The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-03-20
SURPLUS Tn THE TREASURY
A Steady Growth Despite Heavy
Drafts for the Military.
The Thirty-six-MiIIion- Mark
Reached in Less Thnn Nine Months
The Figures Not Up to the Predic-
tiOns OF Secretary Gage, However.

Despite heavy drafts made necessary
by reason of large expenditures fer the
military establishment and for other pur-
poses the surplus funds in the United
States Treasury have grown steadily
since the beginning of the fiscal year on
july 1 last Early in the current fiscal
period Secretary Gage estimated that
the balance Of Government receipts over
expenditures would reach SS00o0.od0 by
June 30. 1901, but the payments growing
out OF the administration of the refund
ing act were larger than was expected,
and these and other expenditures near
the close of the last calendar year re
tarded the growth of the surplus Since
January l. however, the increase in sur
plus funds has been almost phenCme-
naIIy rapid until the Treasury balance
Yesterday reached the total Of $685.. Gt6
for less than nine months of the fiscal
year.
Had the increase been IS rapid during
the entire period as ii sas been during
the last nine months the surplus would
certainly have exceeded So, goo.o1o. and
the prediction OF $So,Go0, go9, made by
Secretary Gage for the whole year
would probably have been realized.
Since January 1 the surplus has grown
from Sl6. CO., $50 to more than $36.5eo,910
Only one item of extraordinary expendi-
ture is expected between this time and
the end Of the present fiscal year and
that item involves only $2,500,go0-
These favorable conditions have led to
some consideration of the policy Of buy
Ing bonds to cover into the sinking fur q,
and ii is not impossible that such a pur-
chase will be made by the Government
in the near future. Authority 70 do this
is vested in the Secretary of the Treasu-
~, and Mr. Gage has been studying the
financial situation for some time, pre-
pared to exercise his prerogative when
ever the condition of the surplus and
the probable expenditures OF the Govern
nent shall warrant such step
When asked yesterday for his views
relative 10 a purchase Of bonds Secre-
tary Gage said that no advance notice
would be given Of such action, and m
riuated that the Government would SIM
ply take advantage Of favorable mar
ket as a private buyer of bonds or stocks
would do The price Of bonds he said.
is too high at present, but more faVora-
bic market may appear later
Secretary CAGE added that he believed
the surplus would reach S50,@0~@ by June
90 next. If the relation of receipts to ex-
penditures should continue for the mex.
three months in the same relation as has
existed for the last quarter Of d year, he
said. the surplus would exceed So. 600 900
Al the end of the fiscal year Mr. Gage
called attention. however, 10 the fact that
the liquidation OF the Hawaiian debt VIII
be carried ont Immediately under the re-
cent act of Congress and sad that It
would cali for an outlay of yZ.3OJ,0tj IN
cash by this Government
There VIII also be a reduction prCba bly,
in the receipts from internal revenue to-
ward the close Of the fiscal year. This
viii arise from the fact that purchases
of internal revenue stamps, viii GiPeln-
| iSh toward the close Of the year, in view
! OF tie new Revenue law which viii go
| into effect July l. Mr.. Gage thinks there
! will he a natural ''pinching" process on
| the part of those who VIII not wish to
| buy stamps which viii be useless after the
| first day of July. This reduction ought
not to amount 10 more than S5.0Je 600, It
| is believed, and Mr.. Gage thinks the esti-
mate OF $50. 0J0. 600 surplus for the current
| fiscal year Will be realized.
The $3.50. 900 in cash TO pay of the Ha-
Waiian Indebtedness Will be shipped 10
| Honolulu within the next month 1t will
/ probably be sent in an army transport
! calling ar the Hawaiian capital on the
| way 10 Manila, or on a naval vessel The
| kind Of money 10 be sent has not beer de-
| termined, but ii is probable that a part OF
| il viii be in specie and a part in legal
| tender paper.