The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-04-29
HAVE BIG DEBTS.
Nations That Have Immense Holes
In Their Treasures.
New York SUM-

New YORK SUM-
II has been announced that there is
a deficit of $40. 0OO.O 600 in the Russian
governments income this year the
equivalent in Russian money of this
sum peing lOO. 000, 900 roubles. The Rus
sian system of finance is somewhat
vague in reference to actual results,
there being every year a formal esti-
mate Of the prospective government re-
ceipts and expenses. and a subsequent
discovery that the receipts have fallen
below the estimate made Of them or
that the expenses have gone above the
estimate. the accounts showing d de-
felt, which is carried over to the year
succeeding. Thus, in 1S49, the deficit
was 100. 900 rOubles: in 1895. $4,000, 600: in
1896. IS. OO0. 600; in 1897, $4,000. goo: in 1898,
SO. 600 600. This year the shortage will
be 100. 0)0 600 roubles. but the circum-
stance IS not disquieting one TO the
Russian fnanciers, VINO appear 70 take
il a. a matter Of course. Russia i'm
poses direct taxes on land, licenses and
capital invested in business, and OBJ
tainS further revenue from indirect
taxes on LIQUORS (the chief item). to-
baceo, sugar, matches and naptha sold
at retail within the empire from GUS
tom duties, stamp duties and from the
sale Of spirits by the state-what would
be eolloquiaIly called in this country a
bar annex The railroads are run by
the government, and the profits of the
pOstoffice and the telegraph service go
into the government revenues. The eX-
penditures include two items which
would probably be regarded with dis
favor by American flnanciers. 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 financiering prevails,
and in which an annual deficit is re-
garded as a suggestion of what is eu-
phOniously called "a readjustment Of
the finances" Portugal, a country hav-
ing smaller population than the state
of Pennsylvania. has an outstanding
debt of $500 000. geo, exclusive of a float
ing debt of about 500, 600, 900 more. The
expenditures of the Portuguese govern
ment exceed the receipts, not OCCASION
ally, but always. and during the last
eight years there has not been one in
which the disbursements have not been
in excess of the revenues.
Another country in which there is a
considerable amount of wild govern
ment financiering, judged from the
American or English standard, is
Greece. whose total population by the
census Of 1896 was 100000, or about
the same as the population of Indiana.
The national debt of Greece is S25, 600. =
600 drachmas, the equivalent of about
$3.50, OOO 600, and the Greek revenues
usually fall short of the necessary eX-
penditures. A few years ago the total
receipts figured up 95, 000, 900 drachmas.
and the total expenses 160, 600 0G0. A
few years before that the receipts were
$4,000. 600. and the expenses 100 00O, 900.
These items include, of course. merely
the ordinary government operations,
and are entirely exclusive of the reve-
nueS derived from loans or the sums
applied to their payment.
The intricacies of Turkish and Span
ish finances have long been a source
Of wondeG to finaneiers, and Turkey ex-
ceeds Spain in the variety iof novel
methods in government business. The
present debt of Turkey is So, 600 900,
and the Turkish practice of mortgaging
the most desirable. items of revenue ex-
plains. to some extent at least, the diff
ficulty experienced in collecting the
various items of income, one of which
is tax on sheep, another tax on
fishermen, and other items collectible
from the profits on the sale of tobacco
and payments for exemption from mill
tary service. In many European coun-
tries the danger Of a surplus to confront
the. government inanciers is not a
source of any recurring embarrassment
They come to Sbe better used to an an
nual deficit. The ordinary method of
providing for the shortage is to issue
bonds. and whenfthe interest on these
cannot be met the rate of interest is ar
Ditrarily reduced "a