Marble Hill press. (Marbel [sic] Hill, Mo.) 1881-1923, 1908-11-19
MUST MEET DEFICIT
REPUBLICANS SAID TO CONTEM
PLATE ISSUE OF BONDS.
Empty Treasury, of Course, WEI Help
Standpatters, Now in Control, in
Their Fight Against Tariff
Revision.


II is said that a bond issue of $50
100000 is contemplated in the near flu
ture. 1t is clear that more money is
needed with which to meet the ordi
nary expenses of the government, the
usual receipts not being sufficient. The
treasury deficit now amounts to Si5,-
100000, with eight months of the fis-
cal year still to run. The working
balance in the treasury is under $780,
100000, which is S20,O00,000 less than
the amount deemed safe. The Octo-
Der deficit was more than $4,000, 900.
and there is no indication of any i'm
prOvement So it 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 be used in pay
ing for the construction of that amaz-
ingly 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 be covered 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 which compelled the issu-
ance of S62 100000 bonds by the Cleve-
land administration, which was one of
the sins for which the Republicans of
the country held the Democratic party
I'm hot
drains on the treasury induced by the
extravaganza of the preceding Repub-
lican administration forced Cleveland
to issue bonds so thai the gold reserve
Of the country could be kept good
This time it is not the gold reserve
that must be made good 1t is the gen
aral fund for which the four-times-as-
GNtraYa giant Roosevelt administration
has been paying its bills, that is near
ing completion, and must be repIen-
tshed by the issuance of reimburse
| ment' bonds charged to the Panama
canal account"
With the working balance down tc
S30,000,000, and still shrinking. and
with receipts falling behind disburse-
mentS at the rate of more than So
ton extravaganza of the administra
ton, there is, of course. nothing for it
but to sell more bonds.
OF course, all this is very directly
| related to the subject of tariff re-
form. 1t is announced that though
some of the Wall street traders are
| worrying about tariff reform, most Of
| them are taking great comfort in the
| Tact that the condition of the treas
ury will make it impossible to make
much of cut in the tariff duties 1t
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 is really
very simple. All that you have to
| do is to blow in your money, create
deficit and sell bonds. and then go 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 Of
| course, such 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
| deal with it honestly. For the rev.
enue could be greatly increased by
lowering many duties which are now
practically prohibitory, and so yield
no revenue. A proper and scientific
reform of the tariff would greatly in
crease the revenues of the govern
| ment. With many Of these duties
| lowered. it would be quite possible to
enlarge the free list even under pres
| ent conditions.