The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-01-24
THE COUNTRY NOT BANKRUPT.
Democrats Learn That the Receipts Still
Exceed Expenditures.

II
Das WASHINGTON CRY, Jan. BY request
! Of the ways and means committee, Assist
ant Secretary of the Treasury Spaulding
Sppeared before the committee today. The
i sbject of the inquiry is to secure official
~ information as to the revenues and ex-
llH penditures of the government, as prelim-
mary to any possible tariff legislation.
Spanlding made a comparison between the
0 current fiscal year and the fiscal year
N ended June 30. 1890, the year before the
81 present tariff act went into effect. He
said:
The total revenue receipts (estimated) for the
- current fiscal year $685., 900 against
NSn79.00o for the fiscal year OF $780, and the
actual receps sl7, 600 less. For the first six
" months of the current fiscal year the receipts
# we're about s77.ooo,0o more than the expendi-
lures for the corresponding six months. The
expenditures ESTIMATED, for the current fiscal
I ysar were $S3S,0oo,00o, or about s2400o00o less
than the estimated receipts. The postal re-
teipss and expenditures were not included in
tAis statement, but the deficit
the postal depart ment is included
In the expenditures, so the surplus
shown would not be offered. Itwould be- neces-
cY sary to take $40 o0009 out of the apparent
NJ plus of s24 100000 to provide for sinking fund
requirements. In addition TO the s240o0,o00 of
- apparent surplus there was cash in the treasury
- amounting 20 $3.50 72s,o0o making total OF
HISS 5000. Included in the cash in the treas
ury the gold OF 500 coo 900, held for
the redemption of greenbaeks, amounting to
~ 3S6,o00000.
peA Rsyan of Nebraska-Is this gold reserve avail
DO l41e for government expenses?
al i49 spaulding-Secretary Foster 80 considered It,
RaR In reply to further inquiries from the
Ids ySDemoeratic members, who desired to
} De- know If congress had not recognized the
lure gold reserves as set aside for special pur-
., W pose, he said:
There is statute setting II aside. There
might be resolution setting it aside inieren-
taly.
The discussion Of the gold reserves soon
sim resulted in a cross-fre between the Demo-
n cratic and Republican members of the
lila committee, the former contending that
q, tie reserves constituted fund for special
pan purpose and were not available for ordin-
~ 9 Gy purposes, while the latter asserted the
q e contrary. McKenna declaring that they
'ear'z had always been regarded as part of the
uss - ordinary resources until Secretary Man
y ~ hing set them aside by his system of treas
) ~ ury bookkeeping.
mo- a Turner of Georgia-Suppose the treasury were
thee 20 get into pinch could the gold be
AMID useds
norsJ spaulding-Yes. sir, / think so.
istoH Turner-Now there some s200o0000 OF
10 ~ bonds extended. Don't you consider them
rietyI rent liabilities?
Mrxv spaulding-No, sir. They were extended at
slEp.u we option OF the government but not of the
1~SiI holders
GAL McClennan, chief of the warrant divis-
hlu Ion OF the treasury department, replying
w. 70 Turner, said this extension was not I'M
b, DER authority Of law, but was a treasury
~ arrangement between the government and
An us creditors
a 4 Turner said that aside from the gold re-
snM serves he understood the figures of the
le0 treasury department showed the surplus
cash left in the treasury "a $50. 600. 900.
!. g. That includes fractional silver and the ex-
nj lended bonded debt of over SIS, 600, 600.
Taking ont this fractional silver and ex-
49, tended debt there would not be any sur
Plus, would there9
IN AeClennan replied that there would be
49, na'ie left, but not very much. and TO
| ~ bryan, another member of the committee
s.fo2 ne said THAI the $40 O100 600 on account of
the sinking fund would still be left out of
consideration.
In reply to Springer. McClennsn said
ust at the close OF the last month the
III treasury department paid out upwards of
sUo0o on account of sugar bounties.
ahe department, however. did not have
-. .ae direct tax appropriation and other
- 'nlhgs 10 meet-tbe French spolation
4 saalms, for instance After some further
49, YAK, the committee adjourned.