The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1898-01-01
D|NGLEY HAS FAITH
IN HIS TARIFF ACT
SQyS i VIII Produce Revenue
Enough 10 Ply Expenses.
BROUGHT A SNAIL SURPLUS IN DECEMBER
But It Cannot Possibly Repeat the Per-
tormanCe In January
Washington. Dec. 81. 1881

washington. Dec. 81, 1887.
Chairman Dinkley, of the Ways and
Means Committee. furnishes the Asso-
ciated Press the following statement
of the revenue outlook:
THE revenue for December shows an
Increase Uf mere than two and q hnlf
million dollars over that OF Novem-
Der and five and three fourths mil
lions over that of September. and
even exceeds the expenditures for
December nearly one and Ghree- four,hs
cember excluding the s3l7l5,2 2O4 rcceiv-
ed during the month on account OF the
Pacific railroad sale. and the 5000, 900
paid out TO qualify the Governments rep
rescntaItlve to bid In case OF the sale
of the Kansas PaciHc) make the re-
coo, and surplus sl,736,t94. The re-
ceipts in December, 1894, were nearly
twenty two millions. In December, 1895
they were twenty-six millions and in
December, 1896, Il little less.
This surplus for December, 1897.
there have been almost no Interest pay
ments for the month, which makes the
expenditures below the average. In
January the quarterly interest will be
due, which will swell the expenditures
considerably above the average, and
leave deficiency for that month, not
withstanding the revenue Will prob
ably rise to RI least twenty-nIne mil
r6
'On the basis ur the estimates of The
Secretary Of the Treasury that the cx-
Denditures for the present fiscal year
VIII be S3I3,OO0, ,000--;L little over $780,
0O000O having already been expended
the average monthly expenditures for
The six months beginning January lst,
w'ill be about twenty-ninc millions; as
the expenditures for the first half of
the fiscal year are considerably larger
IMAM those for the last half, on ac-
count OF the suspension of many pub
lic works In the winter season, anu
the large July payments of liabilities
OF the previous fiscal year.
Ihere Is no doubt In treasury circles
that the revenue under the new tariff
law from January 1st ito July LIST will
exceed In the aggregate expenditures
for the same period. Notwithstanding
January and possibly April--thc two
est-will show a balance on the wrong
side
The revenue was only nineteen mil
Hons In August (seven millions from
customs) in consequence OF the large
lmpowations between March 1st and
July 9th in anticipation of The new
tariff. 1t rose to twenty-five millions
an September (eiGht millions from GUS
tolns) to 'twenty-four millions In October
sl b -Fp,, H..
customs) In the short month Of Novem-
Der, and now rises ito nearly twenty
eight millions i'm December eleven and
one-half millions from cushoms)
This increase Will go on as ,the goods
Imported in anticipation of the new
tariff are consumed. Indeed. the in
crease OF revenue TO which the present
cHnsum:hion OF imported sugar and
wool of classes one and two entities the
treasury has only begun to be felt as
TO sugar, and as to wool will not be ma
teraliy felt for several months. The
increased receipts from internal reve-
nue. taxes are due ITO the provisions Of
the new tariff abolIshfng the discount
on beer stamps and increasing the tax
on cigarettes, and ITO the Dottling law
passed by the last Congress in con-
nectiOn with the improvement In bus-
mess.
hlie the apparent deficiency for the
hrst half of the present fiscal year has
been about forty nrIllions( the rev
enue having been nearly one hundred
and fifty-eight millions and the ex-
penditues two hundred and two mil
Sons) yet 1t will be observed that
this would have been almost wiped out
by the thirty-eight millions of reye-
nue. received from March 1st to July
lst from tmportaions in excess OF the
same period of the previous year,
made in anticipation Of the new tar
III and intended for consumption the
present fiscal year, which revenue
was necessarily placed,to the credit OIL
last fiscal year. but in equity belongs
to this fiscal year. And. this does not
lake into account the absolute loss
etf revenue arising from anticipated
importations which the Treasury has
already experienced and will continue
for several months to, experience In a
less degree"