Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1896-12-28
CARLISLE'S REPORT.
Secretary of Treasury's Recon-
mendationS.
Retirement of United States Notes -Reve-
nue. and Expenditures.

"
of the government from all sources to
have been $4O9 AIS, 408 and the expendi-
lures $434, 67S, 654, which leaves deficit
for the year ending June 80, 1896, Of
S25 203, 245. in addition to the ordinary
revenue collected during the year, the
cash in the treasury was increased by
the following sums:
From the sale of 500, 900 per cent.
thirty-year bonds, Sill, 166, 246; and from
the issue of per cent. bonds in liquidation
of interest accrued on refunding certificates
converted during the year, $413O, making
total of Sill, 170,376
AS compared with the fiscal year 1895,
the receipts for 1896 increased SIS, 1922
POS, of which the following are the prln-
cipal items of increase:
Customs, $7,S63, 1874; internal revenue. 3d.
S41, 1872; profits on coinage, bullion depos-
tied, etc, $1,256,512; postal service, So
There is shown to have been a de-
crease in the ordinary expenditures of
$4,015,852. The revenues of the govern
ment for the current fiscal year are thus
estimated upon the basis of existing
laws:
From customs. .$14S, OO0,00
From internal revenue $50, GOO, 600
Miscellaneous ndsto G99 90
Total estimated revenues. :. .$407, 1893, 120
The expenditures for the same period
are estimated at $472, 1923, 12O, leaving
an estimated deficiency for the year of
$64 100000.
1t is estimated that upon the basis of
existing laws the revenues for the fiscal
year 1898 will be:
From customs. NEUTRALITY-SUSPICIOUS.. $50, 900, 900
From internal revenue. 155,O0O,OOO
Miscellaneous nstnI sources 1892 $50 09e
Total estimated revenues. $421, 227. O76
The estimates of appropriations re-
quired for the same period, exclusive of
sinking fund, amount to S466, 946, U47,
which leaves an estimated deficiency TOR
the year ending June 30, 1897, of S4o,-
1880. These estimates of receipts 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 expenditures will not be
reduced. But if our ordinary business
activity should be resumed and the con-
sumption of articles subject to taxation
should increase to its normal proportions,
there may be, in fact, the secretary
says, no deficiency in our revenues.
In his review of the reports of the bu-
reau officers Of the department the sec
rotary pays Il high compliment to the
revenue cutter service and says:
There has not been a single year in the
history of the service when with its old
and badly-adopted class of vessels and de-
pleted personnel. it's resources have been
SO severely taxed and yet an Incompatible
record of service rendered is presented.
The secretary recommends the enlisted
men of the revenue cutter service who
have been or may be wounded or dis
abled while in the actual discharge of
their duties be entitled to be placed upon
a pension list-on the same footing as
enlisted men of the navy.
AS to the fur seal fisheries, the Secre-
"a cto+nC 4bot tho seal herd is thTnat-
ened with rapid determination unless
changes are speedily made in the Paris
award regulations and he expresses the
hope that the respective governments
may agree upon the needed changes to
effectually preserve the herd and protect
this valuable industry and its product
for the use of mankind. The secretary.
in reviewing the work of the navigation
bureau, renews his commerdation fer
the repeal of the law fOrbidGing Ameri-
can registry to vessels owned by Ameri-
cans and engaged in the foreign trade,
unless built in the United States.
Retirement of Treasury Notes.
In his discussion of the currency CUES
ton, the secretary makes an exhaustive
argument in favor of the retirement from
circulation of United States and treasury
notes, in the course of which he says:
Since March 1, 1893, III United a States bonds
issued and sold for 1928, 481, 1914 in gold,
while during the same time notes have been
redeemed in gold to the amount of $751;
1896, there was free gold in the treasury
to the amount of $131, 510,352. Since the
day Of January, 1879. United States notes
to the amount of $470, 490,9S7 and treasury
notes issued under the act of 1890 to the
In the aggregate, have been redeemed il
gold, and since August J., 1898, treasury
notes to the amount of $50, 121 722 have
silver So
redeemed have been Cancelled and retired
from circulation.
loss or destruction of notes, the total amount
of United States currency in existence on
the a 1st day Of December a99 1885, was $46s.;
States notes and $121, 6772S in treasury
notes OF $780, and, consequently, it appears
that the entire volume OF suc9 zen notes has
sos, 561 900 have been twice redeemed.
Our experience since the resumption of
specie payments has so thoroughly demon
strated the impolicy Of attempting to main
tain the circulation Of these notes as a
permanent part of our currency that further
argument upon the question seems to be
necessary, except for the purpose of again
pressing the subject upon the attention of
Congress and urging the prompt adoption Of
time eliminate this element Of weakness
from our system
medium compels the government to provide
a large gold reserve for their current re-
demptiOn, and as they are relSSued when re-
deemed, such reserve must be repenished
from time to time in order to afford the pub
lie 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
necessary, and consequently the govern
ment, being at such times entirely deprived
of gold receipts 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
10 the public debt which has been made to
procure and maintain the reserve amounts
to 1892, GIG, and the aggregate of the prin-
cipal and interest at the maturity of the
bonds will be more than $641 100000
and yet the notes themselves, on &C.
count Of which this enormous indebt-
edness has been incurred, will, if our present
policy is maintained, remain unpaid. But
it cannot be safely assumed that this will
be the whole measure of the burden imposed
upon the people; because, if provision is not
II is req sonahlY certain that emergencies