The Washington times., 1915-07-02
LOOKING OVER THE FIGURES

Final figures on the fiscal affairs
Of Government for the year just
closed, showing, as they do, a cash
balance in the general fund of the
Treasury of more than $S2, 1000, 900,
despite the fact that collection of
Government revenues did not come
up to expectations, will set at rest
for some time to come persistent
and, withal, pessimistic reports that
a bond issue would soon be neces-
sary to permit the Government to
meet it's obligations.
1t is true that there was a deficit
for the year Of nearly $4,000, 900,
not including expenditures for the
Panama canal, but this by no means
brings serious situation. It shows
simply that the Government spent
during the year $4,000, 900 more
than it received in taxes. It has,
however, a cash working balance
just $4,000, 900 less than it had at
the close Of the previous fiscal year,
when there was a. surplus for the
previous year of $34, 100000. In ad-
dition it is we'll to remember that
the Treasury has cash assets total
ing $247,525,573, set aside to meet
all maturing obligations, and avail
able at any time in an emergency.
In other words, the balance in the
general fund of 100000 is mere
ly a bookkeeping working balance,
that is not obligated or appropri-
ated.
1t is also we'll to remember that
most Of the expenditures on account
OF the Panama canal, totaling $685.
100000, have been met out of the
general fund, and that there are
Panama canal bonds authorized and
available to the amount of $24O, ,0OO,-
900, that may be sold to mark off
Panama canal expenditures at any
time.
The fiscal affairs of the Govern
ment are in healthy, if not a
flourishing, condition. The nation
has billion dollar trade balance for
the year, and a national wealth that
has increased to $1,965 per capita.
There is no apparent need for fur
ther extraordinary measures to
meet conditions arising out Of the
European war. The Democratic
party can justly point with pride
to the accomplishment of Secretary
McAdoo in successfully steering the
fiscal affairs of the nation through
a trying time, even though some Of
the Government revenues did not
come up to his expectations and dis
bursements ran little ahead.
Here are the salient figures, as
shown in Uncle Sans balance sheet
for the wear: The total Of GUS
toms receipts for the year was
$209,268,1O7, as compared with
$292,12S,527, a drop of over $780,
100000 due principally to the Eu-
ropean war and partly to the new
tariff. The receipts for the year
just closed were $1,000 600 under
Secretary McAdoo's estimate in his
last annual report. Total customs
and internal revenue receipts were
$685., 5,663,190, as compared with
1874, 100000 the previous year. The
corporation income tax with ten
days remaining for returns, has al
ready met the estimates, but re-
turns from the emergency war
tax" are believed to be less than
expected. The grand total of all
receipts for the year was $685.
596,730, as compared with $751;
462,640 for the previous year. Net
ordinary disbursements were $751;
527,571, and for the previous year
$7O0,559,248. Expenditures for the
Panama canal were a little over
$29, 100000, giving a grand total of
disbursements of nearly $761 ,000,-
900. Including Panama canal ex-
penditures the deficit for the year
was $64,00O;OOO.
The war emergency tax expires
by limitation in December, but 1T
is estimated that it will raise $44,-
100000 during the six months. This
is nearly as much as the returns
fron: it for the year just closed.
Expenditures for the present fis-
cal year will be greater than those
last year, but there is a natural ex-
pectation of increased receipts, par
ticularly if peace comes in Europe
during the year.
Part of the deficit for the year
is due to a falling off in postal reve-
nues as a result of the war, the
Postoffice Department returning a
deficit of ten million or more where
surplus was expected.
In all there seems to be no catas-
trophe on the national financial