Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1895-12-21
TREASURY REPORT.
g Secretary Carlisle Submits His
Statement to Congress.
Deficit for the Last Fiscal Year Nearly
$4,000, OOO-Retirement of Green
backs Favored-The Late
Bond Issue.

CarliSle'S annual report on the state OF
the finances has been sent to congress.
1t shows that the revenues of the gov
eminent from all sources during the
last fiscal year amounted to $500, 373,-
2O3. The expenditures during the same
period aggregated $433, 17S, 426, leaving
a deficit for the year of $42, sos, 223. AS
compared with the fiscal year
1884, the receipts for 1895 in
creased $17,57O, 7O5, although there
was a decrease of $11, 329, 981 in the or
binary expenditures, which is largely
accounted for by a reduction of $11,
134, O55 on sugar bounties The reve-
nues for the current fiscal year are
estimated upon the basis of existing
laws at SAL 907, 407, and the expend-
itures at S44S, 9O7, 40T, which will leave
a deficit of 81, OOO O00 For the coming
fiscal year ending June 80, 1897, the
secretary estimates the receipts at
S464, 793, 100 and the expenditures $457,-
SS4, 1913, or an estimated surplus of &c.
9o6, 926.
The secretary devotes large share
of his report to discussion Of the con-
dition of the treasury and the currency
in the course of which he makes an ex-
haustive argument in favor of retiring
the greenbacl1s. 1.-THE cash balance in
the treasury on the 1st of December,
1885, he says, was SIT, 4O6, $50, being
$9S, or, 120 in excess Of the actual gold
reserve on that day and $77, 400, 386 in
excess of any sum that would be
necessary to use for replenishing that
fund in case the secretary should
at any time be able to exchange cur
\ Al.
no reason to doubt the ability of the
government to discharge all its current
obligations during the present fiscal
year and have a large cash balance at it's
close without imposing additional tax
alton in any form upon the people, but
/ adhere to the opinion, heretofore ex-
pressed, that the secretary of the treas
ury ought always to have authority to
issue, sell or use in the payment of ex-
penSes short time bonds bearing low
rate of interest to supply casual de-
ficiencies in the revenue. With u COM
plete return to the normal business
condition of the country and a proper
legislative and executive supervision
over expenditures, the revenue laws
now in force will, in my opinion, yield
ample means for the support of the
public service upon the basis now
established and upon the assumption,
which seems to be justified, that the
progress now being made toward the
restoration of our usual state of pros
perity will continue without serious
interruption"
The beneficial effect of the bond
transaction, the secretary says, was
felt Immediately, not only in this
country, but in every one having com
mercial relations with us.
1.-THE safety of the existing situa-
tion," the secretary says, lis, however,
constantly menaced and our further
progress toward a complete restora-
ton of confidence and prosperity is Sc
riously impeded by the defects in our
currency laws, and the doubt and
uncertainty still prevailing in the
public mind, and especially, abroad,
concerning the future monetary
policy of the government. Until
these defects in our laws are remedied
and these doubts are removed, there
can be no satisfactory assurance of
immunity from periodical disturbances
growing out of the obligations which
the government has been compelled to
assume in relation to the currency.
Our past experience with the United
States notes and the treasury notes
have clearly shown that the policy of at
tempting to retain these obligations of
the government permanently as a part
of our circulating medium and redeem
them in coin on presentation, and re-
issue them after redemption, must be
abandoned or that such means must be
at once provided as will have a tend
ency to facilitate the efforts of the Sec
rotary to accumulate and maintain
coin reserve sufficient in amount to
keep the public constantly assured
of the stability of our entire volume of
currency and of our ability at all times
to preserve quality in the exchange
able value of its various parts. If,
however, an attempt is to be made to |
keep the United States notes and |
treasury notes permanently in circula- |
ton by reis sues after redemption and |
the Cover nment is to be permanently |
charged with the duty of sustaining |
the value OF all our currency, paper |
and coin alike, the conclusion can
not be avoided that the policy of |
issuing bonds for the accomplishment |
- NANoO PuE HOSCS dASO O0~ |
come permanent, and such additional |
powers must be conferred upon the |
secretary as will enable him to ex- |
ecute the laws relating to these sub |
jectS with the least possible disturb |
ance of the business affairs of the peo- |
pie, and the least possible charge on |
the treasury. 1 am thoroughly con-
WINGED that this policy ought not to be |
continued, but that the United States |
notes and treasury notes should be re- |
tired from circulation at the earliest |
practicable day, and that the govern
ment should be wholly relieved from
the responsibility of providing credit
currency for the people.
There has never been a time since |
the close of the war when the gradual |
retirement and cancellation of the |
lJnifQH 70