The Durham daily globe. (Durham, N.C.) 1889-1894, 1893-12-28
DELAY IS DEATH
condition of the Treasury Really
Alarming.
And Congress Continues to Do Nothine
for Relief.
FINANCIAL OIsTRUsT IS INCREASING
n Democratic Party Is aouse V,Ividel
Against Itself Which Creates
Much Discord.

Against Itself Which Creates
Much Discord.
WASHINGTON, Dec. 27.-[Special. i
The secretary Of the treasury informed
congress in the p~lainest possible terms
that the demand for legislation providing
relief for the treasury is most urgent.
The condition Of the treasury is such, he
said, that unless some available means
are promptly provided by law for supply
Ing the growing deficiency the public
service will be seriously Impaired AID
pensioners and other creditors subjected
to great delay and inconvenience TWAS
not necessary for congress to wait for
the report of the secretary of the treasury
In order to learn this. The leaders of the
majority in that body we're entirely fami-
liar with the situation, the nature Of
which has been made known to the coun
try from time to time for months. More
over the treasury officials were at all
times accessible to these leaders for any
information they might desire regarding
the condition of the treasury.
Yet with the knowledge before them
he democrats in congress did nothing
Il uha+nvar ~ ctror-tbno +Lo
nd even did not agree upon any policy
With the object in view, to be carried
INTO effect when reconvenes
tfter the holidays According to thu
Attest statement of government receipts
md expenditures, the latter for the cur
rent months mus far have exceeded the
former by nearly 50, 200, 900, so that for
The entire month The receipts will fall be
low the expenditures between Sc, 600, 900
and e, 900. From the same report
it IS learned hat the available cash in
he treasury az the close Of last week
vas 500, 487, 2G8, Of which $S2 ,422 104 is
he available balance has decreased
nearly $4,000. 900. These figures indicate
that the estimate by the secretary Of the
treasury of the amount Of the deficit at
the close of the current fiscal year is
much too small Undoubtedly the treas
ury will be able to meet its pressing
obligations bet ween now and the time
for the reassembling Of congress-. Faith
in the government will lead creditors to
wait if that should become necessary and
the gold reserve may be further drawn
upon without passing the danger line.
But this state of affairs cannot be greatly
prolonged without such results as Sec
rotary Carlisle points out in his repor.
and without intensifying public sOlici
tude and apprehension. If the party in
control Of congress shall continue to
manifest the incompetenCY to deal with
this matter which it has nus far shown
there will be danger that financial dis
trust will become more sharply defned
thar has yet been the case, and that as a
consequence business depression will be
come more severe
The trouble is that the democrats have
no settled policy and such is the diversity
Of views among them, due partly to pc.
litical considerations and partly to sec
tional interests, that it is extremely diff.
cult for them to agree upon anything.
The evidence of this is found In the long
struggle over the question Of internal
revenue taxation, not yet ended. One
thing only in the situation is plain, and
that is that until the business community
know the exact character of the changes
to be made in the customs and internal
revenue laws the business depression will
continue and the receipts Of the treasury
Sill not improve. The additional inter
nal taxes that may be imposed will bring
no immediate relief, as Secretary Carlisle
suggested, no matter what their extent
or nature, because new levies cannot he
collected until they become due, The
remedy proposed by The secretary i an
issue of bonds or short time interest bear
ing obligations, and this is approved by
~fnanciers whose judgment Is worthy 81
the highest consideration but the plan IS