National Republican., 1875-07-01
CLOSE OF THE FISCAL YEAR.

Yesterday closed the fiscal year Of the
Government. 1t is too early yet to speak
with exactitude of the transactions Of the
mast twelve months, but it may be posi-
lively stated that, upon the general aver
age, the receipts from all ordinary sources
of revenue have slightly exceeded the esti-
mates. Those from the internal revenue,
notwithstanding losses from Illicit transac-
tions, are considerably in excess of the esti-
mates of the Commissioner, while those
from customs have not quite come up to
tbe expectations formed of them when the
estimates were made. There is little doubt
however, that il the duties upon imposts
had all been honestly paid the receipts
from the latter source would have also been
in excess of the most ssnguine expectations.
Secretary Bristow has made most strenuous
and laudable efforts to insure the faithful
nayment of both customs and internal reve-
nues in the future, wherein he is ably sec
onded by his immediate subordinates, and
it is to be hoped that they will also receive
the assistance of the manufacturing and
commercial community. Every good cIti-
zen has direct personal interest in the
faithful collection of the legal taxes. When
all that are levied are fully and fairly paid
the rates may either be reduced or the
public debt more rapidly diminished. 1t
is only the dishonest who are benefited by
frauds upon the revenues.
Considering the tardiness with which
capital seeks investment in the employment
of labor for the production of wealth, per-
hsps the year may be deemed successful
one. When capitalists shall have fully re-
sumed confidence in all the industrial en-
terrises OF the country, SO that labor shall
find remunerative employment, we will find
ourselves again in the full tide of prosperity.
During last year we have sold more than we
have bought, which is healthy sign. If
we can continue this after our labor be-
comes fully employed in production, it will
not be very long before we shall be out of
debt and have exchange in our favor. We
set out upon new fiscal year, therefore.
with everything to encourage us. Our
people have been curbing their extraya-
gances now for two years past and living
largely within their means. They have
worn out their old clothes, and will have
to buy more new manufactures than they
have done heretofore since the panic The
laboring classes, who have not had full en-
ployment, have been obliged to live much
more sparingly than was comfortable. A
revival of our industries will enable them
to consume more largely of luxuries. Our
great railway monopolies have had some
severe lessons, which it will be well for
them to heed in order to encourage that
production which is necessary to their sue
cess. They will bear in mind that sgricul-
turists will not produce crops to be entirely
swallowed up in freights, and regulate
their rates accordingly, if they would not
lose control of their property. In short,
our shaking up and clearing out" result
ing from the panic of 1873, has been of
great benefit. We have been compelled,
as q nation and as individuals, to "post
books" and ''take stock" And now that
we know where we are and what we have
on hand for working capital, we are in a
condition to set out upon another tide of
IarosDeritY.