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An Empty Treasury

An Empty Treasury image
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Last Friday was a black-letter day in the history of the United States treasury. For the flrst time in the history of the government the accountants were unable to fill out the last line in the regular statement of the flnancial condition of the department and show a balance on hand. ïhat line reads: "Net balance in the treasury." There was not a dollar to place in the column at the end of the line. In l'act there was a deflcieney. There was no way out of the difficulty. The statement was due, and the figures could not be altered. Secretary Foster was in Ohio, looking after the .politics of the state, and no excuse could be cooked up to meet the emergency. The truth had to be told. It was bad, but it could not be escaped. The treasury was out of money. National banks had public money on deposit, but it was not on hand. j Fractional silverwas plenty, but the demands on the treasury average over a million and a half dollars a dav, and this small change is a legal tender tor only an insigniiicant sum in one payment. What a contrast! In June, 1888, only two years ago, the surplus in the United States treasury was $100,000.000. This was the legacy left by Cleveland to Harrison. Now it is gone- not a cent of it in sight. It had entirely disappeared, and an actual deficit of $787,108 stood confessed by the record. With receipts growing smaller and expenses growing larger- for the big drafts on the treasnry made at the last session of congress will not come until the next fiscal year, which begins on the first day of July - the outlook is not hopefu!. Explanations that do not explain are made by treasury officials. But one thing was apparent - the treasury was empty. A high duty of 200 per cent on castor oil did not prevent its being cleaned ont. Pretty soon the government must go to selling bonds and increasing the interest hearing debt to meet current expenses. That will please the bondholders. How will it suit the people? - Jackson Patriot.