New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-07
NOT 4 FATLTRE YET.

The Treasury deficit for May has brought
ray Of hope 10 the discouraged Cobdenites in
this country who still dream of abolishing the
tariff and raZing the custom houses These po-
htical Missionaries are adept at extracting sun
shine from cucumbers. So they try TO persuade
themselves that Treasury deficit of S54. I23, $40
1n a single month heralds the breakdown of our
present revenue system. In their judgment we
are entering on a period of deficits which is
bound to last for years. The present net Treas
ury surplus Of Sl63,000,O0o is to be eaten up by
annual shortages of revenue and when that sur
plus goes the government will have TO face the
disagreeable necessity of borrowing cash to
meet its current expenditures or abandoning
Egh protection for a tariff "for revenue only"
THE New-Iork Times" seems to think that
the Treasury smash-up will come IN 1907. 1t is
willing 10 admit that the May deficit Of S54-
s25,940 was caused by certain unusual payments
never intended 10 be counted among the Treas
ury's ordinary expenditures. The Treasury paid
last month s40,000,000 to the Panama Canal
Company for rights. properties and franchises
on the isthmus and S10,O00,00O TO the Republic
OF Panama for possession OF the canal strip 1t
also loaned TO the Louisiana Purchase Expo
sition S4,600,000. Deducting these extraordinary
charges, the months real deficit was only SI23,-
vOO ana for the first eleven months of the pres
ent fiscal year there remains a net surplus of
2,330,OOO. THE Times" admits that 1.-The total
excess for the year, exclusive of extraordinary
payment" will possibly" reach 81 100000
This excess promises 10 be nearer $1,000 900
than 100000 Yet. on the single fact that the
expected surplus will not reach the figure-Sl4-
o0O.0o0-carried in Secretary Shaw's estimates
last winter. 1.-The Times" bases train of argu
ment which carries the Treasury within three
years" TO the verge of exhaustion and impover-
ishment. Contending that next years deficit
estimated by Secretary Shaw In December last
al S23OO0,0O0. will be S30,0G0,O00, orr cOntem-
porary declares that including extraordinary
expenses, there will have been change for the
worse in the condition Of the Treasury from July
J, 1903 TO July i, 1895, of S1O6 100000 and adds.
We are bound TO remember that the pavnoart
lor the purchase money OF the Panama Canal
ana 10 the Republic OF Panama must he Fol
ioNea py very heavy expenditure for the con-
tlructlon OF the canal. This is an element IN
the calculations OF the Treasury for wears 20
come that cannot safely be regarded as a.
traorolnary at all; il Is definite and fnevitahia
and must be considered II &C. No., = -
Solutely certain that we have ma ssaS Fro,,o y ~
roo OF large SURPRISES in the Treasury 10 n
period OF oehclts. The net available balance e.
now SET down at S163o00090 That is NOT in
e1haustibe. The current balance needed in
oroihaTy time is not less than S60OOOOO0 The
remainder would not last fhres x,ears =. -,
present rate Of spending and we have No 81
curity that this rate will not grow or that reve
nue. VIII not fall off - -e'e
unfortunately, there are several serious flaws
10 this argument Excluding the extraordinary
expenses OF May. the present fiscal wear will
show surplus Of perhaps 100000. IncIud-
Ing these, the loss TO the Treasury ON the roor