New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-07
Mr.. GAGE ON THE REVENUES.
THE sEcRErARY's TESTIMONY BEFORE THE Fl
NANCE COMMITTEE MADE PUBIC.

NANCE COMMITTEE MADE PUBLIC.
WASHINGTON Nav 6.-The testimony 81 Secr'-
tary Gage as to the condition Of the Treasury
and its requirements in order to NEE; the do
msnds of the var as given before The Senate
Committee on Finance. was made pubic to-day
The Secretary stated the available balance in
the Treasury April 80 at SlI".S'f'2. hut
from this II was. he said. necessary 20 deduc'
the $50 coo 600 appropriated for tho National
defence He estimated that when the oeiciencies
IN the War and Navy DNra:tments We're met
there would ne An available balance ~ S"l,o
900 The Treasurer estimated that he must
have S5OOO0WO0 for n working balance from
day TO day. This would leave only S2""""p
OF available net cash in the Treasury except for
the fact that there some liabilities that
would not he pressed. He thought that, all
told. the Treasury could count on available cash
10 the extent Of S70OOOOOO above the $1,000"
0Oo gold reserve.
Mr. Gage said that at tho tins his testimony
was given none Of the volunteer forces hao ne
come a tax on the Government. and that the
entire 40 mon would have 20 ne taken care
Of within month. The best estimates PLACED
the extraordinary expenses for the War and
Navy Departments at S520ONO00 mp 10 the
first of July next: in addition TO the S3o.'~",""
voted for National defence. He thought that
from S4OOOOpp0 70 $50 100000 in addition ~
the ordinary revenues would have 70 he realized
between and July |. TO preserve the gold
reserve intact. Without this extra fund he
thought the reserve would be reduced 10 the
extent Of $50 600 600. leaving IN the Treasury
only S7OoOOOGo all told at the end of the fiscal
year.
Mr. Gage said he knew Of no other method
for raising this money except by taxation or TIE
sale Of bonds Senator Turpe asked II he could
think OF no Other method He replied:
cannot think Of other me'hoi 70 Wnica
think it would be proper and sac FOR me STose,
10 borrow in any way you car make u acoep'a"e
TO both parties TO me contract
The Secretary refused to furnish an estimate
Of the expenses of the war aftet July /, because
he had no data from the War and Navy Depart
rnents. but ne gave the committee what he
called a guess" based the best information
ob,ainabIe placing the figure at S23.oo0Ooo
month in addition 20 the ordinary expenses
Mr. Gage expressed the opinion that It would
be Impossible n place as much as Sl""""""
Of the loan among individuals and In small
sums. Explaining his reason for TINS op'h'o'''
he said.
reorle " YOU u.eAse. in whose country th're sie
~ savings banks. In our country seyngs banks
a; a e"n4rai average rate ~ interest Of per cent
The money il available them at any moment ne
temptation and flnteres, invest In per cent
bonds and disturb their little BALANCES IN tne s"t
ings banks IL not very great: In trance '"e tmaa
vidual has his money. his little saVlnsS, Lu"rS
away ia A stocking sack or n pr. III
!, is in cash l. drawing no interest," gen 80.
and when the Government puts out lodn ~ ~ %
opportunity Our people have larger oppott -. 70
Thai ia The uriuc!pal reason Why thilh w
800 90 go win not be taken hy private Pe'S'"''
tn this abatement Senator Wolcott took ex-
oeption. saying:
The Secretary allows nothing for tne pa a, nd
desire Of the people support the IN get
take bonds AZ a less interest than lhey al" NIL
In a savings bank He assumes tney 40 "''''
would be governed entirely by seInshhess'
Secretary Gage-You ask my opinion as 10 W "ndi
prnnnr,ior Of hose bonds Will be taken D! nv III
viduas / don't think my opinion - " rnre hut
more Than that Of any other genteman o 'e do
looking an II as I would say. ny nhn aarfbscr,bed
MOI bnllcye the whole l0ocD0o VIII pe P, tcn
or offered FOR by individuals. may pe ''S'
| sincerely hope am
Senator wolco,tThen ~ 5noco1 shoI si6 ~ 90 ~
,srsd you ,hink mat much less than $780, go
woud BE- taIrr by individuals Is tna' 'oui W
Secretary Gage-f think the quahutE 10 n,,a n.
would not make very large difference IN ''' yuan
tity taken by individuals ,..r.s,
The Secretary recommended that the ih'eIe''
on the bonds 81. made payable every ''"'
months instear quarterly.