The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-12-22


Treasury Carlisle, which has already
rcNn extensively reviewed III the Pres.
llrnt's message, starts ont With II
statement o; the revenues and cNpCn.
ti,urcs Tor the last fiscal year. the rev.
rnnrs from MI sources hciug NOg, rs.
4N and the expenditures SiGi.GIS,65I;
,raNug deficiency OF S@j,eOj,gi5, The
estimated deficiency for The current
wear is S6t, 100000. mud for the gear end
ia- June 50, 1895. under the existing
lAN, Stj,@iS97O.
These estimates Of receipts ard cN-
rcrditurcs the secretary SAYS are made
urou che assumption that there viii be
uo substantial charge IN existing con-
didons aud that the present scale OF
ruhlIc expenditures viii not he Ec-
duccd. Hut x our ordinary business
activity should b. resumed. and Ihc
consumption OF articles subJec: 10 tax
atIoa shuuid increase 10 its normal
proportions. there mav be In fact, the
src!ctary says, 40 deficiency In our
revenues,
In hts discussion on the currency
question the secretary makes an cN-
haustive argument In favor OF the re-
firCment from circulation Of United
States and Treasury notes, In the
course Of which he says:
Since March !. 1898, United States
t1nds to the amount % $500 ilhiOO have
Noan issued and sold for S29i,iSl.SHi In
sold, while duTiaE tine same time notes
have been redeemed IN gold to the
amount OF StSI.OGa,S5j and on the first
dsv OF December, 1896, there was free
rod In the treasury to the amount Of
Ntl5l0,5j2. Since the resumption OF
specie payments on the Arst day OF
January. 1879. United states nOses to
the amount Of $40. $50. 9SI and treasury
notes issued under tlIr act of 1929 10
Tic amount OF ES6.i1SSSl, making $685.
gls SOS IN the aggregate. have been re-
dc-med In gold. and since August J..
81 treasury notes 10 the amOuns Of
SJi2i.7g2 have been redeemed iI sill
,-r. and the nOtcS So redeemed have
teen cancelled and retired from cir
uulattor. '"'
"MakIau TO deductions on account OF
II" loss Or de StTuCtiun OF notes. th"
rNtaI amount OC United States currency
~ existence on the first day OF Dcccm-
ter. 1896 4SS. 5SS.296 consisting OF SSiS,-
h>i.nl6 in United States Notes, and
Y.l6IIGS0 In treasury notes OF lSgOand
consequently Il nppeIrS that the entire
Volume OF such notes has been once
!"I"cmed in gold. and more than 1885,
iSl $40 have been twice redeemed
One experience since the resumption
Of specie payments had So thorough
Is demonstrated the imnolicy Of at
tempting 20 uaihSaii the circulation OF
these notes as 4 permanent, part OF our
currency. that Curther argument npon
The question seems to be unnecessary,
cECep; FOR the purpose OF again press
ing the subject upon the attention OF
Congress and urging the prompt adOp-
ton OF such measures as will, within
4 reasonable time, elimiQate this elc-
Ient of weakness from our system
The use OF these notes as c!rcu-
!ating medium coupels the. govern
meat 60 provide large gold reserve
log their current redemption, and as
they are rc-issued when redeemed, such
reserve must he repleniShed from time
10 time. in Order to afford the public a
reasonable assurance that no defauit
will be made In the discharge OF our
public obligations The difficulty OF
PROCURING gold Tor this purpose IS
urcatlv increased at the Very times
When It's possession IS most necessary,
and, consequently, the government, be-
Ing n such times entirely deprived OF
gold receipts from the ordinary sources
Of revenue, H. compelled to Issue and
scll bonds upon terms less iaro"abl"
than might be procured under otac:
circumstances.
Tn" annIli Intcrel: upon the addi-
lion to the public d"U: which has been
made To procure and maintain the re-
serve amounts 10 Sl6.3l2.6 lG-rlud the
aggregate OF the principal and interest
NJ the maturity OF the bonds vii! be
more than S6il 00O,0 900, and Sct the
rotes themselves, on account OF which
this enorInOus Indebtedness has been
incurred, viii. II our present policy is
maintained, remain unpaid. But Il can
not he SAFELY assumed THAI this viii
he The whole measure OF the burden
imposed upon Che people because, &.
provision Is not made for the Cnncella-
ton OF this currency, * Is reasonably
certain that emergencies Will A'rcaf-
ter arise, from time 10 tlrne. COMPEL
ing the Issue and sale OF additional
bonds 10 teolenish the reserve, thus
increasing our Understanding" debt.
without In the least diminishing our
obligations on account Of the notes.
although the actual ability Of the
government 10 .'Gtttl It's notes
promptly In gold coin mag be undis-
puted, stIll the question whether they
will be or oUGAt TO be so redeemed
must always be open to publ: dts
cusSiOH, and Il f. well known that the
constant agitation OF this question dug
Ing Abe past few years has upon sew
"rnl occasions greatly iuperileu the
safety OF our entire currency system.
SO long rs the United States notes re-
main in circuiI ton. questions as 90 the
mode and manner OF thcl: redemption
and as to the means OF procuring md
maintaining q coin reserve for thnl
inrp0se, will be made political Issues,
and SO long as these questions re-
main IN politics public confidence In
;he stability OF our currency must be
more or less disturbed.
Every menace TO the gold reserve,
and every manifestation of a farmid'
ahI" public sentiment In favor OF tho
redemption OF our notes otherwise than
IN gold coin, at once alarms the whole
business community, drpreEsc- trade
and industry. md impalrS the value Of
our public and private securities In all
IN" markets OF the world There Is but
On" absolutely certain way TO remove
this delicate and dangerous question
from oar party politics, and that IS to
retire and cancel the notes, All at
t"mpts to hoard them permanently by
III" government must fail. for the
obvious reason that our people Will not
CONSENT to be faxed u,c:cly Cor the
IUrros" Or accommodating and holding 4
laic" and useless surplus in the treas
Urv.
II avn thoroughly convinced that the
retirement and cauC"lla lion OF United
States notes Of both classes. under
such reasonable limitations, and re.
striCtinnS, MS 10 time and methods ~
Congress- 'Day gCp proper to U,pgcTibn