The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-07-06
Of PROSPERITY
uyLOoKED FOR INCREASE IN THE
GOVERNMENT INCOME.
Receipts Nearly 3Sos000.00O Heavier
In the Last Twelve Months Than
II was Estimated They WO1ld BE
-y.henal Dank. Shovings Good.

Special Dispatch 10 the Post-Inteliigencer.
WASHINGTON, July 5.-Naterial evil
dences Of prosperity are accommodating at
the treasury department. The deficit for
the fiscal year just closed was some <Su.-
0oo.o8e less than had been estimated. and
there is now every reason to believe that
for the fiscal year just begun the receipts
and expenditures OF the government viii
balance. This gratifying condition is due
to the fact that the collection OF customs
duties and internal revenue taxes has been
much larger than had been anticipated.
In the opinion of Secretary Gage, there
is no better business barometer than the
volume of these customs and revenue col
lectiens. for they accurately represent the
movement of commerce and the activity
Of industries.
Estimating the receipts and expenditures
for the Information OF congress last WIN
deficit for the fiscal year just closed at
N12 600 o0O As a matter of fact, IL was.
in round numbers. only about $S0.0o0,0N.
the e estimate tin Of sss.oSo'ooa Il must be re-
membered however. that in the payment
OF the Spanish indemnity there was an
extraordinary expenditure OF $1oWMp
which properly should be added TO the
81. o00.0 COO and which indicates an aggre-
gate shrinkage in the estimated deficit OF
$40 100000 There were unexpected receipts
from the sale of Central Pacific bonds.
which. being taken from the $42.oO000o.
shows the governments receipts to have
been $4,000 900 greater than had been esti-
mated. and the deficit correspondingly
less
Discussing the gratifying showing made
by these figures, Secretary Gage says
In the business and industrial conditions
OF the country. The receipts from inter-
nal revenue taxes and customs duties rise
depression OF manufacturing and COM
merce, and the fact that there has been
gain of $00e00 00 over the estimated re-
ceipts for the last fiscal year may be taken
as a positive indication of the prevalence
Of good times.
Secretary Gage expects the receipts to
equal the expenditures during the fiscal
year which began yesterday He does not.
able for the coming session OF congress TO
repeal the stamp tax enacted for the pur-
pose OF meeting the extraordinary war ex-
penditures. There Is q bond issue of $ilO.-
000 COO TO he paid In 1901. and the secretary
thinks all present sources of revenue will
be needed TO meet the running expenses
OF the government and to provide fund
for the payment OF these bonds.
National Banka ProsperOus.
An equally encouraging view OF present
prosperous business and Industrial con-
ditions Is given by Charles q. Dawes,
comptroller of the currency. whose close
CONNECTION with the country's financial
an authority as is the secretary OF the
treasury Discussing the situation as it
now appears and the outlook for the
coming year. Mr.. Dawes said
1.-THE present condition of business
throughout the United States, as reflect
ed in the business OF the national banks,
Is very prosperous The banks during the
past year have shown a concurrent ex-
pansion in both loans and deposits. which
is always indicative of activity in profit
able commercial exchanges and general
prosperity.
AT the date Of the last call for reports
Of the condition OF the national banks Of
the country. on April 5th their individual
deposits showed an increase OF $437. 9i4 981 80.
and their loans an Increase OF 500, 316. $50. q
over their amount as shown by the call in
May. 1898.
1.-The country. while doing a prosperous
business, is. as a whole, doing conserva-
tive business; and the Indications point to
a continued period of Industrial progress.
unmarked by any great disarrangement of
credit conditions. In such times as these
the temptation to engage In speculation is
perhaps greater than at other periods but
the continuance OF prosperity is largely
proportionate TO the avoidance by the
business community OF the desire to amass
wealth by speculative devices as dis
tinguished from the usual methods OF la
bor commerce and manufacturing"