New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-07
HONOR no SECRETARY FOSTER.


While Democratic candidates for place are at
a deadlock and all arc unable to agree on any
thing except denunciation Of "the billion Con-
gress' and its work, it may be profitable to OBJ
serve that Republican Administration goes on
conducting the Government with such fidelity
and ability that it EFFORTS commentator from
its adversaries. There was bankrupt Treasury
some months ago, all remembers and yet, some
how it still reports $139, 100000 cash avail
able, against substantially the same amount
November 1 and as opponents OF the Republl-
can party do not like to admit that they told
untruths when they talked of the enormous sums
voted and wasted by the last Congress, they
have to credit Secretary Foster with consplcu-
GUS ability Even the financial journals recog-
nze this, and "The Financial Chronicle" pro-
nounces the results for the past month "qute
unexpected" affirms that "every one supposed
that not only the pension requirements, but the
miscellaneous appropriations Congress had made,
would call for much more money in the calendar
year of 1891 than was paid out in 1890, and
yet, measured by the cash Outg0es, this does
not appear to have been the case," and closes
thus a." 1t is only the extent and availability of
Mr.. Fosters cash we have under discussion to-
day, and the shrewdness of the management
which has apparently sumounted the insur-
mountablc, in bringing the Treasury finances TO
the close of the year in so easy condition"
Mr. Foster unquestionably deserves high
praise But no one would have thought his
difficulties insurmountabe but for belief in sundry
partisan falsehoods Mr.. Foster himself de-
clared that they were not insurmountable when
the attempt was first made to excite alarm about
the condition of the Treasury. He then affirmed
that his resources would be found ample for the
coming year, and partisans who then dended him
are now obliged to admit that he spoke the
exact truth. Moreover, the fact had been many
times made known by Republican journals that
the appropriations to be actually expended With
in the coming year were not as large by many
millions as Democratic fabricators had asserted
Now The Financial Chronicle" sums up re-
view of the matter thus: THAT is to say, the
appropriations have for the eleven months OF
1891 required sol ,3S9, 900 less (of which only
$500, 900 was on account of smaller pensions
paymentsl than for the same months of 1890,
which shows that not only the pensions payments
have been smaller, but that the miscellaneous
payments have also been materially smaller"
So with regard to the availability of Treasury
assets Democratic partiSanS persistently as
serted that Mr.. Foster was cheating the country
in order to cover up real deficit, and that many
millions of his reported cash he could not in any
way use for the satisfaction of public obligations
But now 1.-The Financial Chronicle" says:
Moreover it will be noticed that all Of these various
cash items will very have become liquid assets.
1t was not long since fractional silver holdings az
gregated over S20000O00, and tradedollar bullion
over S6OO0OtN, neither available for paying deb's
Now the bullion is only 1922 534, and next month we
understand the item will disappear entirely, while frac
tonal silver has got down TO $l4,3s0,555.
Nor is this ALL The deposits in National
banks, which Democratic Secretaries had de-
claled that they could not withdraw, and which
Democratic critics six months ago affirmed were
absolutely unavailable because they could not be
drawn out without a panic, amounting to S4S,-
S1S,991 when President Harrison was inaugu-
rated were reduced to S,7O0,419 on July l
this year, and now are reduced to S2O,-
50G,911. Thus more than SS,OO0,OOO during
the last five months and more than SIS, OOO, 900
within the Presidential term thus far has been
realized by use of Treasury asset which Demo
Gratis declared it impossible to use. In these
three items the Secretary has actually used since
the Inauguration of President Harrison no less
than S44.OOO,OOO, which Democratic Secreta-
ries and critics pronounced unavailable, for the
amount of the three at the time of the inaugu-
ration was S79,617,631, and it is now only
S35,419,O29, with a prospect that millions more
of the amount will DO actually used in the near
future.
1t is in view of such triumphs as these that
Democrats are paying honor to Mr. Fosters
shrewdness of management. But his achieve
ments, great as they have been, would not have
appeared so great had Democrats RETAINED from
partisan lying about the appropriations, the pub
lie debt statements and the unavailable cash in
the Treasury.