The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1892-01-24
Assistant Secretary spaulding Ex-
plains the Condition of the
Treasury.
The Estimated Receipts for the
Year Will Meet tho Estimated
Expenditures.
abba for Any Purpose--very
Close Figuring.


ways and means committee Assistant Sac
rotary Of Treasury spauldiag appeared boz
fore tho committee to-day. Tho object
was to secure official information 40 to tho
revenues and expenditures of the govern
nent, az q preliminary 70 any possible tariff
legislation. Spaulding made comparison
between the current fiscal year and the
fiscal year ended June 80, 1885, the year be-
fore the present tariff act went into effect.
He said the total revenue receipts, egti-,
mated. for the current fiscal year were
S362, 100000, Agalnst S403O7A0Oo for tho
fiscal year 1890. The actual receipts were
S11, $40, 600 for the first six months Of the
current fiscal year. about $7,0o0.00O moro
than the expenditures for the corresponding
six monthg. The expenditures (estimated
for the current fiscal year are $33S. 100000
or about $4,000, 600 less than the estimated
receipts. Spaulding stated that the postal
receipts and expenditures were not included
in his statement, but that the deficit i'll the
postal department was included in the ex-
penditures, so the surplus shown would not
be affected. The secretary said it would be
necessary to take $40, 100000 out of the ap-
parent surplus of s24000,0 600 to provide for
sinking fund requirements. He added
that in addition to the $4,000. 900 apparent
surplus, there are "cases in the treasury
amounting to $139, ,72s, 900, making total
Of $l53, 1893, 900. He included in cash in the
treasury the gold reserve of $100,0000O0.
Bryan (Neb.) asked if this gold reserve
was available for government expenses.
Spaulding replied that he understood that
Secretary Foster 80 considered it, and in
reply to further inquiries from democratic
members, who desired to know If congress
had not recognized that gold reserve as set
aside for special purpose. he said there is
no statute setting it aside. There might be
a resolution setting it aside inferentially.
The discussion of the gold reserve soon re-
suited in cross-fre between democratic
and republican members of the committee,
the former contending it WAS fund for a
| special purpose, and not available for ordi-
nary purposes, while the latter asserted the
contrary, McKenna declaring that il was
always regarded as 9 part Of the. ordinary
resources until Secretary Manning set
them aside by new system of treasury
bookkeeping. ,M &s
Turner (Ga.) asked Spaulding: Sup
pose the treasury were to get into pinch,
could the gold reserve be used?"
SpauldingM"Yes, sir; s5t think nnn oso so.',
LutAcI- I>OWs SOlue plo,VAVyOoO lA UOAub
have been extended; don't you consider
them current liabilities?''
Spaulding-"No, sir; they are extended
at the option of the government, but not of
the holders"
Macedonian, chief of the warrant divis-
ion of the treasury department., in reply to
| Turner, said this extension WAS not under
authority of law, but was treasury arrange
ment between the government and credit
ors. Turner said that aside from the gold
issue he understood the figures Of the
treasury departments showed surplus of
cash left in the treasury OF $50. 600, 900.
That included fractional silver and an
extended bonded debt over $25. 900, QOO
taking out this fractional silver and ex-
tended debt there would not be any surplus,
would thsre?" he suggested to MacClennan.
He replied that there would be q little left.
but not very much, and to Bryan he said
$1O,QG0,OO0, on account OF the sinking fund
was still left out of consideration.
in reply to Springer. Macedonian said at
the close of lest month the treasury de-
partment paid out upwards Of $1,000 900 on
account of sugar bounties The depart
ment however, did not have u direct ap-
preparation. and "other things" to meet
the French spoliation claims. for instance.