The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-06-22
THE WAR REVENUE ACT
THIS WILL REALIZE ALMOST
ONE HUNDRED MILLIONS.
DOCUMENTARY, PROPRIETARY STAMPS
These Two Items have Produced Ten Times as
Much Revenue as Any Two Others.
The Fiscal Year Ends in
Ten DAYS.

Washington. June 21.--It DIS regarded
as a conservative estimate that the
treasury deficit for the fiscal year 1899.
which closes ten days hence, will be
less tl,on s'bn.O h,000. Already tie re-
ceipts of the year aggregate over $49S.-
100000 with the expenditures barely
500, 100000 more, With ten days, judg-
ing from past years, of abnormally
heavy receipts yet to be accounted for.
During the year there have ben two
heavy calls upon the Treasury and one
large payment which could not have
been foreseen ONE year ago. In March
the Government received S11, 79S.314
Claims against the Central Pacific Rail-
road Company. During the same month
$3,000.000 was drawn ont to pay off
the Cuban imsurgent army. and in Apt
$20.000.0O0 was paid to Spain in set
tier ent Of treaty obligations. Leaving
these three items out of the account. the
deficit this year would not have ex-
ceeded SS9,O0O.000. Up to this date the
customs receipts amount to over $780,
100000: from internal revenue So63.-
$4,000 was realized. and from miscel-
laneous sources there was received 49,
100000. During the whole of the fiscal
year 1898 the receipts from customs
barely exceeded $4,000. 900. and from
internal revenue less than Sill 100000.
The total receipts from all sources
amounted to $405.321 .335, while the ex-
penditures aggregated $443. 36S. $50.
leaving a deficit of $3S.047.247. This
year the expenditures will exceed those
of last year by about S165.0 100000.
while the deficit will be about $62. 000,-
600 greater than last year.
From the closest calculation that can
now he made the war revenue act. which
with the exceptions of a few items. went
for the year a little less than 100000
600. The receipts from tobacco alone
will probably show an increase for the
year of over S15.000.O0O: spirits. an in
crease of S6.50O0OO beer and other fer
mented liquors. an increase OF over
S2S.n00.000: oleomargarine, an increase
of about S5S5.000 AMI the receipts from
special taxes. documentary and prOprie-
tary stamps for the year will likely
bring the increased receipts on account
of the internal revenue act up to near
~ S100.000000. The two items in that
act which have produced more than
ten times as much revenue as any
two others are those relating to docn-
mentary and proprietary stamps. On
April 30th last these items had produced
over SIG. 100000. and it is not improb-
able that by July LIST. that amount will
be increased to over $44. 100000. The
tax ON legacies will produce not much in
excess Of S1.000.000 while the special
tax collected from bankers will exceed
S3.500.000. The receipts from customs
show a gratifying increase For the
month of November last year the CHS
toms pielded $15. 900 and for the
following five months there was grad
nal increase. until in March which pro-
dllced nearly 2100O.OOO OF late there
has been slight falling off.
The cxl cnditnres up TO this time ag-
sr.gate ablt 5000, hira q. t'lis
this amount $22S.O0O,0OO was paid out
on acquisitions from the War Depart
ment: sG4 100000 on account of the
navy: $139.000,0O0 on account of pen
sions and nearly S4O,O0O.OOO of interest
on the public debt. S12.675.OOO was
paid to the Indians and SIT 1000
was disbursed on civil and miscellaneous
account.
At this time it is impossible to state
with any degree of certainty what the
war with Spain and the troubles in the
Philippines have cost during this year.
but an approximation has been made
of the actual cash payments on these
accounts which places the amount at
$3.50, 100000. This includes the pay
ment of S20.000,0O0 to Spain: the 3d.
100000 now being disbursed to the Gu
ban troops, and the interest charge
on tbs loan made necessary for the
war. A calculation has been made at
the Treasury which shows that leaving
out of the account the $3.50. 100000 ex-
pended this year ON account Of the war:
the $10O,000.000 produced by the war
revenue act, and the S11.79S.314 re-
ceived from the Central Pacific Rail
road. the figures would show a surplus
for the year approxmating S20,0O0,0O0
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