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I. Federal
The following table exhibits the total net revenue and the total ordinary expenditure of the United States in each of the ten fiscal years, ended June 30, from 1882 to 1891:
Revenue.
Expenditure.
Revenue.
Expenditure.
Year ending June 30.
Dollars.
Dollars.
Year ending June 30.
Dollars.
Dollars. 1882 403,525,250 257,981,440 1887 371,403,277 267,932,180 1883 398,287,581 265,408,138 1888 379,266,074 252,653,9581 1884 348,519,869 244,126,244 1889 387,050,058 281,996,615¹ 1885 323,690,706 260,226,935 1890 403,080,982 297,736,4861 1886 336,439,727 212,483,138 1891 392,612,447 365,773,905 1 Exclusive of premium on purchase of bonds.
These figures are exclusive of postal revenues and expenditures as well as of loans in the revenue and expenditure, other than interest, and premiums in connection with the public debt. The following tables give the actual sources of revenue and branches of expenditure for the fiscal year ended June 30, 1891, and the estimated revenue and expenditure for 1892:
Revenue.
Dollars.
Expenditure. 1891 Custom taxes.
Internal revenue.
National bank taxes. ..
Sales of public lands Profits on coinage Customs fees.... 219,522,205 Civil expenses. 145,686,250 Foreign intercourse Dollars. 27,143,925 2,028,715 1,236,042 Indians ... 4,029,535 Pensions 8,527,469 124,415,951 7,701,992 Military establishment. .... 48,720,065 966,122 Naval establishment. 26,113,896 fees........ fund Consular, land, and patent Pacific railways, interest Pacific railways, sinking Surveying public lands....
Sales of Government property Immigrant fund Soldiers' Home permanent fund Miscellaneous, including 3,019,782 public buildings, light- 823,904 houses, etc. 70,498,245 District of Columbia ... 5,635,511 2,326,359 Interest on public debt .. 37,547,135 131,142 Deficiency in postal revenues 4,741,772 259,379 292,271 308,648 Revenues of District of Columbia. 2,853,898 Miscellaneous sources 3,454,638 Total ordinary receipts. 392,612.447 Total ordinary expenditures 355,372,684 Redemption of notes and purchase of bonds for sinking-fund 44,006,1 1 1 Leaving net excess of expenditures of.. 6,766,348 1892 Dollars. 1892 Dollars.
Customs Internal revenue. ... 152,000,000 Miscellaneous Postal service penses ... 185,000,000 Civil and miscellaneous ex- 25,000,000 Indians 100,000,000 12,000,000 71,000,000 Pensions 125,000,000 Military establishment. 46,000,000 Naval establishment. 32,000,000 Interest on public debt 23,000,000 Postal Service. 71,000,000 Total ordinary receipts. 433,000,000 Total ordinary expenditure 409,000,000 These receipts are partly actual and partly estimated, and show an expected surplus of $24,000,000. For 1892-93 the estimated revenue is $455,336,350, and the expenditure $441,300,093, giving an estimated surplus of $14,036,257. The surpluses are all available for reducing the public debt, and during the year ending June 30, 1891, the net surplus of $37,239,762, together with other sums amounting in all to $134,947,635, was used in the redemption and purchase of the debt, including $44,006,111 for the sinking-fund. The following table shows the total amount of the national debt on the 1st of July at various periods from 1860 :- Year. 1860 1866 1877 1880 1883 Capital of Debt.
Dollars. 64,842,287 2,773,236,173 2,205,301,392 2,120,415,370 1,884,171,728 Year. 1884 1887 1890 1891 Capital of Debt.
Dollars. 1,830,528,923 1,700,771,948 1;555,630,910 1,610,620,103 The net debt-that is, what remains after deducting the cash in the Treasurywas $903,236,580 on December 1, 1891. Included in these figures is the United States liability for $64,623,512 or £12,924,702 6 per cent, bonds issued to the Pacific railways, which pay over 5 per cent. of their net earnings. The bulk of the debt of the United States was originally contracted at 6 and 5 per cent., but less than five hundred and sixty millions of the interest-bearing debt is now at 4 per cent., and the rest at 2 per cent. There is practically no direct taxation for national purposes, though personal and real property are taxed in the several States. The assessed valuation of the real and personal property in the States is returned for 1890 at $24,249,589,804. In 1880 the assessed value was $16,902,993,543, and the estimated true value was $43,642,000,000.