Omaha daily bee., 1905-06-30
CLOSE or THE FISCAL YEAR.

NLbNE Of IHb fIoNhb Nhh
The fiscal year Of the federal govern
ment ends today and within few days
the country will have full statement
of the condition Of the national treasury.
According to the latest estimates there
/ is certain TO be a deficit of about S25,-
! 600. 600 which is somewhat less than had
| been indicated few months ago, though
considerably more than was estimated
| by the secretary of the treasury in his
! last annual report, which was SlS,OOO,-
600 The deficit for the fiscal year of
1904 amounted to nearly 42000,OOO.
! There will be little change in the
figures for 1908 from those of 1904 in
the governments receipts, 1t is noted
that the falling off in receipts from
customs duties and internal revenue
taxes that occurred last year in compari-
son with 1903 has been repeated during
the current year, the total amount from
these two sources in 1904 aggregating
S494 100000, just about the amount they
promise to yield this year. Customs re-
ceipts will probably show decline from
those of two years ago. The expendi-
lures for the present fiscal year will
exceed those of the preceding year by
| about $50, 100000, of course deducting
the Panama canal payment from last
years account. The New York CONNER
cial remarks that the way that this
steady falling off in revenue and in
crease in expenditures are eating into
the treasurys resources is strikingly
shown by the rapid manner in which
the available cash balance has melted
away in the last two yers. 1t notes
that on June 80, 1903 when the govern
ment receipts disclosed a handsome sur
plus over expenditures, that balance
amounted to S24O,OOO,OOO in round num-
bers, while now it is down to about
S13S,000O00. Even after deducting the
Panama canal payment the treasury's
available balance is $50 100000 less than
it was two years ago. That paper sug-
gests that it will take only about twenty
months of such work to land the govern
ment high and dry financially.
The figures thus presented and which
will not be materially altered by the
| official statement while not giving any
warrant for apprehension, still forcibly
suggest the necessity for some action by
the next congress with a view TO either
reducing the expenditures of the govern
ment or increasing the revenues. The
former is the more desirable if it can
be done without any impairment of the
efficiency of the public service. 1t is the
opinion of not a few public men that a
reduction of expenditures is not practi
cable and in fact that they must newt.
ably increase with the growth of the
country. If this view be correct then
the revenues of the government will
have to be increased. This alternative
has been a good deal discussed, disclos
ing considerable sentiment in favor
of such a revision Of tariff rates as'would
promote importations and on the Other
hand a perhaps stronger sentiment IA
vorable to adding to the internal revenuS
taxes.
There is thus presented for the con
sideration of the next congress a prob
lem which is pretty certain to prove
disturbing to the party in power. Nc
confident prediction can be made as tC
what is likely to be done, but it is quite
safe to say that there will be action in
tended to put stop to deficits, which
are unsatisfactory and more or less dis
quieting. The national treasury is il
an entirely sound condition and the pub
lie credit is unimpaired, but in orde
that this shall continue it is manifest!
necessary that either expenditures be re
duced or revenues be increased.
|
SPEED AND SAFETY.