The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1895-12-17
Regarding the Withdrawal of
Treasury Notes From
Circulation.

WASHINGTON, Dec. 17.-Secretary
Carlisle's report was sent to congress.
It shows that the revenues of the gov.
ernment from all sources during the
last fiscal year amounted to $500, 373, 2O3.
The expenditures during the same period
aggregated $433, l78, 426, leaving de-
ficit for the year Of $42, S05, 223. AS
compared with the fiscal year 1894, the
receipts for 1895 increased 1870. 7O5,
although there was a decrease OF
1l,329, 1881 in ordinary expenditures,
which is largely accounted for by
reduction of $ll, ,346, 600 on sugar boun-
ties. The revenues for the current
fiscal year are estimated upon the basis
of existing laws at S421, ,9O7, ,401, and the
expenditures at $44s, 9O7 ,407, which will
leave deficit of $l7 ,000,O
No Deficit Estimated Next Year.
For the coming fiscal year ending
June 80, 1897, tho secretary estimates
the receipts at S464, 1913, 12O, and the ex-
penditures at $457, 1884, 1913, or an estl-
y mated surplus of $6,9OS, 926. The sec.
Aetary states br.e efy the facts concern
ing the issues of the bonds during the
year, the particulars Of which have al.
ready been reported to congress.
The secretary devotes large share OF
his report to discussion OF the condi.
ton of the treasury and the currency,
in the course of which he makes an ex-
haustive argument III favor OF the re-
tirement Of greenbacks.
THE cash balance in the treasury on
Dec. /, 1885," he says, was $177, ,4O6,-
1856, being $98, ,072. .42O in excess OF the
actual gold reserve ON that day, and
81, ,4O6, 1856 IN excess Of any sum that it
would be necessary to use for replenish-
ing that fund in case the secretary
should at any time be able to exchange
currency for gold.
Can Discharge Current Oblg ,tfons.
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
q large cash balance at its close, with
out imposing additional taxation in any
form upon the people, but l adhere tc
the opinion, heretofore expressed, that
the secretary of the treasury ought
always to have authority to issue ano
sell, or use in the payment Of expenses
short time bonds, bearing low rate Of
interest, to supply casual deficiencies il
the revenue.
The secretary then discusses the ben
eficial effects of the last bond issue il
keeping up the reserve and in givin,
\ confidence that our obligations woul,
not be paid in silver.
coincidence in our securities" h
continues, "was at once restored ant
these encouraging indications OF in
creasing prosperity still continue, and
is reasonably certain that il our progres
is not checked by a repetition OF larg
demands upon our resources, or by
failure to meet the just expectations Q
the people in respect to the reformation
of our fiscal system, we are enterin
upon an era of material growth an
development not surpassed in our his
tory. The safety of the existing situs
tion is, however. constantly menac cd
and our further progress toward com
plete restoration Of confidence an
prosperity is seriously impeded by tn
defects in our currency laws, and tn
doubt and uncertainty still prevailin
in the public mind, and especial
abroad, concerning the future monetar
policy of the government. Until thes
defects in our laws are remedied, an
hese doubts are removed, there can
No Satisfactory Assurance Of Immuni'
from periodical disturbances CROWN
ont of the obligations which the go