UNITED STATES, FINANCES OF THE. 



839 



supplying better yard and side-track arrange- 

 ments, and increasing the number of tracks. The 

 freight cars now building have a capacity of 30 

 to 50 tons of freight, and. steel is rapidly being- 

 substituted for wood as their principal mate- 

 rial. An American establishment that manufac- 

 tures more locomotives than any other concern 

 in the world reports that the average weight of 

 a locomotive in 1890 was 92,370 pounds, and in 

 . 1899 it was 128,920 pounds. Another American 

 manufacturer reports an increase of 47 per 

 cent, since 1891. The result of these improve- 

 ments is expressed by the average train load, 

 which was 175.12 tons in 1890 and 226.45 tons in 

 1898. 



The year 1899 was remarkable on account of 

 the general maintenance of harmonious relations 

 among the great railway systems and the observ- 

 ance of published rates. While due in large meas- 

 ure to the abundant traffic and widespread pros- 

 perity, this condition is also attributable to the 

 increased influence of the Interstate Commerce 

 Commission and a growing recognition on the 

 part of railway managers and owners of the 

 public value of reasonable statutory regulation of 

 railway transportation. 



UNITED STATES, FINANCES OF THE. 

 During the year ending June 30, 1899, the net ordi- 

 nary receipts of the Government, including those of 

 the postal service, amounted to $610,982,004, being 

 considerably more than before received for any 

 one year except for 1866, when they were slight- 

 ly exceeded. The increase above the amount of 

 the preceding year was $116,648,050. From in- 

 ternal-revenue sources alone the increase of the 

 year amounted to $102,536,520, of which nearly 

 $7,000,000 was due to an increase in the tax on 

 distilled spirits, $16,000,000 on manufactured to- 

 bacco, $29,000,000 on fermented liquors, and $43,- 

 000,000 to the stamp taxes. Only $11,998,314 was 

 received on account of the indebtedness of the 

 Central Pacific Railway. 



There was an increase in the receipts from the 

 postal service of $6,008,766. None of the usual 

 sources of receipts showed any decrease. 



Owing to the expenses incident to the war with 

 Spain the expenditures of the Government for 

 the year under consideration were greatly in- 

 creased, the total of such expenditures not having 

 been exceeded since the war of the rebellion; and 

 despite the greatly increased receipts there was a 

 RECEIPTS. 



deficiency of $80111,559. This deficiency was 

 met by the sale of about $200,000,000 3-per-cent. 

 bonds at par, thus not only providing for the 

 deficiency, but adding an increase to the cash of 

 the Treasury of more than $100,000,000, greatly 

 strengthening the financial condition of the Gov- 

 ernment. 



The operations in detail are shown below, com- 

 pared with like items for the previous year: 



EXPENDITURES. 



Of the debt having an equivalent reserve there 

 has been an increase in gold certificates during the 

 last calendar year of nearly $150,000,000. These 

 certificates circulate as money, and their issue 

 has to a large extent been a net increase of the 

 circulating medium. The increase of gold in the 

 country has been due to an increased domestic 

 production, and to unusual heavy importations 

 of that metal made necessary to meet the pay- 

 ments for goods exported largely in excess of 

 those imported. 



