The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-04-08
TIE NEW pssT STATEMENT.

Comment has become general in tho
press over what is termed "ME MAN
EINe's new debt statement" IL APP
pears that tho new secretary OF the
treasury has broken a popular idol by
removing by now arrangement OF Dig
ures tn supposeu great cash balance or
"surplus" from the United States treas
ury. IL has boon generally understood
that AN available surplus OF over $780,
100000 was kept idle in the vaults at
Washington, and naturally tho clamor
arose TO have this sum used in the pur-
chase OF interest bearing bonds and Tree
the government ut onoe to that oxtent
of bonds aud interest. This popular
belief was based upon the manner ol
debt statement adopted by the Robubh-
can secretaries. They ed the people to
believe that an available sur plus OF vast
proportions actually existed.
Mr.. MAENING's recent statement. and
it appears to be a strictly correct aud
business method of putting the matter,
dispeIs this illusion and instead of
showing an available surplus ofSl53, OOO,-
600, shows one only oi $1,000 900 In round
numbers. Against the cash In the treas
ury MIR. MANNING proceeds to place
those items Tor which money must be
justly held In reserve as follows: First,
500 100000 held in reserve Tor the
red emption of United States notes;
second, Sll5,6H,5i0, held for the Tu-
demption OF gold certificate, aud
thirdly, $ll2,5OO,22O in silver, held
Tor the redemption OF silver cvr-
titicates; fourth, United States notes
held for redemption of certificates of de-
post outstanding, 81, 900; filth, cash
held for natuged uobt and unpaid in-
terest, SO, 7SS, 02l, and lastly, some S3l ,5OS,-
37S IN fractional silver aud minor CONS
that are not legal tender for more than
S5--in all, some $780,, 655, O69 "cash Items"
MIR. MANNING rightly insists that
every dollar of the above ought To re-
main In the treasury, rs IL has been set
aside for a specific purpose, and most of
1t, indeed, represents q note of some
Kind held against II and liable at any
time to be presented for redemption or
payment. Mr. MANNING therefore re-
fuses TO deduct from the debt statement
the total cash In the treasury, as his
predecessors have done, and his new
method leaves an available surplus Tor
general purposes of only 81. go, U25 tho
actual cash balance, AS the gold IN the
TREASURY IL constantly hLctuatiug this
S22,0O,0OO is but small margin to work
on, and II IL not therefore likely that
many bonds will be purchased Or called
in for some time at least. Democratic
orators such as HENDRICKS aud others
VINO have promised To have that surplus
OF Si50,0JO,gO0 taken out Of the
vaults aud put in circulation by
calling in the debt aud purchase
ing bonds, will after this state
ment OF Nix. MANNING DO compelled TO
rise aud explain more fully tue financial
situation OF the government to their Ina.
mediate constituencies.
Mr.. MANNINa's clear businesv sense
and sound judgment are at once indi.
cated Ia thus making explcit to the
popular reader the exact status OF ME-
treasury aud so soon discovering Il miN-
leading character of statement OF tho
deb that Nil his predecessors had failed
u discover, or II they discovered had
failed TO correct. The country owes the
new secretary vote OF thanks for In
fortJng It clearly just where It stands
from q financial ndpoint Of view and
just how much cash II has 70 lot out
p,omiscuously.