New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-24
THE TREASURY'S FINANCES
AN INQUIRY BIZ THE WAYS AND MEANS
COMMITTEE
ASSISTANT SECRETARY sPAULDlNG AND CHIEF
M'CLENNAN TESTIFY-A SURPLUS OF
s24,OOO.OO0 ESTIMATED FOR
THE YEAR


to-day to give information the financial condition,
OF the Government. several Treasury experts were
also present. Tho object Of the committees inquiry
Is TO secure official Information TO the revenues and
expenditures OF the Government rs preliminary 10
any possible taif legislation Secretary Foster Is on,
OF the city, recuperatnc and Mr. Spaulding took his
place. Represen atve Bourke Cochran said that hav.
ing heard exhaustive discussion on the subject OF
the Governments financial condition In the House. he
knew less about than he did and suggested that
Mr. spauding give statement in his own way.
MI. Spaulding said he would mako comparison
between the current fiscal year and the fiscal year
ended June 80. 1890 the year before the present tar
act went into effect He would give the actual re.
cepts up TO date and estimate those for the balance
Of the year lie said the customs receipts for the
six months ended December 81 1889 were SlO9 $50,
600; for the current six months, $65722 900; the
irst twenty days in 1880 49, 613. 900 for the first
twenty days of this month 81, 906 600 making the
total customs receipts TO date S)7.71S, 600 agalnsj
23.oAeOo0 two years ago The total receipts from
customs for the fiscal year 500 were S229 66s 600
against an estimated total for this year Of 0Oo,-
000 The internal receipts for the six months
ended December b. 1889. SOS. 52 900: for tn,
current six months So Oj7 900 for the first twenty
days Of 1890 1921 900; for the first twenty days
Of 1892 s. ,5O5 900; total internal revenue receipts
for the fiscal year $780, $142, 500 600 compared with
total (estimated) for 1892 of $4,000 900. The
miscellaneous receipts for the six months ended Dccem
Der 81 1889. were $l4747 900; for the current six
months 81 OOO total for the fiscal year Of 500
3O.eO5,OOO, compared with a total estimated) for
the current fiscal year Of S25.0OO.0 600 The total
teipts from al these for the first months
OF the current fiscal year We're STA 900 against
Sl02, 500 900 for the first six months years ago
for the first twenty days of the preSen, month,
s2Os37 900 against S21 100000 years ago total
revenue (esmated) for the current fiscal year S362,
100000 against SioS079O0O for the fiscal year 1880
The actual receipts of Sl74151 900 for the first six
months Of the current fiscal year about - 900 600
than the expenditures for the corresponding six
months, the expenditures being Sl67 600. The
expenditures (estimatcd for the current fiscal year
were 1888 900 900 about S24OOOOJ0 less than the
estimated receipts Of $500 100000.
In answer 10 Mr. springer. Nj. spauldng stated
That the postal receipts and expenditures in
Guided in his statement. but that the deficit in the
postal department had been included in the
enditures, that the surplus shown was not affected
Mr.. Springer asked if the sinking fund requirements
were included
Mr.. spaulding replied that his figures did not in
eude the sinking fund Mr.. springer inquired If that
were not charge the Treasury.
Mr.. spauldng said that II would be necessary to
take 100000 out If the apparel surplus of S24
100000 10 provide for slnkinGfund requirements. Mr.
spauding added that I'm addition to the S2iOocO0O
apparent surplus there was cash in the Treasury"
amounting to Sl3o,72 900, making Il total Of S153
$4,000. lie included in cash in the Treasury the
gold reserves Of S1O0OOO0Oo held for redemption Of
greenbacks amounting to S346000,000.
Mr.. Bryan. of Nebraska asked # this gold reserve
was available for Government expenses.
Mr. spaulding replied that he understood secretary
Foster considered IT. and in reply 10 further in
quries from Democratic members, who desired TO
know II Congress had not recognized the gold re-
serves set aside for special purpose he said that
there statute setting 1t aside; there might be
q resolution setting IL aside informally.
The discussion Of the gold soon resulted IN
. crossfre between the Democratic ana Repnohcah
members Of the committee, the former conendlne that
they were fund for speca! purpose and not avail
able for ordinary purposes while the latter asserted
The contrary Mr.. McKcnna declaring that they had
always been regarded part Of ordinary resources
until secretary Manning set them aside by system OF
Treasury bookkeeping.
NJ Turner. of Georgia. asked MIR. spaulding: sup
pose the Treasury were to get into Pncl, couo 'hc
gold reserve be used -
Mr. SpauldiDg sir: / think so. / am not so
entirely in charge OF tie Treasury Department. how
ever that would not consult with Secretary Foster
who is at Fortress Monroe, a. 10 what should do !
should counsel with him before taking action.
Mr.. Turner-NOw, some 10000 600 Of bonds were
extended. Don't you consider them current liabilities
Mr.. spauldng-No, sir; they are extended mt The
option Of the Government, but not Of the holders.
Mr. MacClennau, chief Of the Warrant Division OF
the Treasury Department, reply u Mr.. Iurner said
that this extension under authority Of law, but
Treasury arrangement between the Government
and the creditors.
Mr.. Turner said that a,d from the gold reserves
be understood that the figures Of the Treasury Depart
ment showed surplus of cash left in the Treasury
Of $50, 900 600 That includcd the fractional silver
and all ext nded bonded debt Of over $25,OO0OJO,
principally the per cents Taking out this fractional
silver and extended debt. there would not be any
no I'd In Mnc(l
That gent! replied that there would he d Ditle
left, but not much and to Mr.. Bryan he said That
80 100000, account Of sinking fund, was sun
left out OF consideration.
Mr.. Cochran called attention to the fact that with
, surplus Of only - 100000 for the first SIX months
Of this year, the Treasury department estimated
surplus for thu next fiscal year OF 100000. lie
did not understand how this could be- and asked why
the estimates for the second half of tic year shO"cd
such large Increase over the first half
Mr. McKenna of California call d attention TO the
fact that customs receipts were always greater In the
second half Of the year
Mr. Macedonian said the Treasury estimates OF r.
cep,s were Sl4.UOO.OOO greater for the six months
nom January 1872 than for the six months preceding
The expenditures, 1t was estimated would be @3Ooo
w less The river and harbor expenditures were not
In repiy TO Mr. Springer, VI. MacLennan said that
u the close Of the last moth the Treasury Depart
a sugar bnunties The Department however would
not have direct tax appropriation and other thgs
10 meet-the French spOllatlOn claims FOR instance
IIe falk having drffted OH 10 estimates oil appro-
p1ations sent in for the next fiscal year Mr. spaudng
saG that they simply went through the Treasury De
par.n,ent which transmitted the estimates OF the
several departments to Congress, Mh;it uie appio
Mr. Turner suggested that those estimates were
simply guesswork. founded on niue experience.
Mr. Spaulding replied A little experience and
great deal Of guesswOrk. ~ D., =,
sDy further uue.tions Mr.. Reed. of Maine. asked :
The sinking fund Is far ahead of the requirements
Of the law l. II mott
Mr. Spanlding--Yes sir far ahead.
Mr.. shivey, Of lhdana--But yet large amount
N 2 per cent bonds have been extended
Mr. springcr-You mean that far greater nrnier
nj bonds redeemed under the Democratic Ad
ninistration than required for the sinking fund
Mr. Re d--I5On'' lets get pal tisan here. iadghter)
Mr.. Cockran-Tqat would be offensive, i am sure.