New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-30
ESTIMATED.
NEXT YEAR MAY BE WORSE.


The new law in both branches. customs and IN
.rra, revenue It will be observed. yields less than
,he estimates which were made after the law mad
been three months In operation. Nor can II De
nleaded that the action OF the supreme court u"
cutting off the income tax had any ma'era' e"eo'
on the receipts Of the fiscal year. for the payment Oh
the tax on incopes was not REQUIRED until 1ny h.
and there was no reason TO expect that !, woui' 90
paid ahead of time. The fact is. the wno.e Jaw a
tons Of the last two or three months are really
more of disappointment than ihose OF h tne canne
s g supPS ny snsrn! SOSm R
E %sst fesep, which Occurred
wooen schedule went into eec, tne @ msn tf
fe'p Xpr nave they WE'RE So in
s247455s and in June they were 81 So orse nam nam
TIE customs receipts for the coming year promise
estimated by Secretary Carlisle The int J,
receipts too, seem lkey 10 De eqpsay o u
100000 month having been IN mt A pr,
are more excessive than the customs estimate,
Secretary carse guess S on ne year reveSn eceP
AT $50 100000 but they do not seem likely to be
more than n, s6 v.a Thsn may ' DO at MS ea Reia
too sangune so it seems that while the estimate
than receipts those for the year about to be EN-
tered On are probably @ he too chsrseabie to the the
revenue law.
THE DEFICIT MORE THAN sH0oo.oN
The deficiency In the Treasury receipts as com
pared with expenditures for the year ending To-Day
Is ~ 49, S3 1t must be remembered however tha'
the Mckinley law was In operation practically TWO
months OF the year. and that in those two months
July and August. 1t created surplus OF over six
million dollars. which offsets in the years state
nents a like amount Of deficiency created by the
Wilson law. In the ten months that the Nhsoh Ia"
has been In operation its deficiency has oeeh d, al
average rate OF five millions per month mus ,
indicating a shortage of 100000 for the year h1l
the law happened 10 go into effect simultaneously
with the opening OF the year. -,
There are other important features OF the opera
lions Of the fiscal year to be considered but IL seems
as though the above facts ought TO be enough 20
detail one years misforunes. 1t might, for IN
stance proper call attention to the fact that as
result OF the s3sUoc0 deficit of the Wilson lay
in the last ten months there have been issued and
bonds OF the United States. II might also De re-
marked that the presence OF the full S@cocp OF
gold reserve for almost the hrst time since D D
ury is only brought about by the sale OF ne bonus
iust referred TO- and by another lot Of x0,UoOn
few months earlier. 1t might be remarked ina hai
strict letter OF the Sinking Fund law. which say
that the money received from customs shall be set
apart and applied 10 the purchase or pay
ment Of one per ssn fiscal az hy as sinking
fund" etc. the deficiency OF the year would have
been about As,0o.oco more or round *pVoW
for distress in the fact that the legislation OF the
last Congress resulted In law which has created
100000 OF Treasury deficiency In ten months NJ,
and that the first duty OF the new c9 n, ~" b
revenue law In a way which VIII produce, sIlncieht
revenue to meet running expenses. as dd the NJ
the meeting OF the Democratic Congress which de-
stroyed H.