The Yale expositor. (Yale, St. Clair County, Mich.) 1894-current, 1895-12-20

y II
SECRETARY CARLISLE.
329,9S1 in the ordinary expenditures,
which is largely accounted for by a re-
duction of $11, 1S4, 055 on sugar bounties.
| The revenues for the current fiscal year
are estimated upon the basis Of exist
ing laws at S431 ,9O7, 4O7, and the ex-
penditures at s44S, 1907, 4O7, which will
leave deficit of ST. ,00O, 900.
For the coming year, ending June 80,
1897, the secretary estimates the re-
ceipts at s464, 793, 12O, and the expendi-
lures at $457, 1884 1893, or an estimated
surplus OF $6,908,926. 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 says that the govern
ment OF Great Britain has refused to re-
new the sealing regulations agreed
upon for the season of 1894, providing
for the sealing up of arms, which leaves
the question of the possession and use
OF arms to be determined wholly by
! the Paris award. A careful count of all
the seals on the islands last year makes
the number a little over 100000, de-
crease of over one-half since 1891.
The secretary devotes a large share
of his report to a discussion of the con-
ditions Of the treasury and the cur
rency, in the course OF which he makes
an exhaustive argument in favor for
the retirement of the greenbacks.
"The cash balance in the treasury on
the 1st day of December, 1895" he says,
was $177 .406.3 1856, being SOS, 072, 420 in
excess Of the actual gold reserve on that
day. and S77, 406,3 in excess of any
sum that ii would be necessary to use
for replenishing that fund in case the
to exchange currency for gold.
There is, therefore, no reason to
doubt the ability Of the government to
discharge all its current obligations
during the present fiscal year, and have
large cash balance at its close, with
out imposing additional taxation in any
form upon the people, but / adhere TO
the opinion, heretofore expressed, that
the secretary of the treasury ought al
ways to have authority to issue and sell,
or use in the payment of expenses,
short-time bonds, bearing a low rate
of interest, TO supply casual deficiencies
in the revenue.
with a complete return to the nor
NAL business conditions of the coun-
try and a proper legislative and exec
utive supervision over expenditures, the
revenue laws now in force will in my
opinion yield ample means for the sup
port of the public service upon the
basis now established; and upon the as
sumption. which seems to be justified,
that the progress now being made
toward the restoration of our usual
state of prosperity will continue with
out serious interruption. 1t is esti-
mated that there will be surplus of
nearly 100000 during the fiscal year
1897.
During the fiscal year 1894 and '95
the ordinary expenditures of the gov
eminent have been decreased $27, 2S2,-
Csc. 20, as compared with the fiscal year
1898, and it is believed that, with the
cooperation of congress, further re-
auctions can be made in the future
without impairing the efficiency of the
public service.
1.-THE large Withdrawals of gold in
December, 1894, and in January and the
early part of February, 1895, were due
almost entirely to feeling of appre-
hension in the public mind which in
creased in intensity from day to day un-
til il nearly reached the proportions of
a panic, and it was evident to all who
were familiar with the situation that,
unless effectual steps were promptly
taken to check the growing distrust,
the government would be compelled
within few days to suspend gold pay
ment and drop to deprecated silver
and-paper standard More than $4S,-
100000 of the amount withdrawn dur
ing the brief period last mentioned was
not demanded for export but was taken
out by people who had become alarmed
on account of the critical condition oil
the treasury in its relations to the cur
rency of the country.
"The purchase of S5O0.00o ounces of
gold followed, IL being in the contract
that not less than one-half OF the gold
was to be procured abroad, but after
large part Of the gold had been fur
nished from abroad the secretary, in
order to prevent disturbance in the
rates Of foreign exchange at & critical
period. and avoid condition which
would force gold exports and ccnec-