The Providence news. (Providence [R.I.]) 1891-1906, 1894-08-06
VERY SANGUINE.
President Believes Prosperity Only
Waits on Tariff Settlement.
The Drain OF Gold Does Not Brighten
the Optimistic Treasury Depart
ment Onleials.


WAsHEeToN. Aug. 6.--There arc differ
ences Of opinion among treasury officials
~ to bho probabilities Of another bond is
sua Neither Mr.. Carlisle nor Assistant
Secretary Curtis is willing 10 admit that
there Is any real cause for alarm Ia the
present financial situation.
IL Is known, however, that the president
and his advisers are watching with eager
interest every change in the financial situ-
alton, and that every phase Of IL is being
carefully and thoughtfully studied Not
withstanding this solicitude, it Is believed
that IL Is the judgment of the president
that the situation does not furnish any
just apprehension and that better times
confidently may be expected soon.
From this point Of view it is argued
that the passage of the. .pehding tariff bill
Is sure 20 result in psbmpt and general
revival of business, and that in conse-
quence there will be large increase in the
government revenues Receipts from GUS
toms, which for many months past have
been gradually growing less, 1t is believed
will show marked Improvement from tho
very first and will continue to increase
until normal conditions have been reached
It Is contended that Notwithstanding
the fact that the gold reserve has reached
the low water mark of about So, 200, 900,
the government
IL Really Far Better Able
20 meet Its obligg ions today than IL was
Just prior to the February bond issue. On
Jan. !, 1884, the net cash balance in the
treasury was only 80. 4SS, 955, while today
II Is In excess Of sec, 00o,00O, and the Of
hcials observe with satisfaction that our
own people hsse not so FAR exhibited any
signs OF losing faith In the governments
ability to meet every emergency and pay
every obligation at maturity.
That this is true Is shown by the fact
that the gold that Is now being drawn
from bhe several sub-treasures is almost
entirely for expert. In no known instance
has there been a withdrawal of gold that
could be traced 10 a feeling of insecurity.
Under normal conditions the governments
makes net gain i'm gold of about 100000
day and loses from fourth TO half Of
that amount, and even under the present
disturbed conditions there has been no
marked change from that rule.
During the last few weeks there have
been some Withdrawals from the sub
treasures At Philadelphia and New York
which wero not intended for export. but
these have not averaged more than total
q from $4,000 to $4,000 day. The
losses 40 San Francisco, Chicago and
She other sub-troaSuries have been merely
nominal. This, IL Is agreed, shows i'm
plicit faith on tho part Of the people In the
financial security of the country and it has
greatly assisted In tiding over the present
depression
Without n Bond Issue.
Another favorable condition is the GER
a IN ftV "a I.
demand from western banks for email
notes with which b harvest and move the
crops. and that they will be very willing
30 exchange gold for paper
There are others, however. who take a
Mss hopeful view sf affairs. They observe
Mat the gold reserve, which six months
NAgo was brought up 30 it's normal condi.
don by an increase of $Se, ,000, 900 In the
public debt 10 again melting away. and al
ready reduced to point slS, 000 900 below
the lowest reached prior tp the February |
bond issue They contemplate with un- |
casinsss the fact that for year or more |
the ordinary expenses of the government
havo largely exceoded the receipts.
This was true even last month, when,
IN expectation Of arnaterial increase of the
tax on whisky, the receipts from internal
revenue were ahnormally large. 1t Is
argued that should tho pending tariff bill
become law and 60 into operation even
as early ~ the middle of the present
no material increase In the re-
venue could reasonably be expected earlier
1hAn next December, for the reason that
lhe tariff bhl viii have passed too late
|n the session 10 realize any considerable
amount from the fall iinportations.
Tho Treasury Figures
show thxt there Is now In this country at
least six-months' supply Of sugar, so
that little may be expected from that
Dozrce. This Is also true Of whisky. 1.-THE
Dtatistics Of the internal revenue bureau
lhow that the tax already has been paid
npsn over 100000 gallons Of whisky in
excess Of the amount upon which tho tax
had been paid enegear ago.
Therefore,, but little relief may be ex-
Pected from this scurce before December.
The only recourse, therefore. IL is con.
'ended, will be to bond issue, and there
lr~ many well-informed persons who be-
iovo that II this congress does not mass a
prohibitive resolution before adjournment
go, ,000, 900 or more will soon be issued.
That there would ke no difficulty In
,lacing any reasonable amount, even at
he premium exacted In February. seems
'pparent from the fact that the February
'onds are being sold az premium of 1.27
,er cent.