Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1891-09-23
The Depleted Treasury,


particularly that is inclined, by reason
of its great faith in the truthfulness of
its party leaders, TO accept without
question the reports of the Secretary
of the Treasury, may believe fully the
explanations that are sent out TO sup
plement the scapty debt statement.
That debt statement was intended
to show that the Government has, as
available assets, the large sum of more
than sixty millions of dollars with
which TO meet all demands upon it.
As a matter of fact, wherever that i'm
preston has been made there
and has been deceived per-
son. If the Treasury had at its COM
mand sixty millions of dollars, or even
half that amount, Secretary Foster
would at once and with great deal
of satisfaction call in and redeem the
AZ per cent, amounting to about ST.
100000, that are due and payable.
1t has been seen for months that
there would be difficulty in satisfying
the appropriations of the Billion-dol-
lar Congress and the bondholders at
the same time. In order to meet de-
mands that could not be evaded, the
Treasury has been declining to pay
many of the appropriations, some of
which were of large amount, the Secre-
tary finding it convenient to say that,
as the appropriations were made out
of "money in the Treasury not other
wise appropriated" and as there was
no money "not otherwise appropriate
ed" he could not pay the money call
ed for. Several Indian appropriations
aggregating probably 100000, were
included in this category. The chance
of their being paid soon is very slim
indeed.
Instead of calling upon the credit
ors of the Government who hold AZ
per cent. to come forward and receive
the face value of their bonds, as the
Secretary would do if he had the
money, he announces, as if he were
comforting a great favor upon them,
that the time for continuing the Al
per cent. at 2 per cent. will be extend
ed indefinitely. That means plainly
enough that he has not the money
with which to pay them that he de-
sires to be allowed to pay unauthoriz-
ed interest, and that he must have
time in which to save up the millions
necessary to discharge the indebted
ness.
This situation makes the parade of
figures to lead people to believe that
there are $60,000,000 of available as
sets in the Treasury seem like a very
cheap and demagogic trick. So near
the end of his tether has the Secretary
gone that he is considering whether
he shall not draw from the deposit cries
the sum of S3,0O0,000 with which to
to meet the immediate demands for
redemption for the A per cent
Should he get the $3,000,000 he wants,
he will still have several millions less
than the amount of the bonds out
standing should be presented at once
he would be embarrassed. Some re-
lance is undoubtedly placed upon the
forbearance of the bondholders to
come in until Mr.. Foster is in better
financial condition.
The unofficial statements of the
available cash make it to be SIS, 000,.
900, but to those who do not hold on
to odds and ends of doubtful char
acter, as do the statement-maker OF
the Treasury, it appears to be little
more than $13,000,000. This would
not be so bad, perhaps, if the income
of the Government were as good as it
was year ago, when Reeds "busi-
ness" Congress was passing the bills
that are bringing the Treasury into
awkward straits. AS it is, the income
for the two months Of the present year,
with its inflated expenses, is far be-
hind that of like period in the last
year. Already it is intimated that
Mr.. Foster does not intend to attempt
to pay all the appropriations made by
the "Billion" Congress, but to LET
them go over to be taken out of the
revenues of the next year. The
Democrats of the Fifty-second Con
gress would be obliged to be economi-
cal for the sake of contrast and good
example, but with the remnants Of
Republican debt facing them, it be.
gins to look rs if they would not bt
in position to make generous provision
for many undertakings that need tc
have continuous support.
Until the Congress meets, ant
some member shall call upon The
Treasury to render an account that
will be ineligible, it will not b.
possible to tell how much short o.
funds the Treasury was in August
1901 but IL is Main that If all obliga