The Topeka state journal., 1897-11-20
MONEY OR BONDS
Serious Condition is Confront
ing the Government.
Funds Raised by CIeyeIand's
Bond Issues
ALMOST EXHAUSTED.
Deficit in Revenues for the Cur
rent Fiscal Year
Amounts to Nearly $5O,OOO,-
OOO and Steadily Grows.
OCTOBER REVENUES
Were Disappointing to Treas
ury Officials.
Tax on Tea and Coffee May Be-
come Necessary.
As Well as an Increase in the
Beer Tax.
OCTOBER REVENUES
Were Disappointing to Treas
ury Officials.
As Well as an Increase in the
Beer Tax.


Chicago, Nov. 2O-A special from
Washington to the Chronicle says:
It is very probable that con
gress viii be called on during
the approaching session to enact
some revenue legislation. The condi-
tiOns in the treasury are rapidly as
sumiug a phase which threatens trou-
bic for the administration. The Ding
ley bill has now been in force less than
nVe months and the deficit in the rev
enues amounts to almost $50. 600 600.
This indicates a deficit for the fiscal
year ending June next of more than
$l00, 600, 600. although it is possible that
the increased revenues looked for next
spring and summer may reduce the de
ncit to $4,000. 900.
But with d deficit of that amount it
viii be absolutely necessary to make
provision FOR more revenue or negO-
tiate a government loan If the deficit
does not exceed SI5OOO,Oe0 the present
treasury surplus will just about carry
the government through the current
fiscal year.
1t is proper to say that a heavy de-
felt was expected during the first
three months of the DingIey law, but
the revenues for the month of October
were much smaller than had been an
ticipated, and so far they are very dis
appointing in November.
President Mckinley is determined to
avoid a bond issue if he can possibly
nud the money to pay the expenses OF
the government by going in another di-
rectiOn- He may not discuss the advis-
ability of further revenue legislation in
the message which he will transmit to
congress at the opening of the session.
1t may be his policy to wait and see
whether any better results can be had
uuder the Dingley bill than have been
attained so far
But it can safely be asserted that if
the receipts under the present law do
not show a large increase during the
months Of December and January, the
president will send a special message
to congress early in February recon-
mending the enactment of legislation
which will relieve the treasury. What
he may have to suggest can only be
surmised at present, but it is quite
probable that he will recommend the
Imposition of a tax on tea and coffee
and an increase of the beer tax 1t
VIII go hard with Mr.. Mckinley to ad-
wise the placing of tea and coffee on
the dutiable list, but he viii not hesi-
tate to take that step if it is consider
ed necessary to escape a bond issue.
A Times-Herald Washington special
says:
Currency reform will be the leading
feature of the presidents annual mes
sage to congress President Mckinley
As now writing that part of the mes
sage which deals with the proposed re-
vision of the financial system of the
government He earnestly recommends
I
present system be remedied as soon as
possible
The spirit of the presidents treat
ment Of this important question will
be wholly satisfactory to that large
element which favors placing the gov
ernment finances upon a sure and solid
basis
Those who expected the president to
slight this question, because of the
difficulties fOreSeen in carrying through
any scheme OF legislation. viii be dis
appointed In fact, revision of the
financial system of the government
along the conservative lines is to be
made distinct policy of the admins
tratiOn.
Although it is true that short time
ago President Mckinley was rather du-
biOus about the aGVisa bilfty of max
ing an earnest effort this winter, from
the administrative initiative to carry
through the revision measure. he is
now pretty well convinced that it is his
duty to throw all his influence in favor
OF currency reform. He will do this
not only in his message, but in div
ers other proper ways after the as
sembling of congress.
But it is a mistake to assume that
the president will commit himself to
any particular scheme of reform. With
his usual tact and his characteristic
regard for the rights OF congress as an
independent branch Of the government,
he viii carefully avoid pressing upon
the national legislature any special
as an individual approve this or that
scheme to carry out the object in view.
The president VIII content himself with
urging upon congress the necessity
which exists for action. As to the pre-
else method in which the desired relief
is to be had that is left to the discre-
tiOn of congress itself.
The president viii probably speak
apprOvingly of both the plan prepared
by Secretary Gage and that which the
monetary commission will soon present
TO the public He may point to these
a examples Of the sort of legislation
which the situation demands but he
viii scrupulously avoid committing
himself to details which properly be-
long within the province of congress.
1t is understood that Speaker Reed is
quite willing to take the initiative in
the house of representatives, and to
have a bill prepared by the proper
committee which shall receive the sup
port of the organization of the house
White it is true that Mr.. Reed is not
very enthusiastic in this cause. there
is little doubt that he viii give the
movement substantial help.
It is too early to assume that a