New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-06-12
cplnE MISSTATEMENTS.

Ii is impossible tndO mo A'0" AVN =,
realizes the great injustice it Is dong 10 itsen'
and the injustice it is trying to do to the Uov-
eminent and to public interests, by the pup
lication of statements such as the following lroni
Us Washington Office in Wednesdays issue
A deficit In the Treasury OF two ana nan niniOh
aIIo would appear on the books today II money were
called for 10 meet the pension checks for
go on Jupe A II these checks had been presented
- ,,e aav ~ ,ssue a large number would have peeh
handed back to the with the hconic ooserVaeUi
ono fundss The Government Is relying upon '
courtesv or negligence of It's pensioners not 10 dVe INC
Treasury TO bankruptcy H.
II cannot be necessary TO say 70 uloSe "m0
ore in the least familiar with the puoho
finances. that these assertions are IN every re-
spect erroneous. Had pension cheeks LOT
500 600 600 been issued June 4-the TACT Delhs
that onlv about SIS, 900, 900 was officially re-
ported as payable in June on this account-anu
had all these checks been presented, every oIe
of them would have been paid in FULL ana III
cold if desired, and still the gold remaining ID
tho Treasury would have exceeded SlOO,ooV,
ooo besides the amount required 10 cover all
Gold certificates outstanding The checks can
NOT at any time be presented and returheo WIN
the answer mo funds" until the treasury hds
maid ont more than S145, 900, 900, Whlch IL
now holds in excess of all kinds OF cer'lncdVe'
outstanding The Government is therefore no'
relving upon anybody or anything to save IL
from bankruptcy. The only trouble Is that
"The New-YorEz Herald'' is relying upon some
one to give il information who either chooses
to give it misstatements instead or whose lg-
norance is phenomenal
The pretence underlying these statements Is
that the whole amount of cash in the Treasury
loss about S23,OO0,OO0, is due on other obli-
cations and therefore cannot be paid out on
pensions or other checks if presented. This Is
az if merchant. owing 100000 in various
forms of obligation not demanded or not yet
due. and having S95, 600 cash lying lde' shouiu
refuse payments of his checks on the grounu
that he had no money. 1t Is not true thaC inc
obligations now outstanding ana naoie 10 oo
presented exceed or anywhere nearly approach
the amount of ready cash in hand. But II l..
were, the statement above quoted would Suii
be entirely false Is "The Herald' bankrupt
when its cash in drawer and in banks does not
equal it's bills payablep Is any bank 10 DC
called bankrupt if its amount due deposltors
exceeds its cash in hand?
| The forms of obligation which panic-mongers
reckon against the enormous amount or cash III
the Treasury are. first, the certificates Wnlch
have been deducted in ascertaining the S143'-
| 600. 600 of free cash above stated second the
bullion fund, so-called, which no law requires
the Secretary to hold in separate fund or 10
use for one purpose only, but which VIII be-
come due only when the legal-tender notes are
presented for payment, as mono OF them are al
this time or have been for years and third the
current balances due on various accounts dis
bursting officers, postal and many others, OF
which q large amount cannot be demanded Tor
a long time, and some part will never be de-
manded. What is TO be said OF statement
which treats all these various contingent obi
cations as if they were at this hour demanded
and the cash had been set apart for their in
slant payment?
No great newspaper can afford to attack the
credit of the United States Government, or tc
attempt to create a panic. At any time, under
any circumstances whatever, such y course Il
unworthy and meets with Reproduction. But il
is peculiarly Improbable when the facts are Sc
fully known to all business men that panic
breeding assertions excite only smile of con
tempt Our valued contemporary will assured!
see that there is good reason for correcting The
statements above quoted without delay, IN JUS
tice to itself