Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1898-04-30

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 on the United States of
war with Spain has rendered 1t 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 oattleship Maine on February Is
caused congress to prepare for any exigency,
and by joint resolution it appropriated l50.0)O,-
900 for national defense. About S35. .0)0.0O0 Of
this appropriation have already been practi-
cally used, although payments have yet been
made for only 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 res luton approprlating $780,
900 for national defense was passed was
about t225, ,01U,OOO, including the 5000 OOj
gold redemption fund. or sl25,00O0JO ex-
cludiug that fund. But this balance was
only apparent, inasmuch as sl3O00.000 consist
ed OF fractional silver, largely uncurrent, and
minor coins, leaving only ill2,00),0J0. But OF
this amount SlI. 900. 900 consisted OF receipts
from sale OF Pacific railroads held in the treas
ury for the Tayment OF that amount OF Pacific
railroad bonds due January l next. and t3s,
0OJO O01 OF the bank redemption fund held for
the payment OF the notes OF national banks
failed, in liquidation or reducing circulation
Deducting 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 S65O0,000
Inasmuch as working balance OF about
100000 900 is required to properly carry on the
operations OF the government, there remained
only s25, 100000 belonging to the government
available for in Meeting the $50 900 100 n
preparation. 1t will be necessary, to meet all
OF the expenditures under the $50, 900, ,0OJ ap-
propriation-all of which will have been ex-
pended within a few weekS-to use S2i 900
OF the bank redemption fund u 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 are at the rate OF So, coo. 900 month
or 1900 0)O 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 we'll as the early successful conclusion of the
war. call for such ample provision, both by
taxation and authority to make loans, for
means TO carry on naval and military opera
tions, as will impress the great powers OF Eu-
rope Us we'll as Spain with the conviction that
the people OF the United States are united in
the determination to prosecute the war on q
scale and with u vigOr that will make prclonga-
tiou OF hoStilities useless.
II will be necessary, in orde- to maintain
the public credit, not only to raise the addi-
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 as the public necessi-
ties will require. We have therefore given
| authority to issue and sell not exceeding $780,
0lO,O)0 OF ten-twenty per cent coin bonds, to
be offered as a popular loan, believing as we
do that such bond will be taken from time to
| time by the masses OF the people.