Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-01-24
Secretary Manning set them aside by sys-

| secretary Manning set them aside BY sys-
tenn of Treasury bookkeeping.
Mr.. Turner, of Georgia, asked Mr.. Spauld-
ing: Suppose the Treasury were to get
| used?"
Mr.. Spaulding-Yes, sir, think so. lam
not SO entirely IN charge of the Treasury
| Department, however, that would not
| consult with Secretary Foster, who is at
Fortress Monroe, as to what should do.
| should counsel with him before taking ac-
tion.
Mr.. Turner-Now, some $40, ,ooo, 900 of
bonds were extended. Don't you consider
| them current liabilities?
Mr. Spaulding-No, sir; they are extended
at the option of the Government, but not of
the stockholders.
One of the Treasury Arrangements.
Mr.. MacClennan, Chief of the Warrant
Division of the Treasury Department, in re-
| ply to Mr.. Turner, said this extension was
| not under authority of law, but was Treas
ury arrangement between the Government
and the creditors.
Mr. Turner said that, aside from the gold
reserves, he understood that the figures of
the Treasury Department showed surplus
of cash left in the Treasury of $50, ,00Q, 600.
That included the fractional silver and an
extended bonded debt of over SIS, ,OOo, 600,
principally the 2 per cents. Taking cut
this fractional silver and extended debt
there would not be any surplus, would
there, he suggested to Mr.. MacClennan.
That gentleman replied that there would be
little left, but not very much; and to Mr.
Bryan he said that $40, ,000, 600 on account of
sinking fund was still left out of consider
alton.
Mr.. Cochran called attention to the fact
that with surplus of only 81, 900, 900 for
the first six months of this year the Treas
ury Department estimated a surplus for the
next fiscal year of 81 900, ,000 He did not
understand how this could be, and asked
why the estimates for the second half of the
year showed sucn large increase over tho
first half
An Advantage rs TO Time.
Mr.. McKenna, of California, called at
tentien to the fact that customs receipts
were always greater in the second half OF
The year.
Mr.. MacClennan said the Treasury esti-
mates of receipts were s14,000,000 greater
for the six months from January 1, 1892,
than for the six months preceding. The ex-
penditures, it was estimated, would be
So, 600, 600 less. The river and harbor ex-
penditures were not included.
In reply to Mr.. Springer, Mr.. MaeClen-
nan SalQ bHdg at Tue close OF laSb mOnbn Jle
Treasury Department had paid upward of
81, ,000, 900 on account of sugar bounties.
The department would not have the direct
tax appropriation and ''other things to
meet-the French spoilation claims for in
stance.
The talk having drifted off to estimates of
appropriations sent in for the next fiscal
year Mr.. Spaulding said that, they simply
went through the Treasury Department,
which transmitted the estimates of the sew
eral departments to Congress. What the
appropriations would be of course he did
not know.
Mr.. Turner suggested that these estimates
were simply guess work founded on little
experience.
Mr.. Spaulding naively replied, ga little
experience and a great deal of guess work. "
An Effort at Partisanship.
Chairman Springer having inquired if
there. were any further questions, Mr.. Reed,
of Maine, asked: SIS not the sinking fund
far ahead of the requirements of the Law, as
1t now is?"
Mr.. Springer-Yes, sir; far ahead
Mr.. Shively, of Indiana-But yet large
amount of per cent bonds have been ex-
tended.
Mr.. Spaulding replied afirmatively.
Mr.. Springer-Do you mean that far
greater number of bonds were redeemed un-
der the Democratic administration than was
required for the sinking fund?
Mr.. Reed-Don't let us get partisan here
Laughter
Mr.. Cockran-That would be offensive, I
am sure. .Renewed laughter.
The committee then adjourned.