New-York tribune., 1895-12-06
THE TREASURY REPORT As IT SHOJLD BE

! THE TREASURY REPORT As TT SHOLLD BE.
Secretary CarIisles habit of being late with
his annual report will be pardoncd as helpful
to the credit of the country and to his own
reputation if he succeeds in making ! more
truthful statement of the finances than that fur
nished hy the President. If not, he had better
defer it forever. for his own sake. 1t would n@
be pleasant for him to be confronted with his
own reports. by page and line. proving ne
falsty of his statements. He has possible
future; the President has none.
! Mr. Carlisle had better correct the false state
| mcnt which the President made, that the tariff
Of 1890 "curtailcd our trade rclations' In the
Treasury record for fifty years. page - Siatis-
! teal abstract. the only year for which exports
required ten figures and exceeded Sl00OOOO,OO
is the year 1899, the last year in which the tariff
Of 1890 was in unimpedcd operation That is
also the only year in which exports and imports
together exceeded Sl.S0OOOO0O0 In spite Of
the panic caused by the threat Of radical change
of the tariff. the exports IN the four fiscal years
during which the panic Of 1890 was in operation
exceeded S36j4 100000 and the greatest value
in any previous period of four years S3:'l2oO0
coo under the tariff preceding that of 1852
The Secretary should correct too the false
statement Of the President. tha; the tariff Of
1890 was insufficient for revenue. The Sccre-
tarys report of 1894. page l22. shows that from
the foundation Of the Government the balance
in the Treasury at the beginning Of The year
was never so large as II 1893 under the tariff
Of 1890 and prior to the enactment Of that tariff
had never been 50 large as in each OF the four
wears after its enactment. 1t shows. also, pages
125 and 100. as successive financial reports Of
1S9l. 1892 and 1893 had shown that the re-
ccpts exceeded the expenditures in each Of those
years. and III the three years Si9,49j,S9l. and
that there was applied to the payment Of public
debt, exclusive of redemption Of banknotes. no
less than Sl55.7S1.s11 in the three years Pres
iGent Cleveland has not yet been in office three
years but has borrowed S1S2,2 ,29J II. and in
creased the public bonded debt SlG2 .331. 100.
which is 27.7j per cent Of the entire amount out
standing when he was inauguratc1 Secretary
Carlisle will not dare 10 falsify that record,
branding himself thereby. since the facts are
recorded by himself over his own signature
Secretary Carlisle will not assert also as the
President docs. that the borrowing of SlS2,2S9,-
29J II since February /. 1894. WIS mot to sup
ply insufficient revenue. His own official state
mont proves that he held on the Isl Of February.
1894 cash balance Of SSI.OS2 1OO. and the total
receipts since have been S6l1 1.l159.)0 making
$500 2lS O9O but that since February l. 1891.
the expenses have beer S1O3.J46.30l, so that the
entire balance would have been exhausted and
more, had not money been borrowed What has
he done with the money borrowed, If he has not
used il 10 cover the difference of S92.31O3li be
tween receipts and expenditures: He had on
hand December | a cash balance greater bv
$93324 2S7 than he held when borrowing be
gan. but has received for sales of bolds SlS2.-
$50 29G What has he done with the remaining
$sS965009? If 1t has not been spent to supply
insufficient revenue" Mr. Carlisle had better
account for it, or people may think he has il
about his person.
II would be extremely rash for Secretary Car
Isle to deny that the change Of tariff causes a
loss Of gold to The country and to the Treasury
For years the highest authorities such as The
Financial Chronicle David A. Wells and others
OF Democratic distinction. had calculated that
S10VOoOp per month mus; then be allowed for
interest due abroad. undCrvaluaiionS Of imports.
differences of freight money and The like 50 that
exports exceeding imports less than Sl0O0.OOO
per month meant Il trade balance to be met
with specie exports. But since al valorcm
duties were largely substituted in the tariff Of
lN'l. the undervaluatons Of imports formerly
reckoned AT 10 per cent by Mr. Wells. have been
much Increased, certainly To IL per cent. which
would be $l45,O0O,O0O on the imports of fifteen