The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1891-09-19


accept without question the reports
of the Secretary Of the Treasury,
may believe fully the explanations
that are being sent out to-day to
supplement the scanty debt state
ment Of yesterday
That debt statement was intended
to show that the government has, as
available assests, the large sum of
more than sixty millions of dollars
with which to meet all demands up
on it. As matter of fact, wherever
that impression has been made there
has been deceived person. If the
Treasury had at its command sixty
millions of dollars, or even half that
amount, Secretary Foster would at
once and with great deal Of salts
faction call in and redeem the Al per
cents, amounting to about $27, 000,-
900, that became due and payable
to-day.
1t has been seen for months that
there would be difficulty in satisfy
ing the appropriations of the Billion
Dollar Congress and the bondholders
at the same time. In order to meet
demands that could not be evaded
the Treasury has been declining to
pay many OF the appropriations, some
of which were of large amount. the
Secretary finding it convenient to
say that, as the appropriations were
made out Of money in the Treasury
not otherwise appropriated" and as
there was no money mot otherwise
appropriated he could not pay the
money called for. Several Indian
appropriations, aggregating proba-
bly, 100000, were included in this
category. The chance of their being
paid soon is very slim indeed
Instead of calling upon the credi-
tors of the government who hold Al
per cents to come forward and re-
ceive 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 y per cents at 2 per cent will be
extended indefinitely. That means
plainly enough that he has not the
money With which to pay them; that
he desires to be allowed to pay I'M
authorized interest, and that he must
have time in which to save up the
millions necessary to discharge the
Indebtedness.
This situation makes the parade
of figures to lead people to believe
that there are $60,000,000 of avail
able assests in the Treasury seem
like 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 repositories the sum
of 100000 with which to meet the
immediate demands for redemption
for the a ] per cents. Should he get
the 100000 he wants, he will still
have several millions less than the
amount of the bonds outstanding.
II the whole amount outstanding
should be presented at once, he would
be embarrassed. Some reliance is
undoubtedly placed upon the forbear-
ance Of the bondholders to come in
until Mr.. Foster is in better finan-
cial condition.
The unofficial statements of the
available cash make it to be $18,000,-
600, but to those who do not hold on
to odds and ends of doubtful char.
acter, as do the statement-m makers OF
the Treasury, it appears to be little
more than $13,000,00O. This would
not be so bad, perhaps, if the income
of the government were as good as il
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 it's inflated expenses, is fan
behind that of a like period in the
last year. Already it is intimated
that Mr. Foster does not intend te
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 econom
ical for the sake of contrast and gooc
example, but with the remnants o.
the Republican debt facing them, il
begins to look as if they would not
be in position to make generous pro
visions for many undertakings that
need to have continuous support
Until the Congress meets, and some
member shall call upon the Treasury
to render an account that will be in
telligible, it will not be possible te
tell how much short of funds the
Treasury vas in August, 1891, but
it is plain that if all obligations now
due were paid there would he def
cheney. Trickery has served to keeE
from the public the true state of af
fairs, in the hope, probably of avert
ing that proper indignation thai
would be felt against the "Billior
Dollar" Congress and it's managers
if the exact truth were known about
the effect of its extravaganza Wash
ington Dispatch TO New York Times
THEY DUG UP BONES.
Charleston WOrkmen While Engaged