The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-19
Drain Is Due to Disbursements on Ac-
count of War Claims and Increase
I'm Naval Expenses.
NO CAUSE FOR APPREHENSION
VIEWS OF TREASURY OFFICIAL
on THE SITUATION.
Receipts Will BE Ample, DESPITE Re-
peal of War Taxes, to Meet All
Appropriations.
special to the INDIANAPOLIS Journal

Special to the Indianapolis Journal.
WASHINGTON, July 1S.-July is always
an important month in the Treasury De-
partment. 1t is the first month of the gov
ernment fiscal year, and upon its receipts
and disbursements are based the estimates
for the years business. Special attention
has been given to the financial transac-
tions OF the department this month, as it
will give an idea Of the decrease to be suf-
fered in the revenue by reason of the re-
peal of the war taxes. The expenditures
for the first half of July reached the very
large sum of $35. .295. 900, an increase OF more
than $5,Oo0.OoO over the corresponding
month of last year, while the receipts were
about s2,00OO0O less than for the first fifteen
days of July Of last year. This decrease is
entirely in the internal revenue receipts,
which were ST., $50, ,sO2 for the first half of
July last year, as compared with s14972, ,69S
for the first half of July. 1901 The Gus
tom receipts, on the other hand, show an
increase of more than 100000 over those
of the first half of last July.
1t is explained at the Treasury Depart
ment that the increased expenditures of
the present month over those of the same
period of last year is due largely to the
war claims authorized by the recent ses-
sion of Congress. These amounted TO
about s4.OOOOOO and are chargea ole to the
War Department and account for the large
increase shown in that department. The
disbursements for the navy have also
shown an increase of more than S1,0O0,000
over those of the same period of last year
Treasury officials estimate that the deficit
at the close of the present month will be
between 100000 and SS,00O,0O0. as COM
pared with sl5.340 at the close of July Of
last year. Many of the deficiency appro-
priations authorized by the last Congress
are still TO be paid, and the result will be
shown by the balance sheet at the end of
the month.
about the situation" said a high official of
the Treasury Department to-day while
the cash balance has suffered already this
month to the tune of SS,000 900 the treasury
will not suffer in the least from the drain
When money once gets into the treasury
there is no way of getting it out except by
an act of Congress. Our receipts have been
in excess of disbursements so long that
there is now more than s2OO.OOOOOO surplus
in the treasury, exceeding by S27O00,0O0 the
amount held d year ago. The boarding OF
this amount of cash is, in my opinion, a
menace TO the business interests of the
country. The disbursement of il will be GER
tain TO stimulate business. The Congress
has appropriated about s75,O00OO0 for river
and harbor improvements. and more than
SO, 100000 for public buildings, in addition
to the Millions that are TO be expended in
building warships and army posts through
out the country. This money will be ex-
pended rapidly, and will find its way into
the regular cham els Of trade. and the busi-
ness interests Of the country will profit by
it. Congress was lrodgal in its expendi-
lures, but the receipts of the government
will be ample. in my Judgment. to meet all
demands made by the appropriation bills +"