New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-04
THE MARCH SURPLUS.

The Treasury statement for March is. on the
whole a little disappointing. The last half of
the month failed to carry out the promise Of the
first half For the first fifteen days the surplus
was S3OSO, $50. In year Of deficits that was
a surprising showing. But the remainder of
the month"; instead of registering gains, regis
tered losses Since March II there has been
deficit of $21119O4 and the surplus for the
month has been cut to $96S756 Instead of fall
ing to or below S2O,OOO,OOO the net deficit for
the wear stands Mt $24, oil. But this will
hardly encourage the calamity croakers," who
were not long ago predicting that the TTeasury's
solvency could be maintained only by new taxa
ton or a bond issue. If the forecasts Of Judge
Parker and the other Democratic campaign eX-
perts had been fulfilled. the deficit for the nine
months ended March 81 would be not $24, 4S2,-
oil. but OS,OOOOO0.
Compared with March, 1904, Treasury opera.
lions show a net loss of S2,OOO,OOO. the months
surplus year ago reaching 81, 96O,49 But this
loss is probably to be accounted for by pay
ments of deficiencies properly chargeable against
next years appropriations The expenditures of
March. 1905, were $3,5OO,OO0 larger than those
for March, 1904; but if this difference was
caused by payments authorized by the General
Deficiency bill passed last month it only means
that some Of next years obligations will not
have to be met out of next years revenues. The
exceptional increase in expenditures for March
was Offset TO some extent by increased receipts
The collections from all sources were S462 67-
$50. against $44, 761. 499 in March, 1904 Re
ceipts from customs, which fell off noticeably
last summer, are now steadily increasing In
tine niue months of the fiscal year to date they
slightly exceed last years totals; and the Treas
ury's net income for the three quarters is now
actually 100000 ahead of last years figure.
The Treasury is. in fact. fast getting back to a
selfsupporting basis regaining the ground it
lost last July and August when expenditures
increased abnormally at the very time that col
lectons were shrinking steadily in volume.
In the first two months of the fiscal year the
excess OF expenditures over income was S23-
10000. For the first nine months 1t is only
$24, 4S2, oil. In the first two months there was
decrease in revenue of over $7,OO0,OOO, and an
increase in expenditures Of over S16,OOOOOO
Now, although there has been an increase OF
S34. OOOOOO in expenditures over last year. there
has also been n gain Of S2.OOO0OO i'm income
the surplus of SS.OOO,OOO for the first nine
months of 19O3-'O4 changing into n deficit OF
S24, 100000 for the same period in l9O4-'O5. OF
the increase in expenses three-fourths has gone
10 the support of the army and navy. The army
has cost so far this year SOS. 3S7 COS against
SIS. l69.s for the nine months ending March
81, 1904 The naval account has run up even
more rapidly To date II is $50. 533, 400 against
$4,000. OS7 last year. We are just now in the
thick Of our programme OF naval construction.
hut probably more ships were launched last
year than in any similar period since we began
the work Of rehabilitating the navy. The naval
account for tho full year may run to $4,000 900
or more. but thereafter il will begin to decrease
the total appropriated for next year being ONLY
S1O00O0OOO This years prospective deficit az
$2OON0,O0O to $25OO00OO can easily be NETT
has, In fact. already been met-Out Of the avail
able cash balance That balance stands to-day
NJ Sl40.72l 500; hut after July next II will an
paFenuy be possible to cesiE4 HE =ood old rule