Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-10-27


year 1908. Customs and internal
revenue both shrunk heavily as the
resu of the retarded importation of
luxuries and the diminished con-
sumption of liquors and tobacco last
year.
The form of statement which indi-
Gated deficit, however, was grossly
misleading on both sides OF the ac-
count. 1t failed to include on the
side OF receipts the sum of about
$4O,0OO,00O received for securities
Sold during the panic. 1t might very
properly be said that receipts from
the sale of securities should not be
included in the receipts, but II this
rule were accepted then its corrol-
larry is true-that expenditures for
which bonds were issued should not
be included under the head of ordi-
nary maintenance expenses Of the
government. Secretary CoTtelyou
had careful statement on this sub
ject prepared soon after the close of
the fiscal year. 1t showed that dur
ing the year ending June 80, last, ex-
penditures for permanent public
works were about $S1,OO0,OOO. or
this amount the Panama canal abb
sorbed $36,000,000; river and har-
Lor improvements, $2S,O00,0O0; for
tifications. $7,250,000, and public
buildings under the treasury depart
NUT s',vGO,o0 Obvious tie ex-
penditures for the canal, to say moth
ing Of other items. should not have
been charged off against ordinary re-
Ceipts when bonds had been issued to
pay for The canal construction 1t
was in the nature of a permanent i'm
provement for which every ether
government, every corporation and
every private firm with a competent
bookkeeper makes separate CLASH
ficatiOn, apart from running ex-
penses. Under an Anticipated system
of bookkeeping all these disburse-
ments were charged to their respec-
tive departments and the receipts
were not even credited with the cash
received for bonds which had actual
ly been sold.
The reason is obvious why expen-
ditures for permanent improvements
should be separately classified ana
should be met by the sac OF securi-
ties. The money thus expended does
not disappear within the year like
that paid for salaries and the main
tenance Of existing works but its re-
In fvrvv
&C nferr1ng benefits on coming gen.
erations. In every European budget
a sharp distinction is drawn between
ordinary and extraordinary expendi-
lures. The latter include practically
an permanent improvements and are
provided for by bond issues. In
Great Britain there are enterprises
which involve only a small expendi-
-ture each year, but which are cover
ed by the issue OF a sman block Of
securities and the keeping OF entire
lily separate accounts.
Mr.. Bryan ia famous for taking
the attitude of the horse who is blind
In one eye-he turns his .anmnd eye
| toward what he wants to .see and
with the blind one gazes rasOlutely
In the direction of what he does not
want to see. In chattering of ex-
traxagapce in the administration Of
the public funds, he sees At to fas-
ten has sound eye, extended to its
widest orbit upon the expenditures
which are being made tosincrease the
commence and maintain the national
prestige of the country. while he
Keeps his unsonnd eye turned stead
lily in the, direction Of the item of
l&&5, 900 800 resolved from Panama
canal bonds, which he fails 10 in
clHde in the schedule of. receipts,
|cven for the purpose for which they
We're issued i&ti