The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-12-07
THE
Decrease of the Debt and Interest-Loss
of Revenue Presents a Problem.

~ DScS -"
of Revenue Presents a Problem.
The report Of the secretary OF the treasury will
attract special interest, in view of the many
misleading statements that have been made as
to the state OF the public revenues. Three pre-
iiminary facts should not only be stated, bu.
en phasized before looking into details: First,
that tie public debt has been reduced since
March 4, 1889. $3.50. OF 1920. and the annual inter
est charges sli, 6s4. 400. second, that there have
been paid out Tor pensions during this admins
tration up TO November 1, 1892. $4321, sos, Ia. 70,i an
excess OF STA, i66, 3o6.09 over the sum expended
during the period from March /. 1885, to March
J.. 1859. and third, that under the existing tart #
up to December / about s93,0oo,ooo of revenue
imported sugar ii the duty had been
maintained has gone into the pockets of
the people aud not into the public treasury as
before. If there are any who still think that the
sur plus should have been kept out of circuIa-
ton by boarding it in the treasury or depositing
it IN the banks without ~interes. while the GOV.
eminent continued 10 pay the very banks inter
est upon the bonds deposited as security for the
deposits. or who think the extended pension
legislation was n pubic robbery. or that the
duties upon sugar should have been main
tanned, l am content to leave the argument
where 1t not rests, while we wait to see whether
their criticisms VIII take the form of legislation,
The revenues for the fiscal year ending June 80.
1872. from eli sources, were s425, Sos, 260. %, and
the expenditures Tor all purposes were SAILS, 923,-
sOo-5o, leaving a balance of $9,914.453. 66. There
was paid during. the year upon the public debt
io.57o, 4o7 9s. The surplus iu the treas
ths uiu <3S auh ItLSiuntlOO iln1.
passed by the act of July Ii, 1870. to the
general fund, furnished in large part the cash
available and used for the ayment made upon
ths public debt. Compared with the year 1881
our receipts from customs duea fell off $41. O6o,-
24i.oS, while orr receipts from internal revenue
increased ss,2s4, s23. Is. leaving the loss of reye-
nue. from these principal sources $33. rs ,4i7.e 5
ne net loss OF revenue from all sources was
$o2r615.972sl The revenues, estimated and
are placed by the secretary at si63, $50, 35o. Is, and
the expenditures at si6i, $50, $50. 10. showing a
surplus of reeeipts over expenditures of
ury at the end OF the fiscal year, it
il estimated. VIII be So, 992 ST.. 03. So far
as these figures are based on estimated re-
ceipts ana expenditures OF the remaining
months o. the current fiscal year there are not
the usuai ~eiemeats OF uncertainty, but
Iatoa, or even tae expectation of it.
may seriously reduce the pubic revenues
during the period of uncertainty and during
the press OF business adjustment to the new
conditions when they become known. Buttha
secretary has very wisely RETAINED from guess
Ing as to the effect of possible changes ~ ol1r
revenue laws. since the scopa OF these changes
and the time of their taking effect cannot in
aay degree b forecast o. foEetoii by him, his
estimate must be based upon existing laws and
upon continuance OF business conditions, ex-
cept So Tar rs these conditions may he affected
by causes other than new legislation. The esti-
mated recelpts f"T the Hscal year ending June
t.iS9i, are $3.50. III. - 3S, and the estimated an
TfoPriat.oas sta9,26l ,SS}SS. leaving an estimated
e~urrlns 81 receipts over the expenditures of
sa-,Ho.NohVA- lhis does not include any nav
L1snt tu the sinking fund.
In the recommendation of the secretary that
the sinking land law be repealed ! concur The
redemption OF bonds since the passage of tic
ia" OF June -. i>92. has already exceeded the
requirements ~ I "a sum OF s99o.5lo, G3i. ~. Tie
retirement oi bonds II the future before mstu.
rlty should De = matter OF convenience, not OF
co!1pu!slon. We should no. collect revenue far
that purpose. but only use the casual surnI,s
10 the bd4auce o. So, sol. Gfo.05 of receipts over
ex expenditures Tor the year 1894 should Be added
ahe esanhte1 surplus at the beginning g: the
year, s3t,9-2.o.1.>3 and from this aggregate thera
must he teiucted, as stated by the secretary.
aoout $ii-9R, no OF estimated u~nexp3rei a.pro-
prlatlous.