Evening star., 1896-07-20
Those for the First Eighteen Days Of
This Month Satisfactory.
IF KEPT UP DEFICIT WOULD DISAPPEAR
Treasury Officials, However, Do Not
Bank on Such Result.
WHAT MAY BE EXPECTED

shown receipts by the treasury amounting
to $1S,O63,717. This is at the tate of ST.,
OOO,WO for every day Of the month. and
would make the treasury substantially self
supporting. If the same rate could be main
tanned throughout the year. The estimate
Of expenditures made by Secretary Carlisle
for the present fiscal year, exclusive of the
postal service. was $3GjOOOOOO. or at al
most exactly the present rate of receipts.
The late session of Congress may have ap-
propriated in excess Of this amount, but
these appropriations are not always fully
expended within the year, and in the pres
ent case in particular some of the con-
tracts for river and harbor improvements
are likely to be postponed. The wip:ng out
of the deficit during the fiscal year which
begins with the present month would he In
accordance with the tendency of the past
three years. The deficit for the fiscal year
1894 was s72.32J, 44S. 1t declined in 1885 to
$46o1Sb9, and in the fiscal year 1888 to
$26o42,2A. The wiping out of the deficit
would indicate proportional gain during
the present year not much greater than
that OF the past two years. There was
every reason to believe a year ago that
the process Of the disappearance of the
deficit was already in full ope ration but
the large receipts Of July and August be-
gan to fall off when gold exports were re-
sumed In the late summer and autumn
The fact that receipts during July have run
at SO liberal figure is considered rather
surprising than otherwise in view of the
political uncertainty and the hesitating
state of business.
One Significant Feature.
The treasury officials are not disposed,
however, to bank greatly upon the increase
of receipts during the present month over
the record of the winter and spring. They
had somewhat similar experience in July
1875, when the receipts for the first eight
cen days were $17. .442 1Gl, or only S6OO,0o0
less than for the same number of days this
year. There was a considerable difference
IN the sources OF the receipts in the two
years, which may be interpreted in favor
or the present year. Customs receipts fell
from $I.92061S In 1895 to s7.oO0,2l2 in 1896
while internal revenue receipts increased
from 1875, 1876 to $9,2i3, 43l. Miscellaneous
receipts increased from s1,5l6,327 to 81 $40
0I1. The significant feature Of these figures
is the Increase in internal revenue receipts
hich would seem to indicate that the long
boycott put upon Withdrawals of whisky
from bond by reason of the heavy stocks
Withdrawn before the increase Of the tax
was at last being lifted. The decline In
customs receipts is interpreted as natural
result of depressed business The fact that
internal revenue receipts are larger in JULY
than In some other months Is counted for
by the fact that July is one of the months
when the annual license taxes are largely
paid. 1t is their increase this month over
July of 1895 which has real significance If
this increase, which amounts to about 81
lsO,oO per month, could be maintained
throughout the year. 1t would alone nearly
wipe out the deficit, II customs rec eipts
should remain stationary. There is some
reason for thinking that receipts from both
sources will not fall off rapidly during
the autumn as was the case in 1895 july
OF thai year was the zenith of the effects
of the syndicate contract. and it is remark
able that the present July should show
larger receipts in the face OF political un-
certainty.
What May Be Looked For.
The state Of the treasury would seem
to Indicate that large receipts and favor
able trade conditions might be looked for
If they were not Intercepted by political
agitation. The general balance CT the
treaFury on Saturday was $261 .tsS, ,39S.
This affords a margin of $165. 600, 900 above
the existing gold reserve. The gold re-
serve itself would be protected in a meas
use from assault by the large accumula-
ton of legal tender notes in the treasury.
This accumulation included on Saturday
sS4, 2S6.016 in old legal tenders ard S25,-
1903 in Sherman treasury notes. The
whole amount of legal tender notes left
outstanding is only $S45, ,000.O00, and a large
business demand. The national banks
alone held $141 600 of these notes on
May Z, the date of the last report to the
controller. This leaves in general circula-
ton only about 500 OOO, 900 Of both old legal
tenders and Sherman notes. which would
not be considered a formidable margin,
even by the opponents of the greenbacks
If the channels of circulation were rot
filled also with $50 123 040 in outstanding
silver certificates. the expenditures dur
ing July have been large and have created
| deficit for the first eighteen days of the
month Of s1l,5O6.2s2 These figures are
not significant, however. of permanent
deficit, IL receipts continue to run at their
present rates. July is one of the months
for the payment of the quarterly interest
on the old per cent bonds. and it is also
the first month Of the fiscal year. when
heavy drafts are made by disbursing Of
flcers to afford them a working balance
for the year. The interest payments for
July have been nearly completed, and only
about $300O,0OO remains to be paid on pen
sion lra sfs of Sl1 iOl ONO