Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1891-06-25
THERE IS NO SURPLUS NOW.


The National Treasury Shows Big De-
felt instead--P Public Debt Is Increasing
--Rcckless Republican Extn.vaganco.
WAsH1NGTON. June la.--It has come ut
last The treasury books to-day showed
deficit of nearly SSo0000, 1t is ahumiliat-
ing exhibit, and one that ought to crimson
with shame the face Of every Republican
leader in the late billion dollar Congress.
The cash balance ON the treasurers
books to-day was Si3o8l.2d, but Of this
sum S23 3627,4li was on deposit in national
banks and $50, 0B0 was in fractional
silver, leaving deiiritin the available cash
Of s7S7,ll7.
Tho last pension drafts exhausted the
feeble resources Of the treasury, already
dr9ined by two years Of Republican iinan-
ciering
in appropriations for the year which will
begin on July 1st, and raised the regular
appropriations to 1926, COO, 600. These figures
are exclusive of the permanent annual ap-
propriations, which have recently
amounted to about Sl22,O00,000, and the
Post office appropriation of about s7S,000,-
900.
The total appropriations Of The last ses.
sion of Congress authorized by acts Of that
Congress and by existing laws were con-
ceded by Senator Allison to reach $525-
100000. and he failed to include SIS 000,0OO
for the rcfunding Of the direct tax and
other unaccountcd millions for sugar
bountics, back pay claims, public build
ings and unexpended appropriations of
previous years.
1t is these appropriations which Secre-
tary Foster has to meet during the coming
year with denuded treasury and tariff
bill calculated to reduce importations of
dutiable goods. Under such conditions
it is the part of wisdom for him to extend
nutt fNl.t r,f
ment even at the expense of new interest
charges uponthe people. Under such condi-
tions, too, il is not stranget hat every device
even to coming deprecated silver that the
government may turn the profit into the
treasury, is being discussed in the cabinet
1t is not strange that Republican organs
talk of ravishing the gold reserve which
was set aside by Secretary Sherman more
than dozen years ago as the nations
sacred pledge that its paper money should
be maintained at an equality with gold.
When Mr.. Cleveland's term ended on
March 4th, 1889, the net cash balance in the
treasury was s4S000,0o0. The fund held
for the redemption Of the national bank
notes was SSS,000,000, and the pOst-office
and disbursing officers accounts were
S5S,O0O,u0 Here was Il sum of $l9i 1000 900
which was then available for current
obligations or has since been declared so
by law. The corresponding figures to-day
were S23 3,0D,OO0, as cash balance, includ-
ing the deposits in the national banks
nothing in the bank note redemption
fund, for that has been turned into the
cash, and S4l 100000 in the hands Of dis
bursting otiicers--a total of s6i 600 600
and decrease of S130000,000 from the
corresponding figures of Mr.. Cleyeland's
time. The average surplus which accnmu
lated in the treasury during Mr. Cleve
lands time was Sl00,000000. About one
half Of this was annually applied to the
purchase of bonds for the sinking fund,
and portions of the other half were also
used in bond purchase.
This margin Of Sl00,000,00O year has
been applied during the last two years to
bond purchases, but il has been necessary
to absorb Sl3D 000 of the surplus which
Mr.. Cleveland left in meeting current
expenses. In other words, the actual re-
duetion of the public debt from the re
ceipts of the past two years and more has
been about 100000, 900 in all, or less than
half what it was in Mr.. CleYeland's time.
During eleven months Of the present
fiscal year ending June lst, since the ap-
preparations made by Mr.. Reeds Congress
have begun to do their work, the net re-
duction of the debt was only 81, ,6i5, 1862,
and the past four months have shown an
actual increase i'll the net debt of S2,544, ,,
Sli3 Only one-tourth Of the four has
shown reduction of the debt and the
other three have shown an increase.
The outlook is even worse for the
coming year There remains no longer
the vast surplus of Mr.. Clcvcland's time
TO be pillaged and voted to meet current
demands. The treasury, except for the
meagre 81, 2,00D,000in the national banks, is
practically bare, Three million dollars of
these banks deposits have already been
called for, and two-thirds of what will be
left will be absolutely needed to meet the
ordinary drafts of the government from
day to day.
The receipts under the Mckinley tariff
are all that secretary Foster will have TO
draw upon during the coming year unless
he takes the advice of the frightened
organs of his party and coniiscates the
gold reserve.