The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-08-13
THE FEDERAL FINANCES.
Receipts and Expenditures for tn
Last Twenty-Five Years.

Receipts and Expenditures for the
Last Twenty-Five Years.
Among the tables in a pamphlet pre-
pared by a. T. Huntington, Chief of the
Division of Loans and Currency, Treasury
Department. is one showing the revenues
of the Government from 1875 to 1900. ex-
elusive OF postal receipts and money de-
rived from the sale of bonds, to-
sether with the expenditures for that pc
Rod exclusive of postal, principal of debt
and premium. This table shows that tie
income OF the Government for the last
fiscal year was nearly double that of a
quarter OF century ago. In 1875 the re-
eelpts we're only $685., Geo, O51, while in 1900
they were s598.9S8. 94S. But while the in
come OF the Government has been ineress-
ing the expenditures also have increased
Every year from 1875 to 1898 showed a
comfortable balance in the Treasury at
the end of the fiscal year. while from
1895 TO the present time there has been but
one year-19o0-which has not showed a
deficit.
During the last twenty five years the
greatest revenue derived in any one year
until the passage OF the War Revenue act
was III 1882 when the income Of the GOV
eminent reached SiG3,52 $50. From 1875 to
1882 il gradually rose, except in 1873, when
there was falling off, and from 1857 TO
1898 it fuctuated sometimes rising and
sometimes falling. For thirteen years the
expenditures stood at about the same fig
ure, varying from S274. 623, 3s2 in 1873. TO
S2Sl, gg6 els in 1887, the lowest eXpe ure
being in 1S78-$236, g64, 1926
But after 1883 the expenses of the Gov
eminent increased with great rapidly.
J, J.
cradle difficulty was soon experienced IN
making both ends mcet, with the result
that in 1884 the balance was on the wrong
side and a deficit OF SOS, sos. 260 had to be
faced. Every year until 1900 showed a
similar deficit, although in 1898 s64.l51 .224,
in 1899 Sill 79S BIZ and in 1909 s4,159,al4
was received from the Pacific railroads
In 1892 the Government had the HI % S,
balance in its history-s145, 543. SO aft@r
all expenses were pad. Then its revenues
began to fail of and its expenses 10 in
crease and its yearly net income began TO
diminish, although in 1887, 1883, 1889. and
1890 It's balance was over S1G0 Gee. GEO an
nually.
In the days when gold was not the
standard, and when the price of money
went up and down according to the credit
behind it, if ii were paper. or its bullion
value if il were coin, the Government made
a few transactions in gold which brought a
comfortable profit. Gold was obtained
from January 1862 TO January 1879
through the customs receipts and sold fGI
currency which was used 10 pay the run
| ming expenses of the Government. Alto
| getheT 1923. 506,2 73 III gold sold fol
$3.50. 334 esq in currency. Then the Govern
ment resumed specie payment and paper
was as good as coin No more was heard
of a premium on gold until Cleveland
first term. when he put an end 10 the
| hopes Of the bankers by selling bonds tc
maintain the gold reserve.
The high-water mark in the public debt
was reached in 1856, when the United
! States owed an interest bearing debt OF
! 81, 762, i54, 03S- Careful management reduced
1 this debt 10 1851, 49,. 766 in 1893. when the
| Government began to go backward until
now it owes $1.41S. 416.9I2 Fo~ :uHately
| the Government manages TO get money
now at and 8 per cent. where st formerly
/ paid or g. and the bonds sell at a pre-
MUM instead of a discount.
The publication points out that three
| years and eleven months of the McKinIes
| tariff produced 1854 .S4S- 2S9: two years anG
| eleven months of the Wilson tariff $3.50
| OPT, Sl1, and the same period OF the Diagiey
| tariff, $572. 594 200.
Mr. Huntington estimates that the vii
son tariff is credited with s55 coo. GOO du-
| ties on goods held back for its passage and
WIN S1SruHn.tHu uuIltS on goods TuS1EG
through 10 escape the Dingley law Com
parsons are made of the imports and ex-
pcTts under the Mckinley. Wilson. auc
Dingley tariffs.
Standard bullion contains 600 parts pure
gold or silver 10 100 parts copper alloy The
coming value OF an ounce of pure GOLD
is $20-6T and Of an ounce of standard gold
$3.50; Of an ounce OF pure silver 1929 anG
of standard silver I.i6
The term spigufnraop' - saws NJ Hunt
ington, "as used in the United States
| means the profit arising from the coinage
| of bullion The Government does not pur-
| chase gold bullion, but coins it on private
account. There is no profit from the coin.
| age OF gold bullion, the face value OF gold
coins being the same as their bullion val
ne. but al the present ratio OF 10 10 / tbs
| face value OF the silver dollar is greatel
than its bullion value; therefore when sill
| Yer bullion is purchased and coined int
dollars there IS a profit arising from suct
coinage. the amount OF which depends upoI
the price paid for the bullion For ex-
| ample, there are 81 IA grains of pure sill
Yer in dollar and there are $50 grains
OF pure silver in q fine ounce The coinage
value Of a fne ounce is therefore 1923
II the fine ounce can be purchased for x
cents the profit of its coinage (the seign.
ioragel is S9.5929-, and the profit on tbs
81 Ii grains Of pure silver in the single
dollar is S0.45S6-, which is the difference
between the actual cost of the bullion il
the dollar ard the nominal value of the
coin
THE silver purchased by the Govern
ment is carried on the books Of the Treas
uFy ar is actual cost and the seigniorage is
declared on tae coinage of each month and
paid into the Treasury