New-York tribune., 1909-03-15
BOND ISSUE UNLIKELY
TREASURY NOT EMPTY.
Erperts Sec Signs Of Returning
RcTenaeS.
rrrorn Tha Tribune Bsreau )

-z-,.bi-g-o-, March 1.-THE United States Treas
,ry is by no means IN such dire financial straits
as has been represented. and there = not the
slirFres- likelihood that Secretary Of the Treas
~, z re forced 10 issue bonds the near future
such assertions as 1has the government IS as badly
OF as when President Cleveland vas forced 10
issue bonds are wholly unwarranted. This does not
mean however that there NAV not he another issue
% Panama bonds TO meet the drain on The treas
my which the carrying out Of that great projec1
involves Alreacy the Treasury has paid out for
fhs construction Of the canal far more than Con
gress originally believed possible without the issue
Of more bonds and under the existing authorize r
rior S46 6eaeso worth Of bonds can be issued II
necessary 70 reimburse the government IN part Ioi
the outlay for the canal
L IS more probable. however that the secretary
or the Treasury will il confronted with TOO large
deficit issue Der cent Treasury certificates, such
IS were issued 70 the amount of N5.Gncco during
the late panic. They are regarded as ready and
safe means cf raising funds tide over an enner-
gency. for under the Law which authorizes them
1hev must he retired within one year That means
Of course that their Use involves no permanent IN
crease % the public debt.
There are however some encouraging signs oo-
served by the treasury experts For instance. al
though the daily expenditures o' the government
exceeded the receipts by about San"po for cne'
that seems now 70 he passed and the daily ceficit
has beer reduced to seo0o0 and since the first OF
: this month 10 a considerably less amount There
has been falling of Of importation, but appar-
entity the surplus stocks are about used UP, as Is
shown ny the taking Of goods from the bonded
warehouses which is steadily increasing There are
sttl large stocks in these warehouses in al parts
of the country. and they are drawn out tne
treasury receipts will necessarily increase. While
this is also believed indicate that importation in
many lines viii necessarily be resumed In the I'M
mediate future
The revenues have not only shown decided IN
crease during the last six weeks they have even
exceeded the estimates Of the skilled experts It is
true that the treasury has fallen nearly sSoon"o
behind year. but Il is also true that the work
ing ha lance in the treasury is now up 10 s5'eHVo
and the treasury officials feel SO comfortable with
this that thew have not taken steps 10 call in
any mart Of the reserves IN the national repositories
which would he the first Of many which Il has oeeh
suggested they would have To resort To-
II is worthy o that the decreased national
receipts are not by any means due solely Ia de-
creased Importation The widespread prohibition
movement has seriously cUrtailed the internal reVe-
nue. receipts and there is no reason 10 expect thaI
thfs loss Of revenue be recovered by any means
excert an increased tax beer and spirits. which
of course can only the result Of legislative en-
sctr7enr- The indications that the prohibition
movement will advance rather than recede, and the
treasury officials entertaining TO deusions re-
sarding increased receipts from internal revenue
taxation.