Omaha daily bee., 1894-01-03
REASSEMBLING or CONGRESS-.

-C ~ 80 S'iS SSS ~ -
its session today. 1t has peer said of it,
by a critic not predisposed to be I'M
friendly, that it has not distinguished
itself by its practical achievements in
greater degree than did some of its re-
cent predecessors, Notwithstanding the
abundant promises made for INT by it
previous to its assembling in regular
session. 1t has talked much and ac-
complished little, q record not readily to
to be excused in view of the fact that
when it met in December the organiza-
ton had been completed and all
the machinery Of legislation put
into good running order, while
the demands for prompt and
earnest action have not been more
grave and earnest upon any congress
since the close Of the war. Even now
it is impossible to say with any degree
of certainty when the country may ex-
pect action upon the important subjects
before congress or what course that
body will pursue with respect to these
subjects.
The general opinion appears to bs
that the tariff will be given precedence,
but if this done what is to become Of the
treasury while consideration of the
tariff is in progress? IL Is not .ex-
pected that the house can dispose of the
tariff bill before February, and if it sue
coed in doing it by that time it is safe
to say that not less than two months will
be consumed by the senate in discuss
ing the measure and probably q
longer time. What is the treasury
to do during these three months with
out funds with which to meet its falling
due obligations, unless Dy the continued
depletion of the gold reserve, a rather
dangerous recourse? There seems TO be
a blind faith among the supporters of
the new tariff bill in congress that when
it becomes a law all the difficulties in
the financial situation will somehow or
other be removed. According to the
dispatches there is hope that by the
time the bill becomes q law it will be so
shaped as to provide ample revenue for
all the purposes of the government. But
the democrats very generally expect the
measure to pass very nearly in the
shape that it has been reported, which
will involve, according to democratic es.
Inmates, q heavy falling off in the
m Moreover, the bill pro-
vides that it shall go into effect
June /, so that if it contemplated in
creasing the revenue at once it could be
of no material benefit to the treasury
for the current fiscal year. Notwith-
standing the estimate of the secretary
of the treasury that the deficit at the
close of the fiscal year, June 80 next,
will be only $2S, 900, 900, it is perfectly
obvious that it will be very much more
than that. 1t is entirely safe to esti-
mate it at double the amount named by
Secretary Carlisle, and some think it
will probably reach $40, 900, 900. 1t is
impossible to see how this amount can
be provided for in a revenue measure
which it is proposed shall not take
effect until u month before the end of
the fiscal year, whatever form that
measure shall ultimately take.
But it would manifestly be a
most unwise and unbusinesslike policy
to allow the national treasury to con-
tinue on five or six months under pres
ent conditions, in the meantime trying
to satisfy the demands of the creditors
of the government with the very uncer-
tain promise that as soon as the pro-
posed new tariff policy goes into effect
all will be we'll. Secretary Carlisle said
in his annual report that ''the condition
of the treasury is such that unless some
available means are promptly provided
by law for supplying the growing def
cheney the public service will be seri-
ously impaired and pensioners and
other creditors subjected to great delay
and Inconvenience" The situation grows
steadily more serious, and there is
every reason TO a%pprehend that the
gold reserve, unless replenished by
an issue of bonds or tho sec
rotary of the treasury shall be
authorized to execute interest-bear-
ing obligations in the payment of public
expenses to such creditors as may be
willing TO receive them, will be reduced
by the close of the fiscal year to less than
half tho amount required to be held for
the redemption Of legal tender notes.
Manifestly that would be a very danger
GUS condition for the treasury to be in.
The Importance OF enabling the treas