Show UNCLE m SA I 1 I 1 I 1 0 14 I 1 I 1 1 his R financial bancia 1 M 11 1 makes fledo reports I 1 rt I 1 last IF 3 if EXPENSES I 1 11 eighteen aill out than statement a ve was dai is 1 kerlew I 0 ol 01 1 submit plans fo ij system I 1 I 1 was in I 1 I 1 in his anti n as fol ye customs internal I 1 0 on arn I 1 T strict of fees coll nt sinking f wafa I 1 ax on 2 navy on 0 fun gatal daymen 44 realf MI set 11 ale j side jea ot of p sale its of jf J customs laloma j R tio till I 1 A water sit lumb lum lumblad bla laX I 1 I 1 immigrant I 1 sales sale of go GOB deposits fo tow I 1 t lands b is biales siales of I 1 itar op depredate Depre dati sala sal a 8 of off Po X T 10 MJ ESPI civil J Q toi acl fc I 1 I 1 b if ar I 1 1 ahe Q 04 1 N nent t inc c conj riper tuc at orrlow ae man hincy Jinn anicat eq ment und ana yard I 1 11 indian navy titan s aoi a Uce I 1 As h 4 1 interest rest on 6 the lit in postal 0 11 14 postal service qz total expenditures 41 jfe 3 showing shafting a bedrit abe 0 ot 41 1 coll in n ciaci addition t to the dr M on W 4 1 I 1 collected d luranc the year the treasury vas increased baith by ith 1 da loving sums for the 4 fund deposited under act v ISM 18 ln excess of 0 bank bana notes 1 4 and from the issue or of 1 4 per cent bonds bonda in inter abt accrued on refunding certificates converted during the lear aeao 1240 niah making it total of 0 the thois tl redeemed during thel they deax coron on ax as count ot of the sinking fund were as gol fol loos lons 1 loan ion of jul anil and aucutt auguet ia noo of 21 2 1 4 ll 11 loan of we au fu funded low ot of LIM t i cio fu linued dod loan of absi continued at I 1 40 11 per cent 1 iad loan 0 of july J div anil and D con f 1 tinned at 31 fj per cn tj t 1 t W Ls loan of july wa 1 liil kiil Pu lunod l nold toan loan ot at ISH an fractional currency and notes no tiia ga sfa total je A As compared comp areil with the fiscal aca year I 1 11 the receipts tor for 1837 increased 1 59 11 there was an aa increase of 3 lit I 1 the or d uc 1 s tor for the 1 yeara isa aro are ven lit in recard to the 0 ig tho treasury the secretary says sayer 11 itha surer ot of the united staff 11 pat ts that the tow tota available asse assets ft if th the treasury were albi 5 GS at the opening 0 of the fiscal year anil and 14 at the ui close 1 i yc I 1 are given deposits de osis of 0 precious meta metals and tile lie byear H he a ta the recommendation in in tn of 0 the director of 0 the plat mint for or a larger ot of fractional silver euver currency curmi cy the secretary elv tout bablo showing alion lne the estimated or of money out outside frido tile the treasury trea eury to be which n ho estilia lates la is 2323 per capita of il the PO WatI ot of the united states slates 0 sv speaking ot of the tha count rys fore orelan ign trade ho he raya nays the stati statistics stion ot the aliede ds part nc show the N of i exports of the dome domestico stio goods of oc last avar by An or 0 itile ithe exports shows that tha of jot taft th products ot of ut decreased 1 froni from as 8 per cent to creased ram IS 15 per f cent n to loplz r x made of th the f fay ac loan t n I 1 ble one cog tho t h a r t a t 1 TOP r tv 1 I A afe torn 9 it I 1 tin i Por arta tantI I 1 11 1 1 L is 1 ft r econ re lt 1 anif ter lir the T alt 0 f vy J ll 11 U I 1 8 n IF eat 3 6 rk I 1 lone ong lv at riot not cv h t 0 I 1 is bs it ja dot aral Alho fil 11 con confident I 1 on it of 0 O for talete the 0 proton tro tn wit I 1 lu or 0 I 1 rf I 1 A I 1 if rests I 1 cal given af I 1 s e JS orta crasi Z tf Us 1116 nS tuo sho ws ures 1 a fro ira I 1 ir 1 1 e ft fial A I 1 y habe till byear 0 fl tie it I 1 of 0 brief in I 1 talc L by the th boid G v I 1 ref abit it ab chili 4 r 11 the I 1 0 1 VS the artio I 1 laws a ha Bf poe octor to S earn nt berta sien I 1 badhwa A f 1 af t 1 fi way tle t 11 lie pa I 1 the i I 1 i la Is alvia g I 1 t s 1 C nurna cunil b 32 ISSO ila 0 or alfi I 1 4 d edini unity C IN ct Z an furll f 0 nr I 1 CC C t he 01 ion ll Is I 1 slon on a il ift cat t tc of the tha noar rail lions lotis al a I 1 inA faiK 1 1 0 CO L marinn 0 space build I 1 1 service I 1 11 work 4 is fri I relod 1 all chent of olli t 1 I 1 W P aomen I 1 col it I 1 con aus k 11 a Is I 1 9 1 I 1 iram dashington Tas hington lit 10 of them for thy tea 6 m ends that eight 7 purpose pur it to r VO for n sa be I 1 oil harbor I and K I 1 of S thes one i columbia river it si for 1 lint ork ya t t to 1 will rail felry 1 I about fork san fran als caeg tilo S acro ten 0 strong r I 1 co lonor the vorel coo D in officers and I 1 that they cutter he P arvice kr vice rectum p me rooting lit on an tk its in tile navy do ta f r oo 00 t is 13 urged rell iver fr service on tho the 5 it could boxt 11 1 bl 1 0 7 7 J e 1 I he sacro ocre tec sections it allt on 0 the put puget jai t st y I 1 d put iut tiber and irl i cwi kocib or to lo the merchant td lid to include a great innate than at any rv I 1 us tw el ti one year bi ant t athla showing ati tho tact that our ton trade I 1 la ball ili nl ft century con COVI tury LUrY con boril jc r thle alth with the 1 age t exit ion b be re remedy the tb matter maer N alon tio ns regarding the inspection are ro rb Wor woric lc of 0 the sf ley service la Is IM 11 liniado 1 for fa 11 to tor for the of 0 i the light ord of tho the lefly 21 Y h to lurine NM TI T the h er to oat lost 0 and i property I 1 11 L I 1 ed with n t I 1 of ehe 1 I 1 I 1 I 1 14 b austave IC 10 n with ailing 1 I the ec C tile fol NI I 1 aich lie I 1 make steps in fly pur than as ures to t treasury eions ire aitto no a I 1 t red u or blas he more er lerp ita blish alty re r a tie a known knitht a i division lI slon from th ill X 11 anil all 9 tail the a there blam bl SM t count in united I 1 1 e V C 0 lid iid de dc j letio aptton n vil k only i Y f I 1 ln art such JACI aj ea dita a I 1 in itura tart of 0 I 1 re r awil K ow amend lilt vr yra lelon islon issue e or 0 loan after r ton ten years a the 0 government uch such ads tills rat of lit 2 att per 11 principal luid and hil i on n and that t the desce sec 1 1013 th I 1 Tres suT y be authorized 14 10 lo I 1 aids and receive in pay mant th creiM mith 11 lah on an equitable al lou ance for e dIf ferenee in I 1 Int 11 cres creet I 1 any part or h aj or oi tho the outstanding loans loan 4 the united states which mature by ai tair tj kir Ir term tr altif payment in the years do COIN apfl WORD I 1 he says the involved in tit elie proposed n action lies in this it in an ambiguity from our contract il ao an ambiguity the government credits credit i the word botn now used to exita the obligation in the public debu debt isan 1 an ambiguous word vord it la no doubt uudo understood uder stood by the more inore alsa milic creditor to mean man cold coin tho lh solemn act ot of congress pledging the maintenance of 0 silver coin udonia parity with gold boll coin makes it to construe the bord coin aa I 1 therein rein used to mean anything other than cold or its mr full II 11 equivalent yet ns as laba it Is a conclusion of logia rather than a clear statement butement Ut ement I 1 of oc fact the simpler and moro more humble i triv In vestora estors or would bo be investors in the public doot are confused and doubtful doubt lul and band the credit Is 1 tho the weaker ther elor I 1 the secretary then goes on an to ihor chow that tho the course suggested has baa a precedent in tho the act of 0 congress Con eress ot of 1336 pledging the government to the payment ot of all bearing obligations in coin or its ita equivalent lie he adds add to accomplish tte tt t objects herein tas flux tested without contracting the ion borne me other form ot of paper money adust be allowed allowe 1 to nil all tho the vacuum which would be 10 occasioned the national bank note now to our copl in the readiest rod most moat practical gkent to accomplish I 1 that hat object aad 4 under reasonable cond it will be found responsive to I 1 the he call 1 to obviate the difficulties difficult les in the way iray ot of this method of 0 supplying the do fl elency ate ads the following tollow lae cha chances age 9 in the lh national banking low law first penult national banks to be ni with a a minimum capital of 0 in n any place having tt a population in cf f WO or less lees second reduce the rate rata of 0 taxation on ch circulating not botn secured by deposit af pf ban bonds d s to on one I 1 halt balt of 0 I 1 per cent per annum nam I 1 I 1 third permit be I 1 organized tr r hereafter 0 isk 1 c not botu VM ahie 0 odthe the r bearo cwm f brimi with I 1 Ue e itka etca led SEE t its as shall abatt dually tu ally to aderest deposit 0 ii treasurer ot of ill the tz trtat ury fr to J a total all against which fcc be issued to them by 1 on r r ot of the th currency nar es to an equal amount provided that from little convenience the beert 1 is rr rA bury caury filial baem 01 treasury notes ot and es so deposited to st e trul na ands tit ft the same 4 4 I 1 te elie ali refunding amal named t the amount of oc LMA such bonds to be R C or e it bunks and by ithem accounted t drnach r la ch price not I 1 lam than par as ase quotations quota tlona 1 iny BY ill indicate to to I 1 1 thir asce valia during u I 1 I 1 the a f dif ol 01 0 I 1 t rv on g 0 I 1 ill the artt ot tr nlaly aly ury notes aal the T wont is V tile toia bonds by dy ini ali treasury country the V otea spec 1 ducally issued f WOT wor be exempt from roin taxa apa vion uch of 0 bonds bonda L d rel ased thereby shun at al once M I 1 scarred arod by the secretary ot of the I 1 witter bitne to tit inc ne issue and atter sold bank hive ave oe de web bonda greenbacks erten green backi backs bor or silver 9 to the I 1 9 u per cent ot of I 1 be to 10 issue iani bank edition addition to the 50 C f per cent to the extent tt of 25 per ill b deposit which 25 per er be by an aty y direct ct durity wu ritY but bia ri tm the bonk bank V tend tho the ria rarity of bay ay y government to au all view urcer lating notes of the bank bajik whether issued against d security or against assets I 1 sixth to secure the government joy it if finy any attaching to its rua ea a to tax ic of oc 2 pw per cent per an niini on unsecured circulation shall be levied to create petite ii easily fund nahl h to und 11 id shall bo be invested by tho the score tary EAU 0 of the treasury Tico sury and th comp trollar of the th currency on government bonds bonda in addition to such funds the government shall be further protected by bavin it 1 first lien bell upon all assets in case of the failure of tho the bank ali AH notes shall be re defined in tho the city of new york at ule the sub bub sury and nt at such other nub auti treasuries as a may ts bf designated by tho the comptroller of the Cune Curi ncr oncy with the approval of the secretary of 0 the treasury the control of sault redemption demp tion ahall be under the direction ot of the comptroller Comit of the currency and abul roo from a 0 redemption und fund of 0 10 1 per cent at to be provided ond arid mail maintained by the banks eighth eight li Re restrict the issue of 0 national bank banh notes to the denomination of 0 fil 10 and upward to 1 frustrate I 1 lus rate elie die of 0 tills this pan ian tile the secretary cites the fact that the Nit national lonal banks alth ith a atlon of 0 have it circulation of 0 only and were ll to borrow from austern banks with kith which to move last years cotton crop ills plan he s aoud ou d induce them to issue sufficient circus t to transact transi act oil all their hui business iness without 1 ina the secretary quotes froin roin the lecordia leco riia ot of the conn Et liol leis office to show the 2 per ceol cent tax lax on unsecured circulation would more than reimburse n the go government for its in hospes by failed banks tint dhati loso losa since the first organization af 0 rational national would have hare been willie white the fund produced by llie pro post hosid d tax would have amounted to I 1 TALKS or OF greenbacks GREEN BACKS the tl f secretary then goes on to arcue that the greenback in its present eta tua Is 1 a constant menace to 10 the it rold gold reserve anti the nations Na llona credit and that tile hie necessity being for a reduction ot of tho the demand liabilities ot of the those offer the most con I 1 ven tent agents for that action ile he I 1 says the to retire a larse large portion tit of notes into an issue a and nd redemption divil there to bo be held field until the lh public is 13 willing to olter offer for thrill them in fair exchange an equal sum in gold is 1 a proposition to dignify them with the honor honer afi cold equivalency when ahert passed out as thoy they have 1 been honored with actual gold equivalency when ahen pushed lit in upon tile me ir iury lor for redemption the proposition la Is therefore quite different doin a proposition propos lilon to retire and ami destroy them after answering possible objections 0 n 4 from those who demand the permanent perman c n t retirement of these noe notes t s lie ile says gays 1 I am to press the recommend a aton as submitted in view or 0 tile the following considerations paper money la I 1 s the product of an industrial commercial and financial evo evolution ution its acono mizing effect lit in the hie use of 0 metallic money conw precludes the idea of abandon abandonment until society shall relapse into anarchy credit Is the base upon which it rests paper money is 13 tile evidence that a thing 0 of value has into the possession posies slon ot of tho the issuer and anat the holder 0 of that paper Is to RW awalt tit rayment when payment Is made the evidence of tho the transaction should bo be to appear app or again only when a transaction oc cura the bank Is an acenoy the result also of 0 a n pure evolutionary movement Nh lhoste oste function it Is to issue its various forms of credit instrument of I 1 chich n alch paper money is one against ill the e pledges and promises to it of the less los 9 publicly known lil embers of the industrial community it thus becomes an intermediary irn in much the larser part of all trade ail aal IN hate halover ver operates oper atea to render tile bank a safe s ef e bulent and a aval ballat lallat loble de agency to the tha P people 00 operates to the tit gen kentral crill prosperity the th requirement that the bonk bank a hall invest its capital in public ties as aa a precedent to tile the issue or of its credit instruments paper mone ts a requirement velch holcli operates by so much to reduce its to commerce and industry it cannot use its caal capital al in NO luo directions at the same time only a necessity to control the banks banka capital toil or the public use or an indispensable need for or security in such a form to the note holder can justify this requirement the exigencies of the governments finances in induced congress to require from all note issuing lanks a preliminary Il investment of th their 0 fr capital capita 1 in in the governments bonds the many disastrous dl an fn itroia losses incurred by the people 1 from rom the note not issues of irresponsible banks previously authorized to do 1 by ill considered provisions or of many separate parate states stales seemed to justify the national government in ir requiring from banks of issue a pledge of o f the bonds in trust for the security of their note holdena without further extension 1 of the statement it Is 1 recognizable that the exigencies of 0 the government do not now dequire the absorption of banking capital in aid of its own finances finance 9 in tact fact with treasury conditions once normally 11 shed as aa to revenue find and expenditure the funded debt will within E a few years be or entirely liquidate liquid atel tile the importance of banking in its ita relation to I 1 industry ond and commerce comme ice cc demands for it I 1 in view of tho the consider consideration atlon thus enumerated me mc rated careful and timely attention the question Is 19 |