The times., 1899-07-02
THE COUNTRY'S FINANCES
A Treasury Statement Covering the
Expired Fiscal Year.
Deficit of the Last Twelve Months
Is SSS.S55.0s0 Certain Expenses
Held Up for the Purpose of Making
Good Showing Increased MIL
itnry Expenditures-Natio Debt

Although, during the fiscal year which
closed Friday, the Government has in
Cured large part. of the enormous ex-
penses of foreign war. and has been
called upon. moreover. for large expendi-
lures OF money to put down a rebellion
in distant part of the world, the ex-
traordinarily large receipts of the Treasury
from customs and from internal taxation
have enabled the nation to enter the lew
year on financial basis which Treasury
officials declare to be sounder than has
existed in some years of peace.
The official statement of receipts and ex-
penditures for June 80, published by the
Treasury Department yesterday completes
! the record for the fiscal year, This shows
that the deficit on account of the last
twelve months is S.S75. .9S9. The receipts
from all sources have been $516, ,216, ,745,
| and the expenditures s605, ,092. .734.
The national debt year ago amounted
to 81 1872 li3, 062. Today it is 81. .436, 700. .703
so that the Government owes more by
, $203, ,957, ,641 than it did on June &c. 1898.
| 1t is to be observed, however. that the
available cash balance in the Treasury to-
| day is s2Sl $50, ,46S, or $75. .I22,s9S greater
| than it was a year ago. About $l9S SOC, 600
on account of war bond issue of 1898 has
| been paid into the Treasury. The deficit
! of SIS, 600, 600 is really smaller than the
actual deficit of last year, the nominal fig
ure of s3S, ,O47, PAT having been attained only
by the receipts from the Pacific Railroad
bonds. a''
Treasury officials suggest that a COM
parison OF the fiscal year Just ended with
that of 1894 makes an interesting con-
F, trast. In 1894 the deficit was SOS, sos, ,260
| and ,Ie bond issue during that year
amounted to S9i 125.009. Yet that was a
year OF peace, when the expenses OF the
Government were nearly nominal In this
recent year of war. With the attendant
extraordinary expenses, the bond issue was
$l9S, 500 600, and the deficit was only about
500 O00. 900 more than 1t was at the end
of the fiscal year 1894. Moreover, the
bonds issued last year bear interest at only
per cent, while thoseEissued in 1894 beaI
interest at per cent
The revenues of the Government, even
with the special war taxes left out oi
account, are larger by far than they were
in 1894 and are constantly on the increase
The Treasury Department officials have
been careful in the expenditure OF money
during the last two or three weeks. some
disbursements having been held back fol
the purpose, apparently of making as gooC
a showing as possible at the end of tn,
fiscal year. and the expenditures during
the present month. therefore, are expected
to be heavier than In June. Any disburse
ments that have been temporarily delayed
will have to be made. and the quarterl!
payment OF interest on bonds will amour
to between 81, 900. 600 and So, 900. 900.
The pension payments will probabl.
amount to something like $4,000, 600
which Is about SO 000, 900 more than ag
gregate payments In June.
The expenses Of the military establish
ment will also be largely increased within
a few weeks on account of the prospectiv
payment and muster out OF volunteers re
icently engaged in the Philippines and be