The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-06

In his annual report last December Sec
rotary Gage estimated deficit in the reve-
nues for the current fiscal year which ends
with June OF 100000. Exclusive of the
Spanish indemnity of s2O,OC0OOO and the &c.
COO set apart for the Cuban army, the de-
felt during the eleven months which ended
with May was $93. 900. 1t is not probabl
that the deficit for June will be so large as
to bring the total for the year up to $780,
C0o.0c0. This result is doubtless a surprise
to Secretary Gage, since in an article in a
current issue of the North American Review,
written probably in April, he says that
should no unforeseen events arise. the esti-
mate of December. s112OOO.OoO, may prove
looks DOW as If 1t was too high by about
sl2. OOO0C0
In the article alluded to Secretary Gage
bears testimony to the efficacy of the Ding
ley tariff to furnish the necessary funds to
meet the current expenses of the govern
ment. citing the SURPRISES of December, 1897
and February, 1898. to sustain his opinion.
He also notes the fact that the prospect of
war affected the public credit. Congress
acted promptly. but the return Of confidence
after the election of 1885, with improving
times, gave the treasury strength which
was shown in the breaking or the stopping
of the endless chain, which was a source
of great anxiety during the Cleveland admin
istration. The weakness of the treasury
that is. the small reserve of gold to redeem
its outstanding notes. offered when the end
ta;, t.
the business Of the country which paralyzes
industry and strangles enterprise. President
Clevelands Venezuelan message, which
raised possibility Of war with Gseat Brit
ain, very seriously affected the treasury by
causing a raid upon its small reserve of
gold and inflicting a serious blow upon the
slowly improving business of the country.
The general drift of the article of the Sec
rotary is calculated to lead Congress to
break the endless chain for good by provid-
ing that no greenbacks shall be reissued ex-
cept for gold.
1t Is never useful, but sometimes enter
tanning. to refer to the predictions of states
men who claim superior wisdom because they
are leading members of the House commit
tc- Ou appropriations 1T 10 the CuStOUn Oh
The chairman of that committee and the
leading member of the opposition to submit
statements to the country. Mr.. Dockery. of
Missouri, is an excellent, well-meaning man,
but any statesman is the victim of positive
limitations when he comes from Missouri,
one Of the wealthy Democratic States whose
treasury is always on the verge of bank
ruptcy. Upon Mr.. Dockery fell the duty
Of presenting to the country the hopeless
condition of the treasury. In that formal
deliverance in the House on March 4. 1899.
Mr.. Dockery declared that the deficit to
March 1 was s99,1O9554. and that it would
probably reach sl5s.joooOo by June 30, 1899.
He further declared that the deficit for the
year which will end June 80. 1900. will not
be less than 500 600 900 instead of the $50 OOO-
600 which Secretary Gage estimated. mas
much as the secretary is of opinion now that
there will be no deficit during the next
fiscal year, the Missouri statesman is $780,
O00OO0 In error