Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1890-05-08
WORK OF THE LOOTERS.
The National Revenues for 81 VIII Not
Equal the Expenditures.

WAsuINGToN. d. c., May Mr..
Sayres. of Texas, 4 member of the
House committee on appropriations, Is
authority for the statement that 1.-THE
revenues for the fiscal year ending June
80. 1891. would unquestionably be in
sufficient to meet the expenditures
which would be authorized by the pres
cnt Congress-. The fact that the pres
ent Secretary Of the Treasury in his last
annual report estimated that the reve-
nues of the government for the fiscal
year ending June 30, 1891, upon the
basis of the laws then existing, would
amount to $3.50, 900, 600, and that the
estimated expenditures for the same
period under the laws as existing when
his report was submitted TO the Speaker
Of the present House of Representatives
would be, excluding the sinking fund,
.S292, 27l, ,4O4. 20. Adding to this the esti-
mated amount required for the sinking
fund, that is, $40, 1j9, ,000.73, we would
have for the expenditures of the fiscal
year ending June 80, 1891, S3il, ,43O.-
47170.
If either the Senate pension bill or
lit MOIIlIl Ulil Nilbulh pass NAA'A'
would be added to the expenditures for
the same period an amount, as acknowl-
edged by the Republicans themselves, OF
not less than S3G, 900, 900. In my opin-
ion it will reach nearly j0,OO0,OOO, tax
ing into consideration the largcly-in-
creased expenditures which will be nee
esSarily incurred by reason Of the pres
ent unwarranted activity of the pension
Office. and thus there can be no question
but that the revenues for the fiscal year
ending June 30. 1891, will be insufficient
to meet the expenditures for the same
period.
The question will then arise, How
arc the current expenses Of the govern
ment for that time To be met? This
can be done either by the borrowing Of
money. which would, of course, increase
our bonded debt and would be ruinous
in the extreme to the country: or IL
would ncccSsitate the repeal Of the
sinking fund act. which, as we all
know. goes toward the eXtinguiShment
of the public debt. This. OF course,
would not be sustained by the country
when the fact becomes known to the
thinking people who, in the end, make
or unmakc administrations. Lastly,
by the repeal of the act placing in the
Treasury 500. 900, 600 to be held for the
redemption Of the United States notes
now in circulation. The Republican
party must do one of these three things
in order to meet the current eXpendi-
lures for the fiscal year ending June 30,
1891. either borrow money or repeal the
sinking fund act, or repeal the act
which places in the Treasury 100000,
600 as reserve for the redemption OF
the United States notes in circulation.
IF. in addition to this, we take into
consideration the effect of the Mckinley
tariff bill. should it become a law, the
difficulty of the situation will be vastly
increased. II enacted into law, it will
certainly reduce the revenues Of the
government from imports at least $50,
03G, $50 and probable more, and from
the internal revenue Sl0,327,s SIS, or in
the aggregate S7l.2G4.4l4, the problem
of finding the means whcrcwith To sup
port the government at the rate of eX-
pendturc established by the present
Congress will be one exceedingly diff
cult of solution. In fact it will be an
embarrassing question to the party who
NAV have the control OF the govern
mcnt curing the next administrations.