The great West. [volume] (St. Paul, Minn.) 1889-18??, 1890-08-15


copy OF the resolutions passed by the
people of Raleigh on the 9th of July,
1890. E. c. BEDDINGFIELD, Secty
NJ C. Farmers State
Alliance.
The Surplus.
The reckless manner in which the
present Congress has appropriated
money has been the subject of much
comment through the press and
among the people. This feeling of
late has intensified to such an extent
that a halt has been called in order
to ascertain the amount of appropri-
alton already made, those that must
OF necessity be made, and the prob
able amount of revenue to meet them.
Investigation on that point shows
that up to the present time the ap-
preparation SO far provided by Con-
gross and approved by the President
amounts to $23O,1O1 900 in round
numbers. In addition to this sum
500, 100000 in appropriations have
passed either the Senate or House.
There are other appropriations not
considered yet that must be provided
for-such as the miscellaneous ap-
preparation of about 100000 for
dependent pensions, $45, 100000 or
more, for the sinking fund and inter-
est on the public debt at least $780,
100000. and deficiency of about
5000, 900, making a grand total of
about $5O5, 900. Even this enor-
nous sum does not include the sub
sidy expense or the cost of operating
the Federal election bill, which taken
together will doubtless require $780,
100000 more. Taken altogether
this Congress has planned for an ex-
penditure of fully $525,OOO,OOO. To
meet this vast expenditure is the
public revenue, which the highest
estimateputs at about $3.50 900, 900.
These figures disclose a deficit of
$75, 100000. But when this revenue
is calculated on the basis of the Nc
kinley tariff bill, this deficit is in
creased to about $125,OOO,OOO.
The passage of the silver bill, with
the rider concerning the national
bank deposits, was an acknowledge
ment of an expected deficit; nothing
but that and the fear of the sub
treasury bill would have induced
Congress to pass such a bill. It
further shows that Congress consid-
cred bank notes without anv re-
demption fund fully as safe as United
States notes with a redemption fund
of 33h per cent.
For many years the Secretary of
the Treasury has kept constantly on
hand 81 90, 900, 900 in gold to redeem
$500, 100000 in United States
greenbacks that no one wanted re-
deemed, and considered this policy
as absolutely necessary for public
safety. Now by the provisions of
this bill about 6O.OOO, 900 of money
Is coveredin the Treasury that has
been held heretofore to redeem ma
tional bank currency that is being
retired. This leaves fully 100000,
300 of national bank bills outstand-
ng which the law says shall be re-
deemed, without one dollar as a fund
or their redemption. This whole
egislation is a scheme to squander
all available funds, and thereby force
The government to fund the debt
which natures in 1891, and through
ibis refunding perpetuatc the ma
ional banking system-National
Economist.
The monthly debt statement for
July is much changed again in form.
It is one of the most difficult matters
10 understand the Treasury state
nents. Great mountains of money
ire hid away and counted :iunavail-
lble' on various pretexts, and the
fort constantly is to make it ap-
,ear there is no money to spare.
This statement shows a introduction
n hepublic. debt of 1895, 257 during
he past month.
inns new statement places frac-
ional silver on hand 22,541.719.
n the table of available cash. tt
as heretofore been treated as not
and SO far this is an i'm
little more honest than
ne Dan Manning statements. But
order to make the public debt ap-
ear smaller than it is, the Pacific
abroad bonds which are really
nited States obligations because
be roads refuse to honor them, are
AIKEN out of the interest bearing
ebt" statement. They amount to
xty-four millions on which we have
lready paid as interest eighty-six
lillions of dollars.-Iowa Tribune.