The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1893-03-17
TREASURY REPORTS.

to-day completed and sent to the public printer.
Appended to the majority report, prepared by
Representative Springer. is o copy of the state
ments sent to the committee by the treasury
department and of the testimony taken on the
subject.
Mr.. Springer in his report says. assuming
that the statement made by Secretary Foster
is correct, on the SOth day Of June next there
will be an estimated cash balance of SO 992, 81
over and above the legal gold reserve 1t will
appear from an examination Of Mr.. Fosters g
verbal statement to the committee in explain
alton of this estimated balance that II is prob
ably too large. The available balance will be
reduced by the payment OF the Choctaw claims
S3,0l0,OJJ. 1t will also be reduced by any unes'
timated and extraordinary expenditures which
may be incurred. and also by any failure Of the
estimated receipts from customs and internal
revenue or other sources during the time indi-
Gated The majority are of the opinion that at
the close ofthe present fiscal year there will be
an available cash balance in the treasury. aside
from the gold reserve, of not more than sl7,.
OOOODl
AS to 1928, Mr.. Springer saws that according
TO the treasurer's statement the secretary esti-
mated an available cash balance of 81. .sj7, ~,
not taking the slO0 90 gold reserve into con-
sideration. but note at the bottom Of the
treasurer's statement shows that his balance
is chargeable with contract liabili ties. already
appropriated for, amounting to s+JOl0,00 1t
is impossible that all of this amount will be
called for during the fiscal year, but this is the
amount estimated by the department and the
available cash balance would be reduced 10
s7.sJ0OO0
It also appears from this statement that OF
the contract liabilities existing on December
81 1892 the item of s16,115T5O will be called for
in 1894 for rivers and harbOrs OF this amount
SlA, 1866 l53 has been appropriated for in the sun
dry civil bill for 1884, The charge upon the
treasury for that wear must also be augmented
by whatever deficiency appropriations m ~ he
required, which, including pension deficiencies,
have averaged during the last five sessions,
S25, 900 each year To this deficiency must
be added the amount Of miscellaneous appro-
priations, which for the last five years have
averaged s7,OJO,D0 each session. From these
estimates, however, il is probable there may be
some saving on estimated expenditures in the
actual appropriations
"Under the most careful estimates that can
now be made it is apparent" says the report,
that in the ensuing fiscal year there will be
deficiency amounting to from 80 00J 900 to So.
000,000 In these calculations no account has
been taken of the requirements of The sinking
fund These requirements were not met during
the last fiscal year; no effort has been made to
meet such requirements during the current fis-
cal year The balance due the sinking fund in
1892 was sil.37. .s25 The requirements for 1899
are estimated at SIs,692.0D, and at the end OF
the next fiscal year there will b. due the fund a
little more than l000J0O00."
The majority also do not concede that the
secretary OF the treasury is correct in charging
against the fund sI6 900 100 paid for the redemp
tion Of national bank notes of banks which have
gone into liquidation. 1t thinks that such pay
ments should be made out OF current receipts in
the treasury This would make an estimated
amount due the sinking fund on June 30, ls9i, of
Sl16.uODO0
In conclusion, the majority cites Secretary
Fosters statement that. in his opinion, there
would be deficit at the end OF the fiscal year
1894. and that the receipts of the government
should be increased Ivy $50 OOi 900 10 meet treas
ury conditions, as set forth in his report or to
increase the gold reserve fund by 20 OJU0Jl
VIEWS OF THE MINORITY.
The minority report, which was drafted by
Representative Pavne. Of New York and il
committee. says the conclusion from the evi.
dence presented with the report seem wholly
unwarranted and misleading.
I'm fact" the report states, "there seems tC |
to be an utter lack of evidence to Justify any of
the criticisms Of the majority upon the state |
ment of this secretary, which showed i surplus |
in the treasury June 80, 1894 The statements OF
the secretary. supplemented bv the evidence Of |
the treasury experts. are evidently OF the most !
conservative character. The estimated re- /
ceipis are placed at minimum. while the /
estimated expenditures are placed at q maxi !
mum
Speaking of the deduction of the ChOctaN |
claim, the minority saw that the majority are !
very swift to charge this s3,0Jj,oO against the |
balance of 1898 but nowhere deduct |
it from the estimated payments for 1894 il
which year the secretary estimated il would be
paid. Upon the deduction of this item the ma ,
jority say the balance OF .2l ,0J0.03J will prob !
ably be only OJl. thus deductiny SLUJJ, |
600 from the secretarys estimate, rhich is IN
warranted.
The majority are correct in charging the con
tract liabilities for 1924 of 1907 against the
apparent balance of s41OoO.OJO which is stated !
in a foot note by the secretary. 1t was quite
evident however, that the secretary does not
believe this SiOODl,OO) will all be paid durinr
1894. and he had no doubt but that the condition
of the treasury will be relieved to a consider
able extent by the reduction in payments on
these contract accounts. The majority would 1
also charge in addition tl6,Il575J for rivers and /
harbors but this has already been charged |
once, and the sundry civil bill moreover, car
ries Oulv slIIji, 153 for rivers and hIrbors.
The minority next attack the mode Of averag.
Ing deficiencies adopted by the majority as
grossly misleading. for the reason that there is
such great variation that there can b. no
average The large pension deficiencies which
make up part of this average arise from the
changes of law and from the impossible esti-
mate Of the effect of such changes A more re-
liable way as TO pensions il SAYS, G to take the ,
statement of the commissioner of pensions,
which does not justify a higher pension def-
cheney than S70OO,0J. which witE the average
deficiency in othar matters, sS7O,D0l. would
make total deficiency OF si5.711g)t
The average of miscellaneous appropriations
arrived at by the majority is lso attacked.
The minority say the fact should not have es.
capped the majority that during II past two or
three years new policy had beeu inaugurafed,
and bills for public buildings. ligh hth1uSes. etc,
no longer receive direct appfOpria ions, and are
now largely carried in the sundrv civil bill so
that the total of the last miscellaneous appro-
priations amounted TO abou: F3.gO1,fOJ more
han half of which was for the worlds fair
On the basis OF the statement OF the secre-
lary of the treasury il would seem that the
amount Of either surplus or deficiency in the
treasury on June % 1884, would be very small
The revenue from customs on the basis Of
the percentage of increase each year ought TO
DC larger than estimated by S1l,UOJ CO.. Ger
tainly there is 10 Justification whatever for the
nsjoritys deficiency estimate a: the close OF
1894 of 2)p00U 10 40u0J.GOL
In conclusion the minority SAYS:
we cannot escape the conclusion that the
majority Of the committee have. whether in.
entional or not. put the worst possible phase
lpon the condition Of the treasury, overlooking
he important point in the statement of the sec
'etary Of the treasury ami the experts exam
ned in arriving at their unwarranIab.e conclu-
;iOnsr
ENGINEERS ON 4 STRIKE.
The Toledo. Ann Arbor 8 North Michigan
Railroad Tied Up Tightly.
OwOSSO Mich March q Tact r;pb+ |