New-York tribune., 1895-12-17
THE TREASURY REPORT.

official monthly reports IN Oruer 10 Elahuiac'uie
an annual statement 10 fit the dictates OF
master Secretary Carlisle has spent TWO "eehs'
not in seeking the facts officially known TO MIN
on the 1st Of December, but in preparing some
thing else to say which would better III the as
sertions Of President Cleveland. EVERYBODY
knows the cause Of the delay. For the HIST
time the Treasury report goes TO congress
slammed as something else than s,ralghtlor-
ward recital of facts. The object of all this de-
Law appears in the assertion that the situation
does not require any legislation for raising adui-
tioual revenue The Secretary Will ilVe TO De
,,roo,lv ashamed of that assertion The report
is shaped throughout to fit the claim that sales
of bonds were not made to meet delci' III
revenue But in his letter of January 13 lS94'
inst preceding the first sale OF bonds, Secre'ar!
Carlisle said
The Department will have no means to defray
tho ordinary EXPENSES of the Government uniess
a large part of the payments ere hereafter maui,
ont & that fund (the Bullion ReserVe) 1
have prepared bill which would IN III! oiill'Tn, H.
meet all the requirements OF the s, situa.uI ~ ~!
nroyiding the necessary means for defraylng the
nublic expenses and repenishing the com re-
serve Unless authority TO issue ana sell
shorter bonds or other ooiieations, d"s Dea ~, ,ne
lower rate of interest than that specined III thc
existing law Is granted by Congress at very
carly day | shall feel constrained by sense Oh
duty to exercise the power alreaoy conielreu. 20
the extent at least. of providing an adequate
coin reserve II this action should De taken,
Congress ought. nevertheless to provide PROMPT
lv for the deficiency in the revenues during lhe
current fiscal year
ON ,he same day the Secretary issued Tie call
for subscriptions TO an issue of s5o.~oooo bonds.
ono may in patriotic feeling forbear from fur
,hcr evidence that the Secrctarys s report mas
becn prcpared to fit false assertions by the Pres
IN on
Of whom many are not so far expert as TO de-
tcct error in official reports, that the annual IN
! formation regarding the condition OF the Treas
| ury should be homes, and true. Secretary Car
Isle processes to believe that the internal reve-
nue., SG4, ,133G94 in the five months ending with
! November will amount to $93S6G306 in the
remaining seven months-an increase Of 32S
nor cent over the same months last year. when
| II was S7O6J4 929--althOugh thus far In the
! fiscal wear the Internal revenue has shown
! moterial loss Secretary Carlisle does not be-
| lieye in any such amazing Increase, unless he
has taken leave Of his common-sense. He OH
cially estimates that the customs revenue for
the remaining nine months of the fiscal year
will be Sl0l 100000, against S93,100,OOO last
year. but there is no practical expert OF any
partv who. in view Of the decrease Of over
| S4OOOOOO in monthly customs revenue since
August, will accept any such estimate. 1t is the
fact, not crcdtable TO any American, that the
Treasury report does not represent the actual
situation.
! As to the coming year. the Secretary estimates
a great increase in customs and internal rcve-
nue. A year ago lie calculated on an increase Of
S250000OO in each, and now processes to eX-
| pect no more than S20,000000 in customs and
S15OO0OOO in internal revenue There is abso-
lutcly nothing to justify the expectation Of
/ $3.50 00000 600 in customs receipts and S110000,-
900 in internal revenue Indeed, the business
situation makes such an estimate prepOsterous.
With revenue in the five months Of the fiscal
year 1896 only S3,750,000 larger than in the
previous year, and with internal revenue for
five months SS.60O,000, or nearly T. per cent
less than last year. and the most important i'm
ports decreasing. Secretary Carlisle would not
dream of expecting an increase of $4,000, 900
in customs for the year and Sl2.OOOOO0 in in
ternal revenue if he were not whiting down
figures to fit a Presidential theory. But it is
by this kind Of manipulation that a surplus Of
S6,9OS,927 is manufactured for the coming year
Argument would be wasted upon the long
drawn estimate as to retirement of greenbacks
the facts to Congress about current receipts and
expenditures, his recommendations are worth
less. His labored attempt to prove that the
money obtained 10y sale OF bonds has been ex-
pended in redeeming notes. and not in covering
deficiency Of revenue. has been sufficiently cx-
posed in recent articles. Cash balances Febru-
ary /, 1894 and receipts since have amounted
to $685.. 900, but expenditures as represented
4 hot.n ,,,nta tal 10 40 pnt
that his whole cash balance and considerably
more would have been expended If he had not
used the gold reserve for improper purposes
and then borrowed money to add gold to the
reserve Nor is there any force in the Secre-
tary's argument that a full surplus in the Treas
ury would not prevent withdrawal of gold for
notes. If the Treasury had the proper excess Of
revenue over expenditures any man Of average
common-sense would know how to protect
against dangerous Withdrawals Of gold and
Secretary Carlisle certainly knows. His repor,
is made to the President. for the President. and
virtually by the President and not to the people
at all.
OF the argument In favor of better terms for
National bank issues nothing need be said The
banks would have a thousand times as many
chances Of getting more liberal legislation II
IL had not Deen proposed as II means Oh aDOisl-
ing legal-lender notes. The recommendations
Of the Secretary on minor topics call for little
comment. though he properly says that Con
gress should stop public buildings. with S1s.479.-
76O already appropriated for that purpose and
not yet expended The deficiency of revenue
which he denies makes tins suggestion of value.
But II Is an unwelcome task to record that the
official report Of Secretary Of the Treasury
carefully refuses Congress the truth which mem