The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-02-10
MORE BONDS.
Mr.. Cannon, Chairman of House
Appropriation Committee,
Points Out the Probability of
a Future Issue.
FIGURES OUT DEFICIT
For the Current Year of $780,
100000.
Exclusive of the $2O,OOO,OOO
to Be Paid to Spain.
Sees No Possible Show for the
Nicaragua Canal.

washington, Feb. 10-Chairman Can
non of the appropriations committee of
the house, in the course of the general
debate on the Sundry civil bill, sounded
a note of warning against extravagant
appropriations and practically served
notice that neither the ship subsidy bill
nor the Nicaragua canal bill could be
passed at this session. Although he
specifically disclaimed speaking for any
one but himself, the statement 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
rotary Cages estimate of the deficiency
in the revenues from $112 900, 900 to $159,-
900, goo, exclusive of the $20,OOO,OO0 to be
paid to Spain under the provisions of
the treaty of Paris.
Mr.. Grosvenor (O.) Mr.. Hepburn Oa.)
and Mr.. w. A. Smith (Mich), although
they did not enter into any lengthy dis
cussion, took issue with Mr.. Cannon;
but he maintained that our revenues
might be sufficient to meet our eXpendl-
lures for the next two years if no new
lines OF expenditure were entered upon.
But he indicated that 1t would be
close margin and that new expeditions
might mean a bond issue. Mr.. Can
mons speech was in every way a nota-
BILE one and doubtless will furnish the
the remainder of the session.
The secretary of the treasury in Octo-
Der last, Mr.. Cannon said, had estimated
the deficiency of the revenues for the
SIP, 900 900, a monthly average of
SO, 333, 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 ac-
tual deficiency up to February l, 1899,
was 1913, ISL, 00O an average OF $l3,3OlOOO
per month. At this rate the deficiency
for the fiscal year would be 1888 900, 900
But this would not include the $2O,0O0,OO0
provided by the bill to carry out the
provisions of the Paris treaty. The cash
balance in the treasury on February 1,
including the 500, O00,0 900 gold reserve,
was $274 900, 900. Two hundred millions
of that had been put in 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 1, $20S, 900, 00O This was
conservative estimate. There would be,
therefore, sos, 600, 900 to meetf the or
binary expenses of the government on
that date. These figures, he continued,
took no account of the sinking fund.
To care for it would require $53, 100000
additional.
AS Mr.. Cannon proceeded the most in
tense interest was manifested in his
statement. The secretary of the treas
ury estimated the expenditures for the
next fiscal year, exclusive OF the sink
ing fund, he said, at $641, 100000 and the
revenues at $3.50, OOO, 900, or deficiency
of $31, 900, 000
Yet, Mr. Cannon, continued, Secretary
Gage could not possibly have foreseen
in his estimates for 1900 the changed
conditions which followed the negotia-
ton of the peace treaty, the expend1-
lures which naturally follow our occu-
patton of the Philippines and the Obli-
cations which we assumed in the peace
treaty to discharge the claims against
Spain, which claims, he understood, al
ready reached $25, 900, 000 Neither did
the secretary's estimate, he said, take
into consideration the increase in the
navy. 1t estimated only for the ordin-
airy maintenance of the navy. But the
naval committee would report in its bill
provision for from twelve to fifteen
battleships and cruisers. He did not
complain. 1t was a logical sequence.
The army must be increased; it was,
therefore, the part of wisdom and COM
mon prudence to fully realize the con-
dition which confronted US. With these
enormous expenditures upon US, Mr..
Cannon said we must plant our foot
steps with care and see that no dollar
goes out of the treasury except for eff
ficient public service.