New-York tribune., 1906-06-02
TIE NY SrRPLrS-

The Tribune has more than once expressed
its belief that the Treasury would worry
through the present fiscal year without deficit.
Even last September, when there was q bal
ance 10 the bad Of S1S,5O0OO0 we ventured
the prediction that the ground lost would be
recovered before the years accounts were made
up. The Treasury authorities themselves were
by no means sanguine on this point, for as
late as January the department was figuring
on a deficit Of S6.OOOOOO. Tho May statement.
Just issued, silences all doubt, for IL indicates
that the Treasury year will end on June 80 next
with a surplus well over S1O.OOOOOO. Opera
tons Hor May showed a favorable balance Of
S2.125,O23, and the net balance for the eleven
months ended May 81 is $6,155,5S9. June is
usually a month OF light payments and can be
counted on 10 produce surplus of from SS,0OO,-
coo % S12,o00OOO. Last year the June bal
ance was So. 900. It is as likely this year
TO exceed as 70 fan below the average.
The improvement in Treasury conditions no.
ticeable since September has suffered no check
In May 1905, there was a deficit Of s., $40 O66
so that the gain for May this year was $5O74-
OS9 Last year for the eleven months ending
with May the deficit was S3663S624 This
year for the same period there is a surplus Of
S6,155.5S9-a gain Of $42. 794, ,213, or an aver
age of nearly 100000 month. This change
for the better is due TO two causes-one the
marked increase in Treasury receipts, the other
the economy pTactised by Congress in voting
appropriations for 1905-O6. Imports this year
will reach by far the largest total in our his
tory. Customs receipts have. therefore, rap
idly expanded, the gain in the last eleven
months being nearly $34,OoOOOO. Internal rev
enue receipts have been about $I2CO1OOO
greater than last year Receipts from miscel-
laneous sources show a nominal decline OF
81. .GOO.OOO, last years excess being due TO the
repayment o5 loan Of S4.5OO,OOO made TO the
Louisiana Purchase Exposition The net gain
In receipts has been about S44OOOOOO. Mean
while expenditures have been held practically
at last years level. For the eleven months OF
19O4-05 they reached a total of $3.50, III, ,7O6.
For the same period in 1905-'06 they have ag-
gregated S533. .392 O44-an excellent example OF
close and careful legislative calculation.
The extent TO which the policy OF retrench-
ment has been carried is somewhat surprising.
Congress has succeeded in reducing expendi-
lures in every direction but one, and that ex-
ceptiOn is more apparent than real The civil
establishment has cost $5,000.O00 less than last
year. and army and navy expenditures have
been reduced by $10OOO.O00. On the interest
Indian and pension accounts about S3,5OOOOO
has been saved. But the outlay on public
works has increased S20,OO0OOO. Nearly all
this increase has gone To Panama Canal con-
stIHction. But from July l next the Panama
! enterprise Will probably be separated from
other public works and its cost will be met
as 1t should he met-out OF the proceeds OF a
| bond issue. With this drain closed the Treas
ury can easily meet out OF its present resources
all the legitimate demands OF the near future.