The times. [volume] (Richmond, Va.) 1890-1903, 1891-04-29
AN ENTITY TREASURY.

In an interview on Monday with the Wash
ington Star, Director of the Mint Leech
claimed that there was q surplus of 1850. 0O0,-
900 in the Treasury. He reasons that there
was in the Treasury on the first of the month
S750O0O,0OO. OF this sum s493, 100000 was
in gold and silver certificates. issued by the
Government on coin deposited by individu-
ais, and which is really trust money; $1,000
600 placed with the Treasury by Ma
tional banks for keeping their currency
in good conditional trust money and
$780, 1000 900 in gold, purchased by the sale OF
bonds for resumption purposes. This last
sum Mr. Leech contends should properly be
considered with the available balance in
the Treasury" and he further claims that the
remaining S25OOOo,O0 900 in money belongs to
the Government as absolutely as does the
Treasury building, and that it is a surplus.
Anyone with very ordinary financial intel
lect can see in this that Director Leech is
simply indulgins in very fimsy sophistry with
the intent of deceving the people. Ofthe $780,
900. 900 said to be in the Treasury on April LIST,
the gold and silver certificates, the $4,000, 900
owned by National banks and the 600, 900. 900
set aside for the redemption of legal tender
notes, or as he expresses it, for resumption
purposes" is all trust money which does not
belong to the Government, while OF the 80
900. 900 remaining every one knows that i; is
accounted for 10y the usual monthly collcc-
tons paid regularly into the Treasury from
the various sources Of revenue for the purpose
of meeting the routine expenses of the
Government.
That this is so is shown by the fact that
Secretary Foster has issued a circular an
nouncing his purpose to extend SIS zoo, 900 of
the Al per cent. bonds, which are due, at The
rate Of per cent, and suspending the pur-
chase OF bonds. II is very evident that if the
Treasury actually contained the comfortable
net surplus Of $3.50. 600 000 as stated by III.
Leech, the Secretary would not have resorted
10 these measures. and the only reason he has
done SO is because there is an actual shortage
in the Treasury. and lie is hard put to it 10
raise the s3O.OOO0OO necessary 70 meet the
June payment Of pensions.
Whether this line of reasoning is or is not
correct, however. one thing is very certain.
and that Is that the prohigate expenditures OF
the fifty-frst Congress are becoming daily
more and more manifest. When the Repub-
Ian Congress came into power they found
100000 900 in the Treasury, and if that alone
had been dissipated it would have laid Con-
greSs open 10 the charge of criminal extrava-
ganoe. But when that is all gone: the direc-
tor of the Mint and the Treasury officials are
forced to enter into arguments which are OBJ
scured and complicated by figures to prove
that the Government is not hard up" and
Secretary Foster is being compelled to resort
TO extraordinary measures 10 meet the fixed
charges imposed on the Government, the
reckless extravaganza of the billion-dollar
Fifty-frst Congress is brought directly under
the eyes of every voter in the land.
The Republicans are consoling themselves
with the idea that the next Democratic House
will be forced TO increase taxation to meet
the increased demands on the Treasury
fastened upon the country by this most con-
scienceless Of Congresses. AS the surplus which
the Republicans found when they came into
power no longer exists Even if this should
be true, the people will very readily UNDER
stand upon whom TO place the responsibility
for the added public burdens. and the voters
Will see 10 it that no more Federal Legisla-
lures of that political stripe shall be elected to
rob the Treasury without stint. and mainly
fer the benefit Of privileged classes and pol
iticL sAyorites.