Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-06-18
THE TREASURY SURPLUS
WILL PERMIT DRAFTING A STRONG
PLANK IN REI'tBLICAN PLATFORM.
Successful Handling of the National
Finances by Secretary Gage
Shown.

ury receipts will permit the drafting of a
strong plank at Philadelphia regarding the
success of republican treasury administra-
ton under Secretary Gage The Secretary
| modestly estimated the surplus for the cur
| rent fiscal year, which ends on June 30 at
$40 100000. His estimate has been greatly
surpassed and will be almost doubled. The
surplus thus far for the fiscal year has
ched SIS 4o6.GJ9. and will be close to
SD NoN,uoO at the close of the month. The
month of June has already shown receipts
of S25,J1I .o:;J against expenditures of $40
Az 900. affording surplus of S5,o12,o3
The bulk of the heavy expenditures for the
month have already been made. while the
receipts. as usual at the end of the year.
will include extra day resulting from
taking up in the June receipts certificates
for the month received on the first day of
July, which would go into the accounts of
the new month except at the close OF the
fiscal year. The total receipts from ordl-
nary sources outside the postal service
have already reached sal .4.9.311 and will!
be about SIi, .isu.'ssI at the close OF the
year. This is 2l.pHod0o above the esti-
mate of receipts made by Secretary Gage
last autumn. in submitting his annual re-
port to Congress. The increase is pretty
evenly distributed over all sources of rev
enuc. The customs receipts for the year
will be something more than s2:Hl"oM"
and internal revenue receipts about S2!',,-
o,n coo leaving the balance for mscellane-
Gus items The expenditures thus far Tor
the year have been S413I1%.i?S. and Will
he about S49oooO.uHo for the year. This is
ahout S1uuru 400 less than the estimate
submitted by Secretary Gage in the au-
tumn. His estimates were based upon ac-
curate information. but We're kept within
modest limits according to the fixed policy
of the treasury officials not to claim more
than is likely to be attained.
Cause OF Large Expenditures.
Of mil and
naval establishments during the past year
resulting from the Spanish war is largely
responsible for the large expenditures. The
War and Navy departments called for only
about .;Jancn0 in the fiscal year 1871.
leaving the other ordinary expenses at
about $3.50 upa 0up The record for the pres
ent year by the close of June will show
army and navy expenditures Of about
SIS $4,000. or about $lo1"lo~o more than
for 1897. The deduction of these amounts.
to say nothing of Some charges against the
civil establishment growing ont Of the span
iSh war. VIII reduce The ordinary expenses
of the government upon the old peace basis
to about &;Uonp.uln or only $2nTn,~s,
more than three years ago. The pen
sion payments VIII be about the same
this year as for several previous years
hut promise t. swell slightly next year.
The army and navy eXpeu litures will
probably ~. reduced somewhat for the
next fiscal year. in view of the fact that the
summer If 1899. including several months
Of The prT~t nj fiscal year, Witnessed the set
Element of many accounts growing directly
out Of the Spanish war, without reference
10 the later cost nj &.arrjsnns and putting
down III" !nsUrrectirns III the Philippines.
Treasury Handled With Skill.
While Senator Hanna and the other re-
publ.c4u leaders feel that The financial OK
h.bit made by the treasury is highly ia
vors bic, one. they realize The necessity also
ri demonstrating that thr treasury has been
bundled with sufficient skill to prevent the
unjJ. congestion If money and It's will
dr.wal from HE hands OF the people This
has been accomplished, according To their
view 10y The refuuiinG project and the re-
demption Of bonds The cash balance of
Tho treasury HOW stands at about s1i>.,ao =
| tt"J hut $lussrst'sF' # thi; amount j. in tine
custody If the national banks So as I" b.
ava iahie for the u-o II III" business conf
.nuU.ir-
This leaves only about $iS,,,H"'et In the
treasury which is not much above the re
quirenl-uts for working balances at the
treasury and nine sJirtreaSurir~- The sit
uati0u would have been quite different il
Secretary Ga@n had not purchased bonds
to the amount If $it"utsi last autumn
and called for red nlptiun S-..::t;i,-11 Of the
OLD per cent hrads this summer. The
refuudirg law. in requiring the premiums
on the old bonds To- br PAD IN cash, mas
permitted tho treasury to pay out about
S"n"o"" which does not appear under tn"
head of ordinary expenditures. The amount
lssid !ast autumn for the and = per cent
buId Is redeemed vas about S22,~p,"n". These
Two items have pat about $52,h"wn into
tn" money market and reduced the treasury
balance by that amount. The redemption of
the old = has not yet proceeded far. hut
will enable the Secretary to keep the sur
plus under control during the present sum
NOR ard autumn. 1t is probable that fur
ther exchange of old bonds for the new =
per cents will occur. which vii! swell the
premiums paid by about $lnpn,'sn. The re-
Gemption Of the remainder Of the old IS
on refuudiug will absorb about S%1,mE"o
during thu next six months, or an average
OF about $1."'.T| per month.
Surplus Under Control.
This will be q little less than the average
surplus for the present year. but by
means of some an;icipations Of interest
and transfers of funds to the national
banks Secretary Gage will be abe To keep
the surplus well under control from the
present time until after the presidential
election. This satisfactory stat" of the
treasury. with the promise which has been
given by the authority to the ways and
means committee to sit during the recess,
that the reduction Of taxation VIII be
taken up at the next session of Congress.
makes Il showing regarding; financial policy
which the republicans be icVc will be ac-
ceptable to the business community.
.--
One of the Rest Equipped.