Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-31
TREASURY CASH LOW
A Falling OFF Of Receipts May Cause
a Deficit.
MONEY THAT DOES NOT COME IN.
Taxable Goods Locked Up in
Bonded Warehouses.
G Z UARDING THE BALANCE.


There is every indication that deficit
IN the United States treasury Of So.00ooo0
will exist at the end of the fiscal year. June
So, S.unless measures are taken to avert IT.
AT the present rate Of receipts (as will be
shown by the official figures to be issued
tomorrow the aggregate receipts for the
current fiscal year will be $500 100000. The
rate OF expenditures for the past two
months, II continued through the rest OF
The year, will amount to s426, 900. 900. If this
ratio were kept up the deficit at the bal
ance Of the year would therefore be nearly
sloO. O.OOO. but this ratio is not expected to
continue.
The receipts. it is believed, will be great
er and the expenditures lighter. The act
ual receipts for July and August Of the cur
rent fiscal year aggregate S5.ooo.oo0. The
receipts for the same months for the fiscal
year 1892 aggregated s6S.O00.O0O or a loss
during the first two months Of the present
fiscal year as compared with the same
months of the previous fiscal year of
$l3,0OOOO0. In other words receipts are
coming In at the rate Of $330,OO0,000 a year
when during the corresponding months Of
last year the receipts were at the rate of
$4Os 100000. The actual receipts Of the gov
ernment for the fiscal year ended June 80.
1893. were $3S5, ,SlS.62S, or at the rate Of about
81. 900 a month, while the present rate
Of receipts is about sN,5oo.0o0 month.
The Expenditures.
The expenditures for the first two months
Of the current fiscal year amount to ST.
while the expenditures TO- the correspond
ing months of the last fiscal year amounted
to $685. .0OO, or at the rate of $40S, COZ. .0O0
year. 1t will be noticed that the rate Of
receipts and expenditures on the lst of
September, 1852, ran evenly, while at the
same period this year the receipts and ex-
penditures are nearly $l00, 100000 apart. This
la -ge disparity between the receipts and ex-
penditures Of the government Is not likely
to continue 1t is difficult, In view Of fixed
permanent appropriations. to reduce to any
great extent the expenditures OF the gov
ernment, but IT is believed that they will
not greatly exceed at the end OF the pres
ent fiscal year $4O0, ,00O. .000 The expenditures
for the previous fiscal year were $3SS, ,0Oo, ,0o0
Locked I'm Bonded Warehouses.
In the matter of internal evenIe alone
it is ascertained that at this time there are
LAG. 100000 gallons of spirits in distillery
warehouses as against l26.0oavS9 gal
Ions for the same period Of last
year. This means that 1900 in internal
revenue taxes, which last year were in the
government Golfers, are now locked UP In
bonded warehouses. the owners not having
the money with which to pay the taxes.
This large sum Of money will. OF course, be
unlocked in time and gradually hnd Its way
into the treasury. - - '@-.se
Not no, however. with custom revenues.
All adviccs point to the fact that impoI ta-
tions are falling off, and receipts Of course
from that source fall with them. 1t is es-
timated, however, that at the present time
there is locked up In bonded ware houses In
New York N3 600, 900 worth more goods than
were in New York ware houses at the same
period last year. The amount Of revenue
which these goods will pay Is not as easily
estimated as that on goods in distillery
ware houses. 1t is considerable, however,
and as soon as money becomes r,ore plentt-
full will find Its way into the treasury.
Using Treasury Cash.
While the government receipts have been
falling of and the expenditures continuing,
the difference had to be met from the cash
In the treasury. On July l the available
treasury balance, including the gold re-
serve was sl2400o.0oo; on September l the
same balance will be 5000 0o0 showing
decrease Of sl7,OOO.000. This balance is
composed of s97. 900 in gold and $iO.O0O,0O0
in fractional currency, etcetera The inroad
made on the treasury cash by the falling
of Of receipts has occasioned much concern
in treasury circles. and Secretary Carlisle
and those associated with him in the con-
duct of the Treasury Department have,
during the past month. had frequent con-
ferences as to the best means to be taken
to prevent any serious reduction OF the
balance 1t is admitted on all hands that
II the gold reserve together with the avail
able cash should be reduced as low as IS
or 80 million dollars a point would be
reached where it would be wise to build up
the treasury balance.
No Action Taken.
No action looking to this has been taken
UP to this time by Secretary Carlisle. for
two reasons. The first Is :hat he does not
desire to complicate the financial discus
sion in Congress by thrust,ns upon them
the recommendation to strengthen the
Treasury and the second Is that he has
hoped that the government revenues would
so increase as to make Congressional ac-
tion unnecessary. This hope has not been
realized. and a number Of financial rropo-
stions for the purpose Of building up the
treasury cash are under discussion. Tho
one that seems to meet with the most IA
vor in official circles Is 70 have passed by
Congress joint resolution permitting the
Secretary of the Treasury to anticipate the
coinage of the 130,000,000 ounces Of silver
now in the treasury, and to issue silver
notes against the seignorage.
This. it is stated, would Immediately
place $50. 900 to the credit of the treasury
available to meet current expenses. This
proposition, however, like all other financial
propositions and schemes, has opposition,
and it is not probable that this Or airy
other scheme will be submitted to Congress
by Secretary Carlisle until the silver cues
ton is disposed of one way or he other.