Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-07-19
The Treasury Deficit.
Editorial Philadelphia Times.l

OF course, the party organs, and espe-
cially those whose editors hold Office I'M
der the Administration, are ready with
numerous bubbles toanswer the plain fig
ures which prove wasted surplus and
Treasury deficit Of many millions at the
close Of the present fiscal year. They shut
their ewes TO the now admitted fact that
the expenditures of the year will exceed
the revenues by from $50 900 to $780,
600, 600. and answer that the Treasury won't
be bankrupted
Well, how do they propose to escape
bankrupt Treasury? First. they have al
ready made forced loan from the people
of about $50. 100000 by covering into the
Treasury that amount that is now held IN
trust 10y the Government for the redemp-
ton of national notes. When an in
diyidual appropriates trust funds of any
kind 20 his own private uses the law calls
il embezzlement, and the only difference
between the Government III this case and
an embezzling individual trustee is In the
fact that the Government embezZles, or
makes q forced loan of trust funds. under
color of law. THIS S56,000,0O0 of forced
loan of trust money. that is an absolute In
crease of the national debt to that amount,
is relied upon to save the Treasury from
bankruptcy.
But if the new tariff bill shall pass with
cut of over $50. 600, 900 on sugar, and the
force election bill shall pass with its S12,-
600 600 TO $40, 600 of expenditure to re-
new sectional strife and disturb business,
and the steamship subsidy bills shall pass
with their ~, 0O0. 600 or more of expendi-
ture. even the forced loan OF the S56,O0O,
600 of trust money won't save the treasury
from bankruptcy. What then! Wen.
there IS another trust fund hela ny
the Government for the redemp-
ton of our Treasury legal-tender
notes. 1t is SlO0,0O0,0DO in gold. and
is a trust provided by law to protect the
people who hold the Government cur
reDcy. The next proposition will be to
make another forced loan Of half of the
whole of this trust fund by covering the
money into the Treasury, and then the or
gans would be right. There would be no
deficit in the Treasury, but there would be
forced loans in open violation OF the ma.
| tional faith to the people to the sum of
500 900 600 or S156, 900, 900. and the increase
| of the national debt to just that amount.
Already this Congress has made one
| forced loan of S56. 200. 900 by the appro-
| priation of sacred trust fund for the re-
| demption of national bank notes, all OF
which must be repaid out of the Treasury
as bank notes shall be presented Tor re-
demption. Ii is done by special clause
| In the new silver bill, and the forced loan
| has been made. and there is now reason
| able probability that one half or the Whole
| of the 800, 000. 900 gold trust fund Tor
| the redemption of Treasury notes Will
| be transferred to the Treasury by
another forced loan in the vain attempt to
| hide the hopeless bankruptcy of the Urea
sury. These are the bubbles of party or
| gans in answering the plain truth that the
| present Congress has absolutely bank
! rupted the Treasury, and every intelligent
| citizen will regard the trickery of forced
| loans from trust funds which have stood
as sacred trusts for many years, as only an
| aggrayation of the profligacy that has
| bankrupted the Treasury.
| The sinking fund Is no less sacred as a
| trust than the trust funds fixed by law for
| the redemption of national bank notes and
| the redemption of Treasury notes, and as
| there is some 100000, 900 III that func III
| excess OF the absolute requirements OF the
| law. we shall probably next hear that part
| of the excess in the sinking fund must be
| taken as a forced loan to save the Treasury
| from bankruptcy. If the great banking
| house of Drexel a. Co. were to make one
| such forced loan from trust funds III its
keeping il would not only be driven into
| bankruptcy in day, but the infainy OF
| both legal and moral embezzlement would
attach TO it, and wherein is the difference
between Drexel 4 Co. and the Government
| in the forced loan of trust fundsy Such Is
| the logic of organ bubbles to conceal the
now assured bankruptcy of the Treasury.