The times., 1897-04-09
WORRY In REPUBLICAN CAMP
Visions of Other Bond Issues in
the Future.
Facts and Figures Grimly Darken
athway-Shortage Threatened
ut End Present Fiscal Year.

There is serious trouble in the Repub-
Iican camp, and the generals of that
voracious army are doing a great deal OF
thinking and Figuring. Unpleasant as it
may be to them, IL is fact that the
financial condition OF the Treasury is
such that the probable necessity for an
other bond issue is innnineIls, and the Ad-
minstration is worried over it, 1t is an
open secret that the subject OF a bond issue
before the ex pration OF the term of office
of President Mckinley mas been and is
being considered. Every effort possible
to avoid a bond issue VIII be made, but
at present IL looks as il it must come.
The Administration is threatened
with an aggregate shortage of
$169 900, 900 at the end of its firsC fiscal
year il the DingIey bin becomes law.
and all suspended appropriations, past
and present are made available The be
ginning Of the fiscal year OF 1898 is July
/, and the total amount OF available
cash in the Trea sury over the gold re-
serve, it is estimated, will be Sill 400,
>
alton for the fiscal year. including the
four appropriation bills Which did
not become law, but which the present
Congress will pass, are $685. Is, 500. &c,
and this does not include $4,000 900 for
the continuous appropriations.
The total revenues OF the Government
during the last fiscal year were 1897
500. O.O0o. excluding the postal revenues.
ols4 hot
his bill will Increase this amount the first
year, which Will be the fiscal year be-
ginning July L, 1897, $70, ,OGO,0OoO. II
this estimate is correct it would make the
anticipated revenues of the Government,
excepting the postal, for the coming fiscal
year $467 100000, or S2S.818, ,503.26
less than the sum needed to meet the APP
propTiations.
This is not all The expenses Of the Gov
ernment have not been maintained on pre-
vious appropriations, and when the fiscal
year began it was behind on this account
Si16, IsU,4 ,492.82 The uneXpended balance
during the previous fiscal year was re-
duced S3l = %. .056 S3, and during the pres
ent year it will not reduce this balance to
any greater extent. Therefore, the new
fiscal wear will begin with the Govern
ment back in prior appropriations, it is
estimated, S84,475, ,425. 90 sum which
will come within S27, 100000 Of exhaust
ing all the available cash in the Treasury.
Add this sum to the threatened def
cheney of revenue and it will make for the
Administration at the end OF its first fiscal
year a shortage OF $113, 3,293. .935. 20, in
case the Dineley bill should increase the
revenues the SO 600, ,oG0 Nj Dngley says
it will. This shortage, which is much great
er than any which occurred during the
Cleveland Administration, Will be still fur
ther increased by the failure of the Dingley
bill to meet the eXpecta tions of Mr. Ding
ley.
Treasury experts have been at work on
computations. and they have already fig
ured out that the bill will not come up To
the estimates The most conservative of
them say that tie measure Will not IN
crease the revenues the first year S25.-
COO 900, let alone reaching the $40 ,OOO,-
COO expected by Mr. Dingley. This means
that the estimated shortage must be swell
ed by the difference between Mr. Dingley's
estimate and the estimate of the Treasury
experts, and that makes grand shortage
of S15s,293, 1895 This would leave
the Treasury in this condition on July l,
1898 Excess of appropriations, S15S,
293, 1852 cash in Treasury, Sill AGO.
0OO deficit, S46 500, ,s35 20. In brief
it means no available cash in the Treas
ury, the gold reserve nearly half gone, the
coinage of the silver seigniorage or bond
issue.
Trained Treasury experts who have been
at work on the problem, say the Dingley
bill is IAN act to reduce the revenues"
In the wool schedule they have found
that Mr. Dngley estimates that his bill
on this schedule alone, will produce
revenue OF SIT ,53S, 400. The experts say
the Government has never obtained from
wool more than, in round numbers, SS,-
600, 900 In any one year. During the last
year of the existence of the Mckinley
law. when the highest rates ever levied on
wool were in force, and when the largest
importations that ever came into the
country arrived the revenue obtained was
only SIS, 1877 ,220.
7 his is why Republican leaders are
troubled, and they admit in private that
nothing can help them out with the present
system of extravagant appropriations, hut
a bond ISSUE or the most radical changes
in the Dingley bill