The herald., 1898-04-28
x-RAYs ON THE TREASURY

The popular conceit that figures do
mot lie," is subject to qualification. In
the hands of skillful manipulators they
can be made to deceive and mislead and
betray. There is apparently no limit to
their utility in serving the purposes of
political jugglers, when partisan ext
Eency demands their employment. OF
this fact we have had some conspicuous
examples since the Republican party was
returned to power. An emergency con-
gress was speedily summoned to pass n
tariff bill that should provide adequate
revenues for the ordinary expenses of
government. 1t promptly did the work
demanded Of it, and the country was as
eured that once the new law began to be
effective there would be an abundance
of revenue, sufficient, indeed, to quickly
change the monthly deficit to surplus
Three quarters of the year since the
law went into effect have passed without
bringing about the promised result. The
excess of ordinary expenditures over or
dinary receipts for the twelve months
will not fall short of fifty millions of dol
lars. This without reference to- war ex-
penses-this even though war had
never been so much as mooted.
The large cash balance in the treasury
has frequently been pointed to by Repub-
lican leaders and newspapers, as If it
were the legitimate fruit of the alleged
economic policies of the administration
g fo ~
the treasury consisted in the main of
funds borrowed on interest-bearing
bonds issued by the Cleveland admins
tration, augmented by cash received
from the sale of the Pacific railroads. But
for the' presence in the vaults of the sur
plus thus secured, the present admins
tration would ere this have been forced
to resort to bond issue to maintain the
gold reserve and meet the deficit in the
ordinary expenses of the government.
Notwithstanding these facrs-and they
are facts which any doubling person
may easily verify-the chairman of the
house committee of. ways and means, in
introducing the fifty million dollar de-
fense bill, last month, grandiloquently
boasted that the money to meet the ex
traordinary draft was in the treasury
at the time, adding that this was the
only government upon the face of the
earth that could hand over to its chief
magistrate such princely sum of money
and still not exhaust its holdings.
This same individual, in report ac-
,x.;p l.
duced in the house yesterday, made the
surprising statement that at the time the
defense bill was passed the available cash
balance in the treasury was but $65 000-
900. instead of 1925, 900, 900, as he had but
a month before endeavored to lead the
people to believe. This balance" he
now comedies, "was only apparent" and
he explains that after deducting the
$4,000 1000 redemption fund, there was
left $125 900, but the larger portion of
this was able-$13 900, 900 consisted
Of fractional silver, largely uncurrent,
and minor coins; $14,000000 consisted of
receipts from the sale of the Pacific rail-
roads. which the law provides shall
be held for the redemption of railroad
bonds maturing next January, and for
which the United States is guarantor;
and; $33 900 900, 900 is held for the redemp-
ton of the notes of failed national banks
and surrendered circulation of nationa
banks. Deducting these amounts, and
the available cash balance was reduced
70 $65,OOO,OOO. Setting aside $40 ZOO, 900 for
working balance, the sum deemed nec-