New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-03
THE RETENTE AND FINANCES.

|
Official records. for men who look at them,
dispose Of a great many current mistakes and
falsehoods. The Treasury begins August with
a gold reserve only 100000 less than it held
on January !. Notwithstanding the payment Of
| $20OOoO0O to Spain, and meanwhile not only
have all Government obligations been met in
gold If desired, but there has frequently been in
the market strong demand for more paper In
exchange for gold than the Treasury could well
supply. This record ought to quiet the fire.
quently renewed clamor about the soundness
of the currency and calm the fears Of exhaus-
ton of gold reserve by exports. For the exports
Of gold this year have been considerable.
amounting to ST. 100000 in excess of imports in
June alone. and $4,000 in the first week Of
July But the receipts from the mines of this
country are heavy and rapidly increasing, so
that net exports of several millions each month
would not reduce the stock available, and
moreover, the imports from Alaska and from
Mexico are growing heavy. 1t would evidently
require really extraordinary adverse balance
on merchandise account. of which there Is no
prospect whatever, to reduce the stock OF gold
AT command of the Treasury.
Persistent untruths about the present tarif
have nearly lost power to influence minds Of
ordinary information. Customs receipts in.July
were S16,971 ,45i, an increase OF about Sl,SOOOOO
over receipts in the same month last year, when
the new tariff began TO yield its full proportion
for meeting the regular expenditures OF the GOV
eminent in time of peace. There was dehcit
then growing out OF the war, as there is stu.
but the suticiency of the tariff for the purposes
which governed its framing two years ago has
been ahundanty demonstrated, and that in
spite Of changes which the war has caused, but
which cannot be definitely separated as effects
Of the war.
The war revenue law has not yet fully met
the expectation OF its trainers, In part because
collection Of considerable amounts Is hindcrcd
hy questions In the courts, and It IS only far TO
remember that in submitting the measure the
late Chairman Dingley stated that only m np-
proxim and uncertain estimate could be made
OF the results OF such m act. touching sources
OF revenue which had never been opened before.
or not for many years. But II must be consld-
cred n remarkably crcditabc approximation
that, while an increase of about $l3S.0p,0OO
was expected, the law has yielded during the
last year about Sl27 100000 more than the inter
nal revenue Of the year 1897. which Mr. Ding
ley took as his basis OF comparison. In some
important items the receipts exceed his esti-
mates, especially in fcrmented liquors and
spirits The special taxes on bankers and
brokers were expected 10 yield S4.l00ooO, and
the revenue during the last year has been
S4,921 500. The stamp taxes yielded S3S,6lS,G9l,
but from proprietary preparations and perfum-
cry receipts were only $5,219,73S. whereas II
the official classification Is the same used by
Mr.. Dlnglcy a much larger revenue was ex-
pected.
The returns show that the Government VIII
have revenue enough for all its needs II the ex-
ponses Of 4 war in far distant Islands nre not
greatly prolonged. and It holds n surplus large
enough for any deficiency that is likely to arise.
But the time Is not yet at hand when It can
be determined, even with reasonable approx
imatlon what changes in revenue laws can be
safely made