Omaha daily bee., 1894-03-05
the LAST TREASURY STATEMENT

THE LAST TREASURY STATEMENT
a deficit Of nearly $50, 600, 900 for the eight
months Of the current fiscal year is the
salient fact In the last treasury statement.
This is very much larger than Secretary Car
isles original estimate Of what the deficit
would be for the entire year and II the
monthly decrease for the remainder Of the
year should equal that for February, which
was nearly s.. 900, 900, the deficit on June
30 next will fall little short of the highest
estimate. This condition Of affairs clearly
vindicates the course OF the secretary OF
the treasury in issuing bonds, by which
the government has been placed in possession
Of net cash, exclusive of the gold reserve,
to the amount Of $3S, 900, 900, which will be
sufficient to enable the treasury to meet all
OF its obligations for this fiscal year and have
a small balance left. without the sale
Of bonds 1t is obvious that the treasury would
have been compelled to pass the payment
of some Of It's obligations and thus in effect
to declare its insolvency.
But while the situation fully iustifes the
action Of the secretary of the treasury It at
the same time is a reDroach to the party
whose economic policy is responsible for 1t.
There would have been no such loss OF
revenue as has taken place during the last
eight months, and consequently no neces-
sity for Increasing the public debt, but for
the democratic party's radical course re-
garding the tariff. The policy of that party
has had the effect to greatly reduce impor-
t%ations, while at the same time seriously
damaging home industries, and this will
continue to be the case, as to importations.
until the policy goes into effect. Then
there will probably be an active inflow of
foreign goods, which will for a time swell
the receipts from customs. flooding the mar
ket with these goods to the continued in
jury of domestic manufacturer and Amer
lean labor. The two certain things in con
nection with the democratic tariff policy are
that it means a large falling off in the Gus,
toms revenue and a stoppage of industrial
progress at home. The promised compen-
satory benefit is reduced cost of certain
necessities. 1t is a deplorable state OF
affairs, indeed, to which the democratic
party has brought the national treasury and
the country. and it is not easy to see how
and when there is to come a decided change
for the better. The industrial conditions
are perhaps not quite as bad now as they
were a few months ago, but there is no as
surance that the slight improvement which
has taken place will continue. rs soon as
the demand which led manufacturers to
start up or to increase their output has been
satisfied there is likely to ensue another
season of dullness, and at any rate Amer
lean manufacturers may be expected to go
very slow until they ascertain what foreign
competition they are to encounter under the
new tariff policy. Until there is complete
readjustment there cannot be full resump-
tion of industrial activity, and this will take
time, possibly a much longer time than is
generally believed. So far as the national
treasury is concerned it is now in a con-
dition to meet all obligations for the cur,
rent fiscal year. 1t is quite possible that
after that more bonds will have to be sold.