New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-03
THE CONDITION or THE TREASURY

II is only few weeks since Democratic news
pape,s were filed with alarming accounts OF
the bankrupt condition of the Treasury. There
was no surplus, but an actual deficiency, ac-
cordinp 10 these stories. The extension of bonds
due September was last and desperate re-
sort. without which the Treasury would be
forced to confess its inability to pay the bonds
when they maturcd Reckless appropriations
and great reduction of revenue had cut down
the resources Of the Government, so that after
July there would be no surplus but monthly
deficit. Such, in brief were the stories told by
many papers, at great length and with almost
daily repetition.
The 1st of September has come, and the net
gold in the Treasury has increased almost
S15. 900, 900 within the last two months. The
predicted monthly deficit is not visible to the
naked eye. The four-and-a-half per cent bonds
already presented for extension amount to about
S24 900, 900, and the remainder of these bonds
vet outstanding. about S2O,O00,000, may be
presented for payment from time TO time dur
ing the coming months, or may by the holders
be forwarded for extension, since the privilege
of having them extended at . per cent has been
continued by the circular just issued But II me
entire amount of bonds not already extended
should be presented for payment this day, and
if all the holders should call for gold exclusive
w, the Treasury could pay the whole OF them
without touching any part of the S1OO,OOO,OO
bullion fund, but still having left more than
S112, 900, OOO gold in excess of certificates out
standing. Thus another series of peculiarly au-
daciouS misstatements Is brought to meflteu
dshonor by the facts.
The official statements for September 1 leave
small room for controversy. 1.-The New-Yort
Times" more anxious to keep alive partisan
untruth than to give its readers information,
does indeed assert that if the public debt state
ment were made out after the old method 1t
would show a cash surplus Of about S13, 100000
only. Behind the deceptive mode OF expression
this means that after deducting all the matured
bonds not extended and after deducting the
entire bullion fund the Treasury would have
such a surplus, but it was not intended that
ordinary readers Shonld understand the facts
1.-The New-Yorl Henld' candidly says ::
Should the entire S2O,OO0,000 be paid in
gold it would not intrench upon the $780,
600, 600 of gold reserved for redemption of
legal-tender notes. This is manly admission
that the alarming predictions made by the
Washington correspondent Of that journal some
months ago have been completely disproved.
The revenue Of the Government in August
was indeed much less than for the same month
last year. 1t was the deliberate purpose of
Republican Administration and Congress to re-
duce the revenue materially, and the new tariff
actually has that effect. With no important
change in miscellaneous receipts, and only
small decrease in internal revenue, not greater
than the change in tobacco taxes may explain,
there appears a decrease of over S5,00O,OOO
in customs receipts for the month. When the
detailed statements of foreign commerce have
been produced it will be found that a large
part of this is due to diminished imports Of
wooens, cotton ties, tin plates, and other prod
ucts on which more effectual protective duties
have been imposed, and the remainder to the
duties on sugar. Both changes have been
blessing to the people. The increased protec-
ton starts new mills and works, and increases
the demand and the wages for American labor.
The removal of an unnecessary revenue duty
lessons the expenses of the working people at
the rate of about So for every family. Mean
while, the credit of the Government is unaS-
sailed and its revenue large enough for its
needs