New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-03
CRITICAL CONDITION or THE TREASURY.

II was stated on Monday that the deficiency
in Treasury receipts for the last six months of
1903 according to official reports, was S3iOGS
us The rcceipts for half OF the fiscal year
were S155,43 ,314, and the expenditures SlSo-
JOOG32 These receipts compare with Sl9JSo3
SSl for the corresponding half of the previous
year. showing Il decrease of SfO,4OO,OOO. On
the other hand, the expenditures compare with
S19J $50 GA for the last half Of 1892 decrease
of SJ,S00,000. AS the appropriations Tor the
current year were larger than for the previous
year, there is reason to believe that the Treas
ury has strained as far rs ii reasonably can It's
power Of deferring payments on many accounts
until the condition of the Treasury has been
relieved. Hence it IS not to be expected that
the payments for the remainder OF the hscal
year will fall below the S197,20O00O expended
from January 1 to July !. 1893. On the other
hand, there Is every reason to expect That the
revenue for the coming six months VIII fall
much below the S191 900 received from Jan
nary to July /. 1893 The amount was then,
i'm customs $40. 100000; internal revenue, 3d.
100000: miscellaneous receipts, Sl1,SO0,OOO, and
from bank deposits, S1,2Oo,0OO.
In five months Of the fiscal year ending with
November the decrease in customs receipts was
SOB 300 900 and it Is estimated ut Washington
that the decrease in December has been $1,000
600; it was over 100000 ut New-York alone
This would make the customs decrease for the
half year more than S30,000000. In the five
months the decrease in internal revenue was
81. 800 600 and in miscellaneous receipts, S3OO,-
COO But there is, unhappy. no reason to eX-
pcct that the decrease in customs receipts VIII
cease. so that in place Of decrease OF about
S3OOOOOOO thus far it Is not unlikely that the
loss may be from S50OO0O0O TO S6O,oOO,OOO Tor
the fiscal year Moreover, there Is scarcely a
probability that the internal revenue, nearly
SS.OOOOOO short in five months will be larger
for the fiscal year than it was last year. unless
there should be such change i'll the internal
revenue laws as would stimulate extraordinary
payments within the current year in order TO
escape higher payments after July /. Hence the
estimates made by experienced men at Wash
ington that the deficiency for the fiscal year
is likely to be SJO.00O.000 rather than S2S,oOO,-
600. as Secretary Carlisle estimated, appear to
be conservative, and probably within the truth.
These estimates are based on the laws as
they now stand, and there is little probability
that they will be changed within the current
fiscal year. Neither is there any probability, it
is sad to say that the Democrats in Congress
will be so sensible and patriotic as to put aside
positively all disturbance Of the tariff until after
another election. That course would quickly I'M
prove business, set mills and factories at work,
increase the consuming power of the people.
and thus enlarge the revenues OF the Govern
ment But ii cannot be expected, unless pos
sibly as the result of prolonged and weari-
some struggle In Congress. and would then come
too late materially 10 help the revenue during
this fiscal year 1t must be calculated, there
fore. that the deficiency which has already re-
ducpl the cash balance in the Treasury to
$50. POI 900 on Saturday, will be from $1,000
600 TO S3O,OOO,000 during the last half OF the
fiscal year. so that the cash balance will be
reduced to $74,000,000. or possibly TO $4,000
900. unless the Treasury succeeds in borrowing
money in some form.
In view of the enormous volume Of paper
currency TO be protected by the Treasury bal
ancc. it is scarcely necessary to say that such
reduction would be highly dangerous. The
Administration appreciates the fact and yet 1t
will most earnestly urge Congress to authorize
loans instead Of the infinitely greater relief
which might be given by arresting tariff agita-
ton If the President and Secretary deliberate
" make this choice, they must be prepared 10
face responsibility for all the consequences.
They are well aware that they cannot expect
the united aid Of their own partisans In Con-
gress in regard to borrowing money, and they
ought also To know that they have no right to
expect the aid Of Republicans, long as they
insist upon bankrupting the Treasury by an at
TEMPT To cut down the customs revenues $780,
100000 or more Therefore the decision Of the
President and Secretary may involve the gray
est consequences. 10 the country and to their
marty, and they have no right TO go blindly and
siubborny on with their tariff policy, regard
less Of the mcnacng condition of the Treasury.
.,.,o,,b cu,itzarlo nj hna bitbcrtn bcan 70