Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1902-08-15
A DEFICIT IN VIEW.
1T MAY HAVE A OEMORAllZINC
EFFECT

~ MAT 6AVE OEMOHAItZINC
EFFECT
Upon General Finances 1t May Necessitats
Reduction of Deposits in the National Banks.
Limiting the Loanable Funds - insincerity
of Republicans on the Tariff Issue - Gable
on Democratic Prospects-The Pension List
Still on the Increase - Naval Department
Traditions Stand in the Way Of Efficient
Service.
(From our regular correspondent
WASHINGTON, Aug. 7, 1902.
Will Mr.. Roosevelt be called upon
to face deficit in the treasury before
he stands for reelection in 1904? is
the serious question which officials of
the Administration are asking them
selves and each other, every day. As
is we'll known, the deficit for the
month of July was $780,, S76, but it
was confidently predicted that there
would be no deficit for August, for, it
was said, July was always q month in
which unusual expenses had to be
met. But the figures for this month
are not more encouraging. For the
first four days of the month the ex-
penses of the government exceeded the
receipts by $55, 437.6 and the officials
of the treasury admit that the deficits
for each succeeding month are likely
to show an increase. Many of the ex-
penditures authorized by the recent
Congress are, as yet hardly under way,
and when the contractors' vouchers
begin to come in there is every likeli-
hood that the discrepancy between
receipts and expenses will be even
greater. While the enormous surplus
of 1893 900, 900 may not be wiped out
during the current fiscal year, contin-
uous deficits will necessiate the mater
ial reduction of the deposits in ma.
tional banks, reducing the loanable
funds OF those banks and affecting
general business most seriously. There
are now numerous business men to be
found who predict that any serious
check to the financial operations OF
the country will be followed by q rapid
Generalization of the markets and
that recovery will be impossible until
many OF the trusts, whose stock is
composed very largely of "water,"
have been wiped out of existence.
Such an operation must be attend ed
by serious panic and resultant hard
times" and the effect on the hopes of
the administration would be most dis
astrous. When the receipts and ex.
penses of the government Tor August
and September have been compiled it
will be possible to forecast the entire
fiscal year and then the President and
Secretary Shaw will be able to see wins:
will BE- the conditions against which
they will have to contend.
No better evidence of the insincerity
of Republican protestations OF an in
tention of reforming the tariff and
curtailing the power OF the trusts could
be desired than is afforded by the Re-
publican Text Book. Although over
eighty pages are devoted to the subject
OF protection, not one word is said on
the subject of revision OF the present
schedules. On the other hand, every
effort is made 10 convince the voter
that protection 10 essential to prosper.
ity and that the higher tho protection
the greater will be the prosperity. No
space 10 devoted to the subject of reci-
procity and tho last speech Of Mr.. Nc
Kinley is rigidly excluded. The doc.
trinee he enunciated at Buffalo have
not proved agreeable 10 the trust mag
mates, the beneficiaries of the protec.
tive policy and other supporters of the
Republican party and it would not do
to include in the Text Book any thing
Offensive to those influential promot.
ers of Republican interests. Repre-
sentative Babcock is the author of the
Text Book, but no word is to be found
therein in support of the principles h
90 freely proclaimed early in the last
session OF Congress. to the effect that
it was criminal to maintain in the
tariff schedules on goods which were
being sold to the foreigner for IS to 40
per cent. less than 10 the American
consumer. It will be remembered that
Mr.. Babcock's constituents adopted a
resolution approving his utterances on
the tariff question, but doubtless
Chairman Babcock's intercourse with
Eastern capitalists has convinced him
of tho error of his former Views. If
his Wisconsin constituents have been
convinced 90 suddenly, no word to that
effect has reached Washington.
The greatest satisfaction is EXPIRE ssed
by Democratic leaders in WASH nj ton
over the policy which Mr.. Ben Gable
has adopted for the conduct OF the
fall campaign. Mr.. Cable says that
only the best men shall be selected
for nomination for Congress on the
Democratic ticket and be 10 deter.
mined that in every instance where
merit can win it shall have the oppor.
tunity. Mr.. Cable appreciates that
the men who represent the Democrat
party in the House during the Fifty.
Eighth Congress will have much to do
with the success of the party in 1904
and he feels certain that if every DEM
ocrat sent TO Congress is peer among
his contemporaries on the other side
OF the chamber the chances of success
Tor the Democratic party in 1904 will
be more than doubled.
A most interesting statement. made
recently by Commissioner of Pensions
Ware is to the effect that during the
last session Of Congress special pension
bills were passed which added 1000
names 10 the pension rolls and general
legislation was enacted which would
eventually add 10000 names to the
already long list Of pensioners. 1t has
been tho custom OF pension commits.
sioners, for . number of years past, to
announce that each year had Witnessed
the extreme limit in the number of
pensioners and that the year following
would see = reduction in the list.
Such, however, has not been the case.
AZ the number became reduced by