The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-02-20
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The Deficit in the Treasury.

The reckless legislation and agitation
which has characterized Congressis begin
ming to yield Its fruits and present to ths
country foretaste of what mischief sci
Of demagogues can infiict upon the nation.
We cannot better summarize the important
facts to which the attention Of the commit
tee on appropriations has been called, thar
is found in the following brief statement
from the Baltimore San, ssgood democratic
authority: "The letter." says the Sun
(which the Secretary of the Treasury trans
mitted on Thursday to Hon. J. d. C. At
kins, Chairman of the Committee On Appro
priations, and which was read in the House
of Representatives, should afford members
food for reflection. In the annual estimates
sent to the House last December, the Sec
rotary put the revenue for the next fiscal
year at 1894, 100000, but in his memoran-
dun to Chairman Atkins, these figures are
decreased 100000 by decrease in the
prospective receipts from internal revenue.
These receipts will probably be further re-
duced by the reduction of one third CT the
tobacco tax, which the House has already
assented to, and which the Senate is likely
to vote also. This will reduce the estimated
receipts on the most liberal estimate to
s257, SOC, 900, while the estimated expendi-
lures are augmented to such an extent by
sure to be deficit in the Treasury of S27,-
100000, leaving entirely out Of the ques-
ton the s3e, 5000, 900, which is due and paya-
Bile to the sinking fund. Adding this to the
deficit will amount to s6O,0O0,O0O. This
looks like, and indeed is very bad fnancier-
ing. The $27 ,O00.O 900 will have to be pro-
vided somehow, and the demagogues in
Congress can think of no better way than
an inquisitorial and elusive income tax,
which could scarcely under any circum-
stances be made to yield anything like the
amount needed. The only resort, in fact, is
to issue new bonds in other words, to in-
crease the public debt s27,0O0,0O0. This is
the first result Of the passage of the so.called
arrearages Of pension bill, 1--WE say so-called,
because there were no actual arrearges to
pay,) than which Congress never passed a
measure more deeply tinctured with the
spirit and essence of demagoguery. II Con-
eress thought the treasury had money to
spare, and merely wanted to get rid of it,
why not select some object where the dis
bursement would produce something to
show for it? Why not pass Mr.. Wright's
bill lending or giving L$5O0 to homestead
settlers? Why not substitute dozen steam
ship lines, or carry out Mr.. WINDOWS
plan of negro colonization, or build the le-
wees of the Mississippi? Any of these
schemes would have yielded us more for our
money than the "arrearages,' Of pensions
act. The act will require an additional ex-
penditure of s41, 800, 900 next year, and it
adds $6,000,000 to the expenses of the cur
rent fiscal year-$47, 500, 900 to help Con-
gressmen to get the illusory ''solders'
vote ~ If the disabled soldiers entitled to
receive proper pens ions had been as cow
ardly as these congressman are, morally,
they might have been saved the wounds and
injuries Which enttle them TO the pensions
they have heretofore and should of course
continue to receive.