The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-24
TREASURY DKFfoITs ABROAD.
The Lack of . Surplus in Their FINANCES
Doesn't Bother European Statesmen.


II has been announced that there Ia a deficit Of
bisooo,oOO In the Russian Governments income
this year. the equiv alent in Russian money Of this
sum being 100 600 900 roubiea The Russian
system OF finance Is somewhat vague In reference
TO actual results, there being every year for
mai estimate Of tho prospective Government re-
ceipts and expenses, and q subsequent discovery
mat the receipts have fallen below tho estimate
made oil them or that the expenses have gone
above the estimate. the accounts showing deficit
which Is carried over to the year succeeding.
lhus In 1894 the deficit was 700 600 roubles; In
1890. 72OOO,00 in 1895, 69. 600. 0O0 In 1897.
oo,oooOOO; In 1898 5O.OO0.O00. This year the
shortage will be 100, 600 900 roubles, but the cir
cunistance is not disquioting ono to the Russian
hhanciers, who appear TO take II as q matter OF
course Russia imposes direct taxes on land,
licenses and capital invested In business. and OBJ
'ans further revenue from indirect taxes liquors
Ono chief item), tobacco. sugar matches and
naphtha sold at retail within the empire. from
customs duties, stamp duties and from the sale Of
spirits by tho State what would be colloquiay
called In this country bar annex The railroads
are run by tho Government and the profits OF the
fost oihco and the telegraph service go into the
Government revenues The expenditures include
two items which would probably be reg arded with
disfavor by American 1nancicrs; one Of these is
unpaid arrears" and the other Is unforeseen
expenses"
Russia Is not the only European country in
which this indefinite method Of government fnan-
ciering prevails, and In which annual deficit
Is regarded as a suggestion Of what Ia euphon-
ously called "a rcadjustment Of tho finances
Portugal a country having q smaller population
than tho State Of Pennsylvania, has an outstand-
ing national debt Of 5000 600 900. exclusive Of
floating debt Of about 500 900, COO more Tho
expenditures Of the Portuguese Government
exceed tho receip pts not occasionally but always,
one in which the disbursements have not been in
excess ofthc revenues
con nhG.nef country In which there 10
ilnancierinR. Judged from the American or
English standard, Is Greece whose total popula-
ton by the census Of 1890 was 2 400 600 or about
the same az the population Of Indiana. Tho
national debt Of Greece is s26, 0O0, 900 drachmas
Greek revenues usually fall short Of the necessary sS%
expenditures a few years ago the total receipts
figured up %, 600 900 drachnias, and the total
the receipts were TO- 900 and the expenses
l2oOOOOOO These items include, of course
are entirely eS@uye Of he "pe d.IJc , Sma
loans OF the sums applied 10 their payment
The inircescs Of Turkish aud Spanish finances
and Turkey exceeds Spain In the variety 81
novel methods in government business. The !
Turkish practice Of mortgagns the most desiTa-
pie items 81 revenue explains, to some extent at
least, the difficulty experienced in collecting tho
various items Of income, one Of which In a tax on
sheep another tax on fishermen, and other +
Items collecthhl" from the profits on the sale 81
tobacco and payments for exemption from mill !
tafy service In many European countries tho Z
danger OF a surplus "a confront the government |
llnhnclcrS Is not source OF any recurring cmbar-
rassment. They rome 10 he hettrr used |
10 an annual deficit. The ordinary method Of pro- |
'lding Tor the shortage is TO issue bonds and when
me interest on these cannot be met the rato of |
Interest is arbitrarily reduced