The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-12-22
TIE OPERATION oFTmE p1NGLEY
BILL,

I
book showing arow to turn deficit
into a surplus. but ne gives q daily IL
lustration of his plan in the Treasury
daily statement which Is supposed to
reflect accurately the condition of the
United States Treasury. He has been
enabled to do this from the sale of
the Union Pacific railroad for S5S. 600 0O0
which will nett Government in round
figures S54,OO0,o0O. The money received
from the sale-so far $50, 9i2, 052-is car
ried as receipt and is turned into
what is termed THE miscellaneous cash
On January fist next various Pacific
railroad bonds mature for which the
Government is responsible, amounting
ito S29,904. o52, and under ordinary book
keeping methods this amount would be
considered an expense and be so charg-
ed up in THE Treasury operations. But
this is NOT Secretary Cages idea OF the
proper method of keeping the Treasury
accounts. and he has issued instruc-
lions to his subordinates not to include
this large item In the expenditures for
January. The amount will simply be
subtracted from the available balance
in the Treasury. and the true amour,
of the Treasury expenditures for the
month of January will be just s29,90i,-
$50 less than they should be, and for
the fiscal year ending June S0th, 1895
short by like sum- This method of
bookkeeping will ena BILE the adminstra-
ton to report that the deficit Tor the
year 1S97-'9S Is considerably less under
the Dlngley bill than 1t was under the
Wilson bill, when in. fact 1t will be
many millions more.
The Dinsley act became n law July
2+th, 1897, ard It's effect first became ap-
parent in the Treasury opera lions in
August Comparing the Treasury de-
felt for the past two years on August
1st, these figures are shown:
Year. Deficit.
August ]. 1896. ...... .$i36lS 00N
August ], lS91..... .......... 1880, 900
after the Dingley Act has been in
operation for nearly five months the
deficit, excluding the Union Pacific re-
& ceipts. as compared with the same date
under the Wilson bill, is:
Lee. ~. 1876. ....... Sa1 ,GS5.0
Dee. 20. 1887. .... As, $50 COO
This ratio of deficit If continued will
result in the Dingey act producing
$16S00, coo q year less than the Wilson
act did for the year 1S95-96. when the
deficit was $25, 203, 900, or would swell
the deficit at the end of the current
fiscal year to $40, O0O,Coo If to this de-
felt is added. rs should be,s hut as
Secretary Gage has ordered shall moi
be added, the s29,90i,95o to be paid oui
January list next in redeeming Pacific
railroad bonds, the true deficit would
stand s72,o00,0o0, many millions greater
than the largest Treasury deficit since
Z 1864, the year preceding the close OF
the civil war.
Eliminating the Union Pacific pay
s ments, and continuing the comparison
4 iof the operations of the Wilson act with
the Dingley act, Treasury figures show;
Glnce Aug. to date. Receipts
Wilson act, 1886. $500. .s11S,943 900
Dingley act, 1897. ........ Ill $50 600
"A truer exposition Of the operations
OF the Dlngley act as compared with
2 the Wilson act Is shown in the custom
receipts:
B Since July 1 to date Receipts
Wilson act, 1896. ;. SOS. s92, 009
/ Ding!ey act, 1871. ........ 5S,1S2,000
Under The operations of the Dingley
act, provision permitting whiskey to be
4 bottled in bond, stimulating the sale
i te'f}forarily in that article, the receipts
g,.S
b 3 ~ f,fsf z lie period covered by the VIII
a2t This is shown thus:
Il Since July to date. Receipts
@ Wilson $act, 1896 ......... SIS, 449, 900
DingleyS act, 1897. q. ......... so,212, 900
Receipts from this source are now fall
tI,f; OF and resuning their normal con
q: V 1lyi Il 81