New-York tribune., 1904-09-24
STILL DTgsoRTTNG THE FACTS.

The Hon. Henry G. Davis has taken the
stump in West Virginia and is filling the val
ieys OF that rugged mountain commonwealth
with ringing echoes Of his mastery White Sui
phur Springs acceptance speech. In that orig
insl and stirring performance the Democratic
candidate for Eice-President successfully avoid
ed al the issues, major and minor" of the
present canvass. He had no word TO say on
etarif taxation" or on 1.-The attitude OF the two
Presidential candidates toward law"-the Ques-
lions Of paramount interest in this contest, as
we are told by leading Democratic authorities.
With equally placid benevolence he ignored
imperialism" and the trusts-''minor" but still
Eore or less VITAL present day issues. No;
the West Virginia statesman had unearthed an
issue all his own. His dreams were haunted
by the spectre OF Republican extravagance,'
and on his thrilling and spectacular exposure
Of the 'DroAigacy" Of Republican administra-
fion he confidently based bis appeal for the
election OF the Democratic national ticket
We showed az the time OF the notification
ceremony at White Sulphur Springs the utter
disingennousness and unfairness Of AIr. Davis's
argument. But the venerable Democratic can
didate seems 70 think that his misleading and
unjusfihable charges, IL repeated often enough.
may find a Judgement IN the minds Of unsus-
pecrng West Virginia voters He said again at
Wheeling on Thursday in what is described as
"a great campaign speech, greeted with rons-
Ing enthusiasm:
For the last fiscal year there was a deficit I'm
the revenues OF s4lOo00O0. According
20 the Treasury statement recently issued, the
public 6ebt increased for the month OF August
over S6.oo0e00 For the two months OF the
,enber 1.-The deficit is between S2400eOoO and
S25. 100000, which is al the rate of about S140.
100000 for the year.
There is only one measurably accurate i'm
preston TO be obtained from this statement.
in computing the Treasury deficit for July and
August, 1904. 8Ir. Davis makes an Overcount
Of only about Sl,0c0cOO The real deficit was
S23 ia. 900. But the intimations sought 10 be
conveyed, that there was an excess last year Of
ordinary expenditures over ordinary receipts
Of S4i.0O00o0 and that the excess this year
of ordinary expenditures over ordinary receipts
win reach s1zOO0o000. are both unwarranted
and both discreditable 70 the intelligence and
good faith OF the man who makes them. AS
has been a hundred times pointed out. the
deficit of S4l.0OO000 for the fiscal year 10000
was caused simply and solely by the extraor-
dinary expenditure incurred in purchasing the
Pansma Canal strip and the Panama Canal
plant. The sum thus invested oOO0O OOO-
cannot be legitimately counted as a current
disbursement. Except for that S50OO0OOO the
Treasury's operations for 10000 would have
shown surplus OF 100000 Yet TO admit
a normal surplus OF 100000 last year would
leave nothing Of Mr.. Davls's "prohlgacy" ar
gument
II IS equally mistaken and misleading 10 Inn
ply, Il not 20 prophesy, that the deficit for the
fscaj gear 190s-'05 win reach Sl4OouOooO. To
multiply the deficit Of one month by twelve or
Of two months by six, IN order 10 find the deficit
for the year. is a Sclly Of which no serious stu
dent OF Treasury operations could be capable
The deficit for July was sl73906I2, indicat-
Ing by the Davis arithmetleal method a deficit
Tor the fall year OF about s2l0oo0,oo0. The
deficit for july and August together was s23.-
'IS,2,eo indicating deficit for the full year OF
hoou' Si44.v'oVo- The deficit for July. Au-
gust and September. up 10 September % is
cnly SCI 49, indicating deficit FOR ,ba