Excerpt from The Investors' Review, Vol. 12: Weekly Issue, July 4 to Dec; 26, 1903 Preliminary figures have been sent over by the New York correspondent of the Times, and may be recorded here. They state that the federal revenue for the fiscal year ended on June 30 amounted to or a decrease of (upwards of on the figures of the previous year. Expenditure, on the other hand, has risen at a really appalling rate, the total outgoings for the year having amounted to or more than in the previous year. This is an increase of upwards of and accordingly the deficit for the year seems to amount to the disquieting sum of about or say nearly In making up his forecast last December, Mr. Shaw, the Secretary of the Treasury, calculated upon a surplus of some but so many internal taxes have been knocked off, and so many additional outlays incurred, that this is the actual result he arrives at. The Government in Washington has been pouring out money without stint in all directions, absolutely without regard to the revenue, merely to keep up a brave show of plutocrat-republican imperialism, and perhaps to find pretexts for still further increases in the already nation-destroying tariff. The navy cost upwards of more in the year just closed than in that ended June 30, 1902, the total outlay being No less than disappeared in the war depart ment, and pensions absorbed or nearly an increase, if we mistake not, of some im portance on the figures for the preceding year. The Requblican bribery fund is thus kept full whatever the condition of the Treasury may be, and it is the most shameful item now appearing in the budget of any country describing itself as civilised. Doubtless the Philippine and the Cuban wars have been utilised as a pretext for endowing political supporters throughout the Union with additional incomes from the public purse, but: none the is such. A total as this an unmitigated disgrace to a free people, and a signal mark of its moral degradation.

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