The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-12-17

Deficit for the Last Fiscal Year Nearly
~t3.otsb.ooo.


>t3.ooo.ooo.
Washington city, Dec. 16-Secretary
Cariisles annual report OF the state of
the finances was sent 20 congress today
II shows that the revenues Of the govern
ment from all sources during the last rs al
year amounted 10 SSa.S13,21. The cNpen-
dtures during the same period aggregate
eel St2S. 17S@s, leaving deficit for the year
of Si2. Nl6. 22& As compared with the fiscal
year of l>9l the receipts for lSah Increased
ST. so 7a although there was s. decrease
OF Sli.329.gNl IN the ordinary expenditures.
which is largely accounted for by a re-
duction Of 81. .l3so55 on sugar hounties.
The revenues for the current fiscal year
ara estimated upon the basis of existing
laws al Si3l. az. .+e5, and tho expenditures at
S44S 81. 90. which WI leave deficit OF
Sl7e0.ooa For the coming fiscal year end
ing June 50. 1877, the secretary estimates
the receipts at S464. .s9S. - and the sxpen-
dtuFes at si5T.SSt. 1873. or an estimated sur
plus OF S6.stN. OPS.
The secretary states briefly the facts con-
cernsng the issues ST bonds during the
year. the particulars OF which have already
been reported TO congress.
The report shows that the Bering sea
patrol fleet during the last season boarded
and examined nlnety-four vessels nifty
four of which are engaged in sealing. The
number OF skins actually counted was
S1.2l6
Many OF the vessels in the revenue cutter
service. the secretary says. are very cid
and nearly unseaworthy, and he reconl-
mends that four new ones be provided, 10
take the places of the McLanc. the Craw-
ford, the Seward ana one for the port OF
New York.
The secretary says the government Of
Great Britain has refused to renew ths
sealing regulations agreed upon for the
season OF 1854, providing for the sealing W
Of arms, which leaves the question OF the
possession and Use Of arms 20 be deter
mined wholly ~ tho Paris award. The
total catch OF seals at sea IN the award
area during last season was 6.2si. as COM
pared with 81. SOS for the season of lsai.
The catch on the seal islands was
i5.0l0 careful count OF all tho
seals on the islands last year
makes the numbers little over 2oo,0V0. a
decrease of over one-half since 1891.
The secretary devotes large share or
his report to "a discussion OF the condi-
ton of the treasury and the currency, N
tho course OF which he makes an eNhals-
tive argument in favor of the retirement or
the greenbacka. The cash balance IN tho
treasury on the first day Of December, $50.
he says, was S157, te6.8 8S6, being s@b'2,fZ0
in excess ur the actual gold reserve on ihat
day. and So as6 IN excess OF any sum
that IL would be necessary to use for re-
ulculshing that fund IN ease the secretary
should at any time be able to exchange
currency for gold. There b. therefore. no
reason TO doubt the ability OF the govern
inent to discharge all OF us current oplga-
tlons during the present fiscal year ana
have a large cash balances at its close
without imposing additional taxation In
any form upon the people. but J adhere 10
the opinion heretofore expressed that the
secretary OF the treasury ought always 10
have authority 10 issue and sell. or use IN
the payment Of expenses. short-ume bonds.
bearing a low rate of interest. 70 supply
casual deficiencies Ia the revenue.
with "A complete return 10 the normal
bushes condition Of the country ana a
proper legislative and executive supervision
over expenditures, the revenue laws now iu
force viii. IN my opinion. yield ample ne@is
for the support Of the public service upon
the basis now established, aud upon the as
sumption. wh.eh seems 70 be jusiihed. tnat
the progress nov being made toward the
restoration Of our usual stale Of prosperity
VIII continue without serious interruption.
ii ls estimated that there viii be a sur
PLUS of nearly S7.o91o0 during the fiscal
year 1901 During tne fiscal years 1924 ana
1895 the ordinary expe ndiiures Or me gov
ernment have been decreased SZl.Zs-.b9b. as
cor1pared with the fiscal year lSs3. and u "a
believed that with the cooperation of cons
gress further reductions can Dc made in
the future without impairing The efficiency
Of the public service
Continging he says. The large gold
Withdrawals N ifecFfUBffs i+f&, anu J3EH~
arv ard fhe early part ~ February, 1928,
were due almost entirely 10 a feeling of ap-
prchonsiqn fn the public mind. which IN
creased jr intensity from day 90 day until !
IL nearly reached af proportions ~ q panic,
and n was evident 70 aif @ho acre fHmilia~
with the situation thaf unless effectual
stems was promptly taken 90 cheek the
growing dfetrust The COVE rnment would he
ccrnpel}ed within few days 20 suspend
gors uavrnentz ard drop 20 \ deprecatei
s'tver and paper standard. More than fB,-
mn m ~ the amount Withdrawn during
the brief period last mentioned was not DE-
rnardsd for exnor'. fsit VAS taken out by
r,eouie who had become alarmed on account
~ fhe critical condition % the treasury IN
its rsfat t'o1R to the currency ~ the country.
The our haaa ~ 15fo ,009 ounces ~ gold f0l4
fov.ey IL beng fn fhe contract that not iegs
than one-haIf ~ the gold was 20 he pro-
cured ahroad. hut. after large part Of thd
gold had been furnished from ABROAD. the
secretary tn order - prevent disturbances
in .he rates n foreign exchange ~ a criti-
cal period and avoid condition which
vyofiif Force gold exports and consequently
vyfta8rawais from thr treasury. acqliescef
IN : 4euarture from the literal terms of the
contract that 0ne-haf 81 the coin should
10 procured abroad and accepted deposits
% gold then aed in this country 20 COM
pfera fre delivery Ordinary prudence de-
roar5rf that the success of the plan 70 pro-
tact the treasury against Withdrawals
should not bo endangered by insisting upon
A street compliance With All the details of
the contract especially. as the government
eouid sustain no loss and tho wnole amour.
~ gold qfEruIafe9 for was secured. Tho
amount Or bonds issued under this contrast
was ~ 3fs 100 and the amount of gold re-
rrivea vas Sc. .1is 60. The beneficial ef-
fecss OF this transaction. the secretary SAYS,
were felt Immediately. not only IN this
co,nt~, b,4f IN every other having COM
uerclal relations with as
Confidence IN our securities, ne con-
tiraes. was - once restored. and the en-
corrarirw Indications ~ increasing pros
perlry still continue, and It 10 reasonably