New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-12-22
THE TREASURY IND BUSINESS.

Again the CIV is heard that cat such a time
As this the condition OF the Treasury. and the
cytcnt Of its ability to help the cuisines, com
munity in 4 monetary pinch. becomes matter
of carlin1l Importance" This appear; t. i'm
ply that the National Treasury j. rs mach
under obligation now t. com" ~ the relief OF
the business world in any and every cmcr-
gency. As it was when the law compelled the
Secretary to collect many millions more in lcyc-
nue. each year than he had authority 10 pay
out except in the purchase and redemption
of bonds. At that time il was well understood
that the Treasury could hardly avoid creating
serious monetary disturbance, if il gathered in
and held out of circulation at any one time
the entire surplus revenue for a fiscal year.
Such a contraction Of the circulation would
have been most injurious II the community
and it was the duty Of the Secretary 70 guard
as far rs possible against undue and unncccs.
.aly disturbance OF business. alike in his ac-
cumuIatiOn Of sur lGS and in his expenditures
for bonds IL came u be Il Wcll-rccogni2cd
custom that the Treasury might take in large
sums during the SpIing and summer, in prcpa-
ration for the urgent needs Of business in the
fall, and would then be in position - dsbursc
money somewhat freely in the purchase Of
bonds.
But another important change has taken
place which affects both the position and the
obligations Of the Treasury The Secretary is
row constant ~ adding TO The circulation. VIVA
men usually mean by "rclcf" or helping
he business community" is some further issue
Of circulation. some OutpOurng Of money S3mc
new supply at a time when the business com
munity has found use for all the money avail
able and for even more. But the Secretary Of
the Treasury is now required under the laws
to put ont every month about 1000, 900 moro
new Treasury notes IN the purchase of silver
bullion. 1t was the theory Of Congress that
this steady AID constant supply Of new crcula
ton would give far more satisfactory relief to
the business world than l. was in the power OF
the Treasury to give by occasional intervcn-
tons. Further it was the policy Of Congress
to cut off the surplus revenue, 50 that the
Treasury would not accumulate grca. sum in
oxc,sS Of the regular expenditures. as il did
in former years. Having thus cut down the
revenue, and provided for a regular monthly
issue Of additional circulation, Congress has a:
once made it wcIl-ngh beyond the power of
the Sccrctlry, and no longer in the same sense
or measure his duty. 10 interfere from time to
time 10 "hclp the business community"
IL is not here nccC Ssary % discuss the merits
or dcmerits of the measures by which the posi-
tiO4 of the Treasury has thus Iccn altered.
Undoubtedly it has been a real and great re-
lief to the millions who pay taxes that the
sugar duties have been abolished The piac-
teal result has been that something like
$50, 900, 900 in year has been returned to tho
pockets Ct the people. whereas that sum was
formerly taken from the people in taxes, and
expended during the year in the purchase or
pawn mt Of government bonds Whether those
were in clIN' or not who maintained tina, the
paper circulation should be gradually expanded,
and that it would be great and permanent and