Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1895-12-19
NATIONAL FINANCES.
CARLISLE'S ANNUAL.
REPORT TO CONGRESS-.
He Believes the Retirement of Green.
backs Would Bring
in Gold.

Washington Dec. 1.-THE annual
report on the government finances was
sent TO congress Monday. 1t shows the
revenues of the last fiscal year to be
$780, POS; expenditures, $4SG, lis. 426;
deficit, S42 ,S05, 223. Compared with the
fiscal year of 1894 receipts for 1895
show an increase Of $17,570705, and
there is decrease of $1l,S29, 1851 in eN-
penditures, largely on account of the
reduction, $1l, ,055, in sugar boun-
ties. Revenues for the current fiscal
year, estimated on The basis of exist
ing laws are $431,907 ,407, expenditures
Si4S, 907 ,407, deficit S1700000 For
the fiscal year ending June 80 1897,
the secretary estimates receipts S464,-
1913, 120, expenditures $457 ssh 1913, sur
plus $6,90S,926.
large part of the report is devoted
to a discussion of conditions of the
treasury and currency. He says: The
cash balance in the treasury the first
day of December, 1895, was SLIT ,4O6,-
3S6, being sos ,072, APO in excess of the
actual gold reserve that day, and So
i06, 1856 in excess of any sum which
would be necessary to use for replen-
iShing that fund i'll case the secretary
should at any time be unable to eX-
change currency for gold Therefore
there is no reason to doubt the ability
OF the government TO discharge all cur
rent obligations during the present
tical year and have large cash bal
ance at the close without additional
taxation in any form"
He thinks he ought to have author
ity to issue short-time, low interest
bonds to supply casual deficit in the
revenue He believes with complete
return to normal business conditions
revenue laws now in force will yield
ample means to support the public SER
vice.
The secretary reviews the sale of
bonds to the syndicate and says he
allowed departure from the contract
that half of the gold to be furnished
should come from abroad, because to
have insisted on the contract would
have merely resulted in gold so import
ed being drawn from the treasury and
re-eXported. The continued issue of
bonds, he says, under the present sys-
tenn will ultimately result in creating
much larger bonded debt and greater
interest charges than would be re-
CURED to retire and cancel all notes.
He says he is convinced United
States notes and treasury notes
should be retired from circu-
lation at the earliest praCtic-
able day and the government wholly
relieved from the responsibility of pro
viding a credit currency for the peo-
pie 1t is suggested that the secretary
be authorized to issue longtime low
interest gold bonds If found this
tends to contract the currency too
much bonds could be sold abroad and
the national banks be authorized to Is
sue notes to the face value of bonds
deposited and the tax on circulation
reduced to one-fourth of one per cent
He also favors the passage OF a law al
lowing national banks to establish
branches in small towns. In closing
he urges the propriety of prohibiting
further issues cf government notes or
national notes of less denomination
than $40, thus making room for silver
coins and small silver certificates.