Democratic Sentinel, Volume 16, Number 34, Rensselaer, Jasper County, 9 September 1892 — A Depleted Treasury. [ARTICLE]

A Depleted Treasury.

At the -clone of President administration the surplus in the treas-! ury, exclusive of the jfold reserve, waa $h:1,837,19<i.29. On the tat of July, 181 K), 1 the appropriations of tho “billion-dol-Iw” congress became available, and the treasury surplus lyegan to dissipate and disappear. Then the surplus in the treasury, exclusive of the $100,000,000, gold reserve, was $89,993,104.20, On July 1,1892, that surplus had been reduce-! to $20,892,377.03, of which $14,-eB-J,207'.54 was unavailable for the reduc-' tion of the public debt, consisting as it did of uncurrent subsidiary and minor coin; whilst $13,148,188.73 was stjU deposited in “pet” national banks. . The surplus, meager as it is, which appeals ia the treasury statement for the first of the present month, is ap, parent rather than real; for it will be remembered that the Republican party at the first session of the last congress, in order to avoid a treasury deficiency, covered into the general treasury $54,- \ 207,095.75 belonging to the holders of : national bank taotee, and of this forced loan $26,763,509.25 was still due and unpaid at the beginning of this fiscal year. If, therefore, the obligations of this trust fund were entirely liquidated and the sinking fund had been fully met up to

July 1 last, there would have been an actual treasury deficiency of $11,257,702.24. Not only this, but in addition to the covering into the treasury, by the act of July 14, 1890, of this trust fund, the secretary of the treasury extended $35,884,500 of four and one-half per cent, bonds which matured on the Ist of September last. The Republican party have, therefore, not only sought to bridge the chasm between dwindling revenues und increasing expenditures by defaulting in the sinking fund, by extending the maturing bonded indebtedness, and by the use of the national bank trust fund, Wit the secretary of the treasury now asserts his right to use, to meet the ordinary expenses of the government, $38,195,991 of the gold reserve heretofore held for the redemption of greenbacks. It mnst be, indeed, to quote the language of Secretary Foster, that the treasury is in a “pinch.”