Middlebury register. (Middlebury, Vt.) 1886-1937, 1899-02-17
Figures to Give Us Pause.

Under above title the Springfield
(Mass.) Republican says editorially:
Mr.. Cannon of the house appropria-
tons committee gave some figures yes
terday which should give pause to the
present mad rush of the government at
Washington. He maintained that Secre
tary Cages deficit estimates had been
entirely too low. Instead of a deficit of
SIP, 900 600 for the fiscal year ending
June 30 next, Mr.. Cannon showed that
at the present rate of expenditure over
receipts a deficit of $3.50, 100000 was as
sured. But this larger estimate makes
no account of the $4,000 900 to be paid
to Spain for the Philippines. which will
increase the deficit to $40, 100000.
The present available cash balance in
the federal treasury amounts to S274,-
000,00 and the deficit for the fiscal year
up to this month amounts to something
over S93, 100000. 1t follows, conse-
quently, that at the same rate of deficit
the cash balance will be drawn down to
$20S, 100000 by July l. and with the
payment of the S20,000,000 to Spain it
will be drawn down 10 SlSS, 100000
or SSS. 000, 900 above the minimum gold
reserve.
Thus we would enter the fiscal year of
1900 with an available cash reserve of
only SIS, 900, 900, and what then? Secre-
tary Gage estimated a deficit for that
year of $50 600. 900. But Mr.. Cannon
points out that this makes no account of
certain Spanish obligations assumed by
treaty for the United States. already in
volving $4,000 900. 1t makes no ac-
count of the increase in the navy which
has been agreed upon. 1t makes no ac-
count of the large expenditure involved
N "a hsi
which is being pressed by the admins
tratiOn. 1t makes no account of any
appropriation for the Nicaragua canal.
And as it is proving that the secretary
greatly under estimated current eXpend-
itures, not having fully comprehended
the great costs of subduing and holding
distant empire, 1t is quite probable that
he underestimate the deficit for the
next fiscal year, arising outside of the
items mentioned by Mr.. Cannon. But
taking these items into consideration.
the fiscal outlook becomes anything but
reassuring.
The members of the house evidently
recognized as much. The plain, matter
offact statement of Mr.. Cannon produc-
ed a sensation. 1t showed that even if
the ship-bounty bill and the Nicaragua
canal bill were set aside entirely the ma
ton is already committed to eXpendi-
lures which. in the absence of further
revenue legislation, would within the
next fiscal year draw the treasury bal
ance close down to the minimum gold
reserve, or to lower level than has
been touched since the dark days of the
gold raids under the last administration.
And if the subsidy and canal schemes
are pressed, nothing could be more GER
tain than the serious impairment Of the
minimum gold reserve, the shaking of
the popular confidence In the stability of
the gold standard and the tottering of
the nation once more upon the edge of a
descent to the silver and paper basis.
If anybody doubts that the powers at
Washington have been losing their heads |
and blinded by ambition and greed of
empire to the hard realities of the finan-
cial side of this business. let him consider
Mr.. CannOn's statement and note the |
effect which it produced upon the house.
The nation along with its government
may be deaf to all moral, social and |
political considerations OF the imperial |
departure, but it cannot dodge its finan- |
cial consequences. These must newt
ably be faced.