Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-06-27
ALDR|CH
LAW REVENUE
PRODUCER
SECRETARY MACVEAGH IS
WITH WORKINGS
Head of Treasury Department.
Expects to End Year With al
Surplus in Place Of Last.
Years Deficit,

tBy Morning Journal special Leased WIrel
Washington, June 26,--Four days
remain in the governments fiscal
business on June 80. Uncompleted
figures and estimates available at this
time, lead Secretary MacNeagh to eN-
press himself as wen satisfied with
the operations Of the treasury depart
ment for the fiscal year now closing
Mr. MacNeagh regards the new tar
If law as having justified itself as
revenue producer; internal revenue
receipts have exceeded the estimates
by approximately $10,000.000 and the
year may end with q surplus in the
ordinary receipts and expenditures,
instead Of deficit OF $94 100000, a.
was predicted
During the year. the government has
expended on the Panama canal $685.
$1,000. This has been a drain on
the regular working cash balance,
there being no special fund from
which payments for this purpose can
be made Congress has authorized
the issue of bonds to meet canal
construction expenditures, but Mr.
MacVeagh has balked, on the basis on
which the law provides the bonds
shall be issued. Ii at per cent, as
now proposed, the secretary believes
they would have a much better ma
tional bank circulation privilege than
the outstanding per cents and their
issue would therefore constitute q
against the tWos.
Congress refused to graduate the
tax on national bank circulation Sc
cured by bonds and the bonds remain
unissued The amount of Panama
threes. authorized, but not issued, ag-
gregates $3.50, 900.
In his annual report TO congress
in December, Secretary MacNeagh es-
Inmates that the ordinary receipts q
the government for the tiscal year
1910 would he $64S. 100000; to date
they have aggregated S641, 355, 532,
lie estimates the ordinary disburse-
ments at $6s2. eco; at this time
they amount to $650.5lO, S35. Gus
toms receipts this year have been
S326.B62.242. the treasury estimate
for the year being $685., 100000. NOW
the prediction is they Will reach NOR
than s33O.00O,000, thus falling below
the estimates.
There has been a material reduc-
ton from the estimate in expenditures
in the civil, war and naval estimates
and a decrease of 100000 IN the
estimated postal deficiency.
whether there will be active sur
plus at the end Of the year, olilclais
say. depends upon the amount OF cor
noration tax money received. Secre-
tarv MacVeagh estimated it would
reach SIS, 900, 900 The prospects are
otherwise. The money is pald direct
frequently several days elapse before
II reaches the treasury here.
Corporation taxes paid TO date
amount to $3.23S,15S. If $15,0O0'ooo
more from that source pc IN tne
hands Of the treasury By the END OF
,he fiscal year, the prediction is mace
that the daily treasury statements loI
next Friday will show substantial
surplus for the year in the ilehiS
comprising the ordinary receipts ana
disbursements.
The total deficit for the year TO
date. including that on account oi lhe
Panama canal, the ordinary rdnsaD
tions ~ Tho Government and those in
Cidental to the public debt is S44'
415,940.