Oxford eagle. (Oxford, Lafayette Co., Miss.) 1876-current, 1908-11-19
MUST MEET DEFICIT
REPUBLICANS SAID TO cosrsw
PLATE ISSUE OF BONDS.
Empty Treasury. Of Course. viii Help
stsrdpssters. Now IN Control. In
Their Fight Against rarir
Revision.

Y Is said that a bond issue os $50.
o0o, 900 is contemplated IN the near fs-
ture. II is clear that more money 10
reeded with which TO meet tn. ordi.
nary expenses OF the government. the
usual receipts not being sufficient. The
treasury deficit now amounts to st5.-
ooO. 900. with eight months of the is
cal year still 10 run. The working
balance in the treasury Is under s30.-
oo.00o. which Is $40 900. 900 less than
the amount deemed safe. The Ocfo-
ber deficit was more than $40 .e00. 600.
and there Is no indication OF any i'm
provemeut So Il is altogether likely
that new bonds will have TO BE- sold
According to the New York Worlds
dispatch. these will be Panama bonds
Theoretically the New York paper
says. "the money will b. used In paw
ing for the construction Of that amar-
ingiy expensive waterway but
actually It will go into the general
Till and be used for general purposes ''
The World says.
The assertion will BE- made that
the proceeds will b. covered into the
treasury 10 replace the money taken
therefrom to paw canal construction
bills. The fact Is. and will be-. that
the issue Of bonds will BE- forced hy a
condition which compelled the issu-
ance Of So 0O0. 600 bonds by the Cieve-
land administration. which was one Of
the sins for which the Republicans Of
the country held the Democratic party
responsible On that occasion the
drains on the treasury ihduced BY the
extravagance Of the preceding Repub-
lican administration forced Cleveland
to issue bonds so than The gold reserve
OF the country could be kept good
This time II is not the gold reserve
that must be made good. II Is the gen
eral fund. for which the fourtimes as
extravagant Roosevelt administration
has been paying IFS bills. that Is near
ing completion. and must be replen-
ished by the issuance of reimburse
ment' bonds charged to the Panama
canal account
With the working balance down tc
s30,0oo.000. and still shrinking. and
with receipts falling behind disburse-
ments al the rate OF more tnan SO
O90. 900 a month because OF the wan.
ton extravagance Of the administra
tion. there Is. Of course. nothing for Il
but to sell more bonds.
OF course. all this is very directly
related 10 the subject Of tariff re
form II Is announced that though
some OF the Wall street traders are
worrying about tariff reform. most "
them are taking great comfort in the
fact that the condition oG the treas
ary will make It impossible TO make
much OF cut in the tariff duties. II
will. they hold. be impossible to do
any tariff reforming that will reduce
the income OF the government and so
they are cheerful The steel trust
insiders. We are informed. take this
view OF the situation. and they are
smiling broadly at the promises Of
tariff reform The method IL really
very simple. All that you have to
do Is to blow in your money, create
a deficit and sell bonds. and then 20 to
the people with the argument that
the tariff is not yielding sufficient rev
enue. and that. therefore. it will BE-
impossible to give any relief. or
course. such a condition does limit the
possibility OF transferring articles TO
the free list. Yet the case is not hope
less. provided there is any purpose TO
zeal with il honestly For the rev.
enue could be greatly increased by
lowering many duties which are now
practically prohibitory. and so yield
no revenue