The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-06-20
TOO MUCH COIN
IN STRONG BOX
OF THE NATION
Surplus for Present FiS-
cal Year Amounts to
$80,000,0 600.
Prospects Are for In
crease Rather Than De-
crease in Future.

Nobody connected with the Govern
ments fiscal business Is able 10 find q
figure of speech strong and graphic
enough 10 portray adequately the i'm
mense flood OF revenue that pours with
ever-increasing stream into the Fed
eral Treasury. The close OF the fiscal
year Is but a few days ahead. X will
find a surplus Of about $S0,OO0OOo. despite
the fact that the Government is paying
the cost Of the Panama canal out Of
current receipts-a little matter OF about
$25,OOO.OOO a year.
TWO short years ago there was a def
lett There was talk that it was dam
gerous. Something must be done. Then
the tide turned, receipts went larger and
larger month by month, and despite
two biilion-dollar session Of Congress
since, the surplus is beyond all man
agement
What to Do With Money.
The problem Of what to do with the
money is certain to be a serious one
for a long time. unless business depres-
sion changes very notably the course Of
things. Tariff revision might be made
TO reduce the revenues considerably, but
chances are that IL would be conducted
on the theory OF making the revenues
maintain about the same total. Sugars
duty could be Topped on and the surplus
wiped out; but that would never be per
mltteo Dy either the refiners or the beet
sugar Interests, so II need not be given
serious thought As to a long list Of
thines on which present duties are now
pronlbluve, such reduction as would
MAKE possible the importation Of them
would Increase revenues.
Ana further than this, the problem OF
surplus is likely TO be accentuated By
the fact that the big reform legislation
Whlcn IS certain soon or late 10 pass
some or II sOon-invOlves adding more 70
the stream OF gold leading into the
treasury. The President wants inher-
ttance and income taxes He is likely
TO get both OF them; perhaps not vet.
out soon They would pour more uill-
ions' tens Of millions. into the Treasury.
Big Task to Care for Coin.
A surplus of $4,000 600 could easily be-
come one Of $50. 100000 a year. Already
the problem Of handling the money, dis
tributins it among the national banks,
inspecting securities offered for it, max
ing certain that the political influences
which are kept always at work IN the
interest Of influential institutions are
not too gravely oftended-aH this IS a
huge task which threatens 10 be far
greater and more responsible. It Is
simply the task OF caring for the riches
that Uncle Sam has at hand in excess
OF all the needs OF the most expensive
and the most extravagant Government
on earth.
Where viii the next extravaganza
/ break out IN the effort TO spend the
money? The last public building bill
was the biggest budget Of it's kind ever
put out together; likewise the last river
and harbor bill. The proposal to improve
on an immense scale the Mississippi anG
Ohio rivers and to connect them with
the Great Lakes might absorb a few
hundred millions, but II would be scat
tered over long series Of years and
would not relieve the situation very
satisfactOrily-eVen assuming that Con-
gress would be liberal with il.
More Money Than Can Be Used.
No other country in the world has
such u problem on its hands Great
Britain last year turned up with a
handsome surplus, but some OF it was
applied 10 reducing the public debt, and
some of the taxes were reduced. This
country can't go 10 paying its public
debt, because if IL did there would be
no bonds or which TO base hank circu-
latiOn. and the currency system wOuld
be out Of joint. 1t can't reduce the
tariff taxes because these are presumed
to be adjusted with reference TO pro-
tecticn. and one readtustment in ten or
fifteen years IS all the country seems
willing 10 think Of Literally, Uncle
Sam is the one country In all the world
in all history, with more money than
can be used