Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1827-12-15
92.695,s90 SO
6.2Gs.5s5 20


that the receipts into the Treasury from all sour
ces in 1896, were S25 1850, 434 81 The sun, at
which they were estimated in the annual report of
1925, was % 500 900. From the statements and
estimates applicable 10 1927, il will also be OBJ
served, that the sums received, aud expected 10
be received, from all sources during this year Ia
part from the moneys paid under the Treaty of
Shent,) will amount to 81, 40l $3.50 or The g.
mount at which they were estimated in the annual
report of 1926, was 20, l50, coo Ii il therefore
expected that the entire receipts of 1927 will be
I.14S,oeJ % less than The estimates presented in
1926.
OF this difference upwards of 400 600 dollars
were caused by posiponemenls in the sales of the
Public Lands. The estimate in 1926, of receiDts
from this source for 1927, was fixed at two mil
lions of dollarr. This founded, in part, as
stated in the report, expected sales of a consid>
cradle quantity of relinqusbed lands ir Alabama
These sales having been postponed until 1928, the
amount which II was anticipated they W ouid yield
ehould therefore be stricken from the estimate
With this deduction the amount produced by the
ea]es OF the Public Lands in 1927, will be found 10
correspond very nearly in ell other particulars with
the estimate.
The remaining difference has been in the GUS
toms This has proceeded from the uncertainties
that attend all estimates of the revenue depending
upon foreign commerce, Itself ever uncertsin.-
These estimates, whether given by this Depart
inent, or 10y committees OF Congress, specially
attdlnaDIe.
have often, heretofore, from causes impossible TO
nave been foTeknown, been disappointed by the
result. The disappointment has sometimes been
upon iaTgef, sometimes upon a smaller SCALE
Such estimates esn therefore on no occasion be
regarded in any other light than an appro xima =
Ton TO that cum, always desirable TO be known
but rarely, if ever, in a long series of years fore
told with precision. The estimates presented for
1877, were formed upon bases which had the sane.
iion OF past experience, IN giving reasonable pros
mise OF fair approach to the true result Whils,
ON the one side expectations Of redundant income
should not be too confidently INDUCED, it becomes
duty, on The other, not TO estimate the receipts
Below The amount which the usual pfobabiiities
esen 10 warrant, lest the public service should be
siinied in sDy useful particular, by the Tes;rsined
appropriations Of Congress. The mpouatons for
1927, tsking into the account the calendar year,
will, IL is believed, before minated exceed The
irnportations Tor 1926. But those for The Two first
quarters Of 1927 have been very email. Had they
borne the same proportion TO those of the two last
quarters that the mpohs,ions of the two FIRST quar-,
tsrs have borne to those Of the two last on an ay
eTage OF FIVE years preceding, the actual receipis
into the Treasury from the customs in 1927 would
have been larger. This effect would have grown
out Of the terms Of credit allowed on duty bonds
By these terms portion Of The payments slgnys
falls due within the year, on imporiations made
during lie first six months of the year. The ave-
rage impoustions for the FIRST six months during
HYe years mat preceded lSzIs were larger than
those for the last six months For 1927 there is
every probability that this ratio Of importstions or
t1s time OF the whole yesg, will be reversed. II
- so, a. fer yet ascerfsined. We are reminded
even BY the experience OF recent years, of the fre-
quent yarioions between the nnlcipsiions end the
issue IN this part Of our fiscal system. Ia 1917
ihe estimated receipts from the customs rere -,
900 600, and the actual receipts 90. 2S3, 34s. j.
1918, the estimated receipts were 2O, 600 OOp, and
lae actual receipts I7,l76 ,3S5. In 1919 1920
~ 1921 tNe ssiirnsics from the rfTs so-rcy were