The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1895-01-01
Nd THINKING VERY HARD.
Attempts to Avoid More Bond
Issues.
GOLD IS AGAIN RUNNING LOW.
One Proposition Is to Increase the
Tax on Beer a; Dollar
Barrel.

WASHINGTON, Dec. 31.-The rosy state
uent which has been given out by the
treasury authorities as probable receipts
from the new tariff law represents doubt
less what treasury authorities would like
10 believe, rather than what they do be-
lieve. These official statements are not in
harmony with views which treasury Off
GERS haye privately expressed. The ener-
gies of the administration are now chiefly
directed TO discover how existing sources
OF revenue can be made to yield better re-
suits, aud bow sources of revenue can be
provided so that bond issues may be
avoided.
The fact appears that the receipts of the
Government, for the last six months have
been SIS, 800, 600 less than the expenditures.
During that period the total amount of
duty received from sugar was S2,500.000.
while under the OPERATIONS of the law
which has been repealed the. sugar re-
ceipts we're annually IN excess of $50, 000,
0O0. 1t appears that IN the treasury fore
cast Of probable revenue for the next six
months large amount is ex ected from
sugar duty. Yet those who ar familiar
with the sugar business have expressed
the opinion that no very large suns are
likely 10 be received from importauOns OF
sugar, owing to many business and tariff
complications.
The vast store of sugar which was I'M
ported in advance Of the passage of the
new law is by 10 means exhausted, and it
will furnish reiners an abundant store
FIR very long period. particularly II
there is to be any considerable reduction
in the output of refneries as has been
threatened
No revenue whatever is expected during
the next six months By treasury experts
from dis lied spirits, while receipts from
the income tax Qf that shall not be de-
clared unconstitutional before it can go
INTO. effecO are entirely problematical.
Meanwhi the gold balance, which few
days ago was 1927 GOO, 900. has been re-
duced in round numbers IN 100000
and the Secretary Of the Treasury does
not hesitate to inform Congress. as he le-
Gently did in his statement to the House
Banking Committee. that as things are
DOW going it seems very probable that
another sale of bonds will be necessary to
again replenish the gold reserve unless
Congress shall enact desired currency
legislation. Il is known from private
sources that the Secretary of the Treasury
is of he opinion thai more revenue must
ne pr " .ded by the present Congress IN
less me Government is TO rely upon re-
peated sales of bonds for current expendi-
lures.
II is discovered. moreover. that owing to
the extension OF The bonded period and to.
the extensive Withdrawals OF distilled /
snirits from bonds when the so cent tax.
was still in effect the Government is prac-
iicaly receiving 10 revenue from distilled
spirits. The Commissioner of Internal
Revenue, when asked recently by Demo-
cratic friend how much revenue could be 1
expected from distilled spirits, said that
he was not certain that any. revenue from
that source could be reasonably expected
fer year, owing TO the fact thai large
stock OF spirits withdrawn from bond
when the 90-cent tax was still in effect is
still uudiSposed Of upon tue market, and
there is no present indication that any of
the spirits put into bond under the new
tariff law will be Withdrawn for early con-
sumption.
There have been during the holiday
recess several private consultations of
Democratic leaders to determine now in-
mediate revenue can be secured without
res0rtiDg to the sale OF bonds. 1t has been
discovered that the best practical source
Of immediate revenue is an increase of 81
per barrel upon beer and malt liquors.
That increase would Weld S31. O00,0 900 of
revenue and it would be Immediately
available. The favorite argument of those
who opposed the tax was that beer is the
poor mans drink. and that to tax beer an
additional dollar per barrel would be an
additional tax upon the poor man. The
answer made to this was that beer would
still sell Tor 3 cents glass and that the
only result would be to reduce the extra
ordinary profits of the brewers to that
extent.
In golden autumn or icy winter DIR.