The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1895-10-05

Deficlt VIII NOW GRADUALLY DlSap-
pear.
WASHINGTON, Sept 25.-A Treas
ury surplus is in sight. For the first
time in two years. under normal
conditions, the receipts of the Gov
eminent will this month exceed the
expenditures. The indications now
are that the surplus for the month
of September will amount to about
$4,000, 900 to 100000.
This favorable showing is a source
of much satisfaction to the high of
ficers of the Treasury Department,
who believe that the turning point
has now been reached and that the
new tariff law will henceforth prove
its efficiency in raising enough reve-
nues to meet the expenses of the
Government. Unfavorable trade
conditions have hitherto delayed the
accomplishment of this object, and
the Wilson law has not until now
brought into the Treasury the full
amount that was expected of it.
Now that business is improving,
trade once more getting brisk, and
commerce again beginning to assume
normal proportions, the Treasury,
the nations pulse, feels the accele-
rated action through all the arteries
Of trade, and instead of showing a
deficit, begins to accumulate sur
plus.
The receipts from all sources dur
ing over twenty days of the present
month that have elapsed have aver
aged $1,067, 500 a day. From Gus
toms, ST., 204, 905 has been collected
the internal revenue taxes have
yielded $9,597, Ala, while from mis-
cellaneous sources $547, S67 has been
received, making total of $2I, $50,
1877 1t is expected, and it is alto
gether probable, that the daily re-
ceipts for the remaining four work
ing days of the month will not fall
below the average that has been
maintained so far, so that at least
$5,000,000 may be confidently ex-
pected before the end of the month.
The daily expenditures during the
early part of September were very
heavy. For pensions alone over half
million dollars a day on an aver
age has been paid out In addition
there have been some heavy pay
ments of interest on the Govern
ment's outstanding obligations,
These special expenditures have
now, however, been practically
closed up for the month. There has
been a total of $22,219,700 paid out
SO far this month up to o-day,
which is 1869, 512 more than has
been received. For the last day OIL
two, however, the expenditures have
dropped to less than half a million
day, and they are not expected to
increase beyond that figure during
the remaining days Of the month, as
there are no more heavy payments
to be made. The slight deficit for
the month that exists to day will be
almost wiped out to morrow, and
with less than half million going
out each day and more than a mil
lion coming in, it is easy to see that
there will be a substantial balance
on the right side of the ledger at
the end of the month.
The figures for to-day-althougt
Thursday is always light day fol
receipts-give substantial support
to the expectations of a coming sur
plus. The expenditures to day were
$4,000 and the receipts $779,270
an excess of $327,270.
1t was in August, 1898, while the
Mckinley tariff lawswas in full oper
alton, that the receipts first began
to run behind the disbursements
and that the deficit from which the
Treasury is only now beginning tt
recover began. Since then there
have been one or two occasion:
when the monthly balance sheets
have failed to show a depletion Of
Treasury funds. These exceptions
were, however, the result of abnor.
NAL conditions. One of the excep
tional occasions was the month o.
August, 1894, when the tremendou:
amount of whiskey and spirits taker
out of bond in order to save the q
cents per gallon difference between
the Mckinley tax on those article:
and the new tax proposed by thu
Wilson bill caused the internal reve
nue. receipts to jump up to an ex
ceptional figure. Another occasion
was in January of the present year
when was released the enormous
stock of wool and woollens that had
accumulated in the customs bonded
warehouses in anticipation of the
date upon which the lower rate OF
duties on these articles went into eff
feet.
On both of these occasions the re
ceipts were in excess of the expendi
lures, but the trade conditions wer,
not natural In reality, therefore
it may he said that it has been tive
full years since, under normal cir
cumstances of commerce, as are now
apparent, the Government in any
one month made more money thar
it paid out. That the turning poin
is now come is regarded as indica
tive of returning prosperity and a
sign of better times.
Treasury officials believe tina
from this time forward the presen
tariff law will bring enough none,
into the Treasury to not only pay al
the legitimate expenses of the gov
eminent, but to wipe out gradual,
the deficit that has grown during
the last two years. If these expec
tations shall be realized the fac
will have an important bearing upol
the future course of the Government
with regard to its plans for the re
tirement of the Treasury notes.
|
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