THE TRIBUNE.

FOR PRESIDENT,
HENRI z CLAY.

Reroar OF the TaeAsnas DsgARTsFNr,- This
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RepoaT OF THE TaeAsrRy DEPARTIFNY,- This
importan, and lengthy document val be found
on our first page 1t occupies so much ,om that
we can say bn, word upop II. Mr. Spencer'a
reports are alwars able. He does TOR clip up the
reports Of his subordinates, and ft*sa them make
one up for himself bnt evidently understands his
subject thoroughly 1t is for this reason we have
given it entire, lengthy as Il is. The change IN
the allotment Of the fiscal year produces some
little confusion withoat more than Ordinary aaieii-
tion. The financial condition oi our treasury
z7icbt he better There was nonInally IN II on
the lst Of Jaanary 1912, S2s,6S3,i /, but the
s.n oe ssa8, ,l0l GA deposited with ,he States
and never to return 10 the Treasury left only
1888, ,467. A portion Of this being trust f,,nGs,
and there being also a large amount of ontstand-
ing warrants from l84l, the Treasury in fact be-
gan the year with deficiency of s6o4,322, in
stead Of surplus. In ls42, after every thing
,vas cleared off, there was balance in the Trea-
surv Of Sl 1912. At the end of the first sax
months Of 843 there was balance of $40 434,-
5e3 On the ist OF July, l343, commences the
new fiscal year. At the end OF the first quarter
w ~
OF S3,S29,l3l.


The remaining three quarters Of the fiscal
year, j. e. till the lst of Jnly, 1914, are esti-
mated as follows Receipts Sl2,907 900, max
ing, with the balance on hand, $l6,736, l3l !;
the Expenditures Sl9,263,3 395, SO that the next
fiscal year, it will he seen, must begin with the
Treasury not only empty, hut with deficiency
of &2, ,527 ,264.. The estimates of that year
make at its close a deficiency of $4,577 ,059.


The Secretary supposes THAI the lrctuatorl of
the revenue and the sale of public lands, &c. may
modify this estimate somewhat, but still there
Will be large deficiency to be made up To do
this the Secretary suggests, lst, reduction of ex-
penditures, I'd, increase of rev' nue..


Under the first head we must refer the reader
to the report for the ae,, u.s. and indeed under the
second head ziso, The question of Tariff comes
upof course IN Speaking of increasing the reve-
nue.. The Secretary does not meet the subject
fairly, under the plea that the working of the pre-
sent rate Of duties has not yet had fair trial.


He seems to Think however thatnelther an IN
crease or decrease Of duties would on the "hoie
be best. The main resource left OF course 10 re-
plenish the exhausted Treasury is, to place duties
on articles now free. Among these he puts first
and foremost Coffee and Tea, and thinks they may
by gradual ad valore,n scale on Tea, and mod
crate specific duty on Coffee be made to pay at
least fonr millions per annum. AT another time
we NAV speak more in full For the other sug
gestions on the mode of raising the revenue we
must refer the reader to the Report 1t is an able
and full Report and lays the whole subject fairly
open for discussion.