The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1899-08-18
THE REVENUE AND FINANCES

Now OrK 1TlOune. Ol1lclal reCOrd6,
for those who look at them, dispose OF
great many mistakes and falsehoods.
The treasury begins August with a
gold reserve only 81, 900, 900 less than it
held on January lst, Notwithstanding
the payment of $4,000, 900 to Spain,
and meanwhile not only have all gov
ernment obligations been met in gold,
If desired, but there has frequently
been in the market a strong demand for
more paper in exchange for gold than
the treasury could we'll supply. This
record ought to quiet the frequently re-
newed clamor about the soundness of
the currency and calm the fears Of, ex-
haustion of the gold reserve by
gold exports. For the exports of gold
this year have been considerable,
amounting to SIT, 800 900 in excess Of
imports in June alone, and $3.50, 900 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 notreduce the stock avail
able and moreover, the imports from
Alaska and from Mexico are growing
heavy. 1t would require really ex-
traordinary adverse balance on mer-
chandise account, of which there is no
prospect whatever, to reduce the stock
OF gold at command Of the treasury
Persistent untruths about the present
tariff have nearly lost power to inhu-
ence minds OF ordinary information
Custom receipts in July were S16,971,-
454, an increase of about 81 800, 900 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 government in time
OF peace. There was deficit then
growing out of the war as there is still,
but the sutticiency OF the tariff for the
purposes which governed its framing
two years ago has been sbundansly
demonstrated, and .sha. in spite of
changes which the war has caused, but
which cannot be definitely separated SIS
effects of the war.
The war revenue law has not vet
fully met the expectation OF its frsm-
ers, in part because collection OF con-
siderable amounts is hindered by ques-
tions in the courts, and il Is only fair to
remember that in submitting the meas
ure the late Chairman Dingley stated
that only an approximate and uncer-
tain estimate could be made OF the re-
suits Of such an act touching sources OF
revenue which had never been opened
before, or not for many years. But it
must be considered remarkably
creditable approximation that, while an
increase of about S13S, 900, 900 was ex-
pected, the law has yielded during the
last year about sl27 900, 900 more than
the internal revenue Of the year 1897,
which Mr.. Dinglsy took as his basis of
comparison. In some important items
the receipts exceeded his estimates.
especially in fermented liquors and
spirits The special taxes on bankers
and brokers were expected to yield
81, 900 and the revenue during the
last year has been s4.921, ,592. The
stamp taxes yielded s3S,6lS, ,o91, but
from proprietary preparations and per-
fumery receipts were only s5,2l9,73S,
whereas if the official Classification is
the same used by Mr.. Dingley much
larger revenue was expected.
The returns show that the govern
ment will have revenue enough for all
its needs if the expenses OF war in far
distant islands are not greatly pro-
longed, and it holds 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 approximation, what
change in revenue laws can be safely
made.