The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-12-22
THE TREASURY.
Secretary Carlisle'S Annual Re.
port Sent to Congress.
RETIREMENT or GREENBACNS



npnual report or Secretary NJ thu
Treasury Carlisle. which has already
r,ca extensively reviewed IN the Pres
llru,'s message. starts ont With n
statement OK the rcvcnuta and cXpCn.
JIturcs Cor the Inst fiscal year, the rev.
ruar, from MI sources hciNg SlO9 u.s.
IN and the expenditures Si5LG1SGI:
!ca,tng Il deficiency OF S@S,2O5,2n, The
estimated deficiency Tor The current
war Is So 500. 900 and Tor the year end
,as June 80, 1855, under the existing
law, Nj,IS.97O
These estimates OF rccciplA ard eX-
pcndiunrcs the secretary says are made
upou the assumption that there win be
rn substantial change IN existing con-
d!uons and that the present scale OF
public expenditures viii not he re-
ductd. hut Il OUr ordinary business
activity should b. resumed. and the
consumption OF articlcs subject TO tax
atoa shO8ld increase 10 Its normal
Proportions. there may be In fact, tac
src.etary says, TO deficiency IN our
revenues,
In his discussion on the CURRENCY
question: the secretary makes an cX-
hausilye argument In favor 0t the re-
'ucmeut from circulation Of United
States and treasury notes, In the
course O( whiSa he says:
"Siacc March |. 1885,. United States
I,nds 10 the amount OF S2623lS, 400 have
teen Issued and sold for t291.iSl.S9i In
sold. while durtag the same time notes
have been redeemed IN gold to the
amount OF $iSI.0&?, So. and on the FIRST
Gay OF December. 1896. there was free
sod In the treasury 10 the amount OF
SCI. 5lD.Si2, Since the resumption OF
specie payments on the fry: day Of
january 1879. United States notes to
tas amount OF 1910. So and treasury
notes issued under :hr act OF 1890 to
l-r amount OF SSGi2S SSl, making SjjS,-
gGaS6S IN the aggregate. have been re-
dr.m2d in gold. and since August J..
'>yf, tTCESUry notes to the atnuunS o.
ylJl.l.T..@ have been redeemed in Sill
vt and the notes 50 redeemed have
tc"u cancelled and retired from cir
collation.. cav
'MakIaa no deductions on account Of
~. loss Or destruction Of notes, Che
total amour; Of United STATES currency
IN existence on the first day Of Deem
Err. 1895. si6S. US 2?S. consisting of S5ts.-
~>!n!G Ia United states notes. and
Il-L61l.eS9 In treasury notes OF lS?O.and
consequently it appears THAI The entire
,uiGnc n; such notes has been one,
redeemed in gold, and more than $685.
81 .'-A0 have been twice redeemed.
On" experience since the resumption
%. specie payments had 50 thorough
u demonstrated the iuIpnlIcy OF at
tempting 70 rnai1SIlG the circulation of
these notes as permanent part Of our
currency. that tuTther argument upon
the question seems TO be unnecessary,
except FOR the purpose OF again press
ing the subject upon the attention o.
Congress and urging the prompt adop-
ton OF such measures as will, within
q reasonable time, ellmipate this ele-
meut OF weakness from our system.
The use OF these notes as cirCti-
'atiES medium compels the govern
Hrat 60 provide 4 large gold reserve
fDc their current redemption. and as
they are re-iSsued when redeemed, such
reserve must be replenished from time
10 time. in order to afford the public a
rrasoHable ASSURANCE that no Getault
VIII be made In the discharge OF Our
public oblIGa tons. The difficulty OF
procuring gold fOr this purpose Is
u-Catlr increased at the very times
when It's possession is most necessary,
and, consequently. the government. be-
iug 4; such times entirely deprived o.
gold receipts from the ordinary sources
% revenue, Is compelled to issue and
FELL bonds upon terms less favorable
than might be procured under Uthc:
circumstances.
The ANIMAL IntereS: upon che add
lion 10 The public dco. which has been
mad. Ia procure and maintain The re-
,c-Ve amounts 10 SlG.3l2.6l6, and the
aggregate OF the principal and interest
~ the maturity OF the bonds will be
more than tTl 900. GOO, and yet the
ioies themselves. on account OF whi:.
IEIs enOrInOus Indebtedness has been
incurred. win, II our present policy Is
maintained. remain unpaid. But II can
not he safely assumed that this Will
he I'll" whole measure OF the burden
imposed upon ths people because, q
provision Is not made for the CnnCella-
ton OF this currency, /; Is reasonably
certain that emergencies Will a,+caf-
ter arise, from time 20 time, COMPEL
Ing the Issue and sale OF additional
hOnds 10 re5lcniSh 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 to- redeem It's notes
promptly in gold coin may bc undis-
puted. stil the question whether theg
Will DO or ouGAt TO be so redeemcd
must always be open to publ:.: DIS
CussIOn. and It Is well known that the
constant agitation OF this question dur
iHg the past few years has upon sew
"rnl occasions greatly impcriIed the
safety OF our entire currency system
So long as the United States notes re-
main in circulation. questions AZ 10 the
mode and manner OF thcl: redemption
aud as 20 the mcan9 or procuring md
maintaining a coin reScrve for That
rnrpOge. will be made political Issues
aud so long as these questions re-
main IN politics public confidence In
the stability OF our currency must be
more or less disturbed.
Every menace to the gold reserve
and every manifestation OF a formh-
abl" public sentiment IN fnvor Of the
redemption Of our notes Othcrwlsc than
IN gold coin, at once alarms the whole
business community. drpreSScS trade
s1f industry. and impalrS IN" value OF
"Ir public and private securities In all
In" markets OF the world, There IL but
IN" absolutely certain war to remove
This delicate aud dangerous question
from our party politics, and that Is to
retire and cancel the notes. All at
i"mpts to hoard them permanently by
III" government must fail. Tor The
uoviOug reason that our people VIII not
'nuSeut Ia be taxed merely FOR tbc
rurpos" n accommodating and holding Il
mrg" aud useless surplus In the treas
my
81 am thoroughly convinced that tho
retirement and cancellation Of United
S'a'"s notes OF both classes. under
EU"h reasonable Limitations. and re-
'rlcti"HS, Rg TO time and methods a4
Congress- may SOC proper to prescribe,
Or Ms Il prudent secretary Of the trraS-