The sum of
$117,171,795 was realized by the sale of these bonds, but the reserve
was steadily decreased until, on February 8, 1895, a third sale of
$62,315,400 in bonds, for $65,116,244, was announced to Congress.
The receipts of the Government for the fiscal year ending June 30, 1895,
were $390,373,203.30 and the expenditures $433,178,426.48, showing a
deficit of $42,805,223.18. A further loan of $100,000,000 was negotiated
by the Government in February, 1896, the sale netting $111,166,246,
and swelling the aggregate of bonds issued within three years to
$262,315,400. For the fiscal year ending June 30, 1896, the revenues of
the Government from all sources amounted to $409,475,408.78, while its
expenditures were $434,678,654.48, or an excess of expenditures over
receipts of $25,203,245.70. In other words, the total receipts for the
three fiscal years ending June 30, 1896, were insufficient by
$137,811,729.46 to meet the total expenditures.
Nor has this condition since improved. For the first half of the present
fiscal year, the receipts of the Government, exclusive of postal
revenues, were $157,507,603.
Pages:
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41