New-York tribune., 1907-06-28
BIG TREASURY SURPLUS
TE4R'S G4IN, $50, 900, 900.
Treasurer Treat Erpects Some Re
cession, but Nothing Radical.
from The Tribune Bureau. !

Washington, June 27.-When the United States
Treasury closes its books for the fiscal year on
Saturday night the balance sheet will show an
accumulated surplus for the year just passed
amounting in round numbers to $4,000. 900 The
last fiscal year showed a surplus of $4,000 900.
while only a year earlier there was a deficit.
The United States Treasurer, Charles II. Treat
when asked to-day if the financial and industrial
situated indicated a corresponding increase for
the coming year, said that he looked for some
recession in business that there had been periods
in the past following periods of unusual activity
when business men had paused TO take in
ventOry and see where they stood, and that such
a pause due this year.
u do not think" he said, that there are indi-
cations which would justify the fear that labor
IS not going TO be adequately employed. thereby
reducing consumption and imperilling produc
tion q profitable scale. There is too much
10 be done. At present there is an attempt 10
exhaust every possible resource of the country
and to do il Immediately. Were a halt called
until the enterprises now under way stably
completed. there would be a benefit. We try
TO do more than is possible, and the fact that
we are not accomplishing all things does not by
any means indicate that We are in the path Of
radical recession. We must remember that this
apprehension of a recession is fortified by the
approach Of Presidential election. which is
always a moving force upon the activities of
business. As long ] see consumption
L
When Mr. Treat was asked if there was any
indication that there would be increase Of
the surplus in the coming year, he replied: AS
10 that inquiry. the first consideration is
whether the extent of business will be MAIN
tained warranting full employment Of laborers
skilled and unsklled. and the continuance of the
present rate Of wages. l have observed that
when employment is general and wages high,
imports necessarily increase. because the people
are able 10 buy. Aside from that. the employees
making enough n q la
more hberality in expenditures
Conditions to-day. while not al all menacing
somewhat cloudy. This is not because of
any lack of financial soundness and of a fair
profit 10 business men prosperity for the agri-
Culturist. but is due rather to a sentiment based
largely on the fact that are trying TO accom-
Ilish more business than have labor and
capital To perform with promptness and salts
faction. sentiment prevailed in 1903 that be
cause we had prospered so much there must be
something wrong. not that anything could be
seen. II was therefore whispered over the coun-
Try that We must hold up. that were going
too fast for safety. A balance sheet Of the bust
Less conditions OF the country was taken, and TO
the 2stonishment of every one business cOndi-
tions were not only sound but they justified 1
further expenditure OF money and energy. That
apparent in the tremendous acceleratiOn OF
business in ie05.
Furthermore the American. while practical
sort Of 4 man. is much Influenced by sentiment
II it is on the side OF pessimism. He has not
forgotten the old adage. Much wisdom is in the
word Beware The difference between the
American people doing all they can and as little
IS they can is of tremendous Importance. and
yet IN both instances conditions may be ffnan-
Cially sound. Once in q while the American
people like to round up and see how they come
out. and then start in afresh. 1t is possible
there may be q period Of recession. but 1t
not last long. because we keep busy and want
10 get credit for doing things. The American peo-
pie do not like postpone one Of the renarka bic
.l,.
business men always plan 10 do more business
the coming year than they ever did in the past.
They think if they cannot chronicle a constantly
increasing business 2 mcrobe must have got
into their business affairs, and no American is
satisfied when he thinks business is az ebb in
stead cf at food tide"