New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-01
CAMPAIGN "ROORBACKS."

About this time of the year look out for the
political "roorback." From on until No
vember the factories in which ingenious politl-
cal myths and make-b believe political bombs are
fabricated will be working over hours. We
judge that the 'roorback" season is fairly on
from reading in one Of the most influential OF
Democratic newspapers a ponderous indictment
Of Republican shortcomings in legislation ana
administration, in which these two allegations
are included:
For the current fiscal year the Treasury state
ment shows an excess in expenditures over re-
ceipts Of about S41,OO0.OO0.
Does the Republican party stand pat on
that?
Exports and imports have fallen off enor-
mously.
Does the Republican party stand pat on
that?
Democratic organs and orators will doubtless
try to make much of the charge that under an
'extravagant" and reckless Treasury policy
the governments expenditures have this year
outrun its receipts by 'about $45,O00OO0." AS
matter of fact the actual excess of expenditures
over receipts for the fiscal year which ended
yesterday will be about $41,000,O0O; but in
Guided IN this excess are three extraordinary
payments not in any legitimate sense charge
able TO the ordinary revenues Of the year and
never intended to be met out of the Treasury's
normal and ordinary income. These three pay
mentS aggregate 100000.
OF that total, $40OO00O0 went to the new
Panama Canal Company in exchange for its
title, franchises and property rights on the
Isthmus of Panama. Ten millions went TO the
Republic Of Panama for the cession of a canal
strip across the isthmus. Four million six hun
dred thousand dollars was loaned to the LOuisi-
ana Purchase Exposition. This last sum is be-
ing paid back in monthly semi-monthly in
stalments. 1t is not properly an expenditure,
q nd 90 no nlo oh Nv lNa fotin NJ
bookkeeping Deduct these three payments
from the aggregate of expenditures for the year
and there appears not a deficit Of SAL 100000,
but a surplus of over $13,0O0,000. All the Ordi-
nary expenses of the government were met
out of its daily receipts. and balance for the
year was returned only S7500O0 short of the
surplus predicted by Secretary Shaw last De
cember. In other words, 100000 in savings
added to $:}S, 100000 Of savings in pre-
vious years 10 pay the initial cost Of the nations
great undertaking in Panama. That is a record
on which the Republican party is glad to stand
pat" 1t is a record wholly unapproachable and
unimagina Bile under the fiscal policies pursued
by the last Democratic administration.
Exports and imports have fallen off enOr-
mouSly." 1t is true, perhaps. that imports have
fallen off in the last year or two; but such de-
cline is hardly 10 be regretted. 1t is no indica-
ton Of decline in national prosperity. The ex-
port lrade mas, on the contrary not declined.
For the fiscal year 10000 the United States
will lead the world as an exporter of domestic
products. At the end of April, with two months
still 10 run, this country's exports for the year
reached the value of 81 256, 600 COO For the full
year they will probably reach $14500O0O0O
equalling the largest figures on record. More
over, the proportion of exports of manufact-
ures has grown. For the eleven months ended
May 81 the United States sent abroad manufact-
nres valued at $410,536.47S, against $373, 100000
for the first eleven months of 1902'03, and
s51Ooo,Ooo for the first eleven months of
1sO1-O2 This years record OF exports In man
ufactures will surpass that of any previous
year. 1t will more than double the figures Of
ten years ago.
The "roorbacks" We have noted have only TO
be examined to he exploded; but they, and
others ike them will continue to be manufact-
ured for the delUSiOn of a too credulous public