Courier Democrat. (Langdon, N.D.) 1891-1920, 1891-05-07

amount to draw from. Here is the APP
proximate condition of the treasury to-
day at noon:
Actual cash in treasury. $40 eco 900
Subsidiary coin. ACKNOWLEDGEMENTS. q, 0o0,0 900
Deposits in 900
oV,VUO
Silver dollars against which no paper
hasbeen issued.... .................. 100000
So, 200 600
Of7this sum the subsidiary coin is
worthless to meet obligations. tbs
chicken feed. The $40, 900. 900 of coin
and bullion can be used, but the ques-
ten is, can the $23, OOo, 600 deposited in
banks be called in without creating
Tremendous financial Disturbance
The causes of the present stress are,
Erst of all, reduction ofrevenue; next,
pensions and the payment of the direct
|'tax, When the direct tax was passed
lit was thought that the bulk OF claims
would not be presented for several
months, and the clause requiring action
by the state Legislatures was inserted
for the EXPRESS purpose of extending
the payments overs. long period of time,
the supposition being that Legislative
action would be delayed in many in
stances by reason of the fact that the
Legislatures would not be Tin session.
Unfortunately, however, sthe legisla-
lures of Illinois, Pennsylvania, New
York, Massachusetts and,Dhio are in
session and have presented their claim
for payment. Thus far about s1U, OOO,-
600 has been paid n,this account. It
is likely that at :least.75 per cent of the
entire 81, 0Oe, eco whichi is to be refund
ed will be discussed within the present
fiscal year.
Hoy the pensions .snd other large
~ 49, z which Will .be presented be-
tween this>and the lastdays of June,
shall be met, iE what.i is puzzling treas
ury officials. Secretary Foster is said
to be considering a plan to have the
banks take the fractional coins in ex-
change for current funds, but if all the
fractional coins were converted into
current funds, the trelief would be
merely temporary and would not be
sufficient to meet the payments of pen
sions in June.
The situation is daily becoming more
alarming, and one that must soon
change Mr.. Fosters confident Smile to
an ominous from. 1t may even cut
short the presidentialsiunket Already
the first evidence of scare is in the Sec
retary's circular stopping the redemp-
ton of At per- The reason for
that is cloaked, but everybody knows
that the secretary does not dare to go
on redeeming these bonds in advance.
He has not the money ito do it with.
Not only has he to meet the pension
call, but in July the quarterly interest
on the per cent loan must be met,
which amounts to $5,595-6OO. Thus,
with $50, 100000 of assets, of which
more than one-third is available, and
with steadily declining customs re-
ceipts, the treasury will be, called upon
before the LIST ofJuly to pay s3s, O0O, 900.
1t is no wonder that the nnderling of
the treasury, like Mint Director Leach
are called upon to put forth fantastic,
statements. which, while intended to
allay suspicion, only excite derision.
Mr.. Leach gave out Saturday state
ment 'that the United States has in
its vaults to-day, in good hard money,
oyer s25s, ooo, aed, available for any Of
the Legitimate expenses of the govern
ment." Unfortunately Mr.. Leach does
not point out where this large gum of
good hard money may be found. The
treasury contains in gold and silver
coin nearly $500; 0e0, 900, butli other
assets this is entirely covered by out
standing certificates and either oklipa-
'tions. There is fund of $1OO, O0e, 900
for the redemption of United States
hotes, but Mint Director Leach would
hardly advocate the use of that to
meet the current demands of the treas
ury. It does not help the present .een-
ditSon of the treasury to talk about
what use has been made of the surplus
in the past. It's true that the bonded
debt has been reduced nearly sli2 ,0Oo,-
GOO since the first Of July, but the fact,
however creditable to the administra-
ton, does not change the fact that the
treasury atthe present time, through
The action Of the last congress, lis placed
in the position of being barely able to
meet its current obligation and is se-
riously threatened with a deficit before
The close of the current calendar year
. y d. {. W . 4