The sun., 1901-07-16
PORTO RICAN FINANCES
Treasurer Hollander Says Island
Prospers Under New Laws.
TELLS OF HIS WORK THERE.
Declares That the Islnhders, ns ihes
Understand the Workings
the Taxation system, Are
Now Well Satisfied.

New York, July 15.-Among the pas
sengers who have just arrived per
steamer San Juan from San Juan Is
Mr.. Jacob II. Hollander,. treasurer OF
tbe island of Porto Rico. Mr.. Hoi-
lander, who holds the chair Of ASSISTANT
professor of finance at johns Hopklhs
university, was sent to Porto kico py
the president to formulate revenue
system. MIR. Hollander gave out lhe
Following statement concerning ms
work In Porto Rico:
"The present financial condition OF
Porto Rico compares favorably, thinR,
with that of any state or territory IN
the Union. The island Is free from all
tIoating Indebtedness, the burden OF
taxation upon its people Is less than
upon the residents of any other part OF
the United States, and the llisuiar
treasury begins new fiscal year with
sources of revenue that should supply
III necessary expenditures and with
surplus large enough to AFFORD security
| against any unforeseen contingency.
"These are the conditions winch
made Is possible for Governor Allen TO
| convene the insular legislature In ea-
lra session OH July and for that body
10 pass the Joint resolution as to the
adequacy of its present revenue sys-
TEN. which il is hoped will soon result
4 IN free trade with the United States.
..The annual expenditures OF the Is
land are about S2,00O,0o0, of which
about one half Is devoted to schools
land roads. Necessary revenues are
supplied ~ customs duties on goods
imported into Porto Rico from conn
tries other than the United States, Dy
lrXcise taxes on alcoholics, tobacco ana
In few minor articles and by q direct
fax of one half per cent upon real and
personal property.
VIII Make Good Any Deficiency.
ANY deficiency in current receipts
will br supplied from out the reserve
funds Of the nsnlar treasury, OF whici
one item alone, customs collections oi
Porto Rcan exports into the unite'
states since May 1, 1900, aggregate
S,ioO.Ooo, no part of which the insula
i government has found II necessary I
\ draw upon up to the present time.
! "Of the S2MO,o00 that Porto Ric
spends annually $1,5oo,Ooo accrue
from customs duties and excise taxes
that in every other part of the Unite
! States are appropriated by the feeders
L government In other words, as con
: pared with every state and territory
4 the Inioii. Porto Rico Is enabled TO g.
u pend for its own use and Denefit fot
times the amount that ii derives frol
msnlar taxation proper.
.'rhe actual operation of the ne
revenue system of the island has bee
= :, as satisfactory Ms its results. In Il
:. :, beginning unfamilarity with the Ia
" and the spirit IN which it Was to be a
mniSterrd excited some alarm that p
litical mulcontcnts exploited to the
most. hut as feature after feature
- the system has been put into operati'
- " the intelligent sentiment of the islal
+ has accepted it cordially, and mt Z
AZ present time the only criticism pi
ccrdS from those who are opposed II
to any hut TO all taxation or are Il
moyally attached to the old Sphni
system Of heavy indirect taxes np
necessary consumption and inadeqna
IL taxation or entire escape OF proper
and capital"