The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-08
SECRETARY CAGES REPORT
The Condition of the TrsaIury-Varloui
Recommendations Made 10 Congress
Ranking and Currency Reforms suE'

Aht Nonultlon OF tho ANeAANS
Recommendations Made TO Congress
banking and Currency Reforms suE'
gesIsd.
WASHINGTON, Dec 1.-THE annual
report of the secretary OF the treasury
sent to Congress to-day, shows that the
total receipts for the year ended June SO'
1897, were s4SO,37S, 167. and the expendl-
lures SI4S, ,4S9, ,622, leaving deficit for the
year of Sls,O52,la, The receipts for the
year however, exceeded those for the
year 1896 by S2O,9l1,759, The customs II
Is shown yielded Si7G,554, l2G, and inter-
nal revenue sources Sl4G,6SS,j1i. AS
compared with 1896 this Is an Increase IN
the customs OF Sl6,532,3Ii and Internal
revenue Si,342,7gl. The secretary, at
some length, argues tie need OF a reform
In the currency and in conclusion recon-
mends the enactment OF legislation es-
tabllshlng n department of the treasury
10 be designated as the issue and redemp-
tIon department In which is 10 be de-
posted $i25, ,0O0O 900 in gold to be used only
for redemption purposes and all silver
now held in the treasury for redemption
purposes and also all silver bought aPder
the act OF 1890. He further recommends
that the sum OF $2O0000,000 In United
States legal tender notes be also deposit
ed In this division, to be disbursed there
from only upon the receipt OF gold. II Is
also recommended that provisions be
made for the issue OF refunding loan ten
year 2h per cent bonds payable In gold,
In exchange for any part or all or the
outstanding loans of the United States
The secretary also recommends that
national banks be authorized with q
minimum capital OF $4,000 In places
having a population OF 1000 or less ana
that the rate OF taxation on circulating
notes secured by deposit OF bonds be re-
duced to one-half OF one per cent per an
mum; also that banks be permlttd 10 iS-
sue circulating notes to the par value OF
the refundIng bonds deposited by them
In the treasury and further that the
banks be allowed 10 deposit as security
with the treasury greenbacks, treasury
notes, or silver certificates to total
amount OF the S20O,00O,000 against which
national bank notes shall be Issued TO
them to an equal amount.
After the banks have deposited sucf
DOndS, BreenDnCKS, treasury HOteS anu
silver certificates to the amount OF 90
per cent of their capital, they shall be
permitted to issue bank notes, In addition
TO the 50 per cen: thus provided. to the
extent OF 90 per cent for which the banks
assets shall be liable. He also recon-
mends that the guaranty Of payment by
the government be extended to all cIrcu-
iating notes Of the bank whether issued
against deposited security or against as
sets. To secure the government agalns:
loss II any, tax OF 20 per cent should be
levied on unsecured circulation TO create
a safety fund to be invested by the comp
troller In United States bonds In addl-
tlon the government should be further
protected, the secretary says, by having
first lien upon all assets In case Of fall
ure of the Issuing bank. 1t Is further re-
commended that all notes be redeemed In
the city OF New York and at other sub
treasurles at the expense of the banks
and that the issue Of national bank notes
be restricted to the denomination Of SO
and upwards.