The Logan County banner. [volume] (Logan, W. Va.) 1889-1903, 1891-10-22
rRickeRY I'M rHE TREASURY.

IRickERY IN THE TREASURY.
Eepublican Methods in Handling ths Esd-
cral Finances.
There Is reason for the silence OF re-
publican organs in regard to the condi-
ton OF the federal treasury urrief the
management Of their party. To de-
eeive their readers they viii repeat tue
statement of their secretary OF the
treasury that he holds large surplus
with which to meet current Liabilities.
But when called upon TO explain the
figures given to the public the organ
grinders are AS dumb as CLANS at high
tide. The Times first called attention
TO the peculiar methods adopted by the
present administration to cover the re-
suits Of congressional extravaganza.
II showed that the federal treasury was
absolutely bankrupt under the rules
properly applied to such institutions
This statement was substantiateds by
interviews with some of Chicago's
l1fadin8a ban zel.s.zszN Tot Q: word of denial
or explanation has ever appeared in a
republican organ, and yet the treasury
has continued to pour out trust funds
and lessen its ability to meet its current
obligations. Referring TO this matter
some months ago the Times prophesied
that in a. short time one trust fund
covered into the treasury by a law Of.
the recent billion-dollar congress would
be practically omitted in the monthly
statements of the treasury given to the
public. @ sA 3
BY reference to the statement SO
published lately, it appears that this
prophecy has been fulfilled. As tele-
graphed from the treasury department
there is no mention made of the fund
deposited with the treasury for the re-
demption .of national bank notes. By
the printed report, which has been
furnished this month several days later
than usual. this sum appears, and is
given as $3S, 461, 87525, o reduction OF
nearly $4,000, 900 since June 1. The re-
duction between the two dates is q
sufficient answer to the pretense that
this is not current liability. Every
month shows a reduction in the
amount, proving that 1t is an active
and current liability. But this. is not
the only item removed from the cur,
rent liabilities for the purpose of max
ing q false showing OF financial
strength. In the latest debt statement
will be found no reference to the
item of debt matured and interest on
the same yet unpaid. It is, small
amount, not exceeding possibly IS, 0o0,-
900. but it is enough to cause its dis
appearance from the published state
ments. The two sums already men,
toned amount to over $44, 600, 900, and
there is still a further item to be de-
Quoted from the secretary's claimed
balance of cash. In that balance is
named $40, 36S, 141.95 of subsidiary coin.
This is not an available asset with
which to discharge current liabilities,
and the contrary would not bessssert-
ed by men intending to furnish honest
information. Adding this amount to
what has, already been shown to. be a
current liability, and we have. nearly
S64, 000, 900 of liabilities to. be met with
the assumed $55, 1888, 1880 met cash
balance"sofs the secretary's statement.
Bad as this is there remains another
factor in the federal financial problem.
The public have been assured of the
ability of their government to meet the
demands on the treasury caused by the
maturing option OF payment on the AZ
per cent. bonds. By the statement of
the secretary of the treasury it appears
that he has only been able to extend
$11, 679, 500 of these bonds under his of
fer of per cent. bond in leu of the
old issue. This leaves $27, 6Sl $50 of the
~ per cent. bonds which have been
called by treasury having deficit
already of nearly $4,000, 900 in its
available cash. The Times has asked
its republican Contemporaries tosfex-
plain this condition of the federal
finances. 1t has called attention of the
people to the fact that the published
statements of the treasury department
and the current comments of the re-
publican organs have been calculated
to deceive. 1t believes this people too
intelligent to be humbugged with
false statements of the actual condi-
ton Of the national treasury And it
charges that the present methods of
mistatement are adopted for the pur-
pose of affecting the minds of citizens
called upon this year to express their
views on national questions. 1t is too
late to expect any answer to this charge
or explanation Of these figures OF the
treasury department from republican
organs. They have proved willing
ness to adopt a policy of silence regard
ing the whole matter, relying upon the
failure Of republicans to note the
proofs furnished by opposition papers.
But the Times challenges any repub-
lican to explain away the figures here
in given as evidence of the actual bank
ruptcy of the national treasury. AS
was stated by prominent banker re-,
Gently; 1.-THE same conditions existing
in national bank would cause the ex-
aminer to close it at once. Chicago