The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-10
MIR. cANNoN,s STATEMENT.
Huge Deficit Predicted by the Appro-
printions Committee Chairman.

Huge Deficit Predicted by the Appro-
printiOns Committee Chairman.
WASHINGTON, Feb. 9.-Chairman Cam
non. of the appropriations committee of the
House, in the course of the general debate
on the sundry civil bin to-day, sounded
note of warning against extravagant appro-
priations and practically served notice that
neither the ship subsidy bill nor the Mica
ragua canal bill could be passed at this ses-
sion. Although he specifically disclaimed
speaking for any one but himself, the state
ments he made, coming from the chairman
of the appropriations committee, caused
great interest. Mr.. Cannon made a general
statement Of the revenues and expenditures
for the present fiscal year, increasing Sec
retary Cages estimate of the deficiency in
the revenues from $112,OOO.OOO to $l59, 900,
exclusive of the $20,0OOOO0 to be paid to
Spain under the provisions of the treaty of
Paris. Mr.. Grosvenor, of Ohio, Mr.. Hep
burn, of Iowa, and Mr.. w. A. Smith. of
Michigan, although they did not enter into
any lengthy discussion, took issue with Mr..
Cannon, but he maintained that our reve-
nues might be sufficient to meet our ex-
penditures for the next two years If no
new lines Of expenditure were entered upon
But he indicated that it would be a close
mean a bond issue. Mr.. Cannon's speech
was in every way a notable and doubt
less will furnish the text for a good deal
of discussion during the remainder of the
session. The general debate on the sundry
civil bill was not concluded to-day.
In explaining the provisions of the bill
Mr.. Cannon said it carries $50. .92S, ,1O1, but
S20, 10000 is for payment to Spain to carry
out the provisions of the Paris treaty Ex-
elusive of that the bill carries $S,O95. 75S less
than the estimates and So 929, ,3l1 less than
the current law.
CONDITION OF THE REVENUES.
In connection with the bill Mr. Cannon
made general statement as to the condi-
tion of the revenues. The secretary of the
treasury in October last, Mr.. Cannon said,
had estimated the deficiency of the reve-
nues for the fiscal year ending July l, 1893,
to be s112l000,0O0 or a monthly average of
50, 3SS 600. In his judgment, in the light Of the
receipts and expenditures for the first seven
months thus estimated. the deficiency was
much too low The actual deficiency up TO
Feb. !, 1883, was $50, Isl 900. an average of
$lS. .3O7!O 900 per month. At this rate the de-
fciency for the fiscal year would be SI59,-
Oo0.OG0. But this would not include the $2O,-
10000 provided by the bill to carry out the
provisions of the Paris treaty, The cash ball
ance in the treasury Feb. l. including the
t100.0000o0 gold reserve, was $214.0O0DOO. Two
hundred millions of that had been put into
the revenues by the war loan. Deducting
the monthly estimated deficiency for the
next five months there would. he said be
IN the treasury July l, sos, 000e00. This was
a conservative estimate. There would be,
therefore, $l0S, 10000 TO meet the ordinary
expense Of the government on that date
These figures, he continued. took no account
OF the sinking fund TO care for It would
require $530o0.0o0 additional
As Mr.. Cannon proceeded, the most in
tense interest was manifested in his state