The times. [volume] (Richmond, Va.) 1890-1903, 1891-09-03
MILLIONS OF DOLLARS DUE.
Result Of the Extravaganza Of The Late
Billion Congress.
UNCLE SAM IN FINANCIAL STRAITS.
Secretary Proctor Accepts the Position of
United States senator-Wssh-
ington Notes.

WASHINGTON. d. c., Sept. about e27.-
OOO 900 Of - per cent. bonds have not been
extended at per cent These bonds. there
fore, are due for redemption to-day. The
Secretary has extended the time indefinitely
when these bonds may be exchanged for
bonds bearing 2 per cent. interest,
but all those not extended will cease
to bear interest to-day. While the
debt statement issued just before the
department closed yesterday showed an avail
able cash balance of sGO274,39i. it would en-
barrass tie department somewhat if al the
bonds that fall due to-day were to be pre-
sented at once. This. however. is not apt 70
occur. and the department is counting on
their coming in slowly to be taken up without
disturbing funds, which is generally thought
best should not be allowed 10 run lower than
they now are. There Is no dOuDt about the
ability of the Secretary 10 take up all the
bonds that may be presented, but II would
not be a satisfactory thing TO have to do.
TIE SUBSIDIARY COIN.
The net cash balance OF sixty millions in
round numbers includes the subsidiary coin.
amounting to 9ls, 40, 7Z1s9; minor coin and
fractional currency. c369.6Gi2i. deposits
in National banks, Sl7 800. .26lO5. and
9lza3. which sum cannot be conye-
niently used. The subsidiary coins and
minor coins cannot be used in the payment
Of bonds, as they are not legal tenders tor
large amOnDts and the bank deposits which
would be available III case Of necessity, are
reduced 70 as low point now as IS thouglt
desirable in carrying on the current business.
Not counting these there Is m available cash
balance of tlS.579.5G5. which will probably
more than cover the bonds that Will be pre-
sented for redemption between now and next
year.
WORK OF THE BILLION CONGRESS.
But it IS by the administration of the
finances. and not by reason OF an actually
good condition of the Treasury, that the
Secretary is able 20 save himself from the
necessity Of extending the loan at higher
interest than he has been willing TO offer.
Expenditures under appropriation acts
which il was not necessary 20 make az once
have been postponed and IN every way posi-
ble money has been saved for the present
emergency. The actual appropriations made
by the last Congress. amounting 20 billion
dollars. exceed both the revenues and the
amount of the accumulated surplus at the
beginning of the last fiscal year, and
the actual resources of the Government are
reduced accordingly, though this IS not
apparent at tins time. A considerable
amount Of the appropriations made under the
act for this fiscal year Will g. over anu eat
into the revenues OF the next fiscal year and
even the next following That with tho pros
pect Of q considerable deficit ultimately un-
less the Fifty-second Congress can put appro-
printions down fur enough below the esti-
mated revenues 90 leave balance e. meet
the obligations already incurred.
sECaETARY PROCTOR hcCLi4s.
Il is understood that Secretary Proctor hos
at last written his letter Of acceptance 20 Goyt
ernor Page, telling him that lac viii be pleased
10 serve tho State Of Vermont in the United
states Senate in place Of MIR Edmunds. The
letter will most likely be taken 10 the Cover
nor by tho Secretary in person when no goes
North at the end of the present week.