The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-03-08
'7HE TREASURY CONDITION.
Two Reports Submitted By the
Investigating Committee.
SPRINGER PREPARES ONE.
The Minority Report is Drafted BY Mr.,
Payne Of New York.
The Majority Show that Many his
takes Were Made in the State
ment of Ex-Secretary Foster
Notes From the Capital.

WASHINGTON, March 1.-THE majority
and minority reports Of the Committee on
Ways and Means on their investigation
into the condition of the treasury have
been completed and sent to the public
printer. Mr.. Springer, who has prepared
the majority report says; assuming
that the statements made by Secretary
Foster are correct, On the Both of June
next there will be an estimated cash bal
anee of $50, g92, BIT over and above the
gold reserve. This estimated balance will
probably be too large, and the available
balance will be reduced by the payment OF
the Choctaw claims OF $1,000, 900 and
also by any unestimated extraordinary
expenditures and by any failure in estima-
ted receipts during the time indicated. The
majority are of the opinion that at the
close of the present fiscal year there will
be an available cash balance in the treas
ury, aside from the gold reserve, of over
SIT 600, 600.
After 1894 Mr.. Springer says the Score
tary estimated the available cash balance
at SAT 1851, 402, but note at the bottom OF
the statement shows that this balance is
ehargeable with contract liabilities al
ready appropriated for amounting to S40,-
600, 600. 1t is impossible that all the
amount will be called for during that
fiscal year. but this amount is estimated
by the department. Under the most care
full estimates that can now be made, it is
apparent, says the report, that at
the end of the ensuing fiscal year
there will be a deficiency amounting
to from $50, 900, 900 to $40, 0OO, 900. In
this calculations no account whatever
is taken as regards the sinking funds.
The balance due the sinking fund in 1892
is 81 ,407, 1926, the requirements for 1893
are estimated at $48, 693 900, and at the
end of the next fiscal year there will be
due the fund little over 800. 900, GOO.
In conclusion the majority cites Secre-
tary Fosters statement that in his opin-
ion there would be deficit at the end of
the fiscal year OF 1894 and that the receipts
Of the government should be increased at
once by $50, 600, GOO to meet the treasury
conditions as set forth in the secretary's
report and an increase of the gold reserve
fund by $50, ZOO, GOO.
The minority report, drafted by Repre-
sentative Payne of New York, signed by
all the Republican members of the com
mittee, says: The conclusions of the
majority from the evidence presented the
Same, is wholly unwarranted and mis-
leading. SsIn fact there seems to be an
utter lack of evidence to justify any of
the criticisms of the majority upon the
statement of the secretary, which showed
the surplus in the treasury on the Goth of
June. 1884, This statement OF the Sec
rotary is supple mented by the evidence OF
treasury experts, evidently of most con-
sentative character. The estimated re-
ceipts are placed at the minimum, while
the estimated expenditures are placed at
the maximum.
Speaking OF the deduction of the Choc-
taw claim, the minority say: rThe ma
jority are very swift to charge this So
600, 900 against the estimated balance for
1895, but nowhere deduct it from the es-
timated payments for 1894, in which year
the secretary estimated that it would be
paid.' The majority is correct in charg-
ing that contract liabilities for 1894 of
$40, 900, 900 against the apparent balance
of $47 900, 900 which is stated in q foot
note by the secretary. 1t is quite evil
dent, however, that the secretary does not
believe this 100000, will all be paid
during 1894, and he had no doubt but
that this condition of the treasury will be
relieved to considerable extent by re-
dpction in payments on these contract ac-
counts. The majority would also charge
in addition SIG, 115, $50 for rivers and har-
bors, but this is already charged once in
the sundry civil bill which, moreover,
only carries 81, $50, 345 for rivers and
harbors.
The minority next attack the averaging
of deficiencies adopted by the majority as
grossly misleading for the reason that
there is such great variation that there
can be no average. The average miscel-
laneous appropriations arrived at by the
majority is also attacked. On the basis
of the statement of the secretary of the
treasury it would seem that the amount
of either surplus or deficiency in the
treasury on June 80, 1894, would be very
small, while the revenue from customs
on a basis OF percentage of increase each
year ought to be larger than estimated by
81 600, 600, certainly there can be no JUS
LITIGATION for the majority's deficiency
estimated at the close of 1884 of $50, 900, 600
to SAC, 0OO, 900.
The remarks of the majority relative to
the sinking fund are commented on as
follows: 'fThis credit could not be made
to that fund from the current revenues OF
this year without increasing our taxation
sufficiently to retire $50, 900, 900 bonds per
annum. Do the majority of the com
wise, why do they bring the matter into
prior to July 1, 1891, the requirements of
billion dollars.
In conclusion the minority says: GIVE
cannot escape the conclusion that the
committee have, whether Intentionally or
not, put the worst possible phase on the
condition Of the treasury, overlooking
important points in the statement of the
secretary and expert examined, in arriv-
ing at unWarrantable conclusions"