Car