New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-20
DEFICIT IN THE REVENUES.
~ MAY REACH s5oOOO,OOO AT THE END OF
THE FISCAL YEAR
SECRETARY c\RrLsLE's STATEMENTS IN M
svrrp ~ SENATE RESOLUTIONS REDEMP-
TON OF SILVER DOLLARS AND eek

SKIER IT, SEN \rE RE>OLrTIONS-hi .D'"''
TON OF SILVER DOLLARS AND cEh-
rIrIC\TE.-THE NATIONAL BANKS.
Was,,inoton Oct Ex-senator Mcpherson Vi
New-Jersev from the Finance COMMITTEE 'o-u"'
submitted to The Senate the report Oh inc "
mttee on Senator Stewards resolution ti'd' Wv
Secretary OF The Treasury is directed 10 INFORM 'e
Senate whether there ia danger OF Il ue"o',e' :"
tho revenues of the Government durihs inc eu'
rent year and IL So what Is the probable amount
of such deficiency. and Is any legislation heee'a''
to supply such feficiercy?
Secretary Carlisle in reply. sends statements
relative TO the estimates and comparisons o'
receipts and expenditures for cerIa'h Pc'""' !"
the present and last fiscal years.
The estimates Of receipts submitted 10 .'ie '"1'
Congress- for the present fiscal year were S'o'Vo-
900 and estmat ID expenditures, SI3,VWe"' showing
an estimated excess OF receipts OF S'-""'V'' III.
actual receipts for first three months OF inc isc"'
wear. however were sI9.G7oil7, being N2sois' Jess
than the monthly average estimated receipts LOT
Tho e,tire vcar and showing for the first quarter
a deficit of sol 2Il. 500 compared with the same
period OF the previous year. should 'ne ac'u"'
receipts for the remainder OF the year continue at
the Same monthly rate this would amount al Z"
end of the year to sum >o'so-''-' ICES '''i Wv
estimates for the year
The actual expenditures for the frst quarter
NJ tho nresert fiscal year amount to III; ana
If continued in the sam" ratio for the remainder
OF the year would be about S2oSId" IN eNcess OF
the estin,a for the year. and would also sho" an
excess Of expenditures over the supposed ac'uai
receipts for the year estimated OF. say S'63lsS's
The Secretary Is of the opinion, however. that
tho oner,tions OF the Treasury Department for
tho last three months not Indicative OF the
result OF it's operations for the remainder o .ie
fiscal year because of the uncertainty surrounding
the financial and commercial situation OF the couh-
try The receipts of the Treasury Department
he beginning
present fiscal year approximately at an aver
ava monthly rate Of $3 40 III; and II the same con-
dtions had continued through the present hscal year
a deficiency would have been aVerteu eh'i'eN' vi
al the most II would have been small since '"e
r.ce,,s nj that rate would have increased the fore
going estimated receipts OF the treasury lot 'ne
current yea, az indicated By the hrst quarter
n,,o, recc,pts by the amount OF more than $780,"
eqs .o put the financial disturbance OF the coun-
fry expondlng its energy for the most part ]" j.
honod in the beginning OF the present lisca year.
has accustomed the falling OF from the average
,opth,,. receipts OF ISL 1921 for the last nan OF
tho preceding fiscal year to the average OF the
o,,h,, reccp,s of the first quarter of the present
ecai vaar Of so6 t9 S0 a decrease OF an average o'
:; 0,o aIc. month. about 2og}As'5 LOT 'he seo'
II will appear from careful cohpa'Ho" Vi Va.
rec ,lpts md expenditures for IN" iast SIN '.o''
,prl to September. inclusive, WIZ the reo''P's an"
oxnsud,,ures for the corresponding SIX nohlhs vi
$50, ,h,, whatever deficiency may be apprehpnued
/ f. due to the falling on in the revenues Vi 'ne
Government and not TO any materiai increase :"
expenlitures The expenditures Tor the SIN months
,nrn IN s.o,ember 1893 were sl9o,6@2eo. ana the
rec ,lpts $3.50 li0.t. while for the same perou Il"
isg2 the expenditures were NS'.6sisl' ana the re-
coin,s were 1885, 258 being en- average month";!
increase in the last six months In expenditures OF
only a little ovar ss3 90. or les than $o"N'"" LOT
the year
II viii also be seen by a ccmpariso of the expen-
| ~ he
v,,b those of the same period of the last fiscal
wear tha, the difference is small compared WIN
the falling on in the revenues being Tor the hrs'
quarter OF the present year %sts.lZ' i.hd Tor the
corresponding period Of the last fiscal year sS%o-
81, or an increase of only s'6oiij a mod'h; while
the receipts for he period were for tire hrst
ou,-ter Ct the present fiscal year Ns3s,fI and for
the first quarter of the last fiscal year SESSIONS or
a falling of of over 2o,2IlOoo for the quarter, ana
over s6737.OOO a month.
I'm conclusion the Secretary says: so much de-
| ponds upon the financial and commercia conuitiS ION
OF the country and the action OF congress IN the
meantime that present satisfactory forecast ca
he made with sufficient defniteness TO be the sub
ject OF official opinion at TINS time AS 10 'n ne
The estimates Indicated or the actual public rev
| enues 1t Is apparent. however That SHOULD me
! ,anGth of time deficiencies likely TO occur
| which should be either averted or met by appro
PA simple calculation will show that with the
small working balance in the Treasury and which
. h
years II hers are no improvements in the receipts
nscal wear and Legislative reduction OF ex-
penditures there may be contemplated a deficit
m the end of the year of &0,oOC.0O In the rev
enuss and over sS0,ps.o0 with reference to the
estimates.
! SILVER DOLLARS AND COIN CERTIFICATES.
! Secretary Carlisle also sent 10 the Senate to-
day reply to resolution asking whether silver
dollars or silver coin certificates have been re-
deemed by the Treasury Department or exchanged
| Tor gold or paper that are by law or practice OF
the Government redeemabie IN gold
The secretary says mat law providing for the
REDEMPTION exchange of silver certificates which
requires such certificates shall lie rede ,med ex-
changed in kind FOR STANDARD silver dollars.
| has 80 the Department Is informed been
| strictly complied with by the Treasurer of the
| United states and the various Sub-rreasury OFF,
| GERS. and no gold has been given In return for
such certificates standard silver dollars. Con-
ditions have however, existed In Ncw-York and
san Francisco Sub Tres suries which required that
PAYMENTS In redemption OF silver certificates and
! standard silver dollars deposited with these OFF,
GERS be made In ways other than those specified by
law for the purpose. but such cases have been in
frequent. and amounts paid for such redemptions
| or exchanges in United states paper-which by the
law or the practice of the Department is exchange
! abb. for gold con--havc been comparatively insig-
niGcant. In the early history of the standard sill
yer dollar and silver certificate many OF the latter
REaCTfFJIL SLEEP