Delaware gazette and state journal., 1895-12-19
MR. CARLISLES REPORT
The Secretary Of the Treasury
Reviews National Finances.
FIGURES ABOUT REVENUE
A Deficit of $l7,ooo,ooo This
" Year--A Surplus Next Year.
RETIREMENT OF THE GREENBACKS
This Move Most Urgently
Recommended.
NECESSARY TO SOUND PUBLIC CREDIT

1t win Not Necessarily Contract the Cur
rency-Tbe Recent Bond Issues Avoided
J Grave Difficulty, but IL Continued They
Win Prove Burdensome-The Present
Revenue Laws Ample for All the Govern
ment Purposes Benefits OF Sound and
Stable Currency.
Washington, Dec. 16. Secretary Car
lisle's annual report on the state OF the
finances was sent to Congress to-day.
1t shows that the revenues Of the
government from all sources during the
last fiscal year amounted TO $500, 373,
203, The expenditures during the
same period aggregated Si33, l7s. 426,
leaying deficit for the year of S42,
B0o, ,223. AS compared with the fiscal
ilyear 1894 the receipts for 1888 increased
,fl7. $40, T05, although there was de-
lrrease Of l,329, 9sl in the ordinary
expenditures, which is largely ac-
counted for by reduction of S1l, l3i,
Doc on sugar bounties.
The revenues for the current fiscal
year are estimated, upon the basis of
Existing laws, at Sl3l, 907, 407, and the
expenditures at S44S, 907, 407, which
will leave IA deficit of SIT, 600, 900. For
the coming fiscal year June Both, 1897,
the Secretary estimates the receipts at
Dto1g TOO lEht dIfl lup expenditures db
bi57, SSd, 1913, or an estimated surplus
bf Sc, 90S, 926
The Secretary states briefly the facts
concerning the issues of bonds during
the year, the particulars Of which have
already been reported to Congress.
The Secretary devotes a large share
of his report to discussion of the con
dition of the Treasury and the cur
fency in the course of which he makes
an exhaustive argument in favor of the
retirement of the greenbacks.
The cash balance in the Treasury on
the lat day of December, 1885, he
says. twas Sl77, 406, 1885, being sos, 072,
400 in EXCESS of the actual gold reserve
pn that day, and SIT, 40G, 1856, in excess
of any sum that il would be necessary
ri use for replenishing that fund in
= sse the Secretary should at any time
re able to exchange currency for gold.
$Ihere is, therefore, no reason to doubt
lhe ability of the government TO dis
charge all its current obligations dur
ing the present fiscal year, and have a
large cash balance at its close, without
imposing additional taxation in any
form upon the people but adhere to
the opinion heretofore expressed, that
the Secretary of the Treasury ought
HiWdg6 w ndNt w ib1hO anu
SELL for use in the payment OF ex-
penses, short time bonds bearing low
rate of interest, to supply casual de-
lficiencies in the revenue.
with complete return to the nor
] mal business conditions of the country,
and proper Legislative and executive
supervision over expenditures, the
revenue laws now in force will, in my
q opinion, yield ample means for the
support of the public service upon the
basis now established; and upon the
assumption, which seems to be justi-
fled, that the progress now being made
Toward restoration of our usual state of
| prosperity will continue without serious
interruption, it is estimated that there
(rwili be surplus of nearly 81, 200, 600
|jduring the fiscal year 1897. During
= the fiscal years 1894 and 1895, the ordi-
rn3ry expenditures of the government
fe been decreased 1927, 2S2, COG. 90 as
Epared with the fiscal year 1893,
"a it is believed that, with the CO.
leration of Congress, further reduc-
pms can be made in the future with
impairing the efficiency of the pub
! service.
1.-The large withdrawals of gold in
scember, 1894, and in January and
le early part of February, 1895, were
fue almost entirely to feeling of ap-
Prehension in the public mind, which
Increased in intensity from day to day
until II nearly reached the proportions
pf panic, that unless elfectual steps
were promptly taken to check the grow
ing dlHtrust, the government would be
compelled within few days TO suspend
gold payments and drop TO depreci-
ated silver and paper standard. More
than Si3, 000, coo Of the amount with
drawn during the brief period last mon
TONED was not demanded for export,
but was taken out by people who had
= become alarmed on account of the criti-
pal condition of the treasury in its rela-
tions 10 the currency of tho country.
1.-THE purchase of g. 800, 600 ounces of
gold followed it, being in the contract
that not less than one-half of tho gold
largo part of the gold had been fur
shed from abroad, the Secretary, ia
der to prevent disturbance in the
ties of foreign exchange at a critical
hriod, and avoid condition which
build force gold exports and conse-
tent Withdrawals from the treasury.
quiesced in a departure from the
Aeral terms OF the contract, that one
llf OF the coin should be procured
,road, and accepted deposits of gold
then held in this country to complete
ltle delivery. Ordinary prudence de-
llmanded that the SUCCESS of the plan to
protect the Treasury against with
lHrawals should not he endangered by
insisting upon strict compliance with
Vail the details of tho contract, especi-
hlly as the government could sustain nc
floss, and the whole amount of gold stipu
\ lated for was secured.
1.-THE amount of bonds issued under
\ This contract was s62, 3l5 400, and the
amount of gold received was S65, ll6,
e44. 62.
The beneficial effects of this transac-
, tion, the Secretary says, were felt i'm
| nediately not only in this country bui
| 10 every other having commercial rela.
l lions with us. Confidence in oui
lecurities," he continues, ''was al
,nce restored and these encouraging
Indications OF increasing prosperity
I ltill continue, and it is reasonably
I ertain that if our progress is moi
hecked by a repetition of large de
sands upon our resources, or by u fail