The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1892-08-27

-
ndent Of the Philadelphia Esedyer,
republican paper. The 4 nes re-
prints one Of the Majors letters on
the condition Of the National Treas
ury and summarizes his figures in
the comments given below. 1t also
ADDS that the gentleman 10 fully in
formed on the subject and never per-
mits party interests TO suppress or
color the truth. This statement pre-
sents most appalling facts 70 the
country, and let US soberly look them
in the face. They are as follows:
l. The surplus in the Treasury
June 30, 1890, the close Of the last
fiscal year of the Cleveland admins
tration, was $55, 400, TAB.
2. Since then Congress made a
forced loan Of $54,2O7, 975 by cover
ing into the Treasury the special
trust fund for the redemption Of ma
tional bank notes.
8. Since then the fractional silver
coin has been Jumped into the assets
of the Treasury, although it was
omitted from assets before because
not available.
4. For the first time since the war,
the payment Of the sinking fund has
been suspended, under the present
administration.
5. For the first time during the
last score of years, small loan that
matured in September, 1891, had to
be extended because of the inability
of the government to pay it..
6. With all these additions to the
assets of the Treasury the cash bal
ance in the Treasury on the 30th of
last June, the close of the fiscal year,
was $27 1850, 2S6; or only $12,S67, 223
exclusive of fractional silver that
cannot be drawn upon to pay govern
ment debts.
7. The appropriations by Congress
for the present fiscal year aggregate
$5OS, 100000. Ofthese expenditures
fully $70,000,C00 were absolute obi
cations created by the previous Con-
gress in pensions, bounties, etc.
8. The revenues as estimated by
the Treasury department for the
present year will be $455, 1886, $50.
9. The excess of expenditures over
receipts this year will be $50, 900, 900,
with only $12,SOO,OOO of available
Treasury surplus, even after forced
loan of over $54, 100000, the suspen-
sion of the sinking fund payments
and the extension of bonds overdue
10. The deficit for the present year,
even after taking the last dollar of
available money from the Treasury,
must be fully $40,000,O0O
IL. The steady increase of pensions
authorized by the Billion Congress,
will add not less than $4,000, 900
more to pensions next year, with
many more millions demanded for
growing bounties and the almost
countless public buildings already
under contract.
Such are the sober facts as to our
looted Treasury. The surplus of
over sos, 100000 left by Cleveland Is
gone; the forced loan of the bank
note redemption fund, amounting to
over $54, 100000, is gone; the pay
ments to the sinking fund are sus-
pended; the bonds of the nation due
are unpaid for want of money; ex-
elusive of fractional silver that is not
available, the surplus at the close of
the fiscal year was only $4,000, 900;
4
the appropriationsmade for the pres
ent year are $50, 100000 in excess of
the estimated receipts, and of these
appropriations $70,000,O00 we're to
meet obligations created by the pre-
-vious Congress.
Taking the appropriations, and the
estimated revenues for the present
year, and adding the aVsQuje sur
plus to the revenues, the present fis-
cal year will leave the Treasury bank
rupt not less than $40,00O,OOO, with
growing pensions, bounties, etc., to
swell the deficit for some years to
come. The Treasury is looted and
bankrupted, and the people must
choose between increased taxes or
honest, economical government.
Which shall it be?