Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1894-06-28

dent, speaking tonight Of the financial
situation, said:
"The offer Of certain of the New York
banks to replace from their vaults gold
drawn from the government treasury
for shipment abroad is certainly thought
tul and patriotic. Ii not only tends to
| maintain tho Treasury's gold reserve in
good condition, but it adds to tine stock
Of popular confidence, which is ut ali
times important.
The elements which make up our
actual situation do not justify any ap.
prehension, and the administration still
adheres 70 its pledge aud determination
% protect our national credit Il: all
hazards, and to keep the quality of our
money equal to the best, so far as the
limits OF executive power permits.
THE ONLY DRAWBACK.
"Of course croaking and the spread
OF GisquletiDg tales is calculated to
inJure the strongest financial condition
/ assume, however, that there is too
much patriotism among our people, and
too much familiarity with our resources
aud capabilities to permit our reserved
force and financial vlgor to be discredited.
When the last government bonds
were issued TO replenish our stock Of
gold it was nearly rs low as now, while,
outside of our gold, We had no available
money TO pay ordinary expenses of
| government (only about $l9,0O0,000j.
We have now, beside our gold and in
money applicable To government cx.
penses, more than $53,0O0,000.
81 understand it is charged in certain
| qrarterssthat the payment OF matured
obligations is postponed TO the amount
Of S50,000,000 or $40 100000. This is
not true. We are paying as we go, in
the usual way.
Last year, up TO June 1st, the balance
against us arising from the export and
import of merchandise, excluding gold
and silver, was S54,552 GAG. The bal
ance in our favor from the same period
this year was 500 $3.50, 562, representing
change in our favor Of $i2i,5l2 COS.
THESE conditions, taken in c0nnec.
ton with the willingness of our banks
to help the Treasury during any ten.
poTary and unusual drain of gold, ought
| 10 satisfy the most conservative of our
safety. II must not be forgotten, as
another favorable feature in the situa.
ton, that we are no longer purchasing
silver and issuing gold obligations in
| payment therefor"
An EARLY SUGAR TAX ESSENTIAL,
| The necessities Of the Treasury have
proven a powerful argument for the
amendment OF the sugar schedule of
| the Tariff bill, so that the duty shall
take effect at once. The estimated an
nual revenue from imported sugar, based
upon the annual imports of 1893, is
43,47S,J5S, but it is we'll understood
| that the postponement of the duty to
| January LIST, will not only sacrifice
nearly S22 100000 in revenue for the
first hall of the fiscal year beginning in
July, but that the market will be so
loaded with sugar before the duty takes
elect that practically no revenue will
be received for i've or six months after
January 1st.
Such situation, besides aifording an
enormous benefit to the sugar reiners,
would necessitate temporary loan to
keep the Treasury alloat, and would re.
duce the net revenue under the new
tariff for the first year by the amount Of
$50, 100000 or more.
1t, has practically been decided to
make the duty on sugar take effect at
once, upon the enactment Of the new
tariff, and to meet the objections Of the
Louisiana growers by continuing the
bounty through the present season.
This VIII make q revenue of more than
S3OOO,O0O per month available at once,
besides the increased imports of other
articles, and will save the Treasury
from the unpopular necessity of loan.
TO CUT THE TAX on WHISKY.
The advocates of the sugar duty in its
modified form are so confident that the
sugar schedule will be accepted-though
Hill, lrby and the three Populists may
vote against it-that they are planning
to abandon some of the superhuous
revenue provided by the Senate bill.
Ten cents per gallon on whisky, which
was added by the finance committee Of
the Senate, will be dropped from the
bill, and the whisky tax left ut 81 per
gallon, as proposed by the House. This
will get rid Of $10,000000 of revenue
and reduce the estimated annual surplus
under the Senate bill to about $40,-
100000, instead Of $50,000,000 The
finance committee propose, however, to
take no risks of deficit, and are talk
ing of restoring the House rates on malt
liquors and some other small items in
tho liquor schedule. This will only add
few hundred thousand dollars to the
estimated receipts under the Senate bill
but will obviate the criticism made by
Republican Senators that revenue duties
were being needlessly abandoned on
articles of pure luxury.
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