The Barre daily times. (Barre, Vt.) 1897-1959, 1908-11-02
Will be Charged to Isthmlan
Canal Construction
THE DEFICIT SINCE JUNE
Amounts to s44,o32,si2 = The Govern
ment Has siIo,s3s,2s7 in Bank,
But That Is Required for
Commerce.

Washington, Nov. 2.--An isue of $780,
100000 two per cent. bonds VIII he put
on the market shortly after election to
put the United States treasury in a more
satisfactory condition. More money is
needed for the payment Of the ordinary
expenses Of the government than is be.
ing taken in at the custom houses and
the internal revenue tax collectors Of.
fees.
The issue viii be Of Panama canal
bonds. Theoretically the money will be
used in paying for the construction Of
that amazingly expensive waterway.
Actually 1t win go into the general till
and be used for general purposes.
Reimbursement of the treasury for
expenditures on account Of the Panama
canal" will be the form Of the announce
mcnt when Secretary Cortelyou adYer-
tises that subscriptions for the issue
will be received at the treasury depart
ment The assertion will be made that
the proceeds will be converted into the
treasury to replace the money taken
therefrom TO pay canal construction
bills.
The fact is and will be that the issue
Of bonds will be forced by a condition
similar to that which compelled the is.
suance of S62 100000 bonds by the
Cleveland 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 induced by the eXtraya-
gance of the preceding Republican adj
ministration forced Cleveland TO issue
bonds so that the gold reserve of the
country could be kept good.
This time ii is not the gold reserve
that must be madeg God. 1t is the gen
ersl fund, from which the four times as
extravagant Roosevelt administration
has been paying its bills, that is nearing
depletion and must be replenished by the
issuance Of Reimbursement" bonds TO be
charged to the Panama canal account.
The working balance in the treasury
to-day stands at less than S30,000000
the exact figure being S2a,729l l0l5.
That is S2I 100000 less than the sum
considered desirable.
The disparity between income and
outgo during the month that came TO
an end Saturday amounted to Sl0,670..
275. The total for the fiscal year which
began on July is s44,032,sl2, 50 Octo.
Der, so far as the total Of its disparity
is concerned, il a little below rather
than above the average for the four
months.
The gap between income and outgo for
the last sixteen months now amounts to
5000 900. and there is no indication !
of let up in the drain upon the enor-
nous surplus with which the admins
tration was burdened soon after it came |
into office.
The issue of canal bonds is deemed |
notwithstanding the fact that
there is in the national bank repositories |
the sum of Sll0,533, 2s7 to the credit of |
Treasurer Treat The most Of that mon.
sy has got to be left there so the banks |
ran carry on the business which the cam
paign orators have been saying will be
lone as soon as the country knows that
Taft has been elected. Some of it will /
DO called into the treasury, but the chief
of the general fund will
,ome from the canal bond issue which
Mr. Cortelyou will be able to announce
n time to add to the Christmas cheer.