The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-17

WASHINGTON, Dec. l6.-secretary
Carllses annual report on the Btate
of the finances was sent to Congress
to-day. 1t shows that the revenues OF
the government from all sources dur
Ing tho last fiscal year amounted to
s30O,3l3, 2OS, TheAexpendItures during
the same period aggregated N3S,l7s,420,
leaving deficit for the year of Si2,S05,-
223. AS compared with the fiscal year
1894, the receipts for 1895 Increased SlT,-
570,7O5, although there was decrease
Of SlI.S29.9sl In the ordinary expendi-
lures, which Is largely accounted for
by q reduction OF 81, 1906 on sugar
| bounties. The revenue for tho current
| fiscal year are estimated upon the basis Z
| Of existing laws, ut N3l, ,iO7, and the
| expenditures at S4iS,901 ,4O7, which Will
| leave deficit OF Sl7000,00O.
For the coming fiscal year ending
| June 30, 1897, the secretary estimates
the receipts at 1857, ,sSi, 1893, or an estl-e
mated surplus of SG,9OS,92G. The seere-
tary states briefly the facts concernlng
| the Issues OF bonds during the year,
| the particulars OF which have already
been reported to Congress, Many or
the vessels In the revenue service, the
secretary says, are very old and nearly
! unseawOrthy, and he recommends that
| four new ones be provided TO take the
| places OF the McLnne, the Crawford.
the Seward and one for the port OF
| New York.
To Retire GrccnbacICi.
The secretary devotes large share OF
his report to discussion Of the condi-
tlon Of the treasury and the currency.
| In the course OF which he makes an eS-
| haustive argument In favor OF the re-
tlrement Of the greenbacks.
THE cash balance In the treasury on
the first day OF December, 1870 he
| says, was Sl77, 7,406. 1856, being S9s,012,42O
in excess OF the actual gold reserve In
that day, and 81. .4O6, ,Ss6 In excess OF any
sum that II would be necessary to use
for replenIshing that fund in case the
secretary should at any time be able
to exchange currency for gold. There
| H. therefore no reason to doubt the
| ability OF the government to discharge
| all its current obligations during the
present fiscal year, and have large
| cash balance at its close, without Inn
| nosinR additional taxation In any form
| upon the people. but / adhere to the
| opinion heretofore expressed thnt the
secretary OF the treasury ought always
to have authority to Issue ana sell OF
Il
time bonds, bearing a low rate OF In
terest to supply casual deficiencies IN
the revenue. .,..
| ,nnl business condition of the country
md a proper legislative and executive
supervision over expenditures, the rev.
enue laws now In force Will, In my
opinion, yield ample means for the sup
| mort OF the public service upon the
basiR now established; and upon the
ASSUMPTION, which seems to be tustl-
fed, that the proress now being made
| toward tho restoration OF our usual
state OF prosperity Will continue with
out serious interruption, 1t Is estimated \
that there will be surplus OF nearly
| S7,OO0,OOO during the fiscal year 1897.
| During the fiscal years 1894 and S5, the
ordinary expenditures Of the govern
| ynent have been decreased S2I,2S2. .6b6 20,
nd compared with the fiscal year 1893,
and il is believed that, with the CO.
| operntion OF Congress, further reduc-
| tiong can be made in the future without
impalrlng the efficiency of the public
service"
The Gold Withdrawals.
Continuing, he says: "The large
withdrawals of gold in December, 1894,
and in January and the early part OF
February, 1895, were due almost en-
tIrelv TO n feeling of apprehension In
| The public mind. which Increased IN IN
tonsIty from day to day until 1t nearly
reached the proportions OF q panic, and
| n wns evident to all who were familiar
with tho situation, that, unless efectu-
nj steps were promptly taken to check
| tho growing distrust, the government
would ho compelled within few days
| 10 suspend gold payments and drop 70
| aud ntunn.
ard More than HS,O0O,0O0 OF tho
amount withdrawn during the BRIEF
perlpd last mentioned was not demands
ed for export, but WAS taken out by the
| noopIe who had become alarmed on ac-
/ count OF the critical condition OF the
treasury in It's relations TO the currency
OF The country. The purchase Of $780,
900 ounces OF gold followed, II being In
| tho contract that not less than one.
| hnlf OF the gold was to be procured
| abroad, the secretary. In order TO pre-
vent disturbance In the rates Of foreign
exchange ut n critical period, and avoid
| N condition which would force gold exc
| ports Rnd consequent Withdrawals from
| tho treasury, ncquiesccd IN n departure
| from the literal terms OF the contract
| that nnc-half OF the coin should be pro-
cured abroad, and accepted deposits
| OF gold then held In this country TO
| complete the delivery. Ordinary pri-
! dencc demanded that the success OF the
plan TO protect the treasury against
| Withdrawals should not ba endangered
by inRlsting upon q strict compliance
with all tho details of the contract, es-
pocIRlly us the government could Bus-
| tain no loss and the whole amount or
gold stipulated for was secured,
"Thc amount OF bonds iHnued under
| this contract was tG2,SlJ,40O and the
amount Of gold received was SBb'llV,-
| 2tl. .B2."
Thc beneficial cfroots Of this tranBac-
| ton, the gccrotary anys, were felt inl-
ncdlatcly not only in this country, but
| IN evory country having commercial re-
iatlonB with uR.
"COnndencu In our securities" ho
continues 'wAa nj once restored ana
these encouraging indications Of in
crcasng prosperity stlll continue and II
| In rcnronubly certain that n our pro-
grcRR " not checked By n repetition Of
| large demands upon our resources, or
| hy 4 failure TO meet the Just cNpeuta-
| tlona NJ the people IN respect to the ro-
| formation Of oiir fFchl HyStem, we nre
entering upon nn era or material
rrowtli and development not Rurpnnsed
| In our history. The safety OF tho eN-
| lstlng situation Ia, however, constantly
mrnnccd mud our further progress to-
warl complete restoration of conhs
| dcnte aud prosperity IN Bcrloualy im-
podcd Nv the defects IN our currency
| laws and the doubt and uncertainty
| Etli prevailing In tho public MIND, and
cppcoinlly pbrpnd cancornlnR the fu-
turn monetary policy ot the Rovern-