One of the most puzzling problems that Secretary Shaw: will have to face is that of too much money in the country's treasury. Secretary Gage has handled the conditions of the last five years with great skill, but in dealing with' the steadily increasing surplus he has exhausted most of the resources for reducing the debt without imposing undue charges upon' the Treasury, or causing confusion in the money market. The purchase of bonds at a premium has gone steadily on since the close of the Spanigh war until the marin of bonds that can be purchased at a fair rate has been pretty well absorbed. Within about two years the bonded debt: has been reduced by $92.000.000 and beides that, interest has been saved or ai ticipated amounting to $54,500,000 within the next seven years alone. Notwithstanding all this, the cash balance in the Treasury has been steadily growing, until now it is more than $170,000.000. Plethora in the Treasury is likely to cause stu gency in the amount of currency in cir culation, and it <ill be a delicate task for Secretary Shaw to keep the nice balance required.
The New Postmaster-General.
The selection of Henry C. Payne for a place in the President's official family has occasioned some surprise, for his reputation is that of a " practical politician " rather than of a statesman. There can be no doubt of his ability as an executive, however, for he has been one of the most successful campaign managers in the country.
No further resignations of Cabinet officers are expected in the near future, at least, though it is probable that Secretary of the Navy Long will not serve out his full term.
The Isthmiat Canal.
The subject before Congress now of most general interest is the revivified project for an inter-oceanic canal. Until within a few days there had been practically no doubt but that the Nicaraguan route, so-called, would be the one chosen, but on last Saturday the directors of the French company which is nominally constructing the Panama canal made the announcement: to the Press that they would sell all their rights. pro erty. saad. Jeges for $40,000,000. Their best, previous offer had been $109,000,000. This new price would bring the price for the construction of the canal by the Panama route within the figures estimated for the Nicaraguan route and in a measure opens up the whole question again. A comparison of the routes as regards their important features would be something like this =the estimate of cost allowing $10,000,000 as purchase price of the present, Panama canal property. at the same time Secretary of the Navy Long, in milder terms, criticised Admiral Dewey for going beyond the precept, and volunteering the statement that he believed Schley was in command, Thus there has been the curious spectacle of rebukes administered to the commanding officers of the army and of the navy in one week.
Text read from the printed page and cleaned; old type leaves the occasional error.