The commercial. (Union City, Tenn.) 190?-193?, 1902-08-22
NEWS FROM WASHINGTON.

tion in 1904 is the serious cues
zion which officials of the admin
istration are asking themselves
and each other every day. As IS
we'll known, the deficit Tor the
month of July was 81 ,5o7, 876, but
it was confidently predicted that
there would be no deficit for Au-
oust for. it was said, July was
always a month in which unusual
expenses had to be met Bat the
foures for this month are not
more encouraging. For the hrSt
four days of the month the eX,
penses of the government exceeded
the receipts by S55,437.6 2, and
the officials Of the treasury admlt
that the deficits for each succeed
inc month are likely to show an
increase. Many of the expendl-
lures authorized by the recent
Congress are as yet hardly under
way, and when the contractors
vouchers begin to come in there IS
every likelihood that the discrep-
ancy between receipts and ex-
penses will be even greater.
While the enormous surplus OF
1913, 600, 900 may not be wiped out
during the current fiscal year,
continuous deficits will necessltate
the material reduction of the de-
posits in national 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 cheek
to the financial operations OF the
country will be followed by rap
id generalization of the markets
and that recovery will be impossl-
| bic until many of the trusts,
whose stock is composed very
largely Of water" have been
wiped out of existence. Such an
operation must be attended by a
serious panic and resultant "hard
times" and the effect on the hopes
of the administration would be
most disastrous. Whe the re-
ceipts and expenses Of the govern
ment for August and September
have been compiled it will be pos
sible to forecast the entire tsca
wear and then the President anc
Secretary Shaw will be able to SEE
! what will be the conditions agalns
6 which they will have to contend
= The greatest satisfaction is eX
= pressed by Democratic leaders IL
ashington over the policy whicI
Mr.. Ben Cable has adopted TO
the conduct of the fall campaign
|, Mr.. Cable says that only the hes
n men shall be selected for nomlna
l. ton for Congress on the Demo
, cratic ticket and he is determine
It that in every instance where merl
n can win it shall have the OpportU
IS nifty. Mr.. Cable appreciates tha
e the men who represent the Demo
a cratic party in the House durin
t. the Fifty eighth Congress Wi
II have much to do with the success
Sc of the party in 1904 and he fee
certain that if every Democr'
sent to Congress is peer anon
= his contemporaries on the oth'
$. side of the chamber the chances
"a success for the Democratic part
~ in 1904 will be more than double
e. A most interesting statemen
ne made recently by Commission
of Pensions Ware, is to the etfe
90 that during the last session OF 20
IL gress special pension bills we
~ passed which added 1000 nam
Va to the pension rolls and genel
49, legislation was enacted VIII
~ would eventually add 10, 600 nan
to the already long list of pensl6
ers. 1t has been the Custom
Ga pension commissioners, for nu
ne Der of years past, to amour
~ that each year had witnessed
he extreme limit in the number
ok pensioners and that the year /
40 lowing would see a reduction
h