The Penn's Grove record., 1908-07-03
TREASURY DEFICIT IS DUE
TO DECLINE IN CUSTOMS
Difference Compared With a Year
Ago is $144, 100000
DEFICIT IS NEARLY s6o,ooO,oOO
Surplus of $84,OO0,OO0 Credited ON
Books a Year Ago Wiped Out
Congress Generous in Appropria-
tiOnS.

Congress Generous in A~ppropria-
tons.
Washington, D. C.-When the fis-
cal year closed June 80 there was a
deficit in the United States Treasury
of approximately $60,000,000 for the
last twelve months. This deficit Is to
be compared with a surplus one year
ago Of more than $4,000 900, so the
real difference between the condition
of the treasury to-day and n year
ago is expressed by the sum of $144,-
900 1000.
The deficit was not foreseen until
after the money panic of last Novem-
Der and December. The country had
passed through a eve trial when
Secretary Cortelyou sent his annual
report to Congress in December, yet
the Secretary was not able to see
what was to follow, for he predicted
a surplus for the fiscal year ending
June 80, 1908, of $42, ,000.
After that report was written the
commercial and financial world be-
gan to reap the fruits of panic. Both
imports and exports suffered along
with other lines of business, and oon
it became apparent that the current
income of the Government was about
to suffer a severe impairment. The
decrease in customs collections was
especially marked, for the volume of
imported merchandise Immediately
diminished and has not vet recovered.
Tn tho Acoo1 uoorando1 TynD Q n III
receipts from all sources were $685.
100000 less than in the fiscal year
1907 and only a tri1e larger than
1906. In the year closed June 80 the
disbursements for all purposes were
$181,000,0 600 larger than In the fiscal
year 1907. They were larger than in
any year in the history of the country
with the exception of three years in
the Civil Wal period.
The decrease in receipts in the last
year has been due largely to the
panic of last fall and winter. The in
crease in expenditures is due to gen.
eral causes, but o n of them will
cease to exist in the coming fiscal Pc
riod. In fact the increase is due to
the growth of the Government in
large measure, and to some extent,
perhaps, to the generosity, not to say
extravaganza, of Congress.
The summary of receipts and ex-
penditures for the last fiscal veal is
as follows:
Receipts from
Customs s285,2S0,653
Internal revenue $500. 250,714,00S
Miscellaneous ........ 63,501,102
Total S599,8a5,763
expenditures ......... 659,551,fo5
Deficit ............ $5~9,655,992
The largest increase in expendi-
lures has been under the head of civil
and miscellaneous. The increase is
due to no particular item. The in
crease under this heading was $22,-
100000. The second largest increase
was for the naval establishment, the
disbursements being S21,100,O0O
more than last year. The navy now
costs the Government approximately
twice as much as it did in 1898, when
the war with Spain was being fought.
The increase in expenditures on ac-
count of public works, which amount
ed to $~17,100,000 in the fiscal year
just closed, was not due entirely to
the work on the Panama Canal. The
improvements of rivers and harbors
called for an expenditure of about
S30,000,00O, and this despite the fact
that there was no regular river and
harbor bills calling for expenditures
on new projects this year.. The con-
tinuing contracts, however, are SO
many now that The annual expendi-
lures are very large.
The expenditures for pensions are
increasing to a remarkable degree,
although it was predicted only two
or three years ago that the limit had
been reached. The increase the last
ear was $14, 1000, 900. The cause of
this is new legislation, both in the
form of general and private bills.
The total expenditures on account of
pensions in the last year have been
$153,SS7,537.
In only nine years since the Civil
War period has there been a deficit
in the United States Treasury. This
years deficit is larger than in any
other since the Civil War, except in
1894, when the figures were $780,
803,260, and in 1899, when the ex-
cess Of expenditures over receipts
was $~89,111.559. The deficit in 1899
was due to large expenses of the war
with Spain.