The times. [volume] (Richmond, Va.) 1890-1903, 1891-04-28
THE TREASURY BANKRUPT.
Millions Of The Peoples Money SQuandered
by Reckless Republicans,
FRUITS OF TIE BILLION" CONGRESS-.
Captain Drinkwatcr's successor-~The Anti
Lottery Law Cases PostPoned-The
Briefs Presented Capital Notes.

WASHINGTON. d. G.. April 27.-lSpeciall-
There isnolongor any doubt that the reckless
expenditures Of the last Congress will force
Secretary Foster 20 take some very extraor-
dinary steps to meet the impending draft on
the Treasury Of $50. 600, 600 for the juno pay
ment Of pensions. The Treasury Is prac-
tically bankrupt
This is true notwithstanding the fact that
The revenues Of the Government have ox-
ceeded those of any previous year 10y many
millions on account of the enormous lmpOr-
tatious made ust prior 10 the time
when the Mckinley bill went into effect,
in order 90 escape the increased duties under
that law. The Treasury Department has also
had az It's disposal during the last year, IN adj
dition 10 the regular revenues, 131OJOOQO
that amount having been converted INTO the
Treasury from the fund always heretofore
kept for the redemption Of the .national bank
circulation
There was never q more plain admission
that the finances of the Government were IN
critical condition than was made 10y the state
ment which Director Loech gave to the press
In this be- attempts % account as available as
sets all the various reserve funds, including
the 500, 900 600 set aside for the redemption
Of the legal tender notes.
rAKEN OUT or TIE REGULAR RESERVE FUND
This sum was taken ont Of the regular re-
serve fund hy Secretary Manning for this
especial purpose. and IL is evident Chat Mr.
Leech's statement ls designed to pave the way
for Secretary Foster % cover this hundred
millions back into the Treasury IN order TO
tide the administration over the period OF I'M
pending bankruptcy. To-day the reserve
fund is less than -5500O00 with an actual
balance Of available assets outside OF the
money I'm the national bank repositories and
the subsidiary COIN of SlO.2OOOO
The statement authoriuvely issued from
the Treasury Department less than two
weeks ago that Secretary Foster intends e.
extend s25 900 900 of the ~ per cent bonds
which are due at the rate of 24 per cent.
simply shows that be has not got the money
in the Treasury O. meet them II he should
carry ont his contemplated move of using the
hundred million lcgal-tender redemption
reserve fund for meeting current eXpeudl-
tures 10 might have disastrous results m busi
ness circles The confidence of bondh' elders
and bankers who II we considered tins reserve
fund a sufficient security for the payment OF
obligations due them might become weaken
ell, and II they should attempt TO unload
panic might be precipltated.
TIE SURPLUS sQuANDrHED.
In view Of the fact that this Republican adj
miustratiou found on coming into power
surplus In the Treasury of over slOO.OOO,C0O,
the present state of affairs Is tho severest
comment possible on their prOtlgacy. They
have dissipatcd the surplus exhausted every
available fund which could be- legally applied
% meet expenditure. which tho last
Congress voted, aud they or" now
seeking legal warrant t0r using the
legal-tender redemption fund which has oeen
held for years Nothing seems more certain
than that the next Democratic Congress VIII
Dc called ou % provide add uonal revenues 90
meet the Deficiencies caused hy the last Re
publican Congress and the eXtravagant and
largcly-ncrea-cd permanent appropriations
xrlf M
sury.
CAPTAIN DHINKwATE's SUCCESSOR.
The superintendent of the lfo-savnc ser
vice states that .t is hardly probable that
successor 90 Captain Drukwat,r as captain
of tho Sra-Iack lte-sayng station on the
ooast Of Virginia viii bee appointed prior %
the opening of the next season. According 20
Usage the active season of the lfe-st'lug sef-
vice close, April 5Oth and re0peus September
lst The men constituting the crews are
fuIougled or given lenye of absence lu the
meantime Whoever shall succeed Captain
DrukWator will not take command until next
September.
ANrI-LOTTERY OASIS POSTPONED.
The anti-lotterv law cases. brought 10 the
supreme Court of the United States by Ra-
pier. the publisher of tie Mobile Ala. Regis
ter. and Dupev representing the Louisiana
Lottery Company. upon petitions for wuts oi
haheas corpus against the con~ttuuonhllly oi
the recent act of Congress general Iy known
81. me Anti Iottery a,y. 'N,cre u. ,stnoued bv
the court ~ dov until the BEGINNING off
tbc 0.toi,rterm Of court The court had set
ia'+ Er',d.,,,s tb, 1,, f,r l,..rin., ,,,,inrnt
i, 80, y ti,. H.. - ttt,,,.,,. ,cna,,i
Hn ,,,. 49, ~. ,,e,,t in, tl. ,,r,,r,.nt
-r-tt. C'',..r,,r,..,t n0.tnnurd tb. ou.nino
-ftl. ar,,.,r,.nt f..r one v,aL Today how
.,.r ,,-'r,,t, fbe illness afl absence of As
...ia+. ln.t,c. Rr,9lrv tbe court again put
ne rba arournent uutl early i'm the October
tertu ,rtIerea.. n. as stated by Chief Justice
Fuiler after an hours consultation with his
as.nciafes on the bench. that the court thought
II desirable that the case should be argued be-
f8-ea fun bench.
Thc long postponemeut was evidently asore
disappointment 20 the petitioners, who We're
on hand with @ iul array oi counsel, aud
through Mr. James g. carter, counsel Tor me
Register. argued ihe lmmell"le opening
Of argument and speedy delefu.A .Ahl" ON py lhe
court oi me ec'nsllutl"nHllN "i :" Ia" "u''H
De sWd affected the entire press "I TIE coDH-
Try with IFS oppressive restrictions.
ELABORATE BRIEFS rEIsiNrlD.
Elaborate printed briefs with theargumonts
hv counsel of the petitioners and for ile Uni
TED States. have been prepared aud presented
T. the court Counsel for the petitioners at
tack VIGOROUSLY tho cou4ututionalitv of the
anti tilottery law. This is their contention.
81 D.