Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1898-01-06
SAYS NEW TARIFF BILL WILL
SOON WIPE IT OUT.
REVENUE KEEPS GROWING
Author of New Law Points to lncreas-
ing Receipts Tor Past Four Months
to Back Up His Opinion--Quarter
ly Interest viii Materially Swell
Expenditures This Month.

Washington, Jan. 1,-Chairman
Dingley Of the ways and means COM
mittee furnishes the Associated Press
with the following statement ON the
revenue outlook; The revenue for
December shows an increase OF more
than $2,500.000 over that of November
and S., 100. 900 over that of September
and even exceeds expenditures for
December by nearly Sl,750,000 The
Off, "a for December (exclud-
ing $Sl,715,204 received during the
month ON account OF the Pacific rail-
road sale, and 100000 paid out to
qualify government representatives to
bid in case of the sale of the Kan
sas Pacific) make the receipts $27, 9Sl,-
494 and expenditures $27 1876 900. This
gives surplus OF $l,7S6,494. The
receipts In December, however, are
helped out from the fact that there
are almost no interest payments for
the month which makes expenditures
below the average. This month quar-
terly interest will be due which will
swell the expenditures considerably
above the average, leaving def
cheney for the month, Notwithstanding
the revenues will probably rise to at
least $29,000,000 or possibly more,
On a basis of the estimate of the SEC
rotary of the treasury that the expen-
d'tures for the present fiscal year will
be SS7S, 100000, little over 5000 000-
600 having already been expended the
average monthly expenditures for the
six months beginning January I will
be about $29,000,000, rs the expendi-
lures for the first half of tho fiscal
year are considerably larger than
those for the last half, on account OF
the supervision Of many of the public
works in the winter season, and the
large July payments OF liabilities for
the previous fiscal year. There is no
doubt in the treasury circles but that
the revenues under the new tariff law
from January l will exceed in the ag
gregate the expenditures for the same
period Notwithstanding that January,
and possibly April, two months for
the payment of the quarterly interest,
will show balance on the wrong side,
The revenue was only $19,000,000 In
August t$7 100000 from customs) In
consequence Of the large importations
between March and July "a In an
ticpiation OF the new tariff. IT rose
to $22 100000 in September ($S 900 900
from customs), to 24000000 in Oc-
tober (s9,750,000 from customs), to
s25 100000 ($9,750,000 from customs)
in the short month OF November and
to nearly $2S00O0O0 in December
($11 100000 from customs). This in
crease will go on as the goods import
ed in anticipation of the new tariff
are consumed. The increased re-
ceipts from internal revenue taxes are
due to the provisions OF the new tariff
abolishing the discount on beer
stamps, increasing the tax on cigar
cites and to the bottling law passed
by the last congress, in connection
with the improvement in business.
While the apparent deficiency for the
first half OF the present fiscal year has
been about $40,000,000 (rcvenues hav-
ing been nearly $l5S,000,0O0 and ex-
penditures $25o,oo0,0OW yet It will be
observed that this would have been
almost wiped out by the $3S, 900, 900
of revenues received from March to
July ! from importations in excess Of
the same period of the previous year,
made In anticipation Of the new tariff
and intended for consumption In the
present fiscal year. which revenue Is
necessarily placed to the credit OF the
last fiscal year, but in equity belongs
to this fiscal year And this does not
take into account the absolute loss OF
revenue arising from anticipatory i'm
portations which the treasury has al
ready experienced and will continue
for several months to experience In a
less degree"