New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-28
THE OrTLOOK FOR THE TEEASTRY.

TIN. Goy.rpmel,t will borrow SJs..iIs.J0O. Civ
Inc, bonds To- Day Sio0coOo ten years hence
and TO pay S2.lOO,oOo every year. This Is the
s.cund loan Of about the same amount which
h, h..n ,u,d,. since President Cleveland's In
,uyurniiou The bonded debt was only SJs'.-
ono ooo January / but WAS increased 10 S'SbI-
oon O,p and will presently be increased To SOS'-
900 900 The annual interest charge. which h"d
been reduced under Republican administrations
+, ST. S9i $50. has In single year been Ill
creased $1,000 0Oo. or nearly - per cent. Prac-
ticallv a single Democratic year has added Il
nuartcr ,o the burden Of the National debt. This
is about the right proportion. since four years
Of Democratic rebellion created the whole DEBT.
II is often falls liz said that the last Admin
istration left the Treasury bankrupt. In plain
truth. ~ set forth In the official reports Of the
nrcscnt Democratic Administration. the Treas
ury held on the 1s Of March. 1890. JUST before
President Clcvclund's inauguration SlO6.N93.-
,ol in gold free Of certificates. or nearly $1,000
OoO more than the bullion fund which had not
mn 70 that time been impaired. Its receipts in
the eight months then elapsed Of the fiscal year
had been Sol .OT3.7i5. and It's expenditures
S2,12:s,.5lJ Il slight excess which Is not re-
morkoblc Al that season Of the year. Just eleven
to S,;5G5ol7, January 81, 1874 and then the
first loan lifted it 10 SlO1,39O.Si2 by the 10Th
~ March. After borrowing S5S.5OOOOO the
Treasury had about rs much free gold in reserve
~ If had held when President Harrison went
out Of office.
Nothing is clearer than that the Government
was not bankrupt then. nor was lis income ma
t.riolly less than it's expenditures But 1t Is Of
that ia.
pcricncc was after the February loan was #.
fccied 1t was exactly i've months after the
gold reserve reached its maximum. March 10.
when 1t was reduced August 10 to the lowest
point vet touched 81 .i9o 7ss. Here was tie
cline ~ S5j,OW.VU in five months or $ll 100000
a month But for partisan interests the Presl-
dent would have ordered another issue Of bonds
As early as June .. when the gold reserve had
dropped to Sd9,3I;,,'527, nearly us low rs 1t was
when fhc loan was effected in February. Prac-
! tically the decrease in three months from March
10 TO June . was about ~ much rs the Govern
mcni borrowed But at that time the reduction
I'm revenue was due only Ia the depression in
business. for III, old duties were still in force.
Now the duties have been greatly reduced. In
the three months. September. October and No
yembcr the revenue has been about SlG.O0O,OOO
less IMAM ~ WAS luSt year uuTiHp me lin" Oh
prostration when the gold reserve was reduced
about S17.0OO,WO.
From these comparisons ii appears not I'M
likely that the replenIshmcnt Of gold reserve
will not last long. unless the revenue ma
erialy increases. On the latter point estimates
differ widely. The sugar duties and the
whiskey tax. scarcely felt as yet will begin to
increase the revenue when the stocks taken into
| taxes. have been measurably exhausted The
| Income tax, though II nominally takes effect
January !. will not yield anything Of
qience for several months to come. even II the
| appropriation necessary for lis collection should
| not be defeated ut the coming session Of Con
grcss For four months Of the next year, in all
| probability, this tax may he counted out. AZ
to the other taxes II was supposed when the
new revenue law went into effect that about half