The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1891-09-18
rIin DEPLErEp TREASURY


The Indulgent public, and that part OF Il
particularly that Il inc'ined by reason Of II
great falth In The trusbiulness Of lis part,
leaders to accept without question the re-
ports OF the secretary Of the treasury, may
bslieve fully the explanations tia. are be-
ing sent out today 10 supplement- the
seaniy debt statement Of yesterday
Tha. debt statement was intended 10
show thai the government has, rs avaiia-
BILE assets, the large sum Of more than slxty
millions oi dollars with which 70 meet all
demands upon IL. As matter OF fact,
wherever that impression has been made
there has ern deceived person. II the
treasury lad at lie command sixty millions
OF dollars, ,r even half that amount. Sec
rclsry Foster would At once and With q
great deal Of satisfaction call In and re-
deem The AZ per cents, amounting 10
about $xJ.ooo,ooo that became due and
payable today.
| II has been seen for months that there
would be difficulty in aatIafying the appro.
priailons OF the billion dollar congress and
the bondholders at the same time. In or
der to meet demands that could not be
eyaded the treasury has been declining to
pay many Of the appropriations. some Of
which were Of large smount. The secretary
finding !. convenient q, say that, as the
appropriations were made out Of .money
In the treasury not otherwise appfoprla-
ted" and as there was no ,Enney mot
Otherwise appropriated" he could not pay
the money called for. Several Indian ap-
propria.ions. .aggfega,ing probably s3ooo..
600, were included In this category. The
chance Of their being paid soon 10 very
siim indeed.
Instead OF calling upon the creditors OF
the government whs hold ~ per cents to
conc forward and receive the face value
Of their bonds. as the secretary would do
II he had the money. he announces, as II
he were eonfsfring great fayvr upon
them, that the time for continuing the ~
per cents. at per cent. will be extended
indefinitely. That means plainly enough
that he has ne, the money With which to
pay them; that he desires TO be allowed To
pay unauthorized Interest, and that he
must have time in which TO save millions
necessary TO discharge the Indebtedness.
This situation makes the parade Of lig
urss to lead people TO belisye that there
arc S6o.ooo.ooo OF available assets In The
treasury see,a like very cheap and DEM
agogsc Trick. so near the end Of bis tether
has the secretary gone that he IL consider
Ing whether he shall not draw from the de-
posl,ories tie sum OF 100000 With
which to NEE, the Immediate demands ios
redemption for the ~ per.cents. should
he get ths 100000 he wants. he will
ssil have several millions less then the
amount OF the bonds outstanding. II the
whole amount OF the bonds outstanding
should be presented At once, he would be
embarrassed. Some reliance Is undonbt-
edly placed upon tho forbearanec Of the
bondhoijefs TO cone In us.iil Mr Foster u
s8 H%taNt A4SAHNtaf %0NutAA9ts
The unofiicisl statements Of the avaIis-
ble cash make II TO be Sfs.ooo,ooo. but 10
those who do not hold on TO odds and ends
OF doubtful character, as do the state
ment makers Of the treasury, Il aSp-ars to
be little more than Siiooo.coo. This
would no. be % bad. perha pail the income
Of The government were rs good as Il was
= year ago, when Reeds sbuslnessn con-
gress was passing the bills that are bring
ing the treasury into awkard straits. As
Il is, the income for the two months of the
present yesr, 'sith ~ inflated expenses, Ii
Tar behIad that OF "a Ike period In The Ia ST
year. Already II IL in,Imated that Mr.
Foster does not intend 10 attempt 10 pay
all the appropriations made by the 'sbil-
lion" congress. but TO let them 60 over 10
be taken out OF the revenues OF the next
year. The democrats Of the fifty-second
congress would be obliged TO be eeonom-
icsi for the sake OF contrast and good ex-
ample, but with the remnants OF the re-
publican debt facing them, Il begins 10
look as II they would not be in position 10
make generous provision for many under
takings that need 10 have continuous sup
port.
Until the congress meets, and some
member snail call upon the treasury TO
render al account that will be intclligibic,
Il will not be possible TO tell how much
short of funds the treasury was In August,
rSol, but I. Is plain that n all obligations
now due were paid there would be def
, cheney. Trickery has seryed TO keep IRON
the public the true state OF affairs, In the
hope, probably, Of avefting that proper In
dignailon that would be felt against the
''bilIion dollar" congress and its managers
II the exact truth were known about the
effect of its extravagance. New York
Times.