Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1909-04-22

will probably be collected under the
terms of the existing law.
I'm making the estimates Of receipts
/ of the year 1909, the actual receipts
and disbursements for the first 91z
months being available, the figures for
the remaining 21s months are based
on these ascertained results, and indi.
cate receipts for the year Of $6O5, 047,.
230. The figures, which must be very
nearly accurate, show an estimated
deficit at the end of the year Of $685..
462,45O.
:, For the year 1910 the appropria.
lions have already been made and the
amount which will be expended can be
foretold with approximate accuracy.
i Takes Appropriations for Year.
I'm making the estimates for these
expenditures, have taken the gross
appropriations for the year, $1,044, 000,.
600, and deducted the appropriations for
the post-office department, 1926, OO0,-
900; the sinking fund, $60,OO0,O0O; the
national bank fund, $3O,OOO,O0O, and
Panama canal expenses, $4,000, 900,
and have added the official estimate
for the postal deficiency for the year,
$20,000,0O0, showing a probable total
of expenditures of $70O,O0O,OO0. In
fact, it is hardly possible that this to-
tai amount will be expended.
IF, the pending bill should become
law before the 3Oth of June next, the
customs revenues for the entire fiscal
year of 1910 would be collected under
its provisions, and the probable re-
suits constitute the crucial point in
our Investigations.
For the purpose of ascertaining the
relative revenue producing qualities
of the senate bill and the act of 1897,
the committee on finance has had pre-
pared statement, which is laid be-
fore the senate.
Tells Possible 1907 Revenue.
1T applies the rates of the senate
bill to the importations of 1907; in
other words, it shows the revenue that
would have been derived upon the
importations made in 1907 if the SEN
ate bill had been in force during that
year.
1--WE have selected the year 1907 for
the comparison, as this was the last
year in which the finances and bust
ness of the country were in a normal
condition.
THE statement shows that if the
senate bill had been in force in 1907
the customs revenue produced by it
would have been SS,00O,0OO greater
than those collected under the Dingley
act, the totals being 1892 100000 un-
der the act of 1897 and $4,000, 900
under the senate bill.
This increase of revenue is due
to advances in rates on few articles
OF luxury, such as wine, spirits, etc. It
Is also due to the substitution made
In the bill in all cases where it was
possible of specific for ad valorem du-
ties. This will prevent differentiation
and consequently increase revenues.
This Increase will be more marked in
the silk schedule than elsewhere.
Business activity and the move
ment for increased importations has
already commenced. We can feel the
change in the air. The customs re-
ceipts for the 80 business days from
March I to April Is, inclusive, in
creased as compared with the CORE
spending days in 1908, $12,031, 09s. 0s,
or an average daily increase of $780,
$3.50. This increase seems to be
progressive, as the report for the last
day which I have, April 16, shows re-
ceipts from all sources $2,O72, O71.86,
AS compared with receipts of $685.
32l.3O on the corresponding day of
last year.
Increase Of $4o.ooo,ooo.
For the year 1911 I have estimated
an Increase of revenues of $4,000, 900
and reduction of expenditures of
s95,000,000, consequent surplus of
S30,0O0,000. This surplus would GER
tainlv continue under normal busi-
ness conditions. There can be no
reasonable question of the sufficiency
of the senate bill to provide adequate
revenue.
1.-THE treasury has to-day, including
the $74,681 ,275.89 which it is entitled
to receive for reimbursement of canal
expenditures, practically 100000, 900
OF available surplus over a necessary
working balance. This surplus is
likely to be reduced, say, $6,O00,000
between now and the 30th of June by
additions to the deficiency for the cur
rent fiscal year, leaving on that date
an available surplus of $94,0OO,0OO. If
the estimates I have made for the
year 1910 are accurate, the estimated
deficiency of $45,000,000 in that year
would still, leave surplus in the treas
ury of $49,0oO,0O0, which would be
increased from time to time in the
subsequent years."