Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-06-14

Ahe treasury NJ Ln0 fAWnDrOkero.
More gold is taken for export, and the
outward movement does not cease, as
many predicted last week. The gold left
in the treasury falls lower every day, and
yes it is officially announced that Secre-
tary Carlisle has given no thought to the
question whether a further issue of bonds
may be needed. He believes, so these an
nouncements run, that the general cash
reserve will be sufficiently well main
tanned. and that the temporary decline in
gold reserve makes no difference. There
may be some further exports this month,
he reasons, and the loss of $40, 900, 900 or
Sl2,0OO,000 in July on account of heavy
interest payments, but after that gold
must return this way. If these hopeful
utterances do not misrepresent the secre-
tary, he is taking the risk of serious dis
appointment.
In seven days of June the outgo from
this port has been a, 653 900 in gold Yet
it was supposed that the German demand
had ended early last week; the enormous
reserve in foreign banks and the low rate
of interest abroad indicated no demand
for money there, and the reported buying
of stocks here on London account encour-
aged people to believe that turn in the
tide had come. Stocks have been stronger
this week. What foreign buying there
was has continued. But gold still goes
out in large amounts, and it cannot be
said that the facts are as cheering as the
official anticipations. A further loss of
1900 900 a week in June would make the
treasury reserve dangerously low at the
end of the fiscal year. Then must follow
the large loss in July on account of in
terest payments, and while the cash re-
serve may be maintained there is no
ground for confidence that the gold re-
serve will be in any way replenished.
Secretary Carlisle is probably calculat-
ing on an income to which he does not
care to call public attention. 1t would
not look well for the administration to be
counting upon a transfer of money from
the pockets of the people. through a pre-
tended increase in revenue, to the treas
ury Of the whisky trust If the pending
revenue bill should pass about July /, or
shortly after, it would necessarily be
amended to take effect at least a month
later. and in that month or more OF delay
the whisky ring could have large guam
tity of whisky taken out of bond by paw
ment of the present tax. Every gallon so
released could afterward be sold at the
advanced price which the higher tax
would produce AS the trust coul gain
20 cents clear profit on every gallon for
which it pays % cents tax before the bill
takes effect, the secretary probably has
reason TO expect that it will pay into the
treasury many millions in a single month
as soou az the bill has been signed.
If it should take out only half a wears
consumption. 55,0 600, 600 gallons of whisky,
the government would thus be deprived
of Si0,00),C0c of the intended revenue and
that sum. by the trickery Of Democratic
law, would be transferred to the treasury
of an eminently Democratic MONOPOLY.
lut the government would get the i'm.
mediate use OF s45, oOo,oO paid into the
treasury. 1t would hardly be profitable
business for the treasury to borrow &.5..
900, 600 from the trust, virtually paving
$1,000, 900 interest for the use of it half a
year, or at the rate of 81 per cent yearly.
An issue Of So, 900 900 bonds at 8 per cent
interest would look better, and save the
government much money Bat that
would not compensate the wealthy Dem
ocratic distiliers for their contributions to
campaign funds. nor would it enable dis.
tinguished Democrats in congress and