The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-04-05
HAVE BIG DEBTS.
Nations That Have Immense Holes i'm
Their TREASURES.
From the New York Sun,


From the New York Sun,
1t has been announced that there is a
deficit of $49,00O00O in the Russian gov
ernment's income this year, the equiva-
lent in Russian money of this sum being
1OO0OO,OOO roubles. The Russian system Of
threatening all of the afternoon, but the
finance is somewhat vague in reference
to actual results, there being every year
a formal estimate of the prospective gov
eminent receipts and expenses, and
subsequent discovery that the receipts
have fallen below the estimate made OF
them or that the expenses have gone
above the estimate, the accounts show
ing n deficit, which is carried over 10
the year succeeding. Thus in lSl9 the de-
felt was 900 roubles; in 1895, $4,000 600;
in 1896 GO 900, 900; in 1897 30 600 600; in 1893
10000, 600. This year the shortage will be
10000 900 roubles, but the circumstance
is not a disquietlng one to the Russian
hnanciers, who appear to take it as a
matter of course Russia imposes direct
taxes on land, licenses and capital Invest
ed in business, and obtains further reve-
nue. from indirect taxes on liquors (the
chief item), tobacco, sugar. matches and
naphtha sold at retail within the empire
from custom duties, stamp duties and
from the sale of spirits by the state
what would be colloqulally called in this
country bar annex. The railroads are
run by the government, and the profits
of the postofiice and the telegraph SER
vice go into the government revenues
The expenditures include two items which
would probably be regarded with disfavor
by American fnanciers. One of these is
UNPAID arrears" and the other is ''un-
foreseen expenses"
Russia Is not the only European coun-
try in which this indefinite method of
government financering prevails. and in
which an annual deficit is regarded as a.
suggestion of what is euphonously call
ed "a readujstment Of the finances"
Portugal, a country having a smaller pop
ulation than the state OF Pennsylvania
has an outstanding debt of $780, 900, 600 ex-
elusive of floating debt Of about $780,
100000 more. The expenditures of the
Portuguese government exceed the re-
ceipts, not occasionally 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 I'm which there is a
considerable amount of wild government
ffnanciering, judged from the American
or English standard, is Greece, whose to-
tai population by the census of 1896 was
900, or about the same as the popula-
ton of Indiana. The national debt of
Greece is 825, 900, 900 drachmas, the equlva-
Int of about $165, 600, 900. and the Greek rev.
enues usually fall short of the necessary
expenditures. few years ago the total
receipts figured UP IS, 0000 900 drachmas, and
the total expenses 100, 0O0,0 00 A few years
before that the receipts were $4,000, 900 and
the expenses 10000, 0O0 These items in
clude of course merely the ordinary gov
eminent operations, and are entirely ex-
elusive of the revenues derived from
loans or the sums applied to their pay
ment.
The intricacles of Turkish and Spanish
finances have long been a source of won
der of financiers, and Turkey exceeds
Spain in the variety Of novel methods in
government business. The present debt
of Turkey is $3.50, 1000. and the Turkish
practice of mortgaging the most desira-
BILE items of revenue explains. 10 some
extent at least, the difficulty experienced
in collecting the various items of income,
one of which is a tax on sheep. another
tax of fishermen, and other items coll
iectible from the profits on the sale of
tobacco and payments for exemption from
military service. In many European
countries the danger of a surplus to con-
front the government fnanciers is not
source Of any recurring embarrassment.
They come 10 be better used to an annual
deficit. The ordinary method of provid-
ing for the shortage is to issue bonds and
when the interest on these cannot be met
the rate of interest is arbitrarily reduced.