The Wilmington daily Republican., 1901-10-10
TOO MUCH MONEY
Government Treasury Over.
burdened With Surplus.
SEVERAL REMEDIES ARE PROPOSED.
Over $3.50, 900, 900 In the Treasury.
and an Annual Surplus OF S7O,OOO,-
900 Seems PrObable-WOrk
For the Next Congress.

For the Next Congress.
WASHINGTON, Oct. 1O.-with a
stock of gold in excess of $3.50, O,0OO, 900
In the treasury, inclusive Of the re-
demption fund of Sl5O,0O0,000, and
steadily increasing, with the surplus ac.
cumulating at rate that promises just
now to show an excess of receipts over
expenditures for the year Of possibly
more than $70,O00,00O, Notwithstanding
the reduction of internal revenue taxes
effected last winter, and with nearly
$1O9O0O,00O of money side tracked into
government repositories to keep 1t from
getting out of the reach of business
men who need 1t, members Of congress
who will have the responsibility of ap-
plying remedy or remedies are dis
cussing the outlook with interest.
Opinions differ as to the advisabilty
of abollshing all the war taxes imposed
in 1888 A river and harbor bill Of con-
siderable proportions will take up some
Of the surplus, but not of this year. A
canal across the isthmus will be eXpen
sive, but 1t is admitted that it will not
be very heavy expense at once. The
concern of the treasury is to have some
plan put in operation by congress that
will release to the country the excessive
accumulations that from time to time
embarrass the business world.
Secretary Gage has done what he
could to keep down the surplus by pur
chasing bonds and by dverting from
the treasury funds that otherwise
would have gone there, but these expe-
dients do not fully answer the needs
of the country In the way Of making
money accessible to the uses of COM
mercc. Until congress meets there will
be no other ways than these he has al
ready tried to accomplish the desired
object. Representative Fowler of New
Jersey, who will be chairman, perhaps,
of the banking committee of the house,
is credited with the determination to
offer a plan to get rid Of Il block of
grecnbacks. He would either cancel
without replacing the notes with any
other class of money. or he would take
from the available cash about 500, ,0OO,-
600 in gold, which he believes could be
spared, place that amount in the re-
serve fund of the treasury, and then
as a like amount of United States notes
came in, cancel them and issue gold
certificates against the additional gold
placed in the reserve fund. The re-
serve fund is now $50. 100000, and the
addition of $1OO.0O0,OoO to the fund
would put the figure at s25O,00O,00O.
Mr.. FowiNr and other advocates Of
the retirement of greenbacks would
follow this policy until the treasury
contained nothing but gold or It's repre-
sentative in the treasury. removing the
danger of the burden Of demand Obli-
cations that confronts the country in
case Of panics.
Another plan, which Senator Cullom
heartily approves, is to reduce taxation
without interfering with the tar III.
This, of course, restricts the reductl lbn
to internal taxes. The senator fear$ a
large surplus as temptation to reg;Fd
large sums of money indifferently ahd
as calculated to cultivate tendencytto
dishonesty in expenditures. r