Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1891-09-11
THE DEPLETED TREASURY.

The indulgent public, and that part
of it particularly that is inclined by
reason Of its great faith in the truth
fulness of its party leaders to accept
without question the reports OF the
Secretary Of the Treasury, may be-
lieve fully the explanations that are
being sent out to-day to supplement-
the scanty debt statement of yester-
day.
That debt statement was intended
to show that the government has, as
available assets. the large sum OF
more than sixty millions OF dollars
with which to meet all demands upon
it. As a matter OF fact, wherever
that impression has been made there
has been deceived person. III the
Treasury had at its command sixty
millions of dollars, or even half that
amount, Secretary Foster would at
once and with a great deal OF salts
faction call in and redeem the AZ per
cents, amounting to about S27, OOO, OOO,
that became due and payable to-day.
Is has been seen for months that
there would be difficulty in satisfying
the APPROXIMATIONS OF the Billion Dol
lar Congress and the bondholders at
the same time. In order to meet de-
mands that could not be evaded the
Treasury has been declining to pay
many OF the appropriations, some OF
which were Of large amount, the Sec
rrtarv finding it convenient to say
that, a. the appropriations were made
ont OF money in the Treasury not
otherwise appropriated" and US there
was no money mot otherwise appro-
priated," he could not pay the money
called for. Several Indian appropria-
tons, aggregating probably S3,OOO,OOO,
were included in this category. The
chance Of their being paid soon is very
slim indeed.
Instead OF calling upon the creditors
Of the government who hold AZ per
cents to come forward and receive the
face value of their bonds, as the Sec
rotary would do il he had the money,
he announces, as il he were comforting
a great favor upon Thorn, that the
time for continuing the A per cents at
. per cent will be extended indefinite
". That means plainly enough that
he has not the money with which to
pay them; that he desires TO be al
lowed to pay unauthorized interest,
and that he must have time in whic n
to save up the millions necessary TO
discharge the Indebtedness.
This situation makes the parade OF
figures to lead people to believe that
there are $50, 900, 900 Of available assets
in the Treasury seem like very cheap
and demagogic trick. Sonear the END
OF his tethsr has the Secretary gone
that he is considering whether he
shall not draw from the repositories
the sum OF $3,OOO,O00 with which
to meet the immediate demands
for redemption for the AZ per
cents. Should he get the 5000, Ooo
he wants, he will still have several
millions less then the amount OF tho
bonds outstanding. II the whole
amount outstanding should be pre-
sented at once, he would be embar-
raised. Some reliance is undoubtedly
placed upon the forbearance OF the
bondholders to come in until MIR. Eos
ter is in better financial condition.
The unofficial statements OF the
available cash make it to be ,OOO,-
600, but to those who do not hold on
to odds and ends of a doubtful char
acter, as do the Observation-Disclosures OF
the Treasury, it appears to be little
more than $13,000,000 This would
not be so bad, perhaps, il the income
of the government were as good as 1t
was year ago, when Reeds 'busl-
ness" Congress was passing the bills
that are bringing the Treasury into
awkward straits. AS it is, the income
for the two months OF the present
year, with its inflated expenses, is Tar
behind that OF a like period in the
last year. Already it is minated
that Mr. Foster does not intend to at
tempt to pay all the appropriations
made by the Billion" Congress, but
to let them go over to be taken out OF
the revenues of the next year The
Democrats of the Fifty-second Con-
gress would be obliged to be econom-
ical for the sake OF contrast and good
example, but with the remnants Of the
Republican debt facing them, it be-
gins to look as if they would not be in
position to make generous provisions
for many undertakings that need to
have continuous support.
Until the Congress meets, and some
member shall call upon the Treasury
to render an account that will be in
telligible, it will not be possible totell
how much short of funds the Treas
ury was in August, 1891, but it is plain
that if all obligations now due were
paid there would be a deficiency.
Triekery has served to keep from the
public the true state OF affairs, in the
hope, probably, Of averting that
proper Indignation that would be felt
against the "Billion Dollar" Congress
and its managers if the exact truth
were known about the effect OF its ex
travagance.-Washington Dispatch to
NeW York Times.
BISHOP PAREI