New-York tribune., 1873-07-02
A TRIEIIkE ERHDR.

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Congress in December, to estimate the receipts
and expenditures of the Government for the
current fiscal year. The fiscal year, 1T is neces-
sary to explain, ends with the Both day of
June. The Secretary is, indeed, IN very ad-
yantageous position for making close guess
at the receipts and expenditures, seeing that
five months of the year are already gone when
he sits down to the work 1t is curious
fact that hitherto these estimates have turned
out to he much less favorable to the Treasury
than the actual figures. The effect of these
underestimates which perhaps have not been
entirely unpremeditated, has been to impress
the nation with exaggerated ideas of the
economy and efficiency Of the Administration.
For instance, i'll December, 1871, Secretary
Boutwell,, with five months figures before him,
estimated the net sum applicable for the
reduction of the National Debt for the fiscal
year which was to end on the 30th of the next
June at 81, ,794,992. Right in the midst of
the Presidential campaign the fiscal year
ended, and it was then discovered and pub
lshed far and wide that the actual reduction
of the Debt had been over $lO0OOO,0OO! MIR.
Boutwell, had done S30,000,0O0 better than he
expected TO do. People were deeply impressed
with the mastery management of the
finances, and Mr.. Boutwell,, President Grant,
and the whole Administration, including the
two Houses of Congress. were extollcd to the
skies. Mr.. Dawes, with tho aid of several
Treasury clerks, got out a campaign speech
in which he seemed to prove beyond dispute
that the Administration cost the people less
per head, after allowing for the public debt
and pensions, and one or two other small mat
ters growing out of the war, than any proyi-
Gus Administration since John Quincy Adams's.
Whether or not the people believed this. at
any rate they were satisfied that financially
Gen. Grants Administration could not be i'm
proved on in these degenerate days.
And now another fiscal year has ended.
There il no President to elect, but the taxes
are levied the same rs usual. Last December
Mr.. Boutwell, made his usual estimate, which,
being a cautious man, he no doubt intended
TO be safe one. And it was safe on the
side of receipts. Yesterday morning there
went forth to the party, through the party
organs, the gratifying news that the Internal
Revenue receipts were eight millions IN excess
of Secretary Boutwelps estimates Not only
this, but the premium received on the sale at
New-York of 36,0O0,OOO of gold since the 1st
of January last has resulted in a net gain to
the Treasury of S4,0OO,0OO and more, over and
above the premium paid on about S10,OOO,OOO
of bonds purchased. In word, the revenue
for the last three quarters OF the last fiscal
year has exceeded Secretary BOutwelIs esti-
mates by Ten Million Dollars. This is all right
and good, and in accordance with the calcula
ton. But how about the expenditures
It must be owned that the back pay bust
ness, and the raising of salaries, and the max
ing Of allowances, and the Syndicate and
other little matters have proved expensive.
The Secretary estimated that he would have
from the excess of income over expenditure
during the last three-quarters of the year the
sum of $44 100000 "surplus revenue ap-
"plicable to the purchase or redemption of
"the Public Debt" (Finance Report, 1872.
page ~ AS the revenue has been $4,000
900 more than he anticipated (for the Customs
viii produce about the sum he estimated) of
course he should have S5d,s0O,0Oo of sur
plus revenue, supposing that ho bad
"a correct idea Of the powers of Con
gress in the way of economy and re-
trenchment, which hitherto have uniformly
surpassed the Secretary's expectations. We
cannot, we are sorry to say, tell much about
the expenditures. Mr.. Secretary Richardson
will tell all about them IN his report to Con-
gress next December But we can tell how
much the Public Debt has been reduced in the
last three quarters of the year. About that We
have official information. On the 1st of October
1872, the Public Debt, after adding accrued
interest on the bonds and dedueting the cash
in the Treasury, was...-...-.. $2l66,994.677 48
Yesterday twas 2,147,S1s,7i3 81