The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1895-12-17
CARLISLE ON THE CURRENCY
Annual Report of the Secretary
of the Treasury,
AS Compared With tho Fiscal Year OF
1s9a-The Receipts For 1895 Have
Increased Over Seventeen Million
Dollars-The Country is Prosperous
But tho Greenbaoks and Treasury
Notes Must 30 Retired.

WASHINGTON, Dec. 16.-Secretsry
Carlisle's annual report on the state of
the finances WAS sent to Congress to-day.
II shows that the revenues Of the Gov
eminent from all sources during the
last fiscal year amounted to $500, 37a, 2O3.
The expenditures during the same
period aggregated S43a. 17s ,42o, leaving
a deficit for the year of $40 sos .223. AS
compared with the fiscal year 1894. the
receipts for 1895 increased Sl7,57o. rs,
although there was decrease of Sill
s29.9s1 in the ordinary expenditures,
which lie largely accounted for by a re-
duction of Sill, 134, O55 on sugar boun ties.
The revenues for the current fiscal
year are estimated upon the basis of
existing laws st s43l, eO7,47 and the ex.
penditures at $44s 9U7, 4O7 which will
coming year ending June 80, 1897, the
Secretary estimates the receipts at
$464,703, 100 anI the expenditures at
S457, sS4,193 or an estimated surplus of
S6,90s.926. The Secretary states brief
the facts concerning the issue of bonds
during the year, the particulars of
which have already been reported to
Congress-.
The Secretary devotes Q large space
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 the re-
balance in the Treasury on the f-su
day of December, 1885," he says, WAS
SLIT, 4o6.s being SYs, 072. 420 in excess
OF the actual gold reserve on that day,
and 877, 406 1856 in excess of any sum
that would be necessary for replenishing
that fund In case 1t should, at any time,
be able to change currency for gold"
There ts, therefore, no reason to doubt
the ability OF the governments to dis-
charge all itsourrent obligations during
the present fiscal year and to have q
large cash balance at It's close, without
imposing additional taxation In any
form upon the people; but I adhere to
the opinion heretofore expressed, that
the Secretary of the Treasury ought
always TO have authority to issue and
sell for use in the payment OF expenses.
short time bonds, bearing low rate of
interest, to supply casual DEFICIENCIES in
the revenue.
He then gives the details of the
latest bond purchase by the government
stating that the amount of bonds issued
under this contract was $s2, 3l5, 400 and
the amount OF gold received WAS $685.
49, 24 go.
The beneficial effects of this trans
action the Secretary says were felt i'm
mediately, not only in this country, but
In every other place connected with it
commercially.
He then argues at length in favor of
stopping the circulation of United
States notes and Treasury notes, which
he says is the only safe and effectual
way and ole that will certainly remove
tho real cause OF our troubles and give
assurance of permanent protec.ion
against their rec occurrence in tho
future:
This can be economically accom-
plished, he says. by authorizing the
Secretary OF the Treasury to issue from
time to time bonds payable in gold,
bearing interest at rate not exceed
Ing three per cent. per anpum and
having 8 long time to ran, and to ex.
change the bonds for notes and upon
such ter@s as may be most advan-
tageous to the Government, or to sell
them abroad for gold whenever, in his
judgment, dt is advisable to do so, and
use the gold thus obtained in redeem
ing the outstanding notes.
Under the operation of such o plan II
judiciously executed there should be no
improper contraction Of the circulation
because II 1t should at any time be
found that other forms Of currency
were not being supplied to the extent
required. exchange of bonds Cor notes
would be suspended and gold would be
procured BY selling the securities
abroad
The Secretary also favors the passage
or law allowing national banks to
establish branches in small towns, with
view to bringing them closer to the
people In parts OF the country remote
from the large towns and cities by
which their usefulness would be greatly
enhanced
The Secretary, in closing his report,
says 1t is not probable that any plan for
the retirement of United States notes
and Treasury notes would be adopted,
az 1t would require conaidersble time,
and urges upon Congress the propriety
OF prohibiting any future issues OF such
notes, or OF national bank notes of less
denominations than ten dollars, thus
making room in the circulation for sil-
YER coins and silver certificates of all
denominations. This, he saws, would
increase their use among the people
and prevent their frequent return to
and accumulation in the Treasury.
Open Every Night.
WAREROOMs of Hohhie Music Cor,n,z