Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-06-22
LIABILITIES.

While the Treasury officials have
been forced thus to publish the record,
they are not without the courage TO at
tempt sort of explanation of it, in
tended to break its first force and ef-
feet.
AS spacious as their explanation is,
however, the truth remains that the
Treasury is empty and the blame lies at
the doors of the Republican party.
The point upon which these OIL cals
lay greatest stress IS that the heavy
disbursements for juno are past, and
that from now until the end Of the
month, which viii also be the end Of
the fiscal year, the receipts from Gus
toms and other sources will make good
the present deficit and afford besides
Surplus of $4,000, 900 or IS. 100000.
That is purely an estimate. But ad-
hitting it TO be correct, it does not
make very bright the prospects for
July. In that month there will be, as
there have been in this month, heavy
drafts for pensions; in all probability
heavier than during this month. The
Pension Oflice is approving thousands
of claims, and is beginning TO call for
almost fabulous sums OF money.
The Treasury receipts, on the other
hand, are exceedingly small, as the re-
suit OF the Mckinley bill, and are likely
to get smaller. The ProtectionistS de-
clared in framing their bill that their
object was to stop tho importation Of
foreign goods, and the reduction of the
revenues from imports shows that they
are in q measure realizing their eXpecta
tionS.
So that, with the receipts growing
every month smaller and the pension
drafts every month larger, a surplus
of only S6,00O,0O or SS,000,000 with
which to begin the new fiscal years
business on is likely to prove but mere
bagatelle. There can be no reasonable
doubt that the amounts are entirely too
small to be taken into serious account
in estimating the gravity and necessity
Of the existing situation.
The Secretary of the Treasury insists
on characterizing the S20,000,000 of
subsidiary coin in the Treasury as avail
able assets. in the face of the fact that
it is not legal tender for debts in sums
above $40. A provision of the law
makes such coin absolutely unavailable
for the Governments purposes. 1t
could not be used to discharge any i'm
portant obligations.
The Government contracts no small
obligations, and therefore has no use
for coin limited in its paying power.
This was admitted by Senator Sherman
when he tried ia the last Congress To
ri p,
coming of the subsidiary coin into
larger pieces having the unlimited legal
tender quality. But he failed, and the
coin remains in the Treasury still limit
cd in capacity and still unavailable Tor
the Governments necessities.
On the score of the Governments
money on deposit with National banks
that cannot be considered, In the
strictest sense, available for press
ing needs. 1t Is subject OF course, to
the call OF the Secretary of the Treas
ury, but he would hardly consider it
good policy to ask for such sum or
even any large portion Of it without
observing formalities that would in
themselves defeat any immediate and
urgent end in view. OThe money is safe
it is there upon conditions which would
prevent the Government, even in great
straits, from calling it in Immediately.
It lacks great deal, therefore, of be-
ing 'caSh in hand" at least in the Gov
ernment's hand.
The question is being asked here,
how in the end VIII this matter be rene
died? The Government cannot con-
tinue to run so closely to the wind. 1t
would constantly be in danger of swamp
ing. The receipts from customs under
the Mckinley bill cannot possibly be
heavy, and from other sources they
necessarily will be light, but all the
time the big drafts drawn by the last
Congress will be coming in, and IN some
way will have to be met. But in what
way? How will the necessary money
be raised? 1t will be a difficult problem
to solve.
The Presidential year will be at hand,
and raising more money either by taxa
tion or by the issuing of bonds would be