Rensselaer Semi-Weekly Republican, Volume 40, Number 95, Rensselaer, Jasper County, 7 August 1908 — OUR NATIONAL PURSE. [ARTICLE]

OUR NATIONAL PURSE.

We are in a new fiscal year. It began July Ist The treasury report was anticipated largely. But the aniount of the deficit of the year past' is not nearly so big as the Democrats and the croakers gloatingly foretold it would be. And the new fiscal year gives glowing promise of a resumption of the better things that have obtained since the Republican party was intrusted with keeping house for Uncle Sam. It Is good to look at the ledger and note the Items of profit and loss. Every bookkeeper has losses to enter periodically. June shows a revenue surplus of near $4,500,000, while the year's treasury loss is a little more than 59% million dollars. That is an ugly fact, but it is not inexplicable. Trade conditions have prepared us for it. the betterment in these conditions is already visible. The steel business—a fine trade barometer —is on the move upward this month. General Industrial and commercial activity has begun. Last October and the months that ended the year were the beginning of the national declension in business and labor. Reckless and mostly illegal speculation on the stock exchange began 1L Manufacturers and traders got frightened as the everyday investing public withdrew its cash and hid it circulation when its confidence was shaken. • • * Let us face the figures with candor and courage. June’s normal surplus was $7,000,000 less than usual for that month. Says the treasury report: “As the month of June uniformly shows a surplus, the mouth of July as certainly shows a deficit. Nearly all appropriations become available on the first of July, and this year treasury officials are looking forward to a deficit larger than usual, and it is believed that $20,600,000 for IJie one month would be a conservative estimate.” Well, we can weather that, for the months to come, presidential year though it Is; will show surpluses that will eat .up that deficit. .. .. /-■' . The increase of the national debt during the past twelve months, though regrettable, is not so alarmingly large, less than two million dollars. Uncle Sam deals in millions where his sons handle dollars. The national banknote circulation Is more than 94% millions of dollars In excess of what It was a year ago, while the circulation based on United States bonds has increased during the year $67,679,636. The circulation secured by lawful money aggregated $75,083,400, an increase for the year of $26,865,591, and an increase for the month of $1,348,030. The treasury statement of the government receipts and expenditures shows that for the fiscal year just ended the total receipts were $599,895,763 and the expenditures $659,552,124, leaving the deficit for the year $59,656,861, as against a surplus one year ago Of $86,945,542. Customs receipts for the year amounted to $285,680,653, or $47,550,000 less than last year. Internal revenue receipts aggregated $250,714,008, or $19,559,000 less than last year. The receipts from miscellaneous sources amounted to $63,501,102, which is a gain of nearly $3,000,000. * * • Note where the loss lies It is significant in several ways. It takes a lot of money to run a house like Uncle Sam’s, and customs revenues are expected to pay many pi the bills; that Is, the tariff receipts of the nation. With no tariff, the cash would have to come in'other ways and the home taxpayer would have to put up directly ..while., the articles he consumes and uses would scarce be lessened in price- -The decrease in the Internal revenue receipts can be“ explained by all who have watched the growth of the temperance sentiment and rejoiced in it. > The deficit was due us, but the fiscal pendulum is oscillating for the swing back. Its return movement will be helped much by the election of Judge Taft, which will restore confidence in the common people whose money forms the basis of the biggest operations. Our farmers are happy and prosperous. They have no deficit to mourn over and old Mother Nature promises the biggest kind of a crop this year.