The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1895-10-09
The Treasury Situation and
Congressional Action.

Congressional Action.
The inroads made upon the gold re-
serve recently, notwithstanding the
operations of the bond sydicate, have
attracted renewed attention to the stu
alton Of the Treasury A short tine
ago rumors we're curren. Of the proba-
biIity of another bond issue being made
by the Treasury to meet the needs Of
the situation until Congress shall have
acted These rumors have been per-
sstently denied, however, apparently
upon the authority of persons qualified
to speak in reference to the matter, and
20 expectation of such procedure ca
the part Of the government appears to
be now serious y entertained. 1t seem
ed certain, even before the developments
of the past few days pointing to re-
cove-y of the Treasury from the coudi-
ton Of deficit which has so long con-
fronted it, that the President and the
Secretary of the Treasury will be will
ing to permit further encroachments ou
the gold reserve before resor,iog to the
expeoient Of another bond issue
Those who follow tie Treasury stu
alton closely ere aware that for some
days pas, it has shown radical i'm
provemcnt Treasury atatements for
long time bavc steadily shove an ex-
cess Of expenditures over receipts
month by month This was the case
last month, though the unfavorable bal
ance was cot so large as for July.
Now, however, change has set in.
and instead Of a daily excess Of ezpeu
ditures ove7 receipts, daily excess il
the other direction has been recorded.
According to the present outlook the
receipts for the month Did fair 20 show
40 excess over the expenditures, with
the prospect that the deficiency for the
fiscal year will be considerably cut
down. Quarterly payments on account
of interest aud pensions are expected tc
reverse the result for the mouth Of Oc-
tobe-. when the expenditures are out of
the ordinary, but it is expected by the
Treasury officials that the ground lost
will be recovered in the Two following
months. This change in the Treasury
situation is Of kind to discourage the
rumors of a new bond issue.
One question which has entered into
discussion Of late to considerable ex-
tent is that as to the probability of an
extra session Of Congress being called,
iO the hope 'ha, the jog thus commun-
icated to the legislative memory might
help to expedite action by Congress.
It seems hardly likely at this time,
however, that an extra session will be
called. The fact that the situation cf
of The Treasury is improving is, of
course, against such course. Eur
tbermore, after the expiration OF the
bond syndicate's guarantee thcre now
remain only about two months before
the regular meeting of Congress. Five
! weeks Of these two months are usually
taken up by the annual work Of cam
paigning, 10 which the members of
Congress are expected to Go their
share, and it seems TO be too great a
strain upon them to call them to
Washington to legis!ate uuder the
circumstances 1t is certain, at
least that trey would oot oe particu
lar|y favorably disposed towards execu-
tive suggestions if they should be
drawn away from local political contests
at such an interesting time. After
election day itself there will be little
less than four weeks before the meeting
of Congress. and 10 all likelihood they
would be resultless 1t seems probable.
therefore. that the country will have to
wait Until the regular meeting Of Coo
gress for anything in the way of 6uac-
cial legislation The conviction is.
however, growing tina; i! is time to de-
sert the policy Of makeshlfts aud to en-
act egislation retiring the !egal tenders,
which constitute 2 constant menace to
the maintenance of the Treasury gold
fuul, and it is a. we'll that Congress
/, should understand that the country will
insist on having such legislation. Per-
baps after the elections have been held
the members of the national legislature
will feel more decidedly than they do at
present that the couutry's desire in this
matter is not one to be pal;ered with
Bradstreet'S