The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-01-24
UNCLESAM'S LEAN PURSE
THE SURPLUS IN THE VAULTS NOT
WHAT IT USED TO BE.

Secretary Foster Looks Upon the
Gold Reserve as Available in Case of
Contingencies Assistant Secretary
Spaulding Appears Before the Ways
and Means Committee With the
Figures.
WASHINGTON. Jan. 23.-By request Of
the ways and means committee, Oliver l.
Epaulding, Assistant Secretary ofsthe Treas
ury, appeared before the committee to-day
20 give information as TO the financial con-
dition OF the government. Several treasury
experts were also present. The object Of
the committees inquiry is to secure official
information as TO the revenue aud expendi-
lures Of the government as preliminary 70
any possible tariff legislation. sec
rotary Foster is out Of the city
recuperating and Assistant Secretary
Spaulding took his place. Representative
Bourke Cochran said that having heard an
exhaustive discussion OF the subject Of the
governments financial condition in the
House, he knew less about IL than he ever
did, and suggested that Mr.. SpauldIng give
- statement in bis own way. Mr.. SpauldinR
said be would make a comparison between
the current fiscal year and the fiscal year
ended June so, 1899. the year before the
present tariff went into effect. He would
mate those for the balance Of the year.
THE CUSTOMS RECEIPTS.
he said the customs receipts for the 6
months ended Dec. 81 1889 we're 500 .629.-
600: current months $S5, 722, 900; first 20
days in 1890, l3,6l3, 900; frss 20 days OF
this month 81 .095 600: making the customs
total 70 date S97, us, 900; against 1923. 242,-
600 . years ago. The total receipts from
customs for the fiscal year 1890 was S229,~
COS. 900 against an estimated total for this
year of SlS5. 100000,
Internal revenue receipts for the months
ending Dec. 81. 1891, were $6s,52l 900; for
the current months ST. 057 900; first
20 days of 1890 Sc, PSI. 900, first 20
days of 1892 s., sos. 900, total Internal reve-
nue. receipts for the fiscal year, 1890. Sl42,-
COG, 900, compared with a total (estimated)
for 1892 Of 1852, 100000
MISCELLANEOUS RECEIPTS.
The miscellaneous receipts for the 6
months ended Dec. 81, 1889 were l4,747,-
900; for the current months, $ll 1854, 600;
total for the fiscal year OF 1890, $50, sos, 900,
compared with total Cestiinsted) for the
current fiscal year of S25. 900 600.
The total receipts from all these sources
for the first 6 months of the current fiscal
year were s174, ISL 900 against $l92. 1877 600
for the first 6 months 2 years ago; for
the first 20 days of the present month.
$40. SS7. 900. against $2I ,756,000 2 years
ago.
The total revenue (estimaued) for the cur
rent fiscal year is 1862 900 600, against
$4O3, 079 900 for the fiscal year Of 1890. The
actual receipts of STA, l5l 900 for first
months of the current fiscal year were
about s., 900 900 more than the expendi.
lures for the corresponding 6 months,
the expenditures being s167, 7O4, 900.
THE YEARS EXPENDITURES.
The expenditures (estmated) for the cur
rent fiscal year were $685. 100000, or about
$24, 900, 900 less than the estimated receipts
OF 1862, 100000.
In answer to Mr. Springer, Mr.. Spauldipg
stated that the postal receipts and e1pendi-
lures were not included in b IS statement, but
that deficit in the postal department had
been included in the expenditures, SO that
the surplus shown was not affected.
Mr.. Springer asked if the sinking fund
require ments we're included. Mr. Spauld-
ing replied that his figures did not include
the sinking fund. Mr.. Springer inquired if
that were not a charge on the treasury. Mr..
6paulding said that it would be necessary
20 take $l0,000,000 ous of the
apparent surplus of $4,000, 900
60 provide for the sinking fund
requirements Mr.. Spaulding added that
In addition TO the 24,OO0,0 900 apparent SUR
plus, there vas leash in the treasury
amounting to $l39. IN, 900, making total
of Sl5S, 1913 900. He included in leash in
the treasury" the gold reserves of
$l00.000000 held for the redemption Of
greenbacks amounting to s346, 100000.
DISCUSSION OVER THE GOLD RESERVE.
Mr.. Bryan Of Nebraska asked If this gold
reserve was available for government ex-
penses. Mr.. Spaulding replied that he I'M
derstood that Secretary Foster so considered
Sc, and in reply to further inquiries from
Il H., l. 1.
IL congress had not recognized the gold re-
serves as set aside for a special purpose, he
said that there was no statute setting it
aside; there might be resolution setting 1t
aside inferentially.
The discussion of the gold reserves soon
resulted in cross fire between the demo-
cratic and republican members of the COM
mittee. the former contending that they
were a fund for special purpose and not
available for ordinary purposes, while
the latter asserted the contrary, MIR. No
Kenn declaring that they had always
been regarded as part of the ordinary re-
sources until Secretary Manning set them
aside by his system Of treasury bookkeep-
ing.
THINKS 1T COULD BE USED.
Mr.. Turner of Georgia asked Mr.. Spauld-
ing-Suppose the treasury were to get into
q pinch could the gold be usedl
Mr.. Spaulding-Yes, sir; | think so.
am not so entirely in charge of the treasury
department, how ever, that would not con
suit Secretary Foster. who is at Fortress
Monroe, as to what | should do. | would
consult with him before taking action.
Mr.. Turner-Now some $40, 00O, 900 Of
bonds were extended. Don't you consider
them current liAbilitiesl
Mr.. Spaulding-No, sir; they are ex-
tended at the option Of the government, but
not of the holders.
Mr.. McLennan, chief of the warrant
division of the treasury department, in reply
90 Mr.. Turner, said this extens on was not
under the authority of law. but was a treas
ury arrangement between the government
and its creditors.
TURNER'S FIGURING.
Mr.. Turner said that aside from the gold
reserves he understood that the figures of
the treasury department showed surplus
of cash left in the treasury of $39, 900 900.
That included fractional silver and an ex-
tended bonded debt Of over s25. 600 COO.
principally 2 per ceut. bonds. Taking
out the fractional silver and the ex-
tended debt there would not be any
surplus, would thereahe suggested to Mr.. Nc
Lehman. That gentleman replied that there
would be little left, but not very much.
and to MIR. Bryan he said that 500 900
on account of the sinking fund was still
left out of consideration.
The talk having drifted off to the esti-
mates of the appropriations sent in for the
next fiscal year. Mr. Spaulding said that
they simply went through the treasury de-
partment, which transmitted the estimates
Of the several departments TO congress;