Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1895-12-19
GRFENBACKS MUST GO.
BURDEN OF SECRETARY
CARLISLE'S REPORT.
Nothing Else. lie Says, Will Put the COun-
try on a sound Financial Isasls-De-
felt of Nearly s43, 900 for the Past
Fiscal Year-Branch National Banks.

Fiscal Year-BFanch National Banks.
WASHINGTON, Dec. II. - Secretary
Carlisle's annual report on the state OF
finances was sent toCongress yesterday.
1t shows that the revenues of the gov
eminent from all sources during the
last fiscal year amounted to $500, 1913,
203 The expenditures during the
same period aggregated $i33, l7S, 1926,
leaving a deficit for the year of S42,-
sos, 223. AS compared with fiscal year
1894, the receipts for 1895 increased
Sl7,570,7O5, although there was de-
crease of S!l,320, 9sl in the ordinary
expenditures, which is largely &C.
counted for by reduction of 81, 134,-
O55 on sugar bounties. The revenues
for the currant fiscal year are esti-
mated upon the basis of existing laws,
at S441, gO7, 407, and the expenditures
at S44S, 90?, IO1, which will leave a de-
felt of S7,0O0,OO For the coming
fiscal year ending June 30, 1897, the
Secretary estimates the receipts at
34G4, 793, 800 and the expenditures
S457, 884, 1873, or an estimated surplus of
6,006, 1926
The Secretary states briefly the facts
concerning the issue of bonds during
the year, the particulars of which
have already been reported to Con-
gress and the reports concerning the
seals of Alaska at some length.
The Secretary devotes large share
of his report TO discussion of the con-
dition of the treasury and the curren-
cy in the course of which he makes an
exhaustive argument in favor of the
retirement of the greenbacks. Con-
tnuing the secretary says:
There has never been time since
the close of the war when the gradual
retirement and cancellation of the
United States notes would not have
been benefit to the country, nor has
there ever been time when the issue
OF additional notes of the same char
acter would not have been injurious to
the country. If our legal tender notes
were retired there is abundant reason
To believe that very large amount of
gold which has been excluded from
the country by the excessive use of
silver and paper in circulation would
promptly return to take its place in
our currency and constitute perma-,
nent part of our medium of exchange.
"There is but one safe and effectual
way to protect our treasury against
these demands, and that is to retire
and cancel the notes which constitute
the only means through which the
Withdrawals can be made. Many par
tial aud temporary remedies may be
suggested and urged with more or less
plausibility, but this is the only one
that will certainly remove the real
cause of our troubles, and give assur-
ance of permanent protection against
their recurrence in the future.
This can be most successfully and
economically accomplished by author
izing the secretary of the treasury to
issue from time to time bonds payable
in gold, bearing interest ut rate not
exceeding three per cent per annum,
and having loug time to run, and to
exchange the bonds for United States
notes and treasury notes upon such
terms as may be most advantageous
to the government or to sell them
abroad for gold whenever in his judg-
ment it is advisable to do so, and use
the gold thus obtained in rcdeeming
the outstanding notes. Under the
operation of such plan, il
judiciOusly executed, there could be
no improper 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 secured by selling
the securities abroad. In order to
furthef" facilitate the substitution of
currency for the retirement of legal
tender notes, the national 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 per cent
per annum.
The Secretary also favorS the pas
sage of law allowing National banks
to establish branches in small towns,
with n view to bringing them closer
to the people in parts OF the country
lChhpbC lIOul ldIBt lOWuS anu ClLleS,
by which their usefulness would be
greatly enhanced.
The Secretary, in closing his report
says that 1t is not probable that any
plan for the permanent retirement of
United States notes and treasury
notes will be adopted that will not re-
quire Considera bic time for its complete
execution, aud he therefore urges up.
on Congress the propriety of prohibit
ing any further issue of such notes
or of National bank notes of less de-
nomination than $40, thus making
room in the cir culation 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.
Result OF an Oklahoma Divorce
WICHITA, KaE., Dec 16-In 1890
Mrs / w Einoaid Of Oklahoma Citv.