The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1893-03-18
CONDITION OF THE TREASURY


CONDITION OF THE TREASURY
Near the close Of its existence the
last congress authorized and directed
the committee on Ways and Means to
inquire into the condition of the treas
ury, says the Inter Ocean. The result
has just been published and consists of
two reports, one by the Democratic
majority, one by the Republican minor
ity. These two reports agree In this,
that neither contains anything in the
remotest degree suggestive of anything
dishonest in the management of the
department or rotten in its condition.
This is the point of special interest, or
rather, would be if there were any
suspicion of crookedness. So remote
was the thought of anything of the
kind that this negative tribute to the
honesty of the late administration is
not likely to attract much attention.
The reports are mainly occupied in
guessing what will be the financial
condition of the national government
by the beginning of the fiscal year 1894.
This look ahead is based on treasury
estimates, and it is truly remarkable
how expert clerks of that department
have become in forecasts of this kind.
Of course no member of the committee
nor the secretary of the treasury, MIR.
Charles Foster, can lay claim to any
personal experiences equal to the re-
quirements of such forecasting of the
fiscal future. These two reports seem.
at first blush, to differ widely, but the
real difference is a matter of book
keeping. According to MIR. Springer,
who wants to take glaring view Of
the prospects, there is great big
deficit in store for the government,
amounting to $50, 900, 900 or $4O,0O0,-
600, while the minority report figures
out surplus. So far as concerns July
l, 1898. the majority estimates the
available cash balance at $17, ,000,0 900,
the secretary OF the treasury putting
the figures at $20,992,377 over and
above the 100000, 900 gold reserve.
This is not much of a n argin of differ
ence, not enough to make any appre-
ciable difference either way. As to
1894 it Is rather early in the day to
tell what the revenue and the appro-
priations will be. 1t will be time
enough to discuss 1894 when its morn
ing begins to redden in the east. 1t is
enough for the present to know that
according to the representation of Mr..
Springer and his fellow Democrats the
treasury, as left by the Republican
administration, will have at the end of
the current fiscal year, four months
hence, an available cash balance in ex-
cess of the gold reserve of $4,000, 900,
the secretary of the treasury placing it
about 100000 higher. =.
The Republican party has grandly
redeemed its promise as to the treas
ury surplus which was piling up under
Cleveland. That surplus was mainly
due to the duty on sugar. Free listing
sugar was the great corrective in the
treasury balance, the antidote for the
congested condition of the treasury
four years ago. The other changes in
the tariff had reference more speclfi-
cally to the better application of the
principle of protection.
1t may be necessary to increase the
revenue of the government, but that
can be done without burdening the
consumer. The free listing of sugar
has reduced the cost of living In this
country at least $50, 900 year
That much and more has been saved
annually to the consumers. There is
some talk of increasing the tax on
whisky. 1t is quite immaterial to the
consumer whether that is done or not.
When it comes to the price of that
pernicious luxury to the actual drinker
it is the same now as when the tax was
so per gallon, and remove the tax Alto
gether and it would still be the same.
The whisky tax should be regulated,
therefore, according to the condition of
the treasury.
The subject of issuing bonds is under |
continual consideration. That is not,
however, question of the condition of |
the treasury, properly speaking, but of
the foreign demand. The government
has all the gold our own people require,
but If the foreign demand continues
and the general stock on hand gets too
low it is easy enough to replenlsh by
selling government bonds, using the
gold received therefor for maintaining
the general stock on hand and avail
able for export.