Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-09-03
MONEY SPENDERS.
TIE MISLEADING FEATURES OF THI PUBLIC
DSBr sfATEMKEr.
Not Twenty Millions Of Dollars on Hand That Oan
bs Used Without Embarrassing the Treasury
Department Reason for the Discrepancy.
What Congress Will Have 10 fscs.


Special TsIs0rsm to the Rs0tstsr.
| WASHINGTON, September 2.-Tne
Treasury Department is not going 70 DC
compelled to pay greater interest than
two per cent. on bonds, in order to nave
the rest of the four-and-a-halfs EXTENDED
All those which have not been EXTENDED
about twenty-seven millions-wlll
cease to bear interest after tomorrow
unless the holders are willing to exteno
them at two per cent. They cannot all
be redeemed on the day of their matu-
rity, except by the use Of funds whlch
it is hardly safe to use in this way. out
the Secretary, while trying to pluH IL
out, is actually basing his calculation
on the probability that the bonds VIII
come in for redemption very slowly, and
that their payment will extend over
such length of time as to make it COM
paratively easy. If they should all come
| in at once it would be embarrassing,
but that is a thing which is not apt to
occur
The debt statement issued yesterday
is calculated to lead the public to sup
pose that the Department has lots OF
money, which it does not know what to
do with-if they do not examine the
statement closely. 1t shows nominal
balance of over a hundred and sixty
millions, and, deducting the gold re-
serve. over sixty millions with which to
redeem to twenty-seven millions In
bonds.
But when the statement is sifted
down 1t shows just SIS, $40, 523 of sur
plus which can be issued in this way
without seriously embarrassing the de-
partment.
The reason Of this discrepancy is that
to make a net cash balance Of sixty mil
lions, some $4,000, 900 of subsidiary sill
yer coin, which cannot be used for the
redemption of bonds, S23, O00,0 900, repro
senting the money kept on deposit in
the banks for the various disbursing
officers to draw on and lot Of minor
coins which have an extremely limited
legal tender quality, are reckoned as
available cash.
With eighteen millions to meet any
immediate demands and the daily re-
venues to rely on to make up the def
cheney the department Is going to be
able to redeem all the bonds not extend
ed. 1t is not'at the present moment
that the seriousness of the situation of
the treasury can be fully appreciated.
1t is easy to meet immediate demands
by drawing on funds which should be
left to meet obligations already incurred
for the future, and it may be year or
two years or more before all the COM
binations of calculations and manipu-
lations Of figures are exhausted and the
full result of the extravaganza which
has been INDUCED in can be felt. Pay
ments under appropriations have been
delayed and every effort has been made
to get money available at this time, but
all these obligations not met now
must sooner or later be met. The
expenditures authorized by the billion
dollar Oo2Greas exceeded the revenues
largely, though the eXponotV ,.r 90 under
these appropriations may not as yet
have always done so, taking them
month by month, as shown by the Treas
ury table. Laying these manipulated
tables aside, the fact remains clear that
that the last Congress during It's two
years of troubled existence made appro-
priatonS TO the amount OF billion OF
dollars, and that the revenues for the
years covered by the appropriations do
not, and will not, amount to that much;
but that the surplus in the Treasury has
been eaten up. A surplus Of eighteen
millions has been accumulated again in
a short time by showing forward eXpen-
dtures. This and part of the revenues
of the future which should 20 to meet
authorized expenditures must be used
to redeem the bonds not extended at
two per cent.
As result the next Congress meeting
in December will have to face the en-
barrassment of depleted treasury, and
they will have to cut appropriations far
below what they have been OF recent
years or there will not be money to
make the appropriations good. The last
Congress had one years normal reve-
nues, one years reduced revenues, and
an accumulation Of surplus to meet
their million dollars of expenditures,
besides throwing a considerable amount
of that expenditure over 10 come out of
the revenues of the future. The next
Congress will have no surplus, a reduced
revenue, by reason of the prohibitory
tariff, and inherited obligations, incurred
by the Fifty-frst Congress, which will
leave comparatively little available rev.
enue for current ordinary appropri-
ations. 1t will be almost impossible to
keep the expenditures Of another fiscal
year down within the limitations put
upon them by the situation, and an &C
emulation of future obligations is like
ly TO follow, so that the evil results OF
this extravagant administration are apt
to fall upon the administration follow
ing. This administration will be like
the spendthrift who, never to the hour
of his death, knows what want is, but
who makes paupers Of his heirs and
creditors.
There is no reason to believe that they
are concerned about it. The Republi-
cans during their four years will have
had the spending Of the money, and, on
going out, they will have the satisfac-
ton Of rejecting that they have done all
they could to make reduction of the
revenues, such as would benefit the
people, very difficult, and have left their
successors to feel the pinching of want
Have Texas Fever.
CHICAGO, September Six car