The morning call., 1894-08-06
LITTLE ALARM FELT.
Pc satellites of an Increase in
the Revenues.
If Congress Does Not Pass a Pro-
hibitive Resolution More
Bonds Are Likely.

WASHINGTON, Aug. 5.-There are diff
ferences of opinion among treasury Off
Gals as to the probabilities of another
bond issue. Neither Mr.. Carlisle nor
Assistant Secretary Curtis is willing to
admit that there is any real cause for
alarm in the present financial situation
1t is known. however, that the President
and his advisers are watching with eager
interest every change in the financial Sit
uatiun and that every phase OF 1t is being
carefully and thoughtfully studied. Not
withstanding this solicitude, it is believed
TO be the judgment of the President shat
the situation does not furnish any just ap-
prehension and that better times may be
con fdently expected soon.
From this point Of view. il is argued the
passage of the pending tariff bill is sure TO
result in prompt and general revival of
business, and that, in consequence, there
will be a large increase in the Government
revenue. Receipts from customs, which
for many months past have been gradually
growing less, II is believed Will show
marked improvement from the very first
and will continue to increase until normal
conditions have been reached.
1t is contended that Notwithstanding the
fact that the gold reserve has reached the
lOw-water mark of about S5O.0OOOO0, the
Government is far better able 10 meet its
obligations to-day than it was just prior 10
the February bond issue. There are some,
however, who take less hopeful view of
affairs. They observe that the gold re-
serve. which six months ago was brought
up to its normal condition by an increase
OF S50,000000 in the public debt, IA again
melting and already reduced 10 point
SIS, ZOO, 900 below the lowest mark reached
prior to the February bond issue
They contemplate with uneasiness the
fact that for year and more the ordinary
expenses of the Government have largely
exceeded the receipts. This vas true even
during the last month when In expectation
Of material increase on the tax OF whisky
the receipts of internal revenue we've alb
normally large. 1t is argued that should
the pending tariff bill become law and
go in:o operation even "a early as the
middle Of the present month, no material
increase in the revenue could possibly be
expected earlier than next December. Tor
the reason the tariff bill will have passed
too late in the season TO realize any con-
siderable amount from the fall importa-
tiOns.
The treasury figures show there is now
In this country al least a six months sup
ply of sugar, so little may be expected
from that source.
This is true also of whisky. The
statistics of the internal revenue bureau
show the tax has already been paid on
over 100000 gallons of whisky in excess
OF the amount upon which tax Lad been
paid one year ago. Therefore but little
relief may be expected from this source
before December. The only recourse,
therefore. it is contended will be bond
issue. and there are many well-in formed
persons who believe if this Congress does
not pass prohibItive resolution before al
Journment S50.000,000 or more will soon be
issued. That there would be no difficulty
In placing any reason able amount even al
the premium exacted in February wa.
apparent from the fact the February bonds
are being sold at premium of 1.27 pei
cent