New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-02-08
CONDITION OF THE TREASURY.

Ten DAYS ago, Secretary FOlgcr SPOKE Win
some mpatience OF the folly of supposing That
he would be able to issue another call for bonds
during this fiscal year. He would not have the
money. he SAID anybody could see that. On
Thur sday last, nevertheless. he issued another
call for 81 900, 900 to mature May l. Many
people are asking themselves whether the sec
rotary was misnformed or blundeIcd ten days
ayo or whether he was misiniormed or pun
dcred on Thursday last. That he was moi quite
correct on both occasions seems TO be SUM-
ciently evident.
In his official report, submitted to Congress
December 1, the Secretary estimate that he
vould have surplus revenue Of only
S12O. OOO. 600 this year, and on that calculation
he acted until last Wednesday. In that
calculation he estimated that tho revenue
would be S1l,475. 600 larger than for the pre-
yious fiscal year. Seven months of the present
wear have now passed, aud the increase IN seven
months has been only 50, s53.5Si. That does
not look NJ if the increase during the year would
b.. more than So, GOO 900, and we know. too.
that the movement is likely to be hight OF pres
emf hecause of the uncertainty regarding
change OF taxation. It will Toe surprising II the
| Secretary does not find that his estimates as TO
| revenue were mistaken. If these were IN error
only So, OOO, COO as they seem to be now, the
surplus for tho year would be only
| $ll5,0 900.
ON the other hand. the Secretary counted
upon AN increase of $37 100000 IN e1pendl-
lures, and in seven months the increase has
been ONLY Sl2 100000 But the report WAS
mode IT, December two months after the practl-
cal stoppage of payments tor pensions in Octo-
her. and the Secretary still counted upon n pay
ment Of 800, 900, 900 under that head. II he
was then misinformed he owes it to the public
70 state by whom But il he miscalculated then,
| or else mscaculates now, II IL quite as likely
| that he is in error now in hasty act "A that
| he was In error then IN an annual report. Al
| the rate he expected. pension payments should
have been S5s. 100000 in seven months, and
they have been only S33. 100000. But for this
difference OF $24 800 900, the increase OF cX-
| nenditnres in seven months would have been
! 1896. COO. OO0 whereas the Secretary expected
| only S37 OOO, 900 for the whole year. And
| now il is stated that large pension payments
about S13. coo, OO0-arc expected within few
| DAVIS If So what assurance can there be that
| the surplus for the year will exceed the
| Secrcraty's estimate of $4,000, 00O9 The
wear amount to 500, 500 200, "a follows; July
/, August /, and September 10, $4,000 600
each: October 4, 81 ,G93. 200 December %,
! S25, OOO. 900 and January IL, Sl5,oOOOO
There are besides the $15, 900, 600 call for
Febrpar, 10 and tho 81 100000 offer for
| February %, and against these tho Treasury
already holds and carries rs cash SlS,Io3,S1S
of the bonds. r ms, with the 81 ZOO, 900 call
now made, the Secretary has undertaken to
| have n snrplus Of 81 30. G93, 200 for the year,
without restoring the $2OOOO,OOO temporarily
drawn from the cash balance in the Treasury III
order to meet calls last year. But this sum
ought to be restored.
Unless the Secretary has information that
has not been given to the public, i'll regard to
the capacity of the Pension Bureau for
ITS work, he would be wise to with
draw the last call before it IL too late.
According TO the latest statement of the
! Commissioners Of Pensions, that Bureau will
require So / 900, 900 mere this fiscal year, max.
inc in all $4,000 600 for tho year-Only
| Sl5 600 900 less than the Secretary estimated
| in December. If so, with the excess already
| realized in other expenditure, the surplus for
the year will not reach $4,000, 900, even If
the revenue should not fall short Of the estimate
more than Is now indicated. But action Ivy Con-
gress on either revenue bill, or an extra ses-
SION, or unexpected appropriations, or dis
turbance in business, might leave the Secretary
without means To meet the call, unless tho re-
serve should be still further depleted. Instead
of running such risks, he ought to make 1t his
first duty to restore the reserve to the proportion
left by his predecessor, by putting. back the
$20,000.000 taken from the cash balance last
year. This might be done ut this season of the
year, with an easy money market, without dis
turbing business but could not be done in the
summer or fall. But IL the Secretary has
knowledge that the Pension Bureau, with its in
creased force, cannot do what Congress de-
signed to have done, nor what the Commits
soner recently reported that he would do, then
the Secretary ought to give that information to
Congress and the public
The surprise Of the business community of
the issue Of the call Mt this time has been