The Daily bulletin., 1890-10-13
MONDAY, OCT. l3, 1890.

The condition of the finances of
the Kingdom does not warrant the
extravagant expenditures proposed
in the Appropriation Bill for the
present biennial period. The Leg
islature is erring deliberately and
foolishly in exceeding the very ex-
travagant estimates of expenditures
made by the late Cabinet, viz,
81 1874, ,363.47; and is further lay
ing itself open to just and severe
censure by swelling the Appropria-
ton Bill to almost, if not quite,
double the available receipts for the
period. We speak advisedly in this
matter; for there is no doubt that
in several instances the late Minister
of Finance overestimated the re-
ceipts for the period and we believe
that had he TO make the estimate
to-day he would materially reduce
the total amount of available re-
ceipts.
For instance, from April /,
1890, to the present time there has
been shrinkage in the Savings
Bank deposits which, we are in
formed, will cause them to fall short
of ex- x-Minister Damon's estimate
from fifteen to twenty per cent.
Whether this shrinkage results from
withdrawal of the loan fund, or
otherwise, is not material. There
are several good financial reasons,
known to those who have carefully
made investigation of existing
financial, and threatened CONNER
cial conditions, which will likely
cause a further shortage in the Post
al Banks receipts. Or, even TAX
ing the most favorable view: the
fact that the deposits and with
drawals fuctuate between limits of a
| few thousands of dollars of the av-
erage amount on deposit shows that
maximum has been reached which
may, at any moment, with the pre-.
| sent doubtful financial status. eX.
hibit downward tendency which
the Government would be entirely
unable to meet under the law, anC
especially so with every available
source of income strained to its ut
most by the exorbitant demands O.
the present spendthrift Appropria
ton Bill.
The Savings Bank serves as al
illustration only there will be fount
to be other shortages of as serious :
nature in Government receipts ex
isting under the new, peculiar ant
somewhat unexpected alteration o
values forced upon the Kingdom b.
a combination of internal and exter
nal causes. This general state O
financial depression, uncertainty O
future values, lack of confidence a
home or abroad call it what yo
willis destined to affect ever
branch of business, every trade
every individual or corporate indus
try exactly in proportion to tn
amount of capital invested,-be
represented by muscles or gold
brains or machinery.
The Legislature under the pre-
sent economic circumstances are t
be censured without regard to part
or factional lines: offenses in ex
travagaDce have been committe
from every side, until the result
an Appropriation Bill of nearly fy
millions dollars for Kingdom wit
an available income of between tw
and three millions OF dollars. tn
old adage is still applicable; the an
clients were righti the fool and hi
money are soon parted. The re
proof applies US we'll TO Legislatiy
bodies as II does To individuals,
Prior TO the incoming OF tho lat
administration some hard thing
we're said Of klngly oxlrayaganp
and of lhe l'remler's folly hu
within thirty months lha genllemeI
proposing eeonomle amendments anl
reforms have discounted lhe Gihaa
regime and siA month later Np has