Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-03-08
FINANCIAL REVIEW
Made From Divergent Political
Stsndpoints.
A DEFICIT OF MILLIONS PREDICTED

by the Democrats a House Committee
and Disputed by the RepubIicans-The
Treasury Expected To BE About $40.
100000 Behind June 80, 1894, by One
Set of Financiers and About Even by
the other-Controversy Over the Sink
ing Fund-Reprots Summarized
WASHINGTON, March S.-The majority
and minority reports of the committee on
ways and means on the investigation into
the condition of the treasury made by the
committee were completed yesterday and
sent to the printer, authority for this hay
ing been obtained from the house Just be-
fore adjournment. The majority report
was prepared by Springer, and says, assum-
ing that the statements by Secretary Foster
are correct, that on the 30th of June next
there will be an estimated cash balance of
S2O,O.9,3n over and above the legal gold
reserve. 1t will appear from an examina-
tlon oil fosters's verbal statement to the
committee in explanation of this estimated
balance that it is probably too large. The
majority is of the opinion that at the close
OF the present fiscal year there will be an
available cash balance in the treasury aside
from the gold reserve of not over 81. goo
900.
Outlook for the Year 1894.
AS to 1894 Springer says that according to
the treasurer's statement the secretary es-
umated an available cash balance of ST.
So, 4Oi, not taking the 800, 900, 600 gold re-
serve into consideration, but a note at the
bottom OF the statement shows that the
balance is chargeable with contract liabiI-
ties alre ady appropriated for amounting to
s4OOO0,OOo. 1t is possible that all of this
amount will not be called for during that
hscal year, but this is the amount esti-
mated by the department and the avsila-
bic cash balance would be reduced to 81
sOO,WO. 1t also appears from this state
ment that of the contract liabilities exist
ing Dec. 81, 1892, the sum of SI6.l15.750
Will be called for in the year 1894 for riv-
ers and harbors: OF this amount Sl4.lt6.-
I93 has been appropriated for in the sundry
civil bill for 1894.
Figures Ont sac, 900, oOS,:Defciency.
The charge upon the trSesury for that
year must also be augmented by what
ever deficiency appropriations may be re-
CURED, which, including pension defcien-
cles, have averaged during the past five
sessions SIS, 100000 each year. To this de- |
hciency must be added the amount of mis-
cellaneous appropriations, which for five |
years past have averaged 81, OOO. 900 each |
session. From these estimates, however |
IL is probable there may be some saving on |
estimated expenditures in the actual ap- |
preparations. Under the most careful es-
innate that can now be made it is appar-
ent, says the report, that at the end of the
ensuing fiscal year there will be def |
cheney amounting to from $50 OOO, 900 to /
$40, 100000.
Big Claim of the Sinking Fnnd.
In these calculations no account what
ever IS taken of the requirements of the
sinking fund. The requirements of this
fund were not met during the past fiscal
year NO effort has been made to meet
such requirements during the current ifs
cal year, nor can any of its requirements be
observed during the ensuing fiscal year
unless there is large increase in the rev.
enues of the government. The balance dine
the sinking fund June, 1892, was 81, 3O7.-
s25. the requirements for 1893 are estimated
at SIS, 693, 900, and at the end of the next fis-
cal year there will be due tho fund little
over 100000 600.
Cites Fosters Late Opinion.
Besides this the minority renort savs
there is sl6,000, 600 which Foster credits TO
.he fund which was paid for redemption
Of the notes of lauidating national banks.
This the report does not concede, and saws
should have been paid out of current re-
,eipts. The report concludes with Secre-
AIRY Fosters opinion that there will be
ieficit in 1924, and his desire that the reve-
lue should be increased by $50, 600, 600 to
meet treasury conditions.
|
AS VIEWED BY REPUBLICANS.
General Dissent from the Conclusion of ,