The people's journal. (Pickens, S.C.) 1891-1903, 1902-01-30
THE SURPLUS IN TREASURY
The Republican Leaders Are Puz
zled What to do With 1t.

The Washington correspondent O,
the Philadtl ,'hia Record says that th,
problem of the surplus in The trcasur,
continues to be source of scrous Il IL
cusslon among the administration lead
crs in Congress-.
a ray OF hope that the surplus miuht
DC kept under control has been afford
CT by the range of receipts and cx.
pcndlturcs thus far this month. Re
cclpts have been about 81 900 900 less
than tor the same period last year,
and expenditures have hccn n trinc
more. This has contributed to reduce
the excess of receipts for the first is
days OF January from 81 800 ,i5I2 last
year to - SOB ,Oio this year.
| This change is too small to be nc
| ccptcd as yet as Il serious indication of
The exhibit for the remainder Of the
| II'cal year. 1t 10 believed, however.
ut the treasury that the surplus during
the remainder Of the year ending on
June 30 next will probably not be any
larger than Tor the same period Of
1901.
There has been an increase of the
surplus thus far during the fiscal year
from $22 ,5l7 PAT last year to S45 ,2ll,-
DAG this year. The reason for expect
my Il check to this increase is tho fact
that army and navy expenditures first
began to drop back toward their nor
NAL figures before the Spanish war al
the beginning Of last year.
These expenditures arc still much
larger than when the army contained
only ~ 900 men, but they are distinct
~ less than during the war and during
the many months when contracts rrow-
ing out OF the war were still being set
ilcd at the treasury. Military cxpcndi-
Iurc is approaching, although it has
MOI quite reached the normal basis of
peace establishment Of about IS 900
regular troops. There will not be,
tDcrcforr, the same decline in military
expenditures, during The next SIN
months, III comparison with the pre-
vlous year.
wlthstandiny these calculations.
tho surplus of receipts over ordinary
expenditures for the entire year prom
iscs to be 500 100000. This would
raise the available cash balance, which
stood on Saturday at SILL ,227 ,9l4, to
about $50 900, 900 at the close of the
fiscal year on June 30 next.
In what way to get lid of the sur
plus in the treasury continues to be a
problem which grows more difficult
with the absorption of the SURPLUS of
purchasablc bonds on the MAJ knt. Sec
rotary Gage has been rather fortunate
during the past week in taking up
bonds which the holders were ready TO
sell at the liberal premiums paid by the
treasury. The amount purchased this
month has been neal ~ -, 900 900, and
the disbursements have been n IuIl.
more.
The total OF bond purchases since
November mas, however, reached
only /! ,732 $50, Of which about SILL
600, 900 were purchased in November,
and the remaining amOuts have been
spread over seven weeks. The amount
gotten nd of in this way from the
treasury surplus has been &2l TIT, ,jIj.
The bonded debt has now fallen to
about &9lO, 900, 900, and shows il re-
dnclion Of about SlOG 900 since the
summer of 1899.
The subject of reducing The revenue
Will be taken up by the ways and
means committee rs soon as rccipr0c-
lly with Cuba has been disposed of
This will be some weeks or months in
the future, but the new Secretary Of
the Treasury will then be in Office anI
Will be able TO present his views to the
committee.
IL is anticipated that the taxes levied
by the War Revenue Act of lS9S will
be for the most part repealed, but there
may be some question in regard TO the
increase on beer and the import duty
levied on tea. \ reduction Of nearly
SlO,O0O 900 will be made in the an
nual revenue if a concession Of 80 per
cent is made on Cuban sugar entering
the United States, but this will con-
tribute only small fraction OF Tic de-
sired reduction in the revenue