The times., 1897-12-08
The Treasury Report.

The annual report OF the Secretary of
the Treasury is intended to show the ma
tional balance sheet as it appeared at the
end of the fiscal year ending June 80
1897. Therefore, it is a much more ia
vorab.e presentation than could have been
made IL the accounts included had been
brought down to the time of the meeting
OF the Congress. We shall review 1t only
in brief. as most Of its salient points have
been alters OF public information, and
have been discussed from time to time
in these columns.
According 10 Secretary Cages report.
the revenues Of the Government. from all
sources, for the fiscal year, amounted to
S43O,3S7 1879. and the expenditures to
S44S, ,4@9, ,622.30. The deficit there
fore, was Sis, ,o62, ,454.41. In addition to
ordinary revenues, during the year, cash in
the Treasury was increased to the extent
of s., ,35T, ,s54.5O, by the national bank
fund deposited under act of July =, 1880.
and from issue of per cent bonds in
liquidation OF accrued interest on refunding
certificates. Securities, on account of
sinking fuId. " ere redeemed TO the amount
of S252, ,Os2.OO.
The fiscal year reported upon by Mr..
Gage was the last under the Wilson tariff
law, and the first to show any national
reaction from the effects of the Cleveland
panic of 1898. As compared with the fis-
cal year 1896, it showed an increase Of
revenue aggregaiing S2O,911, 1871. BY
way of general comparison, it may be
stated that the four months during which
the Dingley bill has been in operation have
produced public deficit of nearly $50.
100000. On the other hand, the report
shows that the customs receipts for the fis-
cal year ending June 80, 1897, exceeded
those of the year 1896 by SIG, ,532, ,3TAO8.
We are able to understand and agree
with Mr.. Gage III his statement Of past
receipts and expenditures, although, even
then, recent knowledge or his peculiar
views as to the ethics OF bookkeeping
would tend TO leave us In some doubt. AS
to his progHoses of the budget for 1898
and 1899, we are not sure that we caa
be quoted as in accord with his figures.
For example, he estimates that the receipts
from customs for 1898 viii be S165, ,9OO,-
600, and for 1899 $2O0,O00,0OO. His "a
sons for such a golden prediction do not
seem TO appear on the face Of the record.
Customs receipts in 1896 were 81 So,
02I,75l 81. and in 1897 they We're S176,-
554126.G5, an increase-under the Wilson
biIl-of SI6- -532 I374.9S. How, in she face
IF a Dingley deficit Of practically $50,
600 900 in four months, with no demon
strable prospect that the record COR the
remaining months OF the current fiscal
year will be any better, he can estimlte
a tariff revenue of S165.o0o 900 for 1898,
and Of $500, 100000 for 1899, is more
than most people will be able to under
stand. In this connection it IS worthy Of
remark that Mr.. Walker, chairman Of the
House Committee on Banking and Currency,
is reported as saying that the Dingley bill
is not a success as a revenue producer, and
that new internal revenue burdens viii
have TO be laid upon the backs OF the
the people 10 make up for the great de
ficiencies it is certain to create. Re
membering these things we are compelled
to think that Mr Gage is even more .on-
servative than it was his custom T. he
when he was banker in Chicago, in esti-,
mating that the ret revenue deficit Of S9S
win only be SIS ,oOo, 900, and that of 500
| only S21 ,s4T .9S5.so.
During the year there was deposited at
the mints and assay offices, gold to the
value of 81 90. los. 500. SO, of which amount
domestic bullion figures TO the extent Of
S60,61s, ,239.T7. During the same period
the worlds production Of gold is stated in
the report to have aggregated S202, ,956.-