The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-12-22
nsvsssss eses, 600, ooe, Expenditures
oleAOoo, 900, Dsasit s1s. 900, 900
GDsasury Notes shsssa Ne Retired
.-Nadonal Danks-Ths Protective
peI&cy.

A. compared WIN the nscai year 1876.
shs rsceip0 FOR faa1 inorsassd 81. I02. %. Of
which the following are the principal
1tsxns Of Increase:
soms ,...,..--.''.s -..'.....'' - - -
4zTns rsssnas ';r; .,;;, ssis1
60 SIC. 80 -
ko8t2i esFvtcs ...@.-...ss..-........s sfSkasss2
There y SHOWN 20 have bsen u decrease
On the ordinary expenditures Of "a. So
The revenues of the government for the
current nscai year are thus estimated.
upon the basis OF existing Laws:
Prom customs .flAs. 60 SO
INTERNAL T&FeLHs -.............-... lS0,eDsuSs
Nisckllanoous sources ........-s. 1lsss.eae
tostal service .s.......s .....s.s..- &ssl-R
Total 49,. 80, Fsssiz9
The expenditures for the same period
are estimated at 81. n. 10 leaving an
estimated deficiency for the year OF sSi,-
Eoo.ooJ
These estimates OF receipts and sxpsadi-
sures. tho secretary says. ar. shade upon
shs assumption that there viii be no sub
stantiai change In existing business con
ditions. and that the present scale of pub
ita expenditures Will not bs reduced his
adds.
but II our ordinary business activity
should DO resumed and the consumption
OF articles subject TO taxation should N
may DO In fact no deficiency Ia our rev
ennes."
Retirement of Notes
In bis discussion OF the currency aues-
ton, the secretary makes exhaustive
argument ia favor OF the retirement from
circulation of United States and treasury
notes. In The course of which he says:
''Our experience since The resumption OF
specie payments has 20 thoroughly dem
onstratad tho impolicy of attempting to
maintain the circulation OF these notes
as permanent part OF our currency that
further argument upon tho QUESTION
eeefnk to be unnecessary. exe3pt Ter the
purpose OF again pressing the sahleet
Ing The prompt adoption OF such fneas-
ures as viii, within reasonable time,
eliminate this element of weakness from
our system. The maintenance OF q policy
which necessarily imposes upon the gov
srnmsnt the burden OF furnishing gold al
the public expense TO those ~ho may de-
for export 10 other countries. cannot be
Justified upon any ground OF expedtency
or sound financial principles.
Although the actual ability OF the gov
eminent % redeem it's notes promptly ia
gold coin may BE undlspiaed, Etii the
question whether they vii be- or ought
20 be. 80 redeemed. must alwaye he open
20 public discussion. and II is well known
that the constant agitation OF this ques-
ton during the past few years has upon
several occasions greatly imperied the
safety of our entire currency system So
long as the United States notes remain In
circulation, questions as % the mode and
manner of their redemption. and as 60
the means OF procuring and maintaining
coin reserve for that purpose Rill be
made political issues. aud 80 long these
Sdenee in The stabiuty Of our 'S currency
must be more or fess distributed we
must not be deiadcd iFsto = feeling OF
curity by the fact that there Ia. haea a
suspension of gold withdra vi ais during the
last few months ard n large Accession TO
cur stock OF gold from abroad during tho
same time. because there il no sufficient
reason TO baIisve that this condition Of
affairs will be- permanent II our existing
system Is maintained. No system OF coin
age that can be devised wifi furnish eth
er sold or silver unless I rays FOR 4 with
means already collected By taxation or
b. contracting An sndebtesiuc ss 20 he paid
oSshiy eensasena that ia retirement n ' ams
cancellation of United States notes q both
cLasses under such reasonable limitations
end restrictions as 20 time and methods a 5
congress may see prorsr 10 prescribe. or
az = prudent secretary Of tia treasury
would Adnp. IN the exercsse % hts orfctal
discretion. would not rasult. either per
contraction of the currency"
Three Fer Cent. Bonds Needed.
Mr.. Carlisle rencws his recommendation
made In his report thai the secretary os
the treasury should be authorized ta Issue
from time TO time bonds payable IN gold.
hearing interest at rate not exceeding
per centnm per annum. and having a
icag time 10 run. and 80 exchange such
bonds for United States notes and treas-
rry notes upon such terms as might ~
most advantageous 70 the government or
90 eoll the bonds abroad for g0ld whcney-
er' IN his Judgment Il might BE- advisable
60 do 81. and use the gold thus cbsafnea
Ia making reiemptlons of outstanding
notes. lie gives in detail his reasons for
carrying this plan Int sfsecS. saying:
Whatever plan may be finally adopted
for The retirement OF Naited States notes
ard treasury notes Il viii fail 70 afford
complete protection 70 the government
ggalnst demands for gold In the raturs
Unless e includes q provision relieving the
treasury from The oelgstlen 20 ro8een
national bank notes. except such as ara
worn. mutiiafed or defaeed. and the notes
OF failed hanks. or requires shAsN EFtsff-
buttons e Keep their per cent. re3emr-
ZION fund ~ gold and 10 deposit gold caia
for the Withdrawal Of BONDS when cfrs.tl-
latlaH Is % b. safreudersd az reduced -
Amendments 20 BankiaE Laws.
Secretary Carlisle also renews his r.
remmemaation for such amendments "a
the national banking laws as woula par
init tie Issue az circulating aotpa setfa1
ia amount 10 the face value % TIE tsnas
deposited. and reduce the tax on note.
20 "a NJ ] Per eontam per aanatn. ara
that authority - elvaa 70 eat4hffrh
branch banks fer the transaction q al
kinds Of business nos allowed except thA
issne Of circulating notes Continuing he
GAYS.
"Tt Il believed a careful eonsiaerattss,
OF The existing situs tso8 and rstn srrva i've,
reliance upon improves business ssasefft-
tians ia TIE future, fails fuStEfy the usu~
clas4on that the exfinaAfeA deaclens-isS far
the current year and after the year fNsS
Will net 10 r@al.xed uaseSs eur pahlle ex-
peadiiures shall be very materially IN
creased by sets Of congress. ard thar. svfsA
proper economy in sstfsafEis tfaftan anA
such reductions a. rnsght be mate without
detrmeas 30 the pnhits srTvicr- fhA Re-
Csapfx woaia ~ usai 10 he 1t2darse nsea -
81 iSsS Bat however kSls s1ay ~ tie
condition Of tsre treasugy - suoa that No
revenue les lsla ton ~ tasgseaiAfaSy neces=
cary or can become DeC@aSaTN Tor - s~sf7-
siderable time 20 enable sh@ government
prUwptly IL mo-s all It's ordinary obsss a.
ftanss Although the FsS,esRls fr0ga tae ur-
binary sources % revenue &gTsaE TIE "a q
shree n<.szi years hsx heea less thAa the