Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-01-24
FEDERAL FACTS ANo FIGURES.
The Gold Reserves-Ihe Way of Making
Estimates-PoIitical Cross-Firing.


fBy telegraph TO the Dispatch.l
WASHINGTON, January 23.-By request OF
tine Wavs and Means G mmittee, MIR.
Oliver +, Spaulding. Assistant Secretary
of tho Treasury, appeared before the COM
miitee to-day TO give information as 10
the financial condition OF the Govern
ment. Several Treasury experts were also
present. The object Of the committees
inquiry is to secure official information as
% the revenues and expenditures OF the
Government as a preliminary to any pos
lible tarli legislation. Secretary roster
Dis ont Of the city Tecuperatlng, ana Mr..
Spaulding took his place. Representative
Klurke Cochran said that having heard
an exhaustive discussion of the subject OF
tie Governments financial condition IN
the House he knew less about 1t than he
ever did. =,
A talk as TO the gold reserves resulted
IN a crOss-fire between the Democratic and
Republican members OF the committee,
the former contendlng that they were a
fund for a special purpose and not avail
ALE Tor ordinary purposes, while the lat
Ter asserted the contrary. Mr.. Mckenna
declaring that they had always been re-
carded as part of the ordinary resources
until Secretary Manning set them aside by
IA svstem of Treasury bookkeeping.
Nr. Turner. Of Georgia. asked Mr..
Spaulding: Suppose the Treasury were to
got into a pinch. Could the gold reserve
be uscdi
Mr. Spaulding: Yes, SIR; ] think go. /
am not so entirely IN charge of the Urea
sury Department. however, that would
not consult with Secretary Foster, who IS
a. Fortress Monroe, as TO what L should
d1 j should consult with HIM before
Mr Turner: Now some S2O.OOO,OOO of
bonds were extended. Don't you consider
them current labhltiesI
Mr. Spnulding No, sir they are ex-
tended az the option OF the government,
bat not Of the holders.
Mr. Mcclellan, chief OF the warrant d.
vision of the Treasury Department, In re-
pIy o. Mr. Turner, said tins extension was
not under authority of law, but was a
Treasury arrangement between the Gov
eminent aud the creditors.
Mr. Turner said that aside from the gold
reserve he understood that the figures OF
the Treasury Department showed sur
plus Ut cash left in the Treasury OF S39,-
COCOON. That included the fractional sill
Vrr and an extended bonded debt OF over
S35.O0J.Oo0, principally the 2 per cents.
Taking out this fractional silver and ex-
tended debt. there would not be any sur
Plus. Would thereI" he suggested to
Mr. Maclennan.
That gentleman replied that there would
be a little LETT, but not very much, and 10
Ar. Bryan he said that $40, 100000 on ac-
count Of the sinking fund was still lett oat
OF consideration.
lie talk having Omitted of TO the estl-
mates Of appropriations sent in for the
next fiscal year. Mr.. Spaulding said that
they simply went through the Treasury
Department. which transmitted the esti-
mates Of the several departments 10 Con-
lre-,. What the appropriations would DO
Of course he did not know.
Mr. Turner suggested that those estl-
mates were simply guess-wOrk founded on
Attle experience.
Mr. Spsulding naively replied; A little
experience and great deal of guess-work.
Mr. Springer having inquired II there
We're any further questions. Ar. Reed. OF
Malue, asked The sinking fund Is far
ahead OF the requirements Of the law, IS 1t
mott
Mf Spaulding Yes. sir; far ahead.
Mr. Shlyely. of Indiana; But vet large
amount of per cent. bonds have been ex-
teudeds
Mr. Spaulling replied aiirmatively.
hr Springer: lOu mean that FAR
greater number Of bonds were redeemed
under the Democratic Administration
than was required for the sinking fund?
Mr. Reed: Don't let's get partisan here.
laughter.
Mr Cochran: That would be offensive,
am sure. Renewed laughterl.
The committee then adjourned.