Birmingham state herald., 1895-12-17
THE TREASURY REPORT.

MT. Carlisle's report is entirely in line with the presidents message. It shows a deficit of $17 000,00 for the current fiscal year. This deficit is due to the loss of the revenue expected from the tax on incomes. If the supreme court had not annulled that tax the receipts of the treasury would have exceeded the ex- penses by several millions Mr. Carlisle expects that the receipts during the next fiscal year will so largely increase that it will not be necessary to levy new duties. He thinks that we will have a surplus of $7000000 for the fiscal year ending June 30, 1897, under the present tax laws. We wish we could agree with the secretary in this hopeful outlook, but the indications are that we will need a good deal more revenue than the pres ent laws provide. There will be no neces- sity for any material alteration in the tariff to make certain a surplus here after. Enough revenue can be provided by a moderate increase in the liquor tax. It is a fixed fact that our people are in favoA of making luxuries pay the taxes in preference to the necessities of life. There can be no difference of opinion on that proposition, and if congress should increase the revenue by putting a duty on wool instead of putting an excise tax on beer they will hear from the people in unmistakable terms.
 MT. Carlisle's recommendations as to the currency are not novel, They were expected and have long since been dis counted. He would retire the green backs and silver notes, amounting to $500,00 900, by the sale of 3 per cent bonds. These bonds he hopes will be the basis of new national banks and that their place will be supplied by national bank notes. He would thus saddle the people with s15,00O,O 900 annully as interest upon a new bonded debt. This would impose half a million annually upon the people of Alabama as our part of the in- terest debt. Surely there must be some other way to preserve the parity between our gold, silver and paper than this fear full tax upon the labor of our people, The treasury notes have been extant for thir- ty years since their issue, and for six teen years since we resumed specie pay ment, and if they have been no burden on the people during that time, but have moved along side by side with silver and gold, why should MT. Carlisle at this late day declare that the country cannot get along unless we tax ourselves unmerci- fully to get rid of a currency to which the people have never objected? One of the singular features of MT. Carlisles report is his absolute surrender to national banking system. He says:
 Whatever objections to a national banking system may have heretofore eX- isted, or may still exist among our peo- pie, upon economic or other grounds. the fact must be recognized that it has been so long established that notwithstanding it's admitted defects it has served such useful purpose in furnishing a con- venient form of currency of uniform val ue throughout the country that an at tempt at this time to absorb 1t, or ma terially abridge the franchises of the in- stitutions organized under it, would not only be unsuccessful, but would provoke injurious agitation when the precarious condition of our financial affairs de- mands repose."
 Here is complete surrender by the administration to a federal bank system It is 8 reversal of the theory and policy of Thomas Jefferson and of Andrew Jackson. Even the republicans of 1862, like Thad Stevens. John Sherman, Chase, McCullock and the men of that day who devised the national bank scheme, did not contemplate it's continuance beyond the necessities of the war; but here we have MT. Carlisle apologizing for and demanding it's continuance thirty years after the necessity has ceased. Is there no way to give the people an ample cur rency except through the paper promises of national bank system? Why not give us gold and silver to the full extent of the precious metals just as we have