The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-10-13


Our FINANCES Estimated Surplus
FIR tie Curreat Fiscal Year. The fol-
loving is the letter of Hon. DAVID
A. WELLS, United States Commits
sioner Of Revenue, tie Hon. THOMAS
II. DUDLEY, United States Consul at
Liverpool, il 98gafd to our present
financial conditieb aud prospects. TO
which reference was made in a cable
dispatch from Londons recently pub
lishcd in theneYspapers: z5Zali q
TREASURY DEPARTMENT,
Ii WASHINGTON, Aug, 10, 1869. J
Dear Sir. In answer to the inquiry
in your note of the 9th as to the
probable surplus revenue of the
! United States which can be made ap-
/ plicable during . the current. fiscal
year for further and continued re-
duction of the public debt, [ will, In
place Of giving you 2 direct and sPe-
! ciic opinion, ask your attention to
! the following figures: The accounts
! Of the Treasury for the fiscal year
which ended on the Both of june last
have not yet been fully completed ;
| but enough is at present Known to
make it certain that the excess OF
receipts over expenditures was at
least $48 0G0, 000-9. ca receipts S3lI :
600. 600 ;4expeaditures, 1923, OOOsOp
As-no radical change In, the laws
imposing. taxation or in the business
Of the country can be Immediately
anticipated, we are warranted IN be-
| lieying that the above surplus Will at
| least be continued during the current
/ year, and We therefore assume 1t as
i the basis Of our estimate. --s...r-
To this amount must be added two
specific toms Of expenditure provided
| for out of current receipts during the
| last fiscal year, which Will not be car
ried over into the present year, and
must, therefore, be reckoned as q net
gain to the Treasury, viz: SIS, OOO,0 600
| required to complete the payments Tor
extra bounties, and 81 ,20O, OOO gold
| equivalent to S95O0,O00 currency
disbursed IN payment OF, the Alaska
purchase. -f
The present annual elasticity of the
| revenue, or its increase from. the IN
crease of the country IN wealth and
population, will average at present
$4,000, 600, while the gain from the
rigid system Of economy inaugurated
By the present administration and
from a more faithful collection of its
taxes will undoubtedly equal and
| probably exceed $30, O0O,0OQ.-
The sum Of the several items will
| be found to be S120 COO 600, which
approximately indicate the amount of
surplus revenue which is likely to be
placed at the disposal of the Treasury
during the current fiscal year, and
made applicable for the further re-
| duction Of the national debt.
1t only remains for me to call your
attention to the fact that an annual in
vestment of 500, GOO, 600 at six per
| cent. in a sinking fund viii extinguish
the entire principal of our debtin less
than fifteen years; or if the coutribu
ton to the sinking fund be limited to
$50, 000,0 per anuum at six per cent.
(and a smaller contribution than this
/ Is not in accordance with popular 81 a
ltiment), the law wiz only be extended
to twenty-three years and between
these periods you have, 10 my opinion,
the exact time when the present pub
| lie debt of the United States will be
extinguished. rs
I am yours, most respectfully,
DAVID a. WELLS,
u. S. Special Com'r of Revenue.
To Hon. Thomas II. Dudley, Consul
Of the United States, Liverpool"