The Portland gazette. [volume] (Portland, Me.) 1818-1824, 1820-04-25
REXENUE.

RETEkUE.
The committee Of ways and means have re-
ported on the state of the treasury, public reve-
nue., and appropriations for 1920 Accompanying
their report is a bill authorizing the President to
borrow 10000 for the public service. The
senainde- oithe S50000 900. which the Secretary
{ the Treasury, al the commencement Of the
session. stated would be necessary in addition TO
the ordinary sources Of revenue, to meet the or
'inary expenses of the curreot year, has been
provided for by the system Of retreochments,
which Congress have pursued during the present
session, aud .y dipping little into the sinking
fund. The committee report that the total net
receipts into the treasury in 1919,
were S24,8le,4i9 90
And the payments from the trea-
sury in the same year. were 24,044, 500 II
Leaving balance of income of 767 $50 3,
After certain deductions there
was in the treasury the 1t
OF January, 2A5,665 IS
Estimate Of receipts for 1890.
Customs 10 900 900
Public lands 1000, 900
Arrears OF internal du,ie. 10000
lnslalment ir. u. 5. Bank 100000
Incidental receipts $4,000
Dividend f. u. S. Bank 10000
% ,e30, 900
Aggregate amount oil available - -
means for 1920 so, 525, Sos 35
Expenditure for the year 182O-pernlanenf dp-
preparations.
For the sinking fund, increase Of
the navy, arming the militia,
annuities to Indians, trading
houses with the Indians, and
their civilization, $il,a7s,e75
Temporary Appropriations.
Navy 2 53a, $40
Military establishment S,ll9,58O
Civil and Diplomatic 2,3o6,i44
Public Buildings 222,9l6
Private claims estimated at 30 600
sls,as7aso
Payment on the Miss. Stock and
srresrages for the Navy de-
partment 1885,, 300 30
Totalam unit of expenditures au- -
thorised by law &c e99, 16i 30
Leaving deficit for 1920 of 3,773.4D8 95
o. this deficiency the sinking
fund will discharge 2,e88,497 90
Which leave an actual deficiency
to be provided fer, OF l,485,00 &c
10 which sum The proposed $4,000, 900 loan is
intended to apply.
The committee have also extended the field
OF their contemplation and anticipated the re-
ceipts and expenditures for 1921
They estimate the receipts fos
that year at 19,72O,o 900
Aud the expenditures at Is 682, 779 76
Ma king an excess Of receipts of L, 81. go "a
his view for 1921 is founded on indispensable
expenses, and is estimated at the lowest expecta-
ton, aud Is probably delosi,e.
The committee assign very satisfactory reasons
for recommending the loan and resent their
vac ws OF the necessity which exists for retrench
ment and economy in the pablo expenditures.
They remark that large outstanding claims re.
suiting iron the war exceeding go, 0000 900 have
been discharged and the SUN OF 32,O00,v 50 OF
The public debt has been redeemed since Jan. Isl
ial7. Establishme MS have been created,o they
observe, under the sanction of law, which to
MAINTAIN and advance, will make IT necessary
si,her resort to annual anu successive loans, or
% system Of internal revenue. AS TO me hfst
u THESE alternatives, it cannot De necessary to
irge any observations; their natural tendency to
involve the nation in debt is obvious; and they |
will be avoided. when thew are not indispensably |
Necessary We are warned against the effects !
u a large and accommodating deb', by me expert |
nee of other nations. nation, isoo"'ihg I'M
Ter the pressure Of large debt, no more tan an
ndividual. can be considered independents
Money is power: and that nstion VIII become
'owerless, who shall mortgage its resources, WIN
mt the prospect of relieving them oy oischarshg
Is ongagements.o The committee close their
cry able report follows - sne'JoFe re-
olt.s that The President of the u. .. ne request
d Ia cause such plan TO DE PREPARED, as'w''
nable Congress, at its next session, 10 make such
eductions in the various branches OF puniio ex
endi'ures, as may he required by the state oil
he finances and the public good'
The House Of Repreentatves have refused to
cstpone the new 7'rS ply majority of %.
his does not indicate 2Nt'sich majority is in