The San Francisco call., 1897-07-03
THE NEW FISCAL YEAR.

Whether by design or az natural re-
suit of existing conditions, Secretary Gage
has become the spokesman OF the admin
istration. He makes more speeches and
is interviewed more often than any other
mem Der of the Cabinet, and, moreover,
in his addresses and in his interviews al
ways says something which merits and
receives the attention of the public.
His latest utterance is review OF the
condition of the treasury at the close OF
the fiscal year which ended with the last
day of June, and consideration OF the
prospects of the year TO come. This Is
the department of the Government IN
which most public interest is felt at the
present time, and consequently the word S
of the Secretary will be widely read and
carefully studied. Fortu nately they are
words of good cheer, and the more they
are quoted the more sanguine and op-
,imistic will become the general disposi-
tion of the people.
The heavy imports made to forestall the
new tariff caused such an increase OF
revenue during the month OF June that
the surplus over expenditures amounted
to S13 650,014. This surplus reduced the
deficit for the year 10 SIS, 623, 1OS, thus
leaving the treasury in much better con-
dition than was expected. American IN
dustry has, of course, suffered by reason
of the large foreign importations, but the
treasury has gained something, inasmrch
as it is now certain the Government can
be carried on without another bond issue
until the new tariff goes into effect and
assures q sufficient revenue for all ex-
penditures here eafter.
At this time last year, as the Secretary
points out. the gold reserve was only $102, :
600 900, or just barely above the theoretical
reserve of $100,000,0 900. There was fear
that before the year was over there might
be very large exports, compelling the ad-
ministration to again issue bonds for gold.
Now we not only have gold reserve of
SAL, ,000,0 900. but there is not cloud IN
sight as to its continuance approximately
at that very comfortable level
There can be no question that this con-
dition of the treasury is one of the most
hopeful signs Of the times. 1t confirms
public confidence in the revival OF pros
perity, and will go far toward eneourag-
ing men OF enterprise 10 enter upon new
business ventures. Capitalists and lnves-
tors, not only OF our country but of the
whole world, are satisfied of the sound
condition OF the Government, and trade
and industry are no longer disturbed by a
threatened export of gold.
Summing up the outlook for the new
fiscal year, the Secretary says: "All the
nervousness which formerly held us in its
tolls has disappeared. In its place We
have confidence in the future, confidence
in the Government, confidence In our
selves. The boarding of gold has stopped,
and much of the yellow metal that was
piled away during the depression b as
come out and gone into circulation"
That being the condition of affairs we
can we'll afford to be cheerful. 1t is true
the deficit left from the Democratic ad-
ministration remains with US, but the
new tariff will soon go into effect, and
then with WE'LL filled treasury, well-pro-
tected industries and abundant conf
dence, we can go forward to an era of
prosperity equal to any we have ever
known.