New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-05-09
THE RfYENUE AND SILVER.

The sbrinkage in revenue causes the new Ad-
ministration much anxiety. Tms Is eVluenV
from the care taken, in journals usually
prornpted by the Administration, to show thaC
tbe decline in revenue constitutes suihclent
reason for refusing to make any further re-
demptiOn of bonds during this fiscal year.
The facts in the case are not encouraging IL
must be admitted. April returns OF internal
revenue show decrease, it is stated, OF
So. 500. 600 in comparison with the receipts III
April. 1884. If the customs receipts were
about the same as those of April 1854, as the
returns from some large cities Indicate 'he
revenue for ten months falls short oil that Oh
the corresponding months of the previous year
by S31, OS6, 900. Secretary McCulloch, II may
be remembered, anticipated decline Oh
$4,000, 900 for the fiscal year, and in his De-
cember report reckOned that there would never
theless be a surplus of about $50 ,O0O,OOO. but
the exDenditures for the fiscal year have sin ce
been swelled by naval and other approprla-
tions. while the decline in revenue Is already
about SD $4,000 greater than he estimated lor
the entire year. If the decrease in Aprll shouIu
be followed by similar loss in May ana In
,June. the entire loss in revenne would be ABOUT
$50, OOO, 900, nearly $4,000, OOOmore than was
estimated, so that but little if any OF the an
ticipated surplus would remain.
But the surplus es timated by Mr.. McCulloch
was after full allowance for the sinking fund,
so which only S27,OOO,OO0 had at that time
been applied during the year while the sum re-
quired by law to be applied = to the purchase or
payment " of the public debt for the fiscal year
was S47,62O201. If the revenue should so
decline. therefore, as to extingnish entirely the
anticipated surplus, theirs would still be left
according TO the estimate, over $2O,OOO,ooO 10
De applied TO the purchase of bonds during the
present and the next month. 1t Is an open
secret that the Treasury has not the money
and cannot properly call the bonds But It's
organs seem incapable of dealing with the facts
in an honest and candid manner, and so dlSln-
genuously use the decline in revenue as an ex-
cuse in order to hide the fact that the Secretary
will not redeem bonds because, in doing so, he
would be obliged to depete the gold reserve.
The real difficulty is in the silver act. But in
order to avoid controversy with the silver
fanatics an attempt is made to create the i'm
preston that the Treasury has not money
enough OF any kind to warrant purchases OF
bonds
The worst thing about this Administration IS
its prediction for indirect, insincere and de-
ceptive methods. Even in doing good things, 1t
must deceive somebody, and set up, or have set
I'D for it. a false and fraudulent pretext The
naked truth is this, that the revenue has thus
far exceeded the expenditures for the fiscal yeaI
by S44. 900 900, and the amount applied to the
( sinking fund thus far has been only about
| $3.50. 900, OOO At least $15,OOO,OOO more
could be applied to that fund, but for the fact
that the increase has been. not in gold, but In
silver. Since $24, 900, 900 must be paid out foT
silver which cannot be used, and the redemp-
ton fund of 100000 in gold must not be
further depleted, the Administration has not
the gold to pay for bonds, and it cannot get
anybody to sell them for silver. That is the
plain statement of the fact, and it would be
most honorable to the Administration If its pur'
nose and its reasons were stated without any
Pharisaic fraud OF Mugwumpian dishonesty
But that ould be TOO much to expect.