The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-06-09
FINANCE AND COTTON.
CINAN CIAL.

wr take the following from the Chicago Times
IA recent date;
"a ~ Iil less at the end of May than 1t was at
SVond of Juno, and sl39. l2S,655 less than II was
Y, he close of the last financial year. Tho re-
ssactiou during May was about S2.2OOeNO under
.he average for the eleven expired months of the
SHANGHAI year, although the treasury receipts
h h'rny MAY were exceptionally large, having
SSsn q S0i GOO and more in excess of those for
Nav ISL. The smaller decrease this year, not
,itSstaudiug the larger receipts, Is explained by
the statement that OF Ine st0 SOSo re,
s .Sas dishursed last month. AS only s7,-
n.SoO of this appropriation remains TO
~ expended, the probability is that the
Sebt reduction during the current month will
W. Ia the average for the year, and that the
,n,ai REDUCTION for the twelve months ended
lime 70 will be fully sl50,t0oO00, or upward of
600 000 more tnan tho decrease during the
year lSsO-Sl. .,,,, to a,,o -
two causes, first the smaller interest charge;
and secondly the increase in revenue. BY re-
srndlnr or continuing bonds at II lower rate of
interest and by redemption OF bonds, the annual
interest charge has been reduced from over $50,
MltOO to less than $50 0,UO0, The receipts,
siso have been greater from all sources. Dur
Nav. as compared with May, 1881 the receipts
wefp: From customs duties, SIS, lgL75i, against
slS6S2 06S from internal taxes sl5, LSiSagainst
slS0Sg3l6 FROM miscellaneous sources, 81 $40
All against ;2922k7l5. The receipts for the
eleyen months ended May 81 were sS1 40, 3Sl,
or about slI 600 900 more than for the entire
financial year 1851. The receipts for the year
will exceed those OF any other year slnce 1871;
The prospect now is that the debt reduction
will not be so great next year. The rate OF pay
ment will depend of course, upon the revenue
on the one hand and the expenditures on the
other. As regards revenue, there does not seem
IN he much likelihood of any falling OIL. AT one
tba inli la ions that COMPRESS would
during the present session cut oil from $4,000,
6O0 10 sos 009, 0OI by. abolishing some internal
taxes and reducing Others, but II is now eX-
temely doubtful whether this will bedone The
extreme protectionists take no great interest III
Inc pending tax bill now that they. have been
prevented from carrying out their programme
of abolishing the internal revenue system
altogether. On the other hand many free
traders appear to be inclined TO resist any re-
duction of internal taxes, unless they can al Inc
same time secure reduction of some OF the
more burdensome protective duties Between
these extremes there seems to I've an easy going
disposition to let the subject OF taxation entirely
alone until after the tariff commission has made
lis report The chances are therefore, That
there will be 10 loss of revenue III consequence
of a reduction of taxes II there is any loss
the probability is that 1t will be due to an in,
dusttial and commercial revulsion-an event oil
which many observers who are far from being
hnbitual croakers are not q little apprehenslve.
But while the revenue may be as large next
year ii is certain that the expenditures VIII. De
very much greater. During the current year the
expenditures on account of pensions, including
sl60 1000 recently voted 10 meet. dehciency, VIII
be SIG, 000,O 0O The amount asked Tor next year
Is sl0O, 900 100, or S3i000,000 more'than the ex-
penditure on this account for the current year,
and treasury officials who have investigated lhe
subject estimate that slhoUoo'OoO VIII DC re-
Qured on this account during the year. Besides
this the river and harbor grab Is beyond AZ
precedent this year, and every one OF The
regular appropriation bills calls for more thal
has been expended this year. Hence, even Il
the steamship subsidy project tne aPpropai , "a,
ton for educational purposes, me new nay!
bill, and all the rest of the extrs0rdlnafy oe
mands upon the treasury should be defeated
the expenditures may very likely be sNouoo.oo'
greater next year. In that case tne. amour
available for reduction OF the debt VIII not yer!
greatly exceed the. requirement of the sinking
For some months, however. the redemption
bonds will 20 on ut about the usual rate. hpou
sSOOo,0o OF bonds included III calls alreaa!
matured are still outstanding. Acall for clio,
OOOOOO will mature to- morrow, an0ther ior apou
sll,00oO 900 on the LIST of July, ana SUI
another for sl5, COZ, 900 on the LIST August Ih'
treasury department has, therefore, engaged
redeem nearly sjO.0o.OOo OF BONDS wntnia w,
months Hence there is every prospect OF
considerable reduction Of the casn III the lrvhs
ury. The expenditures on pension ana othe
accounts will be larger than usual, ana me sur
plus revenue VIII fall many Hiluohs aiioi.
covering the bonds that the department mas TN
dertakeu to pay Last month the amount Q
bonds paid was about 700, while the ne
reduction of the debt asonly about slO0oo'VVO
That means that the surplus revenue Tor IN
month came about s5e0o,0Oo short OF coverin
the bonds that were presented for redemption
The prospect is that the shortcomlng will be con
sidefably greater during the next sixty days
and Secretary Folger will hereafter have to ca
for smaller amounts of bonds, or the treasur
reserve will be dangerously reduced. lndeed,iti
aquestion whether he has not been rash i'll cal
ing at the rate of nearly sl5,oooOOO a month 9
late, knowing, as Of course he has known, ina
the expenditures would be greater. and that
bill TO cut of a considerable amount OF rcyenn
was pending In congress. II looks somewhat Z
though he had made up his mind to abando
the conservative policy Of his predecessors IT
speeding the reserve.
DALLAS EXCHANGE AND COIN.
N. Y Buying. Selling. Buying sellnl
chic Ex, H@krar6I 81 Louis hah paresi
Chicago. .H@4par@A N. o., H@SPa
Galveston !, Par1A Houston..h Pare.
Exchange, all points y okdiseount sterhh
Sight % S. FranGs, SOS 10, Marks, %, a.
Trade dollars .qUcie. Mexican dollars. ..sV'
Mexican halves. ,40cts. Mexican quarters lo'