The times. [volume] (Richmond, Va.) 1890-1903, 1892-06-04
SHALL THE NATIONAL GOVERNMENT
GO ISIo BANKRUPTCY

Tho financial situation OF the National
| Government. At the present moment Is calcu-
la,ed Ia excite the gravest apprehension. Inc
| debt statement of June lst shows that the
cash balance now on hand is five millions dol
| lars less than it has ever been ID the history
| of the country. The aggregate amount IS
| only s2G. COS. $50. and the amount OF available
currency is still smaller. A deposit OF Vs.
sce 90 which stands % the credit OF the TOW
a,nment in the national banks completes the
insignificant fund which Is at the immediate
disposal of the Government
What the cause OF this alarming condition
If the National Treasury IL can DO sum
married in q few words-the prohioitory du-
ties OF the Mckinley law and the enormous
exnenditures for pensions. Since January.
1.g2 the customs receipts have been steadily
falling of. in February the receipts from
this source were S16,782.il9; IN March, si6.-
15812. and in April. Sl3.709,9s7, "A decline IN
thirty days Of s2.7O5.325. The total receipts
for the eleven months ending May 81, 1872.
were S163. 264. 52s, "a against receipts tor the
corresponding eleven months ending May 81,
1901. Of 1905. 731. 9I4. difference of az ,46I,-
sse. If the ratio of decline in the last two
months be maintained and the prospect IS
that this decline will be even greater-the
customs receipts Of the Government will sink
to $3.50. 900. 900 before the opening of the fiscal
year Of 1898.
Where then is the money to come from
which is 10 be used in meeting tie charges
for pensions alone? The diminishing amount
of revenue brought into the Treasury under the
prohibitory operation OF the Mckinley law has
already been swallowed up principally by the
obligations Of the pension rolls. As this roll
exists at present. there are 676. $50 individuals
in receipt OF pensions 10 whom payments are
made which annually aggregate SllS,5l595s.
But there is an assured prospect. Mr.
Tucker pointed out in his recent impressive
speech In Congress. that this list vii! be ut
an early day enormously increased. The fig
ures which he gives are most significant.
The total enlistment of Federal soldiers was
2,77s,3Ol. Subtracting from this number
the number of bounty men, substitutes end
deserters, which amounted to 2,l992sO We
have a grand total Of 5s9,Ol4 volunteers,
which includes men who re-enlisted. OF this
mass OF volunteers, 300 900 enlisted Just be-
fore the close Of the war aud saw no real
service.
We have already stated the number on the
pension rolls to DO G76, $780, which leaves sos,
4j7 who are not on the rolls. OF this number
92s 473 have fled applications for pensions.
and under the laws are entitled 10 them. Add
to the Sis 1918 $50 already paid out in pen
sions. s273. OlO.O 900. the further amount which
will have TO be paid out when all the applicants
are placed on the rolls and we shall have Il
grand total of s39l.54s, 1853. Deduct one
third for deaths and the people of the United
States will be confronted with an annual
charge of $3.50 900 for pensions. and that
practically Immediately.
With tine customs receipts on the one hand
declining SO rapidly that in few months they
will fall to sl00, 600. 900 year, and with the
pension charges mounting with equal rapid
ity towards 500 100000 year, the National
treasury will soon be in a condition Of abso-
lutte bankruptcy unless steps are at once
taken to modify the Mckinley law and to
obstruct the further increase OF the pension
charges.
This Is the state of affairs 10 which three
years Of Republican ascendency have brought
the country. and these are the prospects
which its legislation has created Are the
American people so blind 10 tho misnanage-
ment Of their government by the party now
in control that they will permitit to remain in
power? It is impossible to believe it. for to
do SO is to believe that they are ready to
submit to national ruin and disgrace