The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1895-02-13
PUBLIC DEBT ROLLING UP.
An Increase of Eore Than SlS.5oo,oo II
January.

The fruit of the Democratic tariff FOR
dcfici: and the Administration policy OF
selling bonds in Ss0.00.epo driblets is
again shown by the monthly statement OF
tha Trcasury's fiscal operations, issued
Friday. February /. in continued
and additional revenue deficit, blg
increase in the gold reserve and an
enormous monthly net increase IN the
public debt. IN brief, the discouraging
features Of the monthly statement are: \
net increase in the debt OF sIS, 500 COO; AN
excess of expenditures over receipts oi
si.700. coo: a decrease in the gold reserve
81 Sn. .Ja.ee0. and a decrease in the
Treasury cash bala-,- &c ofnearly ~, ,0o,o0.
The gold reserve stood at S44, 4,705,.65, the
lowest point reached since the resumption
Of specie payments, on January !. lsas.
This shows loss in round numbers of
Sa.59aOo0 in Treasury gold since January
I. when the reserve amounted To ss6244,-
40. and of about s,S3, .0ee since Decem-
Der ). when the gold reserve after the last
bond sale was swollen to maximum Of
slll.I42.OOa. Probably SS0,0o0,0OO of the
gold the Treasury lost last month has
gone abroad. and the remainder has found
IL way 10 banks which are accumulating
the yellow metal in anticipation of anoth-
er bond sale, and to tie pockets Of those
who are hoarding il in anticipation Of
selling il at a premium.
The interes1-be bearing debt was increased
S5.I55.5 80 during the month, which was
due 10 finishing up the transactions of the
last bond sales The Treasury cash bal
ance decreased SS.73I.275 and the non
Understanding debt decreased ,2s2,
making in all net increase in the debt
OF Sl3.5i2,573.
Receipts from all sources last month
aggregated 81, ,sai. .se9. but expenditures
were SS4.53}.447. or S5,7la0lS more than
receipts. This was the deficit last month;
but for the seven months of the current
fiscal year. or since July J. 1874, IL foots up
S}4.3s2. .g70 Receipts for that period under
the Democratic reform tariff aggregated
SIS. .Ia3. 81, while expenditures were
So. f7j.9g7. Castoms receipts last month
aggregated SI7.SM.g .gl6 or S7,ec1,GG0 more
than last December. and about S5,op.U9
more than in January year ago. The
President. Professor Wilson and other
champions of the new tariff for deficit,
who have recently insisted that revenues
were increasing. can get only cold eom-
fort o,it Of these figures, showing - they
do comparative gains in customs receipts
over January year ago, before the new
tariff was in force, in face Of the fact that
ri least S5.Ogl.00 OF this increase last
month MAS -dUe 10 ahnormaiiy heavy
Withdrawals of wOollen goods held IN
bond until early last month to derive the
benefit Of reduced duty. and also that
about 5000 900 came from duties on sugar,
which year ago came in free. Deducting
Ihe exceptional receipts from woollen
goods and the new duties on sugar, il viii
be seen that the new tariff has brought
less revenue last month than the Nc
Kinley law yielded in January a year
ago.
Internal revenue receipts last month
make a comparatively poor showing, and
aggregated for the month SlG4,S ,SJi, or
S2JaGe0 less than i'm last December and
nearly - ,s1.000 less than in January a
year ago. This denotes comparatively
light receipts from the tax on whiskey,
which for the first six months of the
current fiscal year amounted to S45,2j0. .0ei
only :, ,5c0.000 of which was collected dur
ing September, October, November and
December, under the new sl.l0 per gallon
tax. Internal revenue receipts, however.
for the seven months ofihe current fiscal
year aggregated SgI, ,la5. 10 or about S.
5g1.eo1 more than for the corresponding
months OF the preceding fiscal year. This.
of course. i explained 10y the heavy with
drawaiS OF whiskey last July and August,
under the old 90 cents a gallon tax, but
decreased consumption and Withdrawals
for the remainder Of the fiscal year viii
result in comparatively greatly diminish
ed internal revenue receipts from this
source.