The Weiser signal. [volume] (Weiser, Idaho) 1890-1904, 1894-01-18
The Country Will Become Bank
rupt if the Drain Continues.
INTERESTING STATEMENT
The Department Figures Show Heavy
Loss Since July and Means Must
BE Devised to Stop 1t.


sity by the figures made up at the de-
partmenc for the close of the calendar
year. These figures show loss since
July of s34 900, 900 in the excess of ex-
penditures over receipts. They show a
probable further loss during January
and February of SIS, 900, 900 and an esti-
mated loss for the fiscal year ending
next July of more than s75 ,Ooo,o 900.
The treasury balance shows loss of
$4,S24,0 61 during December. The bal
ance includes $50, 1891 900 In the gold re-
serve and 80, 4s3, 955 in currency, repre-
senting every resource which the gov
eminent possesses, except the silver
bullion purchased under the Sherman
law, to redeem outstanding gold obli-
cations and to meet current expendi-
lures. A loss OF SIS, 900, 900 during the
next two months will carry the gold
fund close to 100000, 900 and leave the
department still cramped for paper
currency for ordinary transactions. A
loss of 100000 for the fiscal year
will carry the general cash balance
down to $40 ,0000 900 and the gold reserve
to $35, 100000. The treasury officials
say they are powerless, even by the
most rigid economy, to avert this con-
dition of things without the assistance
Of congress.
The detailed figures for the present
fiscal year, ending July next, shows
estimated expenditures of $379, 900 900
and receipts Of e303, 200, 900. Pension
expcnditureoare put down at 500, 000,.
600, interest on the public debt at S27,-
600, 900, the war department at $55 ,O0O,-
600, the navy at S33 900 900, the Indians
at $4,000 600 and the civil and miscel-
laneous expenditures at $l05, 900, 00o
The estimated receipts from customs
are S140, 900, 900, from internal revenue
S143, 900, 900 and from miscellaneo Gus
sources $50, 200, 900.
The figures for the next two months,
carefully complied by the experts OF
the department, show receipts of s22,
000, 900 for January and s19, 300, 900 for
February, with expenditures of $50, $780,.
600 for January and SET 100000 for
February, an excess of expenditu res
for the two months of SIS 400, 900. The
reduction of the gold reserve to its
present low figures is doubly dangerous
at this season OF the year. January is
invariably month of gold exports, and
the average loss of gold to the treasury
In January for the past twelve years
has been 80, 800, 900. The loss In January,
1890, was $13, 400, 900; the loss in 1891,
$1,000, 900; in 1899, 81, 100, 900; and in
1893, $13, 100000. A drain of $13, 000,0 OO
during the present month would cause
great anxiety at the treasury and It is
feared 1t might in some degree renew
the panic of last summer. The only
safeguard the treasury officials have
against 1t Is the large accumulation OF
gold in the New York banks, from
which they are hoping that gold will be
taken for export, and the gold held
against certificates, of which SIT, 4s7
769 is still outstanding.
1t is estimated that SIS 200, 900 In gold
will have to be transported from the
Philadelphia to the New Orleans min,
during January and February to NEE
the payments of over $4,000 per day
which are usually made in currency IL
response to transfers from New York
The usual process is for the New Yorl
banks to deposit gold or paper money
at the New York subtreasury, with tn,
request that 1t be paid for In shipment
OF small silver certificates, Sherman
notes or legal tender notes to New Or
leans.
These various forms of paper are n,
longer available and the only shipmen
the government can make is gold coin
for the coinage of which preparation
are now being made at New Orleans an
Philadelphia. The amount now avails
BILE at New Orleans is SIP 900 In eagle
and half-eagles, and Sl,70o, 900 in ur
coined bullion. Mr.. Preston, the diree
tor Of the mint, has submitted an est
mate that about $3.50, 900 month can b
coined in addition to the subsidiary ST
yer coinage required by ordinary de-
mands, so that the Philadelphia min
Will have to be put to work to suppl
the deficiency.
The payment of gold on ordinary oil
legations, with the threat of demau
for gold for export, is also causing grea
uneasiress at the treasury and the mos
careful inspection of every warran
drawn for expenditures. The paymen
of the sugar bounties, which will IL
crease the demands at New Orleans.
declared to be like drawing teeth In tn
present state Of the treasury balance
and these warrants are being delaye
as far as the circumstances will permit
The claims for bounty already presente
during the past six months have bee
s4,ol4,779. but the payments thus ia
have been only s464, 74s, of which SAT,
6s2 has been paid on cane sugar, 1912,
434 on beet sugar and s104, 1O4 on mapl
sugar. Expenditures for public build
ings and river and harbor Improvement
are far behind and the only explanation
Secretary Carlisle is likely to make t,
the senate resolution OF inquiry on tn,
subject Is that the payment OF such APP
preparations would bankrupt the treas
rry and destroy the public credit.