Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-12-31
INCREASE IN RECEIPTS LOOKED FOR
First Monthly Surplus Under the
New Tariff.
CONSERVATIVE ESTIMATES

The outlook for the rest of the fiscal wear
is considered encouraging by the most con-
servative officials. During the past month
the receipts from all sources have been
good, and for the first month since the
Dingley law went into effect there is a sur
plus instead of deficit. The surplus,
leaving out payment on the Union Pacific
railway, is approximately 81 100000 This
is due to heavy internal revenue receipts.
large increase in customs receipts and no
HedVy payments on regular interest.
In January the regular interest charges
70 10 be be met met aggregate between $4,000, 900 and
Sooo,OW. Unless the receipts are unex-
pec'ecly heavy there may be a deficit
Tor January, but it is generally predicted
that each of the last five months of the
nscal year Will show a good surplus The
deilclt in January will probably not exceed
S3Go1.UOO.
A Deficit of $45,OOO,OGO.
Leaving entirely out cf consideration the
s's,OOO,000 which have been received and to
be received from the sale of the Union
Pacific road and the $4,000 900 paid on
maturing bonds-in fact, all Pacific railroad
transactions-the treasury shows a deficit
Tor the first six months of about s45, 600 900.
Ihat deficit is large cne, but it is ac-
counted for in many ways. 1t is confident
ly expected that a large slice will be taken
eff that before the end of the fiscal wear
A number OF treasury statisticians estimate
that the next six months will show a sur
Pius OF slo.0Oo,0oO in regular receipts over
expenditures. This amount deducted from
,ile aefclt at this time will leave deficit
of S:;.I. 600 900
Chairman Dingley of the ways and means
committee and treasury officials estimate
that in the rush of anticipatory importa-
tons. just before the signing of the Ding
ley bill, fully S3S.UDO, 900 above the ordinary
customs receipts were added to the treas
ury receipts, going on the last fiscal year
Under other conditions this amount would
nave gone to the credit Of this year. Had
this been the case there would have been
10 dehclt at the end of the year but a
surplus of several millions.
The Pacific Railway DeuI.
Under the system of bookkeeping at the
treasury the receipts from the sale of the
Union Pacific road appear in the daily re-
ceipts. AT the same time the $50, 600, 900
paid out on maturing railroad bonds does
not appear iii the expenditures. 1t is paid
out of the available cash balance of the
rcasury. simply reducing that balance
The effect Of the Pacific railroad trans
actions, however will be felt at the end
OF the year. and many consider it proper
TO deal with both transactions in the es-
Inmates. The total amount to be received
from the sale of the Union Pacific was $5S-
orooo in round numbers. About 81 900 900
OF this, however, had been in the sinking
1und, and for some time had been carried
IN the cash balance. The actual new re-
ceIpts from this source, therefore, is about
$4O00,0O0. Deducting from this amount,
therefore, the payments of $50 1000 600 on
Pacific railroad bonds, ETC., there will still
be lett to the credit of the government from
teese transactions about S24, 100000 which
should and will go to decreasing the annar
ent deficit of So, 600 600, leaving a real def
cit for the end of the year of s1I 900 600
Secretary Cages estimate to Congress was
a nfott
600.
Secretary Cages Estimate.
secretary Gage also estimates for the
fiscal year 1899 deficit of something like
s2OOO0,OOO. He explained to Star reporter
that this estimate was based on the esti-
mates of expenditures by the heads of the
Varlous departments. These estimates are
always cut down. In talking over this to-
day men who have been at the Treasury
Depariment a"oi Tor years are confident that the
fiscal year 1899 will show a surplus as large
as Will be the deficit this fiscal wear
Chairman DingIey's Estimate.
Chairman Dingley of the ways and means
committee has prepared the following
statement of the revenue outlook:
''The revenue for December shows an in.
crease of more than 81 500 600 over that of
November and $5,75O, 900 over that of Sem
tember, and even exceeds the expenditures
Tor December nearly 1,75OO 600 The off,
cial figures for December (excludinp the
S31 ia, ,2a received during the month on
account of the Pacific railroad sale and
the S90OOOO paid out to qualify the gov
ernment representative to bid in case of
the sale Of the Kansas Pacific) make the
receipts ~ ,93l 494, expenditures $26 ,195 900
and surplus $1,7S6, ,494. The receipts in
december, 1894, were nearly 500, 600 900; in
December, 1898, they were $26, 900 600, and
In December. 1896. little less.
fo,,
ever, arises from the fact that there have
been almost no interest payments for the
month, which makes the expenditures be-
low the average. In January the quarterly
interest Will be due, which will swell the
expenditures considerably above the aver.
age, and leave a deficiency for that month
Notwithstanding the revenue will probably
rise to at least $4,000 900, and possibly
more.
The Years Expenditure.
"On the basis Of the estimate of the Sec
retary Of the Treasury that the expend-
itures for the present fiscal year will be
1878, 600, ,0O0-a little over $500, 600 900 having
been already eXpended-the average month
ly expenditures for the six months begin
ming January l will be about $50, ,OOO 900: as
the expenditures for the first half of the
fiscal year are considerably larger than
those for the last half, on account of the
suspension Of many public works in the
winter season and the large July payments
of Liabilities of the previous fiscal year.
There is no doubt in treasury circles
that the revenue under the new tariff law
from January to July will exceed in the
aggregate expenditures for the same period.
January and possibly April
the two months for payment Of quarterly
show balance on the wrong
side.
THE revenue was only $4,000. 600 in Au-
gust &7,O00,00O from customs) in conse-
quence of the large importations between
Nor a n n III mai inn pINff fh,
new tariff. 1t rose to 81, 100000 in Sep
tember ($S, ,00O. 600 from customs) to $24, ,O0O,-
600 in October (nine and three-fourth MIL
lions from customs) to SIS, ,O0U, 600 (nine and
three-fourths millions from customs) in the
short month of November; and now rises to
nearly SIS, ,OO00 600 in December (eleven and
one-kalf millions from customs).
"Tfis increase will go on as the goods
imported in anticipation of the new tariff
are consumed. Indeed, the increase of rev.
enue to which the present consumption of
imported sugar and wool Of classes one and
two eftitles the treasury has only begun to
he Hat& 90 md ne To- ,.,ll1