Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1907-08-30
WRONG OF THE SURPLUS.

MONSTER BATTING INTO THE EARN
INes AND SAVINGS OF TIE PEo
PIE"
Has any one mind to boast that the
income of the United States gOvern-
ment for the fiscal year just closed was
nearly 800, 900, 900 more than the outgo?
The preliminary figures Of the Treas
ury are $S6 929 425, which experts reck
or will be raised to the larger sum by
complete returns. This is surrey i'm
mense, over 13 per cent. of the total
revenue. The net receipts of the gov
ernment before the Civil War were at
the greatest S74,056, ,697 in 1856, and
were only $51, ,9S7, 455 in 1861, or 5S per
cent. of the present excess. The war
of the Revolution cost the young re.
public in specie $135.OO 900. which
sum the collections above the expendi-
lures will exceed at present rates be-
fore the calendar shall record 1908
The second war WITH Great Britain in
volved the outlay of $1O2, 993, 1853, or
the equal of the current surplus for
fourteen months. The cost of the
Mexican War was $125, 447, ,4S3, which
would be covered by the excess of
revenues before December next. The
expenses of the war with Spain, which
were $3.50, ,0O6, 900, would be offset by
the surplus of fifteen months.
We magnify the burdens which for
eign armies bring on their people. yet |
the charge to Italy for it's army in 1905
was $66, ,0O0,0 900. or 70 per cent. of the
American surplus last year. France
pays annually for its army $l4S, ,0OO, 600
Great Britain $3.50, 900. and Ger
many, $176,00O.000 These sums are
spent at home for services. commissa.
riat, and arms. Our surplus may be
compared with them am >unt, but in
no other respect. for it buys nothing
and pays nobody.
Collections in excess of expenditures
have become the rule in this country.
Aside from 1904. wton $5C ,oO0, 900 was
1isbursed on account of the Panama
canal, deficit has occurred in only
'ne year since this country began, and ,
hat was $23. .004 72S in 1905. The net
urplus since 1900 mounts up to the g
enormous sum of 1854 1876, $40, although 9
within that period large reductions
we're made in internal revenue.
The end is not yet. The surplus so
arge in the fiscal year just closed. con- !
inues. The growth of population !;
,eeps up and carries With it large reve /.
lues to the government. In June the q
objections and the surplus are on the q
eaviest scale showing an excess OF :,
81, S78, 462, but that is alwr g an ex.
optional month. In the f al year
90S the receipts promise outrun
he outlay by 1920, 100000, secretary
haw's estimate in his annual report
7as for surplus of $5S, 600, 900 in 1907;
is $32 ,O0O, 900 more. In tfs coming d
lonths the elasticity will be less, IL
nd will be adequate to fset any
hanges likely to occur. A falling off
] business would be without parallel U
'hich should reduce the revenues by
3 per cent. for year. So that the L
resent surplus can be Cancelled only -
y law. The excess is more likely to
lcrease in volume and in force.
This magnitude is the phenomenon
American finance, a real monster
atlng into the earnings and savings =,
the producing millions. What ex-
use can be presented for such boards ? =,
here is no public use to whic-. they
an be put. The exc .ssive
sce1pts congest the Treasury and v
reed strife on the part of the banks
} get them as deposits.
At Bankers State convention. two X
three weeks ago, a general panic was
redicted unless the revenues, as a
hole, should be paid directly to the
anks instead of passing through the 8,
reasury as now. The argument is b
nat business cannot afford to have it's d
fe- blood drawn away. Far more OBJ O
ious is it that the people should keep '
heir own money. and the government "
xtort the least possible amount.- u
IOrth American Review.