Arizona republican., 1902-08-15
The Treasury, and Ca1ami,x

Although the dominant element in the democratic party has been preaching calamity for years. and although the false prophets have been thrown into confusion time and again by the on ward march of the country, they arc never discouraged. Sooner or later. they hgure, a calamity will be encoun- tered, and then democracy will be vim dicated- The latest prophecy gives us a bankrupt federal treasury as a thing of the near future. all because there was deficit for July The expendi- lures last month did exceed the re- ceipts by s7.500,OO0. and the calamity mathematiciars can see nothing less than twelve times that sum as the de- ficit for the fiscal year. The fact is overlooked that July receipts are al- ways comparatively light, while dis bursements are heavy.
 A Washington dispatch states that the treasury experts have become un- usually confident, after a study of the figures for the first part of August, anc are now ready to predict that there will be no deficit at the close of ths fiscal year, June 50, 1903. But should there be a deficit, there need be no fears that Uncle Sam will have to hunt for a receiver. The dispatch referred to explains that the treasury officials now predict that the decrease of rev enues, due to the repeal of the War revenue taxes, will not reach $75, ,0CG.- 00O, the amount that was agreed upon in nearly all estimates made while con- gress was revising the war taxes. The promise of increased business in the output of tobacco. cigars and liquors IS counted upon to make up for a large amount of the war taxes, and it is now estimated that the decrease for the coming year in internal revenue re- ceipts will not be more than 60,000.0O0. and may be still less than that sum. It is peculiar feature of the business of the internal revenue bureau that within certain limits decreased taxes bring higher receipts. and this law of | trade is almost invariably overlooked by the lawmakers when they are es- timating receipts based on lower taxes. | The customs business for July showed an increase nf $3,O00, 900 over July of last year. This is considered unusual, as July is ordinarily very poor month
 in the importing trade. It is expected
 that the increase in customs receipts will very nearly, if not quite. offset the
 loss in internal revenue receipts.
 The treasury is not suffering any on account of monthly deficits. or pros : pects of deficits at the end of the year.
 As a matter of fact, the gold fund in ] the treasury today is the largest in the
 history of the country, with but two
 exceptions The gold fund, at the close of business Saturday, amounted to S564 coo, coo in round numbers. On July g it reached $566, 900, the highest
 point in the history of the government. 1 Once before this year, in June, it
 reached $565. .OOO000. This is, with one
 exception, the highest amount held ill
 the history of nations. Three years aga
 Russia broke the record with s59S.000. C00, but she holds much less than that
 sum now The latest Obtainable re-
 ports show that the United States has more gold than any other nation. Ac-
 cording to these reports. secured in
 June, the United States held $565.000,
 COG; France. s514,G9o, ,OOO; Russia. $363.-
 GOO. 900; Germany, $275, G0o,COO, and E..- gland s1S9 900, 900.