The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-12-16
Though MISUNDERSTANDING
to Near 43 Millions.
REVENUE WILL Do 1T.
Tells ALI About the Benefits of
the Bond Issues.
Advises Retirement of Green
backs in His Annual Report.
National Banks Should Redeem
Their Own Calculations.

WASHINGTON, Dec. 10 Secretary
Carlisle's annual report on the state of
the finances, was sent to congress at
noon today. 1t shows that the revenues
of the government from all sources dur
ing the last fiscal year amounted to
$3.50, S73, 203. The expenditures during
the same period aggregated S433, 49,
426, leaving a deficit for the year of
$423 800. 1922 AS compared with the t1s-
cal year 1894, the receipts for 1895 in
creased SIT, 570,7 05 although there was
decrease of 81, 329,981 in the ordinary
expenditures, which is largely accounted
for by reduction of 81, 134, 055 on sugar
bounties-
The revenues for the current fiscal
year are estimated upon the basis of
existing laws at $441, 9O7 407 and the ex.
penditures at $44s,907, 3o7, which will
leave a deficit of $17,000,O00. For the
coming fiscal year ending June 30, 1897,
the secretary estimates the receipts at
1854. 1856 and the expenditures $457,
S84, 1913 or an estimated surplus of $751;
O00,928 The secretary states briefly the
facts concerning the issues of bonds dur
ing the year, the particulars of which
have already been reported to congress
The secretary devotes large share of
ton of the treasury and the currency and
makes and exhaustive argument in
favor of the retirement of the green
backs s'The cash balance in the treas
ury on the 1st of December, 1885," he
says, "was SIT, 406, 1856, being $99,O72, 42O
in excess of the actual gold reserve on
that day and $77, 406,3 1856 in excess of any
sum that it would be necessary to use for
replenishing that fund in case the secre-
oh Of "a ahla 70
change currency for gold There is,
therefore, no reason to doubt the
ability of the government to discharge
all its current obligations during the
present fiscal year, and have large cash
balance at its close without imposing ad
ditional taxation in any form upon the
people, but adhere to the opinion, here
tofore expressed, that the secretary of the
treasury ought always to have authority
to issue, sell or use in the payment of ex-
penses short time bonds bearing low
rate of interest to supply casual deticien-
cies in the revenue.
THE revenue laws now in force will,
in my opinion, yield ample means for the
support of the public service. Continuing
he saws:
1.-THE largest Withdrawals in gold in
December, 1894, and in January and the
early part of February. 1895, were due
almost entirely to feeling of apprehen-
sion in the public mind; that it was evil
dent that unless effectual steps were
promptly taken to check the growing
distrust. the government would be com
PEELED within few days to suspend gold
| payments and drop to deprecated sill
yer and paper standard.
"The amount of bonds issuedi under
the contract was $62, 315, 400 and the
amount of gold received was SOS, 116,
24462
The beneficial effects of this transac-
ton, the secretary says. were felt imme-
diately.
81 am thoroughly convinced that the
United States notes and treasury notes
should be retired from circulation at the
earliest practicable day, and that the gov,
eminent should be wholly relieved from
the responsibility of providing a credit
currency for the people.
GAS part of the plan for the retire
ment and cancellation of the legal tender
notes the treasury should be relieved
from responsibility for the redemption of
national bank notes. except worn, mutt
| lated and defaced notes and the notes of
failed banks, and each association should
be required to redeem its circulation at
its own Office and at agencies to be des-
ignated by the comptroller of cur
rency, as was the case prior to the passage
of the act of June 30, 1894; or. if this is
not considered expedient and the pres
ent system of current redemption by the
treasury is continued, the secretary
should have the power, after future
date to be fixed in the law, to require
the banks to keep their five per cent
redemption fund in gold coin, and to de-
post gold coin for the withdrawal of
J bonds whenever circulation is TO be per-
manently surrendered or reduced"
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 peo-
pie in parts of the country remote from
large towns and cities by which their
usefulness would be greatly enhanced.