New-York tribune., 1901-12-05
PORTO RICO.

The fiscal year ended June 30. 1901 witnessed the the
financial reconstruction Of Porto Rico under civil
government and the conversion of the island from
a financially insecure dependency TO q solvent.
the organization of a treasury department, IN
which were centred not only matters relaflng 10 @ b
the conduct Of the insuaT revenue system and the
cellent system of accounting. modelled after that
Of the United States Government has been estaoIi "a
lished under military rule. and this was continued
Attention was next directed the insular reve-
nue. system. Until the legislative assembly could De
organized. statutory changes were posslple'
ment and strenuous Efforts were made IN this
direction with gratifying results Improved J & PER 5
ternal revenues OF the island. reduced frauds ana
opinion as it became evident that the revenue laws
OF Porto Rico were thenceforth to oe regarueo ds
something more than archaic literature. -
Yet every day made il apparent that II Amen amen
can afilit9 SaGh IN a3 eariv financai recon
struction upon lines Of financial stability and social
vening Of the insdlar legislature, a revenue meas
ure: framed in accordance with the I0oeIn it ~ ~
was presented and after inteligent discussion was
posed a moderate upon assessed property. @ Tea-
sOnable eXCises upon luxurious ana injurious; 80
sumption and progressive collateral inheritance
In the five months succeeding the passage OF the the
TEN was put into operation onui oy ! uy :: .
Introduction Of the system. public sentiment IN the
island advanced TO % t osI,Its IS SO that
at the present time the reorganization may be SAID
70 The Fe scf1eI nanciai operaions Of the island are
encouragtng The treasurer Of the island. Or J.
H Hollander. reports that during the nscaI year
ended June 90 1901. the total expenditures agSTe-
gated 80 IOI 3I4 ss The funds actually received by
the treasurer IN this period were $50 $50 V' anu
the excess of receipts over expenditures :" "ds
$3.50 90 10 OF the total receipts the net sum OF
s4Se 0ie I3 is charged trust funds, thus making
the excess of expenditures over receipts actuaIjy
deposited IN the insular treasury and aEalt.t S :
for current expenditures SS2 99s Se ne amount o.
United States exports from Forto t.LG 80
held under the terms OF Congressional legisLellon
as & fund for go yernrnent and benet OF ForIe
Rico was S60S 937 33 The ordinary expenditures OF
The island during the first fiscal year Of civil gov
eminent were accordingly S36rs3s 30 less than lhe
revenues actually available. . oo, -, .
For the fiscal year ending June 81, 1Sz, lne oLe. I
look IS Ic less satisfactory. AS reported oy the
treasurer the estimated expenditures OF the lsa
during this period aggregate lSeSoZ q % ~ ne
estimated revenues for the same period are
lures In reality. however. the conditlon OF @ tne
iasuar treasury is much more favorabIe Dy !tas4i
OF the existence OF extraordinary reserve 4uiiU6'
aggrega ting more than s15oo,Voc, -, .-,, =.
II was the foregoing exhibit which led the iTlsular
legislature. summoned in extra session on JLl! =
1901 TO pass the Joint resolution declaring lldl d
put into opera ton to meet the necessities OF Lhs
government of Porto Rico, and that the lIstlai @
treasury could thenceforth dispense with the rev
euues from trade between Porto Rico ana t@ne @
july % 1901 the President issued the procIar oll
esta bshing free trade between Porto RICO ana the
United States. ., .s.-..5
ness with current income estimated as suff1cteIt
ordinary expenses OF government win
large reserve funds to provide for unforeseen OF
extraordinary contingencies ana Win d
burden of taxation upon the real economic NE q
the island than at any time in its history, lhTl :
seems every reason for regarding the nhahclai
future of Porto Rico bright and ausptcious,