Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1837-08-10
THE TREASURY pASKRupr

u now seems evident, that Il the October
instaimeni Of the Surplus lie paid 10 the States,
the Treasury will be deficient in it, mean, of
meeting the expenditures Of the current year.
u sPpears that during the first Eve moath, OF
the year, the total receipts amounted to some
thing more than 1914 millions. whilst the ex-
Pendiiures for the same perivl exceeded II
millions. For the month Of June, the re-
ceipis were only Ss93, 900. whilst the OK
pen iiiures amounted to s2,6il .603. A still
worse result
There Is no prospect of change Cor the
better, until after October, when m1ny Of the
suspended bonds Of merchants will become
due The collection OF ,he,e bonds, however,
Is matter Of great uncertainty, ~ many Of
the drawers will have been wound up by
the Experiment ere that time.
In speaking upon thi, subject, the ria4n-
eial Register say,:
The total amount OF appropriations made
~ Congress at lis last session, a. appears from
sn official document before U., wus b got, 325
dolIe~s, 'excluIiye Of the Indefinite sppropria-
tious,' the probable amount Of which Is not
stated. OF this amount, u appears above
that Sl4 ,02l, 25i had been 9 I'D before the lst
Of June. leaving sls2i207i still 60 be paid
during the year 1897. towards which there
was On hand only 50 6)3 335. To comply,
therefore, with all the demands upon the
Treasury. there will still b- wanted bc,ween
the LIT of ju,o and tho 3Isl Of December. the
sum Of al. 63S,735 being at the rate OF up
wards of two millions Of deliars per month"
There il strong probability that the re-
esiP,s both from the customs and the public
lands +'ill continue 90 dimiui.h-so that tl,e
affairs of Government cannot We managed for
the balance Of Lie year. unle,s the October in.
stlilnent Of the Surplus be witiheli from tho
States. This, the National Inielligonoer sug-
Eesis, cannot be done without a violation OF
faith, because zen iis Jaiih II Gis u. Stale,
pledged by that law, THE distribution act. ! the
States have generally appropriated, to the ut.
most faIthing, the amount subject TO distribu.
ton Tor deposi:e) among them"
This We know is the case with Virginia
Her revenue is likely 10 fall short Of her ex.
Penditures, and the probability is that an In.
crease Of the taxes will lie Indispensable VI
the coming session.
Thus it is with the patent Democrats every
where. Having the power, both in the Fede
raj ard State Governments, they have broush,
US to the verge OF bankruptcy in both. To
gain popularity, the Legislature reduced the
taxes. then sufficiently low--and tOrTsrtd mo.
nay for the purpose Of internal improvement
Al the extra session, the ordinary income Eel
short, and resort was necessary TO the sur
plus fund received from the United States
II is already shewn what is to become Of the
October instaIment II will never be receives
and The taxes must consequently 60 up.
4 rejecting people will naturally inquir,
whether even the whiss, If 10 power, could
DO worse than this.
Loans will be necessary by Congress and 10y
Virginia at the next sessions, if the mana.
gers wish 10 avoid the odi1m Of direct taxa.
ton. There is no other alternative.
The historian, speaking Of the era Of the
Experiment" will be able 10 SUN up the
striking Incidents Of the year 1897, in three
characteristic phrases :--bsnkrSpIeiss, shin
Pia'i,rS. aud dnei fa<t,'
Al this, too, in period of profound peace