The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1898-04-23
THE NATIONAL FUNDS
Treasury in Excellent Shape for
War Emergencies.
supply OF Gold In National vaults
Ii Now Larger Than at Any
Time During the Past
Eight Years.

secretary Gage will be able TO spare
the $50,0O0,00O called for i'm the Cannon
resolution without gripping the con
dition of the treasury. The fact that
the treasury is able TO spare this is a
source of universal qualification TO re-
publicans. The amount could not be
taken from the treasury without an
issue OF bonds 20 secure more If the
situation in the big government bank
was as when the Wilson bill was in OPP
Grafton. Then the cash balance was al
most daily being attacked TO make up
for a deficit in the revenues. This was
the case with the present administra-
ton until the Dingley bill began TO
demonstrate, i'm December last, its
ability TO take care of government
expenditures. There is, therefore, no
longer fright about needing the mon
ey TO meet the expenditures OF the gov
eminent. IL is felt by Secretary Gage
that from now on there will be no de-
felt unless it should come in the month
OF April next. Whatever deficit there
is then will be wiped out by the surplus
of other months.
Secretary Gage some time ago esti-
mated that he could spare $4,000, 600
for immediate war purposes and have
enough available cash left TO safely con-
duct the business OF the nation. lie
can spare nearly all OF this in gold, too.
The net gold in the treasury Is more
than $l6S, 100000, of which 100000, 600
Is the historic gold reserve, leaving over
S6s,000,O00 of the precious yellow metal
which can be paid out for foreign war
ships or whatever the country needs
abroad that requires gold for payment.
This state Of affairs Is particularly for
tunate. II the supply of gold in the
treasury had been small the purchase
of war vessels abroad might have rem
dered bond issue necessary 10 secure
gold. Probably this healthy condition
of the country in the possession OF gold
had much 20 do with President Mckin-
ley sanctioning the appropriation OF
$50 100000 Secretary Gage is being
congratulated upon this state of affairs.
Not only is the supply of gold the
largest since 1890, but treasury officials
believe that the amount will continue
TO increase i'm the face of war prepare
tons and the general belief that a con-
flict Is imminent. Europe still owes
this country balance i'm gold, and sew
eral millions are now on the way here in
exchange for American products. This
will find its way into the gold reserve.
There Is nothing TO cause gold to go 10
Europe for months yet, unless il is the
purchase OF war vessels.
Treasury officials say to-day that they
sec no probability Of any kind OF a run
on the gold reserve. They also see no
reason why gold should be boarded.
Any attempt to start n run on the gold
reserve would bc denounced i'm such
terms as would put n stop to IT,
III the situation should demand fur
ther appropriations Secretary Gage
could spare at least S25, 900, 900 more out
of his Golfers. More than that might
bring n request that congress should
provide the means to furnish IL. Ii is
believed that Secretary Gage will in
augurate plans TO still further
strengthen the treasury. The president
feels, it Is said, that in the present crisis
nc has the best man in the country at
the helm. Secretary Gage has been
strongly opposed TO war talk up TO re.
Gently. Now he is with the president.
He thinks the turning point has been
reached and will oppose no preparation
for the defense Of the country. Wash
ington Star.