Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1905-08-03
LAST YEARS SHOWING.
Is in Every Respect
= Satisfactory.

The financial exhibit at the end OF
the governments year. on June 80,
was not quite so good as had been
expected few months earlier, but it
was much better than had been look
ed for five or six weeks ago. In his
annual report last December Secre-
tary Shaw estimated that the treasury
deficit at the end of June, 1905, would
be S1S,OO0,0O0 for the year. 1t has
been $24,000,0O0 instead. At the end
of May the shortage was $4,000, 900,
showing that for the last month of
the fiscal year-June-the govern
ments income largely exceeded its
outgo. Usually June is a good month
for the treasury, even in years, like
this, of deficits. For the past two or
three years the practice has been to
hold back some disbursements in June
which belong in that month, and push
them over into July. This makes the
treasury statement for the closing
year little better than it would other
wise be, but as the outlay is thus
thrust forward into the new year, it
counts in the figures of that year
and thus the situation as between out
go and income is not changed.
Secretary Shaw says there was no
manipulation of the governments ac-
counts during June. 1t is to be hoped
that this is correct, says the st. Louis
Globe-Democrat, for July is always a
month of heavy expenditures. Even
in the days of large treasury surplus
es the treasury has a hard job in the
first month of the fiscal year in max
ing both ends meet. The year which
has just closed had a total revenue of
S543 900 600, as compared with S541,-
100000 for the year which closed with
June 80, 1904, gain of $4,000 900. EX-
penditures for the year were S5G7,-
100000, as against S52S,000000 in the
preceding twclvemonth, a gain of $37,-
100000. The deficit in the year just
closed was thus S24,OO0.OOO as com
pared with a surplus in the year end
ing with June, 1904, of $4,000, 600. In
the year 1904, however, the expendi-
ture of $5OOOO,O0O for the Penama
canal and the loan of 81 100000 to the
Louisiana Purchase exposition are not
included in those figures of expendi-
lures. The worlds fair loan was paid
back in the fiscal year just closed, and
the outlay on account of the Panama
canal, of course, was not properly
.chaTgeable to the regular government
al expenditure. The governments in
come was larger than was looked for
half year ago, but this was much
more than offset by the unexpected
expansion in the outgo.
Of the $37,O0O000 of an increase in
the governments ordinary eXpendi-
lures in the year just ended, $1,000
900 was for the army and S14,000,000
for the navy or $21 100000 for these
two items. The Indians increased
the expenditures $4,000,OO0 and the
various outlays grouped under the
heading of civil and miscellaneous ac-
counted for $14,000,0O0 of an expan-
sion. On the other hand, there was a
falling off of S1,000,000 in pension
payments and of an equal amount in
other little items. What the balance
sheet will say at the end of the fiscal
year which has just begun is not
known. 1t will probably be better
than for the year just closed The de.
-ficit has had the effect of cutting
down the appropriations for the year
which we have entered. A closer
scrutiny than has been usual in the
past will be given to all items of out.
lay this year. Moreover, the situation,
even if the deficit should continue,
would still be very far from discour-
aging. The treasury has it's regular
Sl50,000,000 of gold reserve, and has,
in addition, a cash balance of over
S135,000,000, much more than half of
which is idle money, which could, if
necessary, be used for purchasing
bonds. In the absence of this re.
source, it can be distributed among
the national banks, to be utilized by
them, and thus placed in general cir
culation. It is not certain that fne
tax laws will have to be altered at all
during the coming session of congress-
Very likely, despite the heavy outlay
which is inevitable during the present
month, which will start the new year
with a big deficit, December ! will
show the trcasury's balance sheet to
be better than it was last December
and therefore no revenue changes of
any sort will be necessary.