Mexico weekly ledger., 1897-03-18

a debt by borrowing money to meet the
ordinary OUTLAWS incident upon ever
economic and prudent administration
Of the government. An examination
of the subject d~iscloses this fact il
q every detail and leads inevitably te
the conclusion that the revenue which
allows such a condition is unjustifiable
and should be corrected.
ell THE DEFICITS FoR -FOUR YEARS.
: "We find by the reports of the Sec.
rotary of the Treasury that the reve-
= nues for the fiscal year ending June
: 80, 1892, from all sources, were $685.
J, 1858, 260. %, and the expenditures for all
purposes we're s415, s53, SOC. Sc, leaving
i. an excess of receipts over expendi-
q lures of $9,914,453 Sc. During that
fiscal year $40, SIC, 467. 9s were paid up
on the public debt, which has been re-
duced since March 1, 1889, $3.50, O76, 800,
3 and the annual interest charge de-
/, creased 81, 6S4,5 {. go. The receipts
of the government from all sources
! during the fiscal year ending June 80,
1898, amounted to $461, ZIG, 561. "a and
it's expenditures to 1874, ss7 .65,
showing an excess of receipts over TX
penditures of 81, 341, 674.29.
"Since that time the receipts of no
fiscal year, and, with but few excep-
tions, of no month of any fiscal year
have exceeded the expenditures. The
receipts of the government from all
sources, during the fiscal year ending
June 80, 1894, were 1872, s92, 49S. 90 and
its expenditures $442, sos, 75s.s 81, leav-
ing a deficit, the first since the re-
sumption of specie payments, of $780,
500, 1905 IS. Notwithstanding there was
a decrease of SIT, 769, 12s. IS in the or
binary expenses of the government as
compared with the previous fiscal
year, its income was not sufficient to
provide for its daily necessities, and
the gold reserve in the treasury for
the redemption of greenbacks was
drawn upon to meet them.
BOND ISSUES AvERTED TO.
"But this did not suffice, and the
government then resorted to loans to
replenish the reserve. In Feb, 1884,,
80 million dollars in bonds were issued,
and in November following a second
issue of 80 million dollars was deemed
necessary. Tho sum of S117, III, 795
was realized by the sale of these
bonds, but the reserve was steadily |
decreased until on February 8, 1895, a
third sale of $62, 315, 400 in bonds for
$50, lie, PA was announced to Con-
gress.
"The receipts of the government
for the fiscal year June 80, 1895, were |
$3.50, 373, 203.30 and the expenditures
s4s3, us, 1926 s, showing a deficit of
S4s, s05, 223.17. A further loan of 100
million dollars was negotiated b." the
government in February, 1895, the
sale netting Sill, 1866 ,246 and swelling
the aggregate Of bonds issued within
three years to S262, 315, 400. For the
fiscal year ending June 80, 1896, the
revenues of the government from all
sources amounted to s4O9, 475, 4OS. 7S,
while it's expenditures were $434, $751;
654.4S, or an excess of expenditures
over receipts of $25, 2o3, 245. 20. In other
words, the total receipts for three fiscal
years ending June 80, 1896, were in
sufficient by s137 81, 72s. 46 to meet the
total expenditures.
THE SITUATION NOT IMPROVING.
"Nor has this condition since inn
proved. For the first half of the pres
emit fiscal year, the receipts of the
government exclusive Of postal rev.
enues were $157, 5O7, 500. 76, and its ex-
penditures exclusive of postal service
s195,410 ,000.22 or an excess of expen-
ditures over receipts of s37, 9O2, 1896. 46.
In January of this year the receipts,
exclusive Of postal revenues, were
S24,316, 994.0 OF and the expenditures,
exclusive of postal service, $50, 1869,
3s9.2s-a deficit of 5 1869, 1896. "a for the
month. In February Of this year the
receipts exclusive of postal revenues
we're S24, 400, 987. 3s and expenditures
exclusive of postal service s2s, 1856 ,056.
So, q deficit of 1896, 059. %; or a total
deficit of S1se ,o31 $780, "A for the three
years and eight months ending March
1, 1897. Not only are we without a
surplus in the treasury, but with an
increase in the public debt there has
has been a corresponding increase in
the annual interest charge from s22,
s93, $500 in 1892, the lowest of any
year since 1882, to $685., 297. go in
1896, or an increase of s11, 493, 414.4
sit may be urged that even if the
Of the government had been
to meet all its ordinary ex-
penses during the past three years,the ]
gold reserve would still have been in 1
to meet the demands upon ]
1t and that bonds would necessarily q
have been issued for its repletion. Be
this as 1t may, it is clearly manifest, s
without denying or affirming the cor /,
rectness of such a conclusion, that the 8
debt would have been decreased In at I
least the amount of the deficiency and +,
business confidence UNNECESSARILY q
strengthened throughout the country. '
REVENUE AND PROTECTIVE TARIFF,
"Congress ahould promptly correct C
he existing condition. Ample rey-r
snues must be supplied not only for h
ne ordinary expenses of the govern r
nent, but for the prompt payment of n
iheral pensions and the liquidation oil
he principal and interest of the publ
10 debt. In raising revenue, duties d
'houid be 90 levied upon foreign prof. n
lncts as to preserve the home markell q
o far "a possible to our pro- q
to revive and increase manu- I
actories; to relieve and encouraged II
'griculture; to increase our domesHcI
nd foreign commerce; to aid and de- o.
'eiop mining ind building, and to rem r
sr to labor In every field of useful d,