The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-12-18
CARLISLE LET0C0NGRESS
The Secretary's Report on the
Finances Of the Country.
soRTy MILLION DOLLARS DEFICIT


g0RTY MILLION DOLLARS DEFICIT
a Large Part Of the Report Devoted to
the Condition of the Treasury-An Ex-
haussiye Argument In Favor of the Re-
tirenent Of the Greenbaclcs - Gold
Would Then lie Returned.
WASHINGTON, Dec II. Secretary
!, Carisle's annual report on the state of
finances has been sent to congress. It
shows that the revenues Of the govern
ment from all sources during the last
fiscal year amounted to $500, 1878, ,2O3.
The expenditures during the same pc
nod aggregated s44S3, 17s, ,426. leaving a
deficit for the year of S42,s05,22S As
compared with the fiscal year 1894 the
receipts for 1895 increased 1870, ,7O5,
although there was decrease of SILL
S2s,9Sl in the ordinary expenditures,
which is accounted for by a reduction
. Of $l1, ,1S4 ,05v on sugar bounties. The
revenues for the current fiscal year are
estimated, under the basis of existing
laws, at $4S1, ,907, ,407 and the expendi-
lures at S444S, 907 ,407, which viii leave
deficit of $l7 7,000 900. For the coming
fiscal year, ending June 30, 1897, the
:: secretary estimates the receipts at $464,-
!9S, l20 and the expenditures at $751;
SS4, ,19S, or an estimated surplus Of &c.
e08, ,s26. The secretary states briefly the
facts concerning the issues of bonds
:. during the year, the particulars Of
which have already been reported to
congress. The report shows that the
Behring sea patrol feet during the last
season boarded and examined 81 vessels.
81 Of which were engaged in sealing.
The number Of skins actually counted
was SI,216. Many Of the vessels in the
revenue cutter service, the secretary
says, are very old and nearly unsea-
worthy, and he recommends that four
new ones be provided to take the place
Of the McLane, the Crawford, the Sea.
ward and one for the port of New York.
The secretary says that the govern
ment Of Great Britain has refused to
renew the sealing regulations agreed
Upon for the season of 1894 The total
catch Of sealS at sea in the award area
during the last season was SO, ,291, as
compared with 61,S3S for the season Of
1894. The catch on the seal islands
was $1,000. A careful count Of all t.
seals on the islands last year makes the
humber little over 200, 900, an increase
Of over one-haf since 1891.
The secretary devotes large share OF
his report to the condition Of the treas.
uy and the currency, in the course Of
which he makes an exhaustive argu-
nent in favor Of the retirement of the
ereenbacks.
'sThe cash balance in the treasury on
the first day Of December, 1885," he
says, "was S177, ,4oS, ,3ss, being sos,
go n excess of the actual gold reserve
on that day, and 81, 1856 in excess
Of any sum that it would be necessary
to use for replenishing that fund in
ease the secretary should at any time
be able to exchange currency for gold.
There is, therefore, no reason to doubt
the ability Of the government to dis
charge all its current obligations during
the present fiscal year and have large
cash balance at its close, without i'm
posing additional taxation in any form
upon the people; but adhere to the
opinion heretofore expressed, that the
secretary Of the treasury ought always
20 have authority to issue and sell, or
use in the payment of expenses, short
time bonds bearing low rate of inter
est, to supply casual Deficiencies in the
/. treasury.
with complete return to the nor
NAL business conditions Of the country,
and proper legislative and executive
supervision over expenditures, the rev.
enue laws now in force will, in my opin-
ion, yield ample 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 made toward the
restoration Of our usual state Of pros
perity viii continue, without serious in
terruption, it is estimated that there
will be surplus of nearly $7,000,000
during the fiscal year 1887. During the
fiscal years 1894 and 1895, the ordinary
expenditures Of the government have
been decreased S27 1926, ,256. 20 as compa--
ed with the fiscal year 1895, and it is be-
Geyed that, with the cooperation Of
congress, further reductions can be made
in the future without impairing the et-
6ciency Of the public service"
Continuing, he said:
: 'sThe large Withdrawals Of gold in
December, 1894, and in January and
the early part Of February, 1895, were
due almost entirely to feeling of ap-
prehension in the public mind, which
increased in intensity from day to day
until it nearly reached the proportions
of a panic, and it was evident to all
who were familiar with the situation
that, unles efectual steps were prompt
" taken to check the growing distrus".
the government would be compelled
within few days to suspend gold pay
ments and drop to deprecated silver
and paper standard. More than S43,-
100000 Of the amount withdrawn dur
ing the brief period last mentioned was
not demanded for export, but was taken
out by people who had become alarmed
on account of the critical condition of
the treasury in its relations to the cur
rency of the country The purchase of
$500, 900 ounces of gold followed, it be-
ing in the contract that no 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 dis
turbance in the rates Of foreign ex-
--.eAange at critical period and avoid
conditions which would force gold ex-
ports and consequent Withdrawals from
the treasury, acquiesed in a departure
from the literal terms Of the contract,
that one-half Of the coin should be pro-
cured from abroad, and accepted depos-
its of gold then held in this country
to complete the delivery. Ordinary
prudence demanded that the success Of
the plan to protect the treasury against
Withdrawals should not be endangered
by insisting upon strict compliance
with all the details of the contract, and
especially as the government could sus.
tain no loss, and the whole amount OF
gold stipulated for was secured.