Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1883-03-23
DEBT REDUCTION.
rection.

The last Congress, with all It's errors OF
emission and commission. did some good
thnIs among which was the reduction Of
the appropriations. Aud this will enable the
reduction of the public debt 10 so on as rap
idly the coming fiscal year as It has gone on
for this year. for the reason that the de-
crease of revenue caused by the new tariff
will be met by the decrease in appropria-
tons. Secretary Folgcr estimated in De-
cember that the surplus revenue ot the cur
rent year, over and above the amount due
the sinking fund, would not be less than
SO, 900. To get this sum the receipts
were reckoned at $4,000 900, ordinary eX.
pendiures at S29j, 900, 600, and the sinking
fund allowance at S44, 322, 95G. The new
revenue bill and the progress of expenditure
make some corrections in these figures pos
siblc. Thus, the repeal of the bank taxes
took effect on the Sd inst, Or possibly dates
in part from December 1sl and in part from
January Isl. The total amount collected on
the capital and deposits of all classes OF
banks last year was Sll, 20S, SO. Assuming,
as it will probably be decided, that the re-
peal took effect March Sd, the revenue of the
year will be reduced on this account not less
than 30, 100, 600. Moreover, the repeal of
the duties on charges aud commissions took
effect ut once. The amount by which this
will diminish the revenue has been variously
estimated at from 3 to 6per cent AT the lower
rate, on the basis of present important ms, the
receipts will be cut down about -, 100000
before June 30th. Then, again, the special
taxes on tobacco dealers will be diminished
onc-hal May 1s,, and the loss, amo mtingto
some ST. 100000 will come out OF this years
income Finally, the new duties on sugar
will % into operation June LIST, and reduce
the revenue, not allowing Tor Increased I'M
portalions, probably to the extent OF SILL
600, 600 per annlm or some 100000 for
the month of June. Here il, all told a loss
OF &. 0O0, 900. The Financial Cronicie
thinks that the revenue may he
lcsscned possibly 10 the extent Of about
50, 900, 600. As to expenditures, it Is
SAID hy Commissioner Dudley that the pay
mcnts for pensions this year will fall short Of
the estimated 800, 600 by about sl5,
000, 900. There are no data for determining
what balance, If any, will be left uneXpend-
ed in other items, or that there will not be
some deficiencies. But the margin is so
broad that it will hardly be necessary TO take
into account the reduction OF SS,Og0,000 in
take. in figuring ont the amount available
for debt payment.
Looking ahead 10 tie next fiscal year. We
find further that the reduction in appropria.
tioas is q full offset for that Of revenue, so
tina! the surplus ay ailah,c monthly for can
ceiling public Indebtedness will he no less
than at present. The tariff and tobacco tax
reductions 60 into effect July /, at the be-
ginning of the year. The very highest esti-
mate of the amount by which the treasury
receipts will be diminished is $50, 900, 900 TO
$50, 100000 But the appropriations for the
coming year are 800, 900, 900 less than were
made fort the current year, on the basis of which,
us existing laws Secretary Folgcr named
S415 900, 000for probable receipts and $780,
GOO, 900 for expenditures in lsS3-s4. A re-
ducton Of receipts 10 1850 100000 and Of
expenditures to S215, 900 leaves the sur
plus where it is now-at So, 100000 This
surplus ii mus, be borne iu mind, is in addi-
ton 10 an allowance of SO, 600, 900 for the
sinking fund. There is thus app arcntly
room for bond calls amounting TO Sl20 ,000,-
| 900 for the year, or $40, 900, 900 month. 1t