The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-12-21
cARLlsLE's VIEWS
Secretary of tho Treasury Submits nis
AnDual Report.

III SHOWS T1WT the TEVEUUTE OF TTT EOVFTU-
ment from all sources during the last fiscal
year amounted 10 $500. s7s. 20S. The expendi-
lures during the same period aggregated
ss23. la. 426. leaving a deficit for the year OF
Sf2. sos. 22a. As compared with the fiscal
| year 1894 tho receipts for 1895 Increased
SIT. $40. 7O5. although there was a decrease OF
s3l, 329, 9S1 I'm the ordinary expenditures.
| which is largely accounted for by n reduc-
tion OF sii.13f.055 ON sugar bonnties. The
revenues for the current hscal year are
estimated upon tho basis OF existing laws
mt s4ai, 907. 4O7. and the expenditures at N4S.-
9o7. s07. which viii cave a deficit OF Ill.,
o .o00.
For the coming fiscal year. ending June
70. 1897. the secretary I'M the re-
ceipts at s4G4. zoe. 100. and the expenditures at
s4bT. $50 9s. or an estimated surplus OF &c.
COS, 9eC. The secretary states briefly the
facts concerning the issues OF bonds during
the year. the particulars OF which have al
ready been reported to congress.
with n complete return TO the normal
business condition OF the country and n
properiegfsiative and executive supervision
over expenditures. the revenue laws now
in force VIII I'm my opinion yield ample
means for the support OF the public service
upon the basis now established; ana upon
the sumption which seems TO be justified.
that the progress now being made toward
the restoration OF our usual state or pros
pority will continue without serious inter-
ruption. u Is estimated that there VIII be
~ EUTIlluH VI Ntf''"sNfe 80 ~
fiscal year 1897.
The secretary states In detail the differ
ent bond transactions entered into since
the adjournment or the last congress- ana
states that the contract entered into for
the last issue OF t62. 3ib. 400 OF four per cent.
bonds was fully carried out by the syndi-
cate 10 whom the contract was given and
tina Tho beneficial effects OF this Trans
action were felt Immediately not only IN
this country but I'm every other having
cownrnor,laI a qpa priaI pp1ntfOna with Onr
people," But he says the safety OF the
existing situation IN constantly menaced
and further progress toward n COM
pletc restoration OF confidence and prosper
ity Is seriously impeded by the defects
I'm our currency laws and the doubt
and uncertainty still prevailing In tho
public mind. especially abroad. con-
corning the future monetary policy
OF the government. These difficulties
he proposes 10 remove by the re-
tirement OF the greenbacks and the extern
sion OF the national bank system as in
dicated In the presidents message. He
controverts the convention that surplus
revenue would extricnte the country from
It's difficulties and states;
mo surplus revenue. However large.
could cNtricate us from our present diff
culties or give assurance OF safety In the
future unless n hou be required 10 be
paid In gold urdor a system which would
exempt the government from the ohliga-
ton 10 furnish the gold when demanded TO
be used In making the pa yments: and Il
is scarcely necessary TO ugges that such
a systom Is impossible as long as the
United States notes and treasury notes are
kept In circulation and are redeomable In
gold by the government Itself on presenta-
ton"
AS a temporary remedy for existing con-
ditions he suggests that authorization be
given to the secretary OF the treasury ito
Issue from time TO time bonds payable In
gold. bearing interest Mt a ratio not cx-
ceeding three per cent. per annum and
aving a long time to run, and to exchange
the bonds for United States notes and
treasury notes upon such terms na may
be most advantageous 10 the government.
or 10 sell them abroad for gold whenever,
I'm his Judgment. II Is advisable 10 do SO
and use the gold thus obtained in redeem
Ing the outstanding notes."
The secretary also favors the passage OF
n law allowing national banks TO establish
branches In small towns. The secretary In
closing his report says that II Is not prob
able that any plan for the permanent re-
tirement OF United States notes and treas
ury notes will be adopted that viii not re-
quiro considerable timo for its complete
execution. and he therefore urges upon
ongress the propriety OF prohibiting any
future issues OF such notes or OF national
bank notes OF less denominations than ten
dollars. thus making room In the clrcuia-
ton for silver coins and silver certificates
OF small denominations. This, he says.
would increase their use among tho peo-
pie and prevent their frequent return TO
ana accumuiat ion IN the TREASURY.
Among the minor topics treated upon I'm
the report are a reorganization OF customs
Districts; more stringent regulations TO
prevent Infection from yellow fever from
tho port OF Havana (Which Is spelled
"IIabana" la accordance with the mandate
OF the board OF geographic namea); he re-
news tho recommendation for a retiring
provision for officers OF tho revenue
marine service: he commends Commission
err Chambcrlains recommendation as to
the revision OF the navigation laws CT the
United states. and asks for an additional
assistant secretary OF the treasury TO take
charge OF the consolidated marine bureaus
OF that department. lie commends the
manner iu which tho work OF patrollinK
Behring sea and the North Pacific ocean
for the protection of seal life il carried
out under the supervision Of Capt. Hooper.
OF tho revenue cutter Rush. and refers 10
the fact that Notwithstanding the prepon-
d,raTce OF British Canadian vessels IN tho
rcaling feet. the British government fur
nishes only one patrollinB vessel. Ia. NJ. IS.
Pheasant, 20 assist IN the patrol. This
vessel. he says. was stationed FOR tho
greater part OF the time at Sitka and
Unaiasfa and took little or no part in tho
patrol otnCr than TO receive British yea
sells se'.'d by eur feet.
Further commenting on the failure OF the
British government TO carry out In good
faith the Paris award. the secretary states
that the fuse OF firearms In FUR seal fisn-
lng In Bcllring sea was prohibited by the
Paris award regulations and the ~iegisla-
ton OF tho respective governments. passed
TO enforce the award. As tho award reRu-
~lations merely prohibited the use of hre-
arms and dit not make their possession
illegal. ~ was agreed by the respective
governments. In 1885,. that all sealing ves-
sels before entering BNhring sea should
nave their firearms secured under seal
This provision worked satisfactorily dur
ing the season OF 1894. but the British gov
eminent refused 10 agree TO such an ar
rnnsemont Tor the season ~ Dos. alleging
that III had not IN practice worked for the
protection OF British sealers from inter-
Terence. as her majosty's government had
hoped would have been the case"
This refusal leaves the question OF tho
possession and use OF firearms by British
vessels TO DO determined wholly by tho
Paris award and the legislation enacted
by the British government for making