New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-05
THE TRE4SURYS VP4P

Tie federal Treasury's year ended on June
30 with an apparent deficit Of Sal 3D. 395 But
as has been pointed out already in these col
umns, three items Of expenditure. asgregating
S54,eo0000 should be deducted from the debit
sheet 10 strike true Balance between the years
ordinary income and ordinary outlay Sub
tracing S400000o0 paid 10 the French Panama
Canal Company for It's rights franchises and
property in Panama. Sla.0000O0 paid to the Re-
public OF Panama for the canal strip and So
6o9000 loaned 20 the Louisiana Purchase Expo-
sition, the year really ends with Favorable
balance of S13.24I.575. THIS surplus is only
s752s325 short OF the surplus for the year pre-
dlcted IN December last by the Treasury De
,artment
This showing is naturally disappointing 70
the croakers who for the last three months
have been seeing only bankruptcy ahead for the
national Treasury. The exceptional and a,-
normal deficit for May-SJ4 T23 94O-set these
niarmist critics in a ferment. and, designating
the causes and character Of that deficit they
jumped at once to the conclusion that tie Treas
Try was on the verge Of a long period OF def
icits. The New-York Times Sravely as
sured Us month ago that the available cash
balance in the Treasury on June 1-S1G3 OOa 600
would be reduced 10 the danger point OF
S60ooooco before June ]. 1907, aud by that
time the government would be facing the dis
agreeable necessity OF borrowing cash TO meet
it's current expenditures OF abandoning high
protection tGr more productive tariff "for rev
enCe only" Such dreams are not encouraged
by the latest Treasury statement June showed
a surplus OF receipts Of SI09i9,515. and swelled
tie net surplus OF the Year from s. 335 900 TO
about thirteen millions and a quarter The
TreasEry's aTalable cash balance has been in
creased. not depleted. The governments ahiI-
fly 10 pay IS running expenses out Of its day
hy day receipts 81 plainly demonstrated ana
the aa.a G1ed by TIE pessimists for the nell
ing awGy Of the accumulated cash hainnce Is
pushed somewhat aggraYatingly ana indeG-
niteIy INTO the tut,ms
The fiscal year Just ended was n lean ves-
Cor tie Treasury. compared with The years I'M
mediateiy preceding. Fer l902r03 the surplus
was ST. It0!l 49,. ana the SURPRISES IN IgGO-'Ol
aid l90t-02 ran Well mp toward S10a000 900
R2t Congress twice reduced taxation 10 check
these aIse accGmulations and the fun er-
feet ~ the last reduction was felt Cor the frst
::Eo in East gears Income. For The year The
total receipts ware SJ4l. lS6. 745. aeains- s5lS
sJsI,:,25 "a 1902-03. This gears expenditures
including the extraordinary items FOR canal
payments aud the Louisiana Purchase Ex2osi-
lion joan-weie $751;. 559 OF, against 500 17G-
$50 IN i9O2-15 Excluding axtraordinary de-
niands. :hc Treasury spent s527. 939. 07l-nearly
Se2.0OO,oto sEcre Than Il spent 4 year ago This
excess went entirely 20 the construction and
maintenance OF the navy. This year $l02 20
os3 was devoted 10 naval expenditure Las,
year the -'!m allotted Ia the navy was $50 COG
soa
for the a.w gear Serr-tary Shaw rsi;r.ate.l
ia bis :ep"rt 90 Congress last na,,'- .e. \
deficit ot S.,3 e0OV9n -; that ,Sii.,.,t. us
based on larger a .;r .,s-iar";'S ti:an .-.rr an
proved by Congress mt tie EAST session. Con-
gress actually held the appropriations within
the governments estimated revenues Should
, Gsrenry Shaw's forecasts nold good again