Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1890-07-25
RECkLESSNESS RUNS RIOT.
Careful Compilation Shows Scandal
Gus State of Affairs.
The Government Will Not Have a
Dollar to Its Credit.
Report That the President Nav Veto
the River and Harbor Bill,

" bC oAA4AStAtt " itlL lEt people OF the
country just how the finances of the govern
ment will stand at the end OF the fiscal
year, yet no two persons agree in anv
statement made. ! have made the fol
lowing compilation entirely from figures
furnished by republicans in congress and
officials in the treasury and the enumera-
ton of the several items. 1t will at once
show the absolute fairness of the statement
without any effort whatever to juggle
with the figures or to withhold the truth.
The result Of the careful compilation
from sources the most favorable to the
republican administration of the govern
ment Is that at the end of the fiscal year
the United States government will not
have dollar to Its credit.
do not mean that there will not be
dollars, millions of them, perhaps. in the
treasury, but do mean that every dollar
except the subsidiary coin assets will have
been lnortgaged by acts of congress. as
will be seen.
The forced loan of s55, 900, 900 taken
from the national bank note redemption
fund will be drawn upon to the extent of
fully So, 900, coo 10 redeem the national
bank notes that will come in during the
fiscal year, while the remainder, although
available for current business, is neverthe-
less debt and is set apart as an appro-
prlatlon by the act creating it Us clearly as
the river and harbor bill OF any other
continuing appropriation TIE explicit
manner in which have given
the figures will show conclusively that not
an item has been strained Rather they
are below actual republican estimates.
1t Is a nice showing for the great party of
tariff and moral reform.
The annual appropriations for the fiscal
year, actually passed and pending, amount
to 1859, 900, 900. Senator Allison saws so.
Of this amount S29,000,0 900 has already
been paid for deficiencies. Secretary
Window SAYS so. This leaves $3.50, ,000,-
600 to be paid
To this sum is added S35. 900 900 for the
dependent pension bill, Sl2 1000, 900 for de-
ticlency In the regular pension appropria-
ton and $4,000, 900 for deficiency IN the
postotice appropriation. Total amount
appropriated and to be paid out of the
treasury during the fiscal year is 1880. 900
600. The permanent annual appropria-
tlon for the sinking fund and collection of
the revenue Is Sl0l, ,000. 900. Grand total,
S4S7 900, 600
Estimated receipts from all sources ex-
cept postal service, according to Secretary
annual report, 1885, ,000 900:
actual increase of receipts not anticipated
III the report, SIS 100000; estimated pos
tai receipts of the year, S65 900, 900.
Grand total S465, ,000,00
Estimated loss of revenue receipts from
sugar duty and cost of sugar bounty under
the new tariff for the last half of the fiscal
year, S35 900, 600, leaving an actual income
from all sources for the fiscal year ending
June 30, 1891 of S430000,000
To this amount add surplus in the
treasury July l, 855. .500,000 and the
national bank redemption fund. forced in,
to the treasury by congress, $50. 800. 900.
This gives a grand total of 546, 100, 900 of
funds.
The expenditures according to the
figures above given, will be S4S7 900, ,000
But the government has now got to redeem
bank notes, and the amount re-
quired for this fiscal year will not be less
than S23,000,000. making the total expen-
ditures provided for or which will have to
be paid out of the treasury this year S5l0,-
00O, 900.
The government will still owe the nat
ional bank note redemption fund 532, 600,
600. The amount which vii! be paid out
or Is actually set apart by appropriations
will thus be 5542, ,600,000
Leaving a prospective deficit in the
United States treasury July l, 1891, of
81 ,500,0 600.
Now the question is not how much of
the river and harbor bill, fortifcation bill
or naval construction bill will not be ex-
pended during the year. but how much
has congress said may be expended during
the year. 1t will thus be seen that at the
end Of the fiscal year the prospect is the
government will be in debt 81 800, 900.
If the tariff Till should pass lnadvertent
ly there would be a great increase of i'm
ports under the law to get IL goods at the
low rate, but then again there would be a
cores sponding falling off in receipts after
the bill went into operation. Again, the
dependent pension bill may not take us
much this year as calculated. But in any
event it will be seen that congress has
gone as close to an empty treasury as it is
possible to go. No one expects all the
river and harbor bill appropriation to be
expended this, year, or all the naval bill,
but that does not change the fact that the
money has been set apart and has no right
to enter into the calculation for an avail
able balance
| think it will be found on examination
that have stated the actual condition of
our finances fairly. and yet the result
shows that the treasury will not have
dollar on the lst of July. 1891, that it can
honestly call its own. beg pardon it will
have SO, 10000 in subsidiary coin. So
long as the pennies and nickels. dimes and
quarters hold out there will be enough to
give every man, woman and child in the
land One-tbird of dollar each if there
should be an equal division of the re
available asset" ordered.
There are whispers abroad that perhaps
after all the river and harbor bill may fail
to become law by reason Of a presiden
tial veto. The republican party leaders in
both the senate and the house are begin
ming to realize that they will have
a hard task explaining to the
voters of the country where the
surplus has gone. Already it is conceded
that the appropriations for the current
fiscal year will exceed the receipts of the
government, and it has become necessary
to borrow the deposit for the redemption
of discontinued national bank circulation
TO make the two ends meet and this, too.
when the receipts for the year are esti-
mated at 1885,, 900. 900.
Speaker Reed has put his big foot on all
efforts to pass appropriations for public
Buildings, and to meet the exigencies of
the hour 1t Is even thought that the presi-
dent may be required to veto the river and
harbor bill, so as to reduce expenditures
to the extent of the twenty-five millions
provided for In that measure. While
recourse to such an extreme measure is
not probable. still the mere suggestion of
1t shows to what a pass the republican
managers are reduced by their reckless ex-
travagaaCe-
In this connection / called on Repre-
sentative B0atner, of Louisiana. to ascer-
tain what effect the failure Of the river and
harbor bill would have On the Mississippi
river and the country adjacent thereto. In
reply TO my question he said:
The Mississippi river Is interested IN
the river and larbor bill TO the extent of
about g, ,00G, 900. To lose the use Of this
amount of money would be severe blow
to the people Of Arkansas. Mississippi and
Louisiana. 1t would throw on the state
government and municipalities the entire
cost of repairing the damage done and the
levee system by the recent overflow, and
at this time Louisiana Is hardly equal to
the task. 1t would also be a serious loss
to the federal government for all the par
italy completed work would be irreparably
damaged and probably DESTROYED. The
government plant would be injured. and
the organized bodies of engineers and
iaborers now scattered aICng the river