The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-08
INCREASE IN RECEIPTS
sl6,0oo,oo INCREASE IN CUSTOMS
UNDER THE WILSON BILL.
A REFORM IN CURRENCY NEEDED
A Redemption Fund Of SIPS, 100000 in Gold
and Reduction Of Minimum National
Bank Capital and National
Bank Tax.

Washington, Dee. THE annual re-
port of the Secretary of the treasury
sent to Congress to-day shows that the
total receipts for the year ended June ~,
1897 were $430,3IS, ,16T, and the expeh-
ditures $44S, 1896 leaving denc't
for the year of $1S,052, ,454. The receipts
for the year, however, exceeded those
for the wear 1896 by S20,911,159. The
customs, il is shown, yielded S1I6,5o4,-
126 and internal revenue sources sl4o,-
6SS,5I4. AS compared with 1870 tn+s Il
an increase in the customs OF Sl0,o5z,-
S74 and in internal revenue OF S4'ot-'-
T21.
The Secretary at some length argues
the need of a reform in the currency,
and i'm conclusion recommends the en-
actment of legislation establishing de
partment of the Treasury to be desig-
mated as the issue and redemption dlvl-
sion In which Is to be deposi ed S12o,-
100000 in gold to be used only for re
demption purposes and all silver now
held in the Treasury for redemption
purposes and also all silver bought un-
der the net of 1890. He further recon-
mends that the sum of S200,000,000 N
United States legal tender notes be also
deposited in this division, TO be disbuFs-
ed therefrom only upon the receipt OF
gold. 1t is also recommended that proyi-
sion be made for the issue of TefnndinG
loan ten year 2t5 per cent bonds, parable
in gold. in exchange for any part or all
of the outstanding loans of the United
States.
The Secretary also recommends that
national banks he authorized with a min
inlum csrifel Of so 09o IN pieces having
a population Of 1000 or less. and that
the rate Of taxation on circulating notes
be secured by deposit Of bonds and be re-
duced to one half of one per cent per
annum: also that banks be permitted 10
Issue circulating notes TO the par value
Of the rafun1ing bonds deposited by
them in the Treasury and further that
banks he allowed to deposit as security
with the Treasury green-backs. treasury
notes or silver certificates to a total
amount of the S200,000,000. against
which national bank notes shall he IS
sued to them in an equal amount.
After the banks have deposited such
bonds, green-hacks, treasury notes and
silver certificates to the abount of 50 PEI
cent of their capital they shall be per
mitted to issue bank notes in addition to
the 80 per cent thus provided, to the ex.
tent Of - 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
circulating notes of the bank, whether is.
sued against deposited security or against
assets. To secure the government a.
gainst loss, if any, tax of 2 per cent
should be levied on unsecured circulation,
to create safety fund to be invested
by the Comptroller in United States
bonds. In addition the government
should be further protected, the Secreta-
ry says. by having first lien upon all
assets in case of failure of the issuing
bank. 1t is further recommended that
all notes be redeemed in the city of
New York and at our sub-treasuries at
the expense of the banks, and that the
Issue of National bank notes be restrict
ed to the denomination Of $40 and up
wards.