The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1875-02-18
The PUBLIC DEBT.
Deficit Of Thirty-five Millions.

Deficit Of Thirty-five Millions.
Mr.. Dawes, chairman of the committee
on ways and means, addressed the House
on the 18th inst, in support Of the new
tariff bill. He reminded the House that
exactly year ago he had endeavored to
show there was no necessity for increased
taxation, but he would endeavor to show
now there was a necessity for increased
taxation. As he had sincerely believed
at that time that the government could
get along without resorting to that most
of measures for the purpose
of making the receipts and expenses
of the government meet, so he was with
the same sincerity now compelled to urge
upon the Heuse that there was no other
practicable method of doing so than by
to taxation. His sincerity was
not diminished by the reflection that in
the course of events this was the last
time he could address the House on such
a subject. There had been two grounds
on which he had hoped to avoid the ne.
cessity of increased taxation. These were
a confident hope that there would be a
general revival of business, and that there
would be reduction OF expenses. The
estimate of the total receipts of the gov
eminent for that year was at that time
1921, 777,072, and it was expected that out
of that amount somewhere about $0,OOO,-
600, could be applied to the sinking fund.
The actual receipts for that year were
1924, 100000, but there was surplus of
only 81, 344,882 over and above the cur
rent expenses Of the government. Last
December the Secretary of the Treasury
estimated the receipts and expenses for
the fiscal year to be such that
there would be surplus of $9,OOO,O0O to
be applied to the sinking fund, but in re-
atty the actual receipts since that report
was made were more widely different
from the estimate than they had been
during any year for the last five years:
The actual receipts had fallen far short of
the estimates, for some causes not quite
understood by those who made finance a
study. The receipts from customs had
began to fall of. and had fallen off to the
extent of $3,8OO,O0O, or about one hun
dred thousand day. If that falling of
q deficit Of thirty five millions.
THE LAST FOUR YEARS.
He made a statement of the comparative
receipts and expenses Of the government
since 1870, as follows: 1870, receipts,
ssh, OOO.OOO; expenditures, $3O9, OOO, 900;
1871, receipts, 83,OOO,OOO; expendi-
lures, 1904, 0,0OO; 1872, receipts, 1874.
100000; expenditures, ST., 900,
900; 1873, receipts, 1888. OOO, 900 /;
expenditures, $500, 100000; 1874, re.
ceipts, $3.50, 0OO, 900 expenditures. $2S7,
100000. The receipts for the
firstseven months of the last
fiscal year were, Sl68. 600, 900, and for the
corresponding seven months of this year,
$165. OOO.O 900, being . falling off Of
s3.OOO,O 900.
Mr.. Garfield, of Ohio, enquired whether
the decrease had reached the bottom, or
whether the receipts were still falling be.
hind.
Mr.. Dawes replied that up to the Goth
of December the receipts came very near
the estimate, but from that day to the LIST
of January they had fallen off very seri.
ously. Four days after that they had re.
cuperated, and had even gone few hun.
dred dollars beyond the estimates; then
they began to fall back again, so that
there had been a falling off since the Goth
Of December from three and half to
four million dollars. And yet the best
statement that the Secretary Of the
Treasury could make was in regard tc
the receipts, that the reduction Of expen-
ditures was the work Of Congress. The
reduction of receipts were not the work
Of c ongress, but the work of those inf1u
ence; 81 trade and business over which
Cong .Ass did not presume to exercise con-
troll.
Mr.. Butler Of Massachusetts, asked
Dawes whether the falling off was in thu
custom, revenue or internal revenue.
Mr.. Dawes replied that the falling of
in the internal revenue was much les
than in the customs. The last raporr
showed the receipt from internal revenue
had gone beyond the estimates of tn,
Treasury Department, SO that whatevel
evidence Of internal prosperity that fac
showed in the condition Of tho country
Was more gratifying than would hav,
been believed. He then proceeded t.
comment on the failure of the Treasury
Department to comply with the law re
curing one per cent. Of the receipts from
customs to be applied to the sinking fund
50 that instead Of SALT $3.50, 056 being ap
piled to it, there had only been s141, 600,
600 paid into it.
Mr.. Niblack inquired whether the re.
duction Of the public debt by the purchas
Of bonds was not an equitable compliance
with the law. Mr.. Dawes replied the Ia,
rs to the sinking fund was explicit
that every year 50 much should be paid
but that even the construction q
the law As suggested would not reliev
the government from its obligations
the sinking fund. because all the bond
purchased, including these charged to til
sinking fund, amount only to 1923 ,253
800 against SALT ,556. 056, which shout
have been applied to the sinking fund.
| Mr.. Beck asked Mr.. Dawes whether
had official information to that effect.
| Mr.. Dawes replied he habitat i
from official sources
| Mr.. Beck intimated that besides th
~mn.,r< mentioned tharo he'd 1s>cr c~<