The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1909-07-06
MACVEAGH SUBMITS
NEW TREASURY FORM
Disbursements Show Excess Over
Receipts by $115,10415l.
DUE 70 NOTE REDEMPTION
So That Excess of Ordinary Expendi-
ture Over Ordinary Receipts
Was $55,O3o,S43 For Fiscal
Year-Loss Of $6O,0O0,OOO.

Washington, D. Secretary Mac
Veagh's new form of daily Treasury
statement made its first appearance.
In two important particulars it gives
showing differing decidedly from
| that of the old form of statement
the working balance and the deficit
Because Of the new classification of
the general fund of the Treasury, the
actual working balance is set forth
specifically for the first time. Hith-
erto it has been matter of calcula-
ton to reach this balance, and the
calculation has always been at best
somewhat uncertain.
On the last statement under the
old form the working balance APP
peaTed to be little more than $43,-
100000. AS given in the present
statement it is only $27,498,576.
Under the old form the deficit for
the fiscal year just ended appeared to
be $93,470,000. This statement
shows that the total excess of expen-
$115, 104,151. But of this only $751;
039,843 was excess of ordinary ex-
penditures over ordinary receipts,
due almost entirely to the system of
redemption of National banknotes en-
forced by the law of 1890.
This segregation of the items for
merly carried together in the daily
Treasury statement discloses the fact
that in reality about $39, 900 of
the deficit chargeable to redemption
of banknotes belongs to the fiscal
year 1908 instead of to this year, and
that therefore the showing apparent
at the close of the last fiscal year was
fictitious. Such showing cannot be
made under the new form of state
ment
In the new statement the receipts
and disbursements are divided into
classes: (1) Ordinary; (2) Panama
Canal CD public debt. The Panama
receipts consist solely of proceeds of
bonds, and it is shown that the Gov
eminent has expended $170 ,000, 900
on this project to date, of which $751;
100000 came from the proceeds of
bond sales and 100000 was paid
out of the current cash of the Treas
ury. For $50, 900 there is no re-
endorsement provision, but the Treas
ury stands to be reimbursed from
bond sale on account of the other
$22,000,000, and it is assumed that
future Panama expenditures will
come out of future Panama bond is
sues.
The ordinary receipts and disburse-
ments of the Government consist
mainly of receipts of customs and in
ternal revenue, and the disburse-
ments on account of war, navy, pen
sions, interest on public debt and mis-
cellaneous items
Despite the fact that they were
larger during the fiscal year just end
ed than they were in 1908, the excess
of ordinary disbursements over ordi-
nary receipts amounts to $55, 900, 900
for this year as against only $780,
10000 for last year. This is due to
the fact that the Government ex-
penses have increased $4,000, 900.
The principal items of increase are
war, pensions and Postoffice Depart
ment deficiency.
In the item given in the new state
ment as public debt receipts and dis
bursements, the Treasury has lost
during the fiscal year just ended the
colossal amount of $60,000,000, so
that the balance of the general fund
for the year is about $3.50, 900, 900
less than it was one year ago. The
loss of cash in the Treasury on ac-
count of the so-called public debt
item is not so much because of the
retirement of bonds by the Govern
ment as it is due to the retirement of
banknotes.