The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-22
Their Retirement Once More Urged
Upon Congress With Reasons for
Such Action.


in liquidation of interest accrued on re-
funding certificates converted during
the year, $4,130, making total of SILL
17o,376. AS compared with the fiscal
year 1895, the receipts for 1896 increas-
ed SIS, 102, POS, of which the following
are the principal items Of increase:
Customs. $7,S63,134; internal revenue,
So, 341, 1872; profits on coinage, bullion de-
posted, ETC., $1,256,512; postal service.
$5,512,OSO. There is shown to havt
been a decrease in the ordinary expen-
ditures Of $4,015.S52
The revenues of the government for
the current fiscal year are thus est:-
mated upon the basis of existing laws.
from customs ..................... $14S, O00, 600
FROM internal revenue ....... $50, 0e0, 600
Miscellaneous sources $50. ....... 1000 900
From postal service S9,793Sl2O
Total estimated revenues $500. $407, 79S, 100
The expenditures for the same period
are estimated at $472 293, 120, leaving an
estimated deficiency for the year OF
$64, SOC, 900.
1t is estimated that upon the basis OF
existing laws, the revenues for the fis-
cal year, 1898, will be:
=
From internal revenue $40. $500. 155, 600 COO
Miscellaneous sources 49,. ...... 20, 000, 600
From postal service 49,. .......... SO, 227 076
Total estimated revenues ... $421, 227, 076
Since March l. 1893, United States bonds to
the amount of $685., 315, 400 have been issued
and sold for $2s9. 4S1, 1874 in gold, while dur
ing the same time notes have been redeemed
in gold to the amount of $457, 0S9, S55, and on
the first day of December 1896, there was
Tree gold in the treasury to the amount of
$131 ,51O, 1882 Since the resumption of specie
payments on the first day of January 1879,
United States notes to the amount of $47e,
4S0SS7 and treasury notes issued under the
act of 1890 to the amount of $50, 428, $751; MAX
ing $556, 9l9 1858 in the aggregate, have been
redeemed in gold, and since August l. 1893
treasury notes to the amount of S35, 121, 722
have been cancelled and retired from circula-
ton.
Making no deductions on account of the
loss or destruction of notes, the total amount
OF United States currency in existence on the
first day of December, 1885, was $46S, 1888 296,
consisting of $346, 681 016 in United States
notes and $121, 677, $50 in treasury notes of
1890, and consequently, it appears that the
entire volume of such notes has been once
redeemed in gold, and more than $9S, sci 0OO
have been twice redeemed.
ESTIMATED DEFICIENCY.
The estimates of appropriations re-
quired for the same period exclusive of
sinking fund, amount to $466, 946, e47,
which leaves an estimated deficiency
for the year ending June 80, 1858 Of
$t5, 718,970. These estimates of re-
ceipts and expenditures, the secretary
says, are made up on the assumption
that there will be no substantial
change in existing business conditions,
and that the present scale of public eX-
rendftures will not be reduced. But
If our ordinary business activity should
be resumed and the consumption of
articles subject to taxation should in
crease to it's normal proportions, there
may be in fact, the secretary says, no
deficiency in our revenues.
In his review of the reports of the
bureau officers Of the department, the
secretary pays high compliment to
the revenue cutter service, and says:
There has not been single year in the his
tory of the service when with its old and badly
adapted class of vessels and depleted personnel
its resources have been SO severely taxed, and
yet an Incompatible record of service rem
dered is presented.
The secretary recommends that
enlisted men of the revenue
cutter service who have been
or may be, wounded or disabled
while in the actual discharge of their
duties, be entitled to be placed upon a
pension list, on the same footing as en-
listed men of the navy.
AS to the fur seal fisheries, the Sec
rotary states that the seal herd is
threatened with rapid determination,
unless changes are speedily made I'll
the Paris award resolutions, and he
expresses the hope that the respective
governments may agree upon the need
ed changes to effectually preserve the
herd and protect this valuable industry
and it's product for the use Of man
kind.
The secretary in reviewing the work
of the navigation bureau, renews his
recommendation for the repeal of the
law forbidding American registry to
vessels owned by Americans and en-
gagged in the foreign trade, unless built
in the United States.
In his discussion Of the currency
question, the secretary makes an ex-
haustive argument in favor Of the re-
tirement from circulation Of United
States and treasury notes,in the course
of which he says:
Our experience since the resumption of
specie payments has so thoroughly demons
trated the impolicy Of attempting to maintain
the circulation of these notes as permanent
part of our currency, that further argument
except for the purpose of again pressing the
subject upon the attention of congress and
urging the prompt adoption of such measures
as will, within a reasonable time, eliminate
this element of weakness from our system.
TREASURY NOTES.
The use of these notes as circulating medi-
urn compels the government to provide a
large gold reserve for their current redemp-
ton, end as they are reissued when re-
deemed, such reserve must be replenished
from time to time in order to afford the
public a reasonable assurance that no default
will be made IN the discharge of our public
obligations. The difficulty of procuring gold
for this purpose is greatly increased at the
very times when its possession Is most neces-
sary and, consequently, the government being
at such times entirely deprived of gold re-
ceipt from the ordinary sources of revenue, is
compelled to issue and sell bonds upon terms
less favorable than might be procured under
other circumstances. The annual interest upon
the addition to the public debt which has been
made to procure and maintain the reserve
amounts to SIG, 312 616 and the aggregate of the
principal and interest at the maturity of the
bonds will be more than S641, 900, Co., and yet
the notes themselves, ON account of which
will, If our present policy Is maintained, re-
main unpaid. But it cannot be safely as
sumed that this will be the whole measure of
the burden imposed upon the people; because
If provision is not made for the cancellation
of this currency, 1t is reasonably certain that
emergencies will hereafter arise, from time
to time, compelling the issue and sale of ad-
ditioEal bonds to replenish the reserve thus
increasing our interest bearing debt without
in the least diminishing our obligations on
account of the notes.
The maintenance Of policy which neces-
sarily IMPOSES upon the government the burden
of furnishing gold at the public expense to all
who may demand 1t for use or boarding at
home, or for export to other countries cannot
be justified upon any ground of expedieney or
sound financial principle, and even If the
periodical and frequently recurring demands