, 1874-01-31

the Treasury at the meeting OF the present
Congress last month, and endeavor to put in
an ineligible shape the rather m~ystifed
figures of that document. The Secretary did
not put the estimates of the fiscal year from
June 30, 1878, to June 80, 1874, in a lump,
but takes for his exhibit the first quarter and
then the remaining three quarters separately.
Putting them together we find the civil and
miscellaneous estimated expenditures, includ-
ing public buildings, lighthouses, and collect
ing the revenues, to be $66, SIT, 1893; for
Indians, 49, sos, us; for pensions, $30,478,
1856 for the military establishment, including
Notifications, river and harbor improvements
and %arsenals, $47, 1875 .053 for the naval estab-
lishment, including vessels and machinery and
improvements at navy yards, $27, 1872, 45l. In
addition to these sums there is set down 81,
100,O 900 for foreign intercourse. This gives
for the current expenses Of the government,
independent of interest on the public debt,
1852, 251, Cos. The interest on the debt is
near about a hundred millions-that is. on
81 ,218,7 29, $50, at six per cent in gold,
$751; sos, and on $500, 478,8 800, at five per
cent in gold, $25, 173, $40, and in addition the
small amount of interest on the three per cent
Navy Pension fund and the four per cent certi-
foates of Indebtedness. Let us say, then, in
round numbers one hundred millions for interest
on the debt. Thi, added to the $lS2,251,668
for current expenses, makes a total Of 1882,
251,668. The interest on the Pacific Railroad
bonds amounting to nearly four millions,
must, we suppose, be added, though it is
time the government should close that expen-
diture and either make the railroad pay its
interest or sell out The concern to the highest
bidder. This is a burden that ought not to
be imposed upon the people. We suppose,
too, that the amount required for the sinking
fund, which is estimated f1r 1875 at S29,9I8,
856, is not included, unless, indeed, it is
covered up in the miscellaneous and other
confused figures. Prcsuming this to be the
case, and including the interest on the Pacific
Railroad bonds, the revenue required for the
fiscal year of l873-74 amounts to a little over
1916, 600, 900. The Secretary's estimate for
I874-75 is 1919, 1913, 1886. For the first quar-
ter of the present fiscal year the receipts from
all sources were ISL, 1884 and the estimated
receipts for the other three-quarters we're
$751; 100, 900. The total is $268, 953,492. TO
this must be added the premium on the sales
of gold, which for the year will hardly amount
to more than five or six millions.
Thus we see that the actual and estimated
expenditures exceed the income forty millions
to forty-fve millions Of dollars at least. PEG
pie may wonder how Mr.. Richardson has been
able to go along WITH such a state OF the
finances. Well, he had, fortunately, a largo
surplus of money on hand and the fifteen mil
lions of the Alabama payment to draw upon.
Had there been no panic he must sosn have
come to the bottom of the Treasury. The
panic afforded a good excuse to cry out for
help and to cover up his incapacity and mis-
management. The payment of the called loan
and other demands upon the Treasury have
suddenly exposed his bankrupt condition.
Of course he had to draw upon the legal
tender reserve, and of course the debt has
been increased the last month. Well might
he plead for forty millions additional taxation.
Never before in the history of the financial
management of this country has there
been such laundering and want of ability ex-
hiblted. With the enormous revenue collect
ed there ought not to have been a deficiency
or any embarrassment. Yet the Secretary
could not see that the vast and unnecessary
expenditures and extravaganza of the govern
ment were the cause chiefly of his difficulties.
He never thought of reducing the estimates
till forced to do so by the resolution of Con-
gress. And now what a miserable attempt
at retrepchment he and the departments have
made.