New-York tribune., 1905-02-02
THE TREASURY OUTLOOK

The Ireasurys january report is distinctly
encouraging, II one goes a little deeper than
mere surface appearances 1t is true that the
deficit fer the month was $6.216,714, and that
the 1reasurys losing balance is bigger now than
1t has been at any time since the fiscal wear
began. For the first seven months of the wear
the deficit stands at $2S596 3O7-against S23-
19O,115 or August 81 and $25 929 251 on No
vember 90. Yet there are many indications
that the Treasury has at last turned its cor
ner, and that material excess of receipts over
expenditures will be shown in the next five
months
January's deficit, to begin with, is a little
smaller than the January deficit in 1904 A
year ago the losing balance for the month was
$6,S51,6 ,629. Receipts this year have been near
ly 100000 greater-$43 41O2S5 against SAL
5SS,370. But expenditures have risen about ST.
100000, and the net gain is only S65OOOO In
every other month but one this year the Treas
ury has fallen behind, compared with last wear
SO that Januarys showing is an exceptionally
favorable one. If conditions continue as they
are, notable improvement in the Treasury sit
uation Is bound to follow. Last year between
February l and July l a surplus was run up of
nearly S12O00000 An equal gain now will re-
duce the net deficit for the year to little over
$16,OO0,0O0
Customs receipts continue to show slight
advance. For January they were 500, ,3O3, ,S60-a
gain over January, 1904, of more than 81 ,0OO.-
600. Internal revenue collections were larger
this year by about $S00,000. The shrinkage in
income of the first quarter has been gradual
ly made good At the end of September this
shrnkage was $5,400,OOO. To-day the situation
has been reversed. The total collections for the
seven months of this fiscal year have been S321,-
O6013S, against S319,425,S43 in the first seven
months OF the last fiscal year. Expenditures
still run ahead however. So far this year the
excess is between 100000 and $32 100000
OF this $13,000,000 has gone to the navy. The
army has taken about $9,O00,O00, the civil es-
tablishment $S,0OO,OOO. and the Indian ser
vice 100000. Pension payments are little
smaller and interest charges have been station
airy. But army and navy expenditures are now
falling more and more toward last years level
Disbursements to these two services In Jan
uary were $20,000,O00, against about SIS OOO0 900
in January 1004-an excess of only So 100000
while the average excess for the six months
preceding was something over $3,OO0,0OO
From now on therefore, the Treasury is like
ly to find less trouble in making ends meet
The most trying months Of the year are july
October and January. July, when heavy def
cheney payments fall due is the worst month.
But after January April is the only one which
threatens deficit and March and June are gem
orally counted for substantial surpluses
Treasury officials are justly confident that the
worst strain of the year is over. and that
the net deficit for the twelve months-which
Democratic orators not long ago were hysteri-
caIly estimating at "$14O, 100000 or over'-wilI
shrink TO less than one-seventh of that fabu-
lous amount.