The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-10-06
Terms $500 per anmuns, u. adrance.

counts which pass over from one vear ;n,O I
another are considered as belonging 10 ~
year In which q settlement is effected: and
such accounts, moreover, taking one year
with another, may be presumed to balance
each other in the annual aggregates. Further
more, there is never dollar received from
tne sales of any property OF the United States
Wnicn does not find its place TO the credit Of
,miseeians"us y, receipts, and Is no. embraced
~ tne annual statement Of receipts submitted
oy the Register Of the Treasury to the Secre-
70 .ory y Q. the Treasury, and by him submitted
Now, with the exception of the sum paid
M ~, .ie penase OF Alaska, 81 200 OO0 prob
S2,3OOOO0; and an estimated posts offca a.
hci,ncy OF S5,OOO,OOO, there is nothing to in
dicate or induce belief that the exnendtnra.
OF the current year are likely TO be in excess
OF the preceding year, while on the other
hand, there are many facts which prove, be-
yond the possibility OF doubt, that the ex-
penditures OF the current year will be largely
reduced as compared With those of the pre-
ceding year. For example:
1st. The amount paid for interest on the
public debt for the fiscal year 1857 8 $780,
423,9S5) by reason OF the accumulated inter
est on the compound interest notes., was
necessarily augmented above what may be
considered as the legitimate interest obliea-
tiOns which tor the current year. will an
proximate Sl26,O00,000, making a difference
in favor OF the Treasury OF about 14,00OUOO.
OF the truth OF this any one may satisfy him
self by examining the exhibit of interest
bearing Obligations issued monthly by the
Secretary OF the Treasury.
"a. During the last fiscal year debts due
to the States tor war expenditures were paid
to the amount OF $lO,33O 188. These debts
are now substantially all settled.
I'd. During the last fiscal year the expend-
itures for the Freeimen's Bureau were So
2l5,OO0; for the current fiscal year the appro-
priations Tor winding up the affairs OF the
Bureau are S5U0.0O0 which amount there Is
no reason to suppose will be exceeded. The
gain under this head will therefore be ST.
715,OOO.
4th. In 1s67-s the expenditures for rivers
and harbors were So, 81 l20; the entire ap-
tor these objects during the cur
lent year is 81 ,5OO,0O0, making gain OF S4,-
632 l2O to the treasury under this head.
9th. The army is known to be in the pro-
cess OF rapid reduction. In letter transmit
ted to the House OF Representatives June "a,
1868, lex. Doc. NO 314,j the Secretary OF War
officially states the estimated reduction Of the
army by expiration OF term OF service, death
and desertion, from the 1st of July, 1868 to
the list of January, 1859, at 1S,046 enlisted
of January, 1869, at 29,667. In addition,
very extensive reductions have also been
made in the quartermaster's, commissary's
and ordnance bureaus Of the War Depart
ment The reduction of expenditures from
all these items OF retrenchment cannot be
fairly estimated at less than S25,O00O00.
9th. A large reduction was ordered by
Congress in the expenditures OF the Navy
and Treasury Departm ents, and what Is
1w, 81. asxutl q
and since the adjournment of Congress in
july these orders have been punctually carri-
ed out. A ma ority of the Southern States
having been restored to civil administration,
the expenses hitherto attending reconstruc-
tlon must also be necessarily greatly dimin-
ished. The reduction under this Lead can
not be estimated at less than SIS, 900 100.
The account of the national expenditures
for the current fiscal year, taking the expen-
ditures of the last fiscal year, (which are ac-
knowledged by all parties TO have been ex-
Iceedinely liberal and aDple,) as a basis,
would therefore appear as follows:
Expenditures 1878. SIS
Increased BY Alaska appropriation. 200 900
BY increase of pensions. O,0O0
Estimated Post Once deficiency .5OoO,o 900
ss-4,Ss9,e7s
Decreased by interest account. .sl7, 900 900
Decreased by Sta claims 10 $50 lss
OcStsd Gu W cxpcuses ticcumon Du-
Decreased by sIpen-es rivers, harbors etc 4s32 100
Decreased BY reduction OF army expenses .2600C 900
Decreased by reduction OF expenses OF
navy, civil and miscellaneous, recon-
struction, etc. 900
Total. ........................ .ssi ST. ,sOs
This amount deducted from the aggregate
OF expenditures above given would indicate
a maximum expenditure Tor the current fiscal
year OF 1903 ,262 1856; to meet which reve-
nue. of s370,00O, 900 may be relied on.
Congress has done its whole work as re-
CARDS retIenchment. and il its directions, as
expressed in the appropriation bills, are not
wholly disregarded BY the executive authori-
ties, it is absolutely certain that the eapendi-
lures will be even much less than those above
given.
Two points more remain to be considered
in order TO a tuil understanding Of the sub
ject OF current expenditures, viz: the matter
of deficiency bills, and the unexpended, or
as they are technically called. "lapping' ap-
preparations OF the preceding year.
The deficiency bills OF the last business ses-
sion Of Congress were, with hardly an excep-
ton, passed before the commencement OF the
present fiscal year, and were Immediately ap-
piled to the purposes tor which they were re-
quired.
The "lapping' appropriations may be re-
SoitCu % q SOhStahb pudutitN tuAt ID W saw,
the amount Of unexpended appropriations
carried over from one year Is nearly always
balanced BY a corresponding amount carried
over the succeeding year. An examin alton
OF the books OF the Treasury Department
and the record OF appropriations warrants the
statement that the current year will form no
exception in this respect as compared with
previou, years.
But it is perfectly evident that making all
allowances Ter deficiencies, and an unusual
expenditure of "lapping" appropriations, as
sufficient revenue has been provided Tor all
contingencies. and that taking all things into
consideration, surplus revenue available Tor
the reduction of the debt, or a further reduc-
tioL OF taxation, is lar more probable at the
close OF the current fiscal year than defcien-
cy.
Attention should also be called 10 the fact
that the actual revenue derived from the Gus
toms has never tailed in a single year since
1851 to exceed the officially published esti-
mates OF the Treasury Department. while
from 1858 to 1867 the aggregate receipts from
all sources have also 10 like manner, unifo' m
ly proved greater than were officially antici-
pated. To this rule, moreover, the estimates
tor the last fiscal year would have proved no
exception, had the taxes imposed under the
Internal Revenue remained unaltered. The
following table shows the aggregate national
revenues since 1884 as previously estimated
by the Treasury Department and as actually
received: