Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1893-09-14
THE TREASURY DEFICIT.
Philadelphia Times.l

llmeS.
When Cleveland retired romf
the Presidency on the 4;h of March,
1889, the surplus revenues il the
Treasury amounted to $65.O00,OoO
exclusive of the $1OO,0O0,OOO gold
reserve anj the yS55, 100000 Of
trust fund for the redemption ct
bank notes.
When Harrison retired from the
Presidency on the 4th of March,
1898, the $65,0oO.oOO of surplus
had been expended; the $55, 100000
of bank redemption fund had been
covered into the Treasury and ex-
pended, and the Treasury was
literally MISUNDERSTANDING the
S1OO,OOO,00O OF gold reserve-to
the amount of over $30.000,00O.
True, the Treasury books did not
proclaim that the Treasury was
some $3O,O00,oOO bankrupt; but it
was none the less the truth In order
to keep up the false semblance OF
solvency, the subsidiary coin, that
is valuelees for the payment of
government debts, and the deposits
of disbursing oficers-that is, debts
due and for which requisition had
| been made and the money trans
mitted-were all counted as assets,
and millions of dollars already ap.
propriated to public improvements
and due and payable, were with
held by the Secretary of the TrN
ury.
One of the last official acts of
Secretary Foster was his refusal to
sign a warrant for over $4,000, 900
long overdue, because he had not
the money to pay it; and. setting
aside the $1O0,OO0,OOO gold reserve
for the redemption of greenbacks,
and taking the available assets of
, the Treasury and the claims against
the government then due and pay
, able under Congressional appro~
J priations, Secretary Carlisle was
given the Treasury over $3O,O0o.s
600 bankrupt. In short, President
: Harrison received the Treasury
from President Cleveland with q
; surplus of $685. 100000 and $751;
: 100000 of bank redemption fund
making $12o,OoO,ooO Of surplus
, and in four years. balancing the
| books on precisely the same basis
the Treasury was handed back te
/. Cleveland S3O,0OO.OOO bankrupt.
4 There is no peril to the nationa
: credit. 1t can stand all the presen
3 strain upon it and even more; bu
prompt and decisive action is called
for. With the highest tariff take
: lever levied upon the people in tim
of peace, the deficit for the presen
fiscal year--ending on the 30th O
next June-may reach $4,000,
1000. Few national expenditure
can be reduced. The increase al
:. came from the Fifty first Congress
when President Harrison had bot.
r. branches of Congress in politics
harmony with his administration
# That Congress passed enormou
D. permanent increase in expenditure
a1 which were not felt until the nez
Congress had to provide for then
as The last Congress, when the Hous
IT was Democratic, reduced expend
IS lures where it was possible, even
es the extent of provoking criticisl
for its s'cheese-paring" policy, an
a it added little or nothing to tt
90 absolutely necessary appropriation
50 but we have bankruptcy simpl
oo oo because the Fifty-frst Congre
90 fastened permant expenditures ul
on the Treasury which it cann
- now pay.
ID & The nation cannot stop to inqui
Il how, why or by whom the Trea
as ury has been bankrupted. Th
ba will come in due season. For tt
of present the deficiency must be pr
he vided for. The people must pa
ge No matter in what form the i
Of creased revenues shall be raise
he the people will foot the bill. The
of taxes may be visible or invisib
he but all the same they must be pal
Use The honest veterans did not d
he mand the reckless pension shar
and the demagogues did, and nc
the people must put their hands
m their pockets and pay $50,000,0
rk of direct or indirect taxes to p
lie the increased pensions.