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The condition of our finances and the operations of our revenue system are set forth and fully explained in the able and instructive report of the Secretary of the Treasury. On the 30th of June, 1866, the public debt amounted to $2,783,425,879; on the 30th of June last it was $2,692,199,215, showing a reduction during the fiscal year of $91,226,664.
The first of these forms is open to the objection, that it perpetuates those struggles between English executive measures and Irish opinion which has made Ireland for centuries ungovernable, and led to the establishment of the union and destruction of Irish independence in 1800; the second proposal would destroy the fiscal unity of the empire leave the agrarian feud unextinguished, and aggravate the objections which have been urged against the Home Rule Bill of 1886.
The estimated expenditures of 130 million dollars for this purpose are classified in the Budget as part of the general public works program for the next fiscal year. Interest payments on the public debt are estimated at 5 billion dollars in the fiscal year 1947, an increase of 250 million dollars from the revised estimate for the current fiscal year.
So far as the Secretary of the Treasury is able to form a judgment as to future income, and compare it with the expenditures for the next fiscal year ending June 30, 1911, and excluding payments on account of the Panama Canal, which will doubtless be taken up by bonds, there will be a surplus of $35,931,000.
The harvests of the last summer were exceptionally abundant, and the trade conditions now prevailing seem to promise a successful season to the merchant and the manufacturer and general employment to our working people. The report of the Secretary of the Treasury for the fiscal year ending June 30, 1889, has been prepared and will be presented to Congress.
These figures exclude expenditures by the Department of Agriculture on account of lend-lease, the United Nations Relief and Rehabilitation Administration, and other war expenditures. The expenditure for the fiscal year 1947 is composed of 553 million dollars for "aids to agriculture," 35 million dollars for general public works, and 196 million dollars for other services of the Department.
The fiscal treaty of 1907 had not secured the peace expected of it; the prohibition against the contracting of further indebtedness had been frequently violated; disorder and corruption had continued; and the American government deemed its task uncompleted if it should surrender the country to the same chaotic conditions.
His Spanish, at no time adequate, was now at its worst, as he was sadly intoxicated. We tried to carry on a conversation with him, but soon seeing that naught but disaster could be expected, if we continued, we discreetly withdrew to our room. There we found the fiscal, and I have rarely seen so drunk an official.
Conceivably, you may build a fiscal wall across the continent; conceivably, you may shut off the east and half the west by impossible tariffs, and narrow its trade to one artificial duct to England, but only at the price of a hampered development It will be like nourishing the growing body of a man with the heart and arteries of a mouse.
Included in these expenditures was a total appropriation of $152,956,637.35 for the continuation and extension of the rural free-delivery service, which was an increase of $4,902,237.35 over the amount expended for this purpose in the preceding fiscal year.
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