Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1848-03-10
Total deficiency for three years. 100000, 900

Total deficiency for three years. SlOI, 100000
What then, sir, is to be our future financial
condition ? will submit another estimate
which is intended to show the Senate to what
extent the deficiency is to go, and what amount
of money will be necessary to be raised upon
the public credit within period of eighteen
months from this time. This is my object.
commence with the deficiency as estimated
by the Secretary, of thirty six millions on the
3Oth June, 1919. In addition to that, an over
estimate. as | believe it to be- of the revenues
for the current year has been made. In the first
place, deduct from the Sccretary's estimate
the sum of seven millions, estimated by him to
be received from customs in the current year. ]
also deduct one million from the estimated re-
cepts from the sales Of public lands. deduct
from his estimate of receipts for customs, for the
coming year, ending June 1919, eight millions
more I; and deduct for this year also one mil
lion, as an over estimate of the receipts from
public lands These deductions may appear to
Senators to be large They may create an inn
preston that the object is to present our finan-
cial affairs in their worst aspect. BIT, sir,
am confident that an examination of the esti-
mates of the Secretary, coupled with the cxpc-
rience Of the past, and reasoning from the pre-
sent condition of the country, will convince the
Senate that this deduction is by no means too
large
Secretary's estimate of de-
ticiency, June 80, lS49. $4,000, 900
Add for over-eslmate of
revenue viz: From GUS
toms, year ending June
3d. 1913. S7,OOO,OOO
Public lands same year. 100000
From customs for year en-
ding June 80, 1919. 100000
Public lands same year. 100000
Total over.estmated, Sl7,OOO,OOC
For short Estimate Of Expenditures.
Amount of deficiencies for
which the secretary asks
appropriation for the cur
rent year $l0,O00,O0O,
deducting excess OF eX-
9 pendture by his esti-
r mate over existing APP
f preparations, say $4,000
600 S7,000,000
e Underestimate of eXpen-
n di,ure for the fiscal year,
e ending June 80, 1919. 100000
V For the ten regiments con-
. templated by this bill,
n not of course included
d by the Secretary. 100000
If .--Sls,ooo,o 300
O For loans available, already
/. authorized, 100000
e Aggregate, $4,000, 90
It Deduct error in official re-
l. port, 100000
d Total to be raised by loan,
G over and above the reve-
). nues of the country. $6s,OOO, 90
is In this estimate no notice is taken of the on
is standing Treasury notes, which may and pre-
It badly will absorb the revenue to a great eNtci
e and make a further resort to credit necessary.
Is The first item of correction OF the Secretary
1t report is the estimate of the receipts from Gus
IS toms for the current year. The honorable 81
1t crctary estimates these receipts at thirty-on
s. millions of dollars. Sir, one year ago On De
cember, 1886 lie estimated the receipts fro'
p customs for the then current year at twent,
eight millions, and in point OF fact they fell sho
j. of twenty-four, an over-estimate of our tol
1t Millions as tested by the actual receipts into ii
5, Treasury. take the liberty TO say that tines
h estimates are always too large. And permit n
l. to remark that the estimates o. our expenditure
is are always too small. Our receipts from Gu
$ toms for the past year have fallen short of twel
ID ty-four millions. And on what data, or on VIII
a ground of anticipation does the Secretary il
n crease the sum this year to the amount OF thrt,
| one millions--an excess IN the revenue fro
l. this source estimated for the present year ov,
n and above the actual receipts OF last year, to ii
IL extent of seven millions of dollars Sir, let |
IS institute comparison between the condition
rs things during the past year and the presen
lg The revenues for the past year were increas,
at in the first place by the combined effect of Il
he new tarlf-whch was to go into operation
ry its terms on the first of December, 1916; and Il
! warehouse bill which went into effect on the da
VI OF ITS passage, viz. August i,h, lSl6 Bo
ne these bills had been long pending, one havil
me been introduced into the Senate on the 2ist ia
ur- uary, and the other into the House on the 4
Ie, AP''' ioio so that the passage of both was
by a long time anticipated.
ell n'r' me passage Of the tariff bill gave mott
80 To tie commercial world that on the iirs, of i
the cembcr following its passage the duties were