The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-07-20

p.,,ovtSG Is a comparison of the receipts as
.,,mated by Secretary Folger last fall, after the
,nIns for the first quarter OF the year were In,
Nh the actual receipts:
VIII wv Estimated. Actual
nom customs. ......,, GlS0O00oo t2le, 67S, 49S
prOm internal revenue l55,0.o0O0 Jag, las, 4s6
Prom other sources. S1COO,oo0 Si,tS5,ls
ro,aI. .............sl0 O.ee goo siOs, 46l, s97
", Foleer was not far out Of the way In the
total but from glance at the separate items 1t
sppears that no is not entitled 10 much credit
am. within less than sSS00066 OF the total he
WAS more than sl,t0l,Ces wide of the mark MS 10
tbe customs receipts, nearly s9,oOaooe out
in his estimate OF Internal revenue and
more than $4,000 o aStray In his estimate of
rscepts from other sources. II should DO stated,
boyeyer, that the receipts are estimated In nc.
| corlance with an ancient standing rule, and
Mat The secretary of the treasury is not to be
hamed for firing wild SO long as IL Is the prac-
dee TO follow that rule.
The expenditures for the last fiscal year, sta.
led approximately as compared with those VI
The year before, were as follows
Ne, ordinary ........ .siS7GsO,OOo sl7s'2o4iiO
Interest ON debt. ......, H26,0N s2,6NAl
Total. ............. s2sS,s 900 500, 7l2 Ss7
The total is about 81 500 Q. 0 less than that Of
the previous year, but the net ordinary expen.
dures were over S9 400 600 greater, and the diff
ference in favor OF last year was wholly due TO
the reduction OF the interest charge by coutinu-
ing bonds at lower rate OF interest and by pay
ing more bonds than were ever before paid In
the same length OF time out OF the enormous
surplus revenue The reduction for the year, 1t
will be seen exceeded eleven and q quarter mil
lions. The interest charge on the debt, az II
stood at the beginning of the month was
equivalent TO e57 3600 coo per annum; that is 10 say
this would be the charge for the current year
II the interest bearing principal should remain
unchanged. in that case the charge would DO
nearly Sld 1000 less than 1t was last year. But
tits likely to be reduced u, 1850 eco more by pay
ment of ga per cents during the year ana a
still further reduction approaching 100000 is
possible In consequence of tho conversion OF
500 600 of 3H per cents into per cents under
the joint resolution which recently passed the
house. 1t Is probable, therefore, that the inter
est charge will be sl5,G0N0O0 lcss than 1t was
last year. and possible that 1t will lie Sis GOO less.
But Tor the-increase In what are called ordinary
expenditures, some of which, however, will be
extraordinarily large this year. the surplus
would undoubtedly be as largo rs II was last
year, notwithstanding the proposed remission
of internal taxes which are estimated on
the basis of last years receipts to yield S2lOO0,
90 year. But with $40 100000 extra appropra
ted to pay arrears of PENSIONS 200 zoo extra to
build more than useless mud walls along the
Mississippi and ''macadam2e' lot of water
courses that sometimes have water In them, and
with increased expenditures III nearly every di,
rection, the prospect of having a surplus OF
Of the debt is not good This Is, indeed a sur
plus such as no other public treasury in the world
ever secured by taxation but 1t would be fully
$4,000 600 larger II the expenditures were kept
within reasonable bounds. And with such a
surplus there would be plenty Of margin for
such ~, ue.ion Of tariff burdens rs has no,
been made for more than thirty years. Aud there
Is no bad margin even as the case now stasds.
The interest OF the laid grant Income bonds
on the Texas " Pacific railway was not paid yes.
terday, for the reason that 1t was thought for
the best interest Of the bondholders that no
scrip should be issued and the earnings of the
division were not sufficient TO pay 1t in cash.
These are7 per cent registered bonds duo In
1915, secured by a first mortgage on about sOG,-
700 acres of land lying along the Denver " Rio
Grande division and are also third mortgage
on the road and equipments east OF Fort w Orth.
By the terms of the mortgage recited In the
bonds themscly es the company tan. at Its OPP
ton, in case the earnings in any one year are no,
sufficient to pay the interest," issue In payment
thereof scrip Which Is convertible Into land OF
stock. The lands belonging TO the state of Texas
have been sold to emigrants thereby enhancing
the value of the land owned by the railroad and
the scrip If issued now, would not DO turned IN
but held rs some formerly issued now is. aud
held for conversion. Thus, what a year age
would have been II bengnt to the bondholdei
would noG only add III additional incumbrance
company, having the option, preferred TO issue
none this year -.World, Saturday.
DALLAS EXCHANGE AND COIN.
n. Buy.ng. Selling. Buying, Selling
Chic. lex. EGsPsr@a | St l.,uiA l@% Par@k
chicago. h@SPHrGk n. O....hgkPar@A
Galveston y Pn@k Houston..h Par@k
Exchange, oil points u totdiscoun. Sterling
Sight "a IS Francs, SOS 10, Marks, Is.
Trade dollHls.. yJcs. Ao4ican collars. s.
.trF. NJ luz Mott tt.a naHs. rf..Na