New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-25

fairs. Hence expenditures for these improve
ments were paid out of the revenues received
under the present Administration without any
Of the hardships to the people that usually ac-
company military preparations.
SOURCES OF INCREASED REVENUE.
Looking into the operations of the new inter-
nal revenue law the principal increase is found
under three headings and the cost of these arti-
cles has not been perceptibly increased to the
people, although in no case would the amount
consumed have decreased even if the tax had
been felt. In two years ended June 80 1896,
the revenue received spirits was $161 ,53S 100,
creased SAT 44O, $50; receipts from ferlnented
liquors increased from $66, $40 to $142 190,-
93I, and the tax on tobacco of $61,421,S19 be
came ll,S39,147. Here alone appears a gain
to the Treasury of S163 792, 525 while beer,
whiskey cigars and cigarettes are not more ex-
pensive than formerly to the retail consumer
The revenue from the stamp taxes during the
two years SSi. S01, 141-little more than so
cents year for each inhabtant-and as most of
this was paid on certificates Of stock real estate
transfers, documents of all kinds and bank
checks, the poor man was not called upon to
greater protection from invaders, and is now a
citizen Of country that has the respect OF the
world because Of its ability to do battle on land
and sea. Moreover, the present Administration
has succeeded in collecting $72 600 1850 63 which
had long been owing Union Pacific, Kansas
Pacific and Central Pacifc~Railroad indebted
When the Wilson tariff law was presented to
Mr.. Cleveland he refused to sign it, perceiving
to pay the ordinary running expenses of the
Government. The subsequent bond issue is well
remembered; and in this, in other features Of
the two Administrations, the people have had
opportunity to the difference between COM
petent officials and the other kind. Mr.. CIeve-
lands Secretary of the Treasury issued $685.
315, 400 worth of bonds, giving a New-York
syndicate opportunity to reap a magnificent
profit, and leaving his successors to pay 4 per
cent on S162315, 400, with the entire issue due
in 1925, and per cent S1O0, 900 900 due in
1904. The present Administration issued a short
term loan of S19S, 92.64O, paying only 3 per
cent, and taken by popular subscription instead
Of a syndicate Of bankers.
A GREAT FINANCIAL ACHIEVEMENT.
But a greater financial accomplishment was
the refunding of bonds bearing a high rate of
interest into the per cent consOls of 1880
$3.50 055, 257 of bonds, bearing 3, and per
attempt retiring so much Indebtedness and
Secretary Gage has successfully refunded about
1914 100000 Of this into the low rate bond. while
nearly all of the old per cent issue has been
retired at an expense of $23. 600. Under the
present law the Sinking Fund should be able to
retire about half of the bonds coming due dur
ing the next eight years. and it is proposed to
continue refunding operations until approx
mately only that amount will have to be bought
extended, as future conditions may warrant.
The act of March IA. 1900, that made this re-
funding operation possible did much to facili-
tate the issue of bank notes by reduction in tax
and authorization of National banks with a
minimum capital of $4,000 instead of $4,000
as under the old law The result has been
highly gratifying. The total circulation of bank
notes has increased about SS4, 000, 600 to 1892
100000. This difference has greatly assisted