Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1898-05-05

The Necessity IL Imperative, in Order to
Meet the Extraordinary Expenses of the
Hour.
Washington. April 27.--Chairman
Dingley, of the ways and means com
mittee, yesterday submitted to the
house with the war revenue bill the
following report:
The precipitation the United States OF
war with Spain has rendered It necessary that
the committee on ways and means provide for
war expenses on the scale demanded by modern
naval and military operations. The destruc-
tion of the Dattleship Maine on February Is
caused congress to prepare for any exigency.
and by joint resolution it appropriated $50. 0OO-
! 900 for national defense. About S35. 900 900 of
this appropriation have already been practi-
cally used, although payments have as yet been
made for only a part of this sum: and liabili-
ties for the remainder Of the appropriation will
have been incurred within two weeks
The apparent cash balance in the treasury
when the joint resolution approprating $50
100000 for national defense passed was
about 1925. 900 900, including the 800 900 00)
gold redemption fund. or s125 0000)0 ex-
cluding that fund. But this balance was
only apparent. inasmuch as l3,0000 900 consist
ed of fractional silver, largely uncurrent, and
minor coins, leaving only a1l2,00)0W. But of
this amount Sl4 900, 900 consisted of receipts
from sale of Pacific railroads held in the treas
ury for the payment Of that amount of Pacific
railroad bonds due January | next and S3s,
000,0 900 of the bank redemption fund, held for
the payment of the notes of national banks
failed, in liquidation reducing circulation
Deductlng these amounts and the actual avail
able cash IN the treasury at that time belong
ing to the government. exclusive of the green
back redemption fund was only :65,OJ0, 900.
Inasmuch a working balance of about
$4,000, 900 is required to properly carry on the
operations of the government there remained
only 2500O,00J belonging to the government
available for use in meeting the $4,000 C0) ap-
preparation 1t will be necessary, to meet all
of the expenditures under the S5),000 0OJ ap-
propriation-all of which will have been eX-
pended within few weeks-to use 81 .0)0,0)0
Of the bank redemption fund. a part of which
must be replaced before the close OF the pres
ent calendar year.
As the expenses of the preparations for de-
fense that have been going on for nearly two
months at the rate of S25, 900 900 month,
or 1900 OJO. 900 year and the expenses of actual
war will be much more, your committee is OF
the opinion that the necessities Of the country
as well as the early successful conclusion of the
VAR, call for such ample provision, both by
aXaton and authority to make loans, for
means to carry on naval and military opera
tions, as will impress the great powers of Eu-
rope well as Spain with the conviction that
the people of the United States are united in
the determination te prosecute the
scale and with vigor that will make prolonga-
tion of hostilities useless
1t will be necessary. in order to maintain
the public credit. not only to raise the add-
tional revenue provided by the accompanying
bill. but also to authorize the secretary of the
treasury to borrow on the credit of the govern
ment from time to time the public neceSsi-
ties will require We have therefore given
authority to issue and sell not exceeding $780,
100000 of ten-twenty per cent coin bonds. to
be offered popular loan, believing
do that such bond will be taken from time to
time by the masses of the people.