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executive departments and establishments by my order to the Executive Office for use in the preparation of this budget. The latter estimated and actual revenues and expenditures for the four years, as shown by the statements which are transmitted herewith, by totals, are as follows:

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Revenues.
Estimated and actual expenditures of Gov-

ernment funds (other than debt redemp

tions and sinking-fund requirements).
Excess of revenues.
Excess of expenditures..
Principal of public debt:
Receipts from the sale of bonds--

Panama Canal loan.

Postal savings bonds..
National bank note fund-excess of re-

ceipts over redemptions..
Total proceeds of bond sales and excess

of national bank note receipts over

redemptions National bank note fund-excess of re

demptions over receipts.. Other debt redemptions.. Sinking-fund requirements in excess of debi redemptions... Total public debt redemptions and re

quirements...... Excess of public debt redemptions and requirements over receipts... Net expenditures of trust and private

funds.

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The foregoing indicates a deficiency for the year 1914 of more than $83,000,000 (ordinary $78,884,577 and trust $4,223,403) beside sinking-fund requirements, or $143,000,000 if the sinking-fund requirements be included. This statement also indicates a deficiency for the year 1913 amounting to $57,000,000 (ordinary $56,019,273 and trust $1,569,090), a total deficiency for the two years of $140,000,000, ignoring sinking-fund requirements.

This $140,000,000 would be reduced by issuing bonds to meet the probable expenditures for the Panama Canal, amounting to $85,000,000, to a deficiency for the two years of $55,000,000.

As has already been said, the Secretary of the Treasury in his annual report submitted to Congress in December last, estimated a revenue deficiency of $22,000,000 for the fiscal year 1914. This was on the following most favorable assumptions, namely, that ignoring the sinking fund, expenditures would exactly equal the amount shown in the Book of Estimates, and that bonds would be issued for the full amount of the Panama Canal expenditures during the next fiscal year. The Secretary of the Treasury, on the same assumptions, estimated a deficiency for the current year (1913) amounting to $1,800,000, except that he included Panama Canal expenditures as a charge against the general fund. Altogether, therefore, for the cur

rent and ensuing fiscal years he estimates a deficiency of $23,800,000, or in case all Panama expenditures are charged against the general fund the amount of the estimated deficiency for the two years would be $53,800,000.

In making the foregoing estimates, however, the Secretary of the Treasury did not take into account a prospective excess of pension requirements under the new law over appropriations for 1913 amounting to $20,000,000, for $15,000,000 of which a deficiency estimate has already been submitted, to meet the demands on the Treasury for claims examined, without taking into consideration the accruals on claims which will not have been examined before July 1, 1913; nor did he take into account a probable deficiency in the pension estimate for the fiscal year 1914 of not less than $10,000,000; furthermore, in his estimated deficiency for 1914, no account was taken of the emergency and regular deficiency bills that are customarily introduced, estimates for which for 1913 have already reached $3,300,000 (exclusive of the pension deficiency above referred to) and which for 1912 amounted to $9,700,000. Subsequent to the making of the estimate by the Secretary of the Treasury there have also been filed supplementary estimates for appropriations which amount to $6,600,000, chiefly to cover additional public buildings and other local works, requested for the most part by committees of Congress. Assuming that there will be increased demands for cash corresponding to these estimates, the prospective deficiency would be increased $39,900,000. As the estimate submitted by the Secretary of the Treasury and that prepared from the data sent to the Executive Office for the budget are on an entirely different basis, they are stated below in such manner that they may be compared.

Estimated decreases in cash, on basis of report of the Secretary of the Treasury,

from June 30, 1912, to June 30, 1914, making allowances for deficiencies and supplemental estimates.

Amounts.

Cumulated

totals.

$40,200,000
22,000,000

Excess of revenues over expenditures for fiscal year 1913, exclusive of

Panama Canal payments.
Excess of expenditures over revenues for fiscal year 1914, after deducting

estimates for Panama Canal.
Surplus as per Secretary's estimates in case canal bonds are issued for both

years.
Estimated requirements for Panama Canal:

For 1913
For 1914

1 $18,200,000

42,000,000 30,000,000

23,800,000 63,800,000

Estimated deficiencies and supplementary estimates not included in Book
of Estimates:

For pensions--1913.
For pensions--1914.

For other purposes--1913.
Supplemental estimate-1914

Total not included in Book of Estimates.
Net deficiency in case canal bonds are issued for both years..
Net deficiency in case canal bonds are issued for neither year..

20,000,000
10,000,000
3,300,000
6,600,000

39,900,000

21,700 000 93,700,000

1 Surplus.

Estimated decreases in cash, on basis of reports to the President, from June 30,

1912, to June 30, 1914, making allowances for deficiencies and supplemental estimates.

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Excess of expenditures over revenues exclusive of Panama Canal payment:

For fiscal year 1913.

For fiscal year 1914..
Estimated requirements for Panama Canal:

For fiscal year 1'n

For fiscal year 1914.
Estimated deficiencies not included in reports to President:

For pensions—1913....
For pensions—1914..

Total pot included in estimates 1
Net deficiency in case canal bonds are issued for both years..
Net deficiency in case canal bonds are issued for neither year.

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1. Under the instructions both deficiencies and supplementary estimates would have been included in the reports submitted; in case of the pension deficiencies, however, it is known that these were not.

The estimated expenditures for 1914, as shown above, are some $31,000,000 in excess of the amount of the estimates submitted to Congress in the Book of Estimates for the same year. This difference is accounted for very largely by the fact that the estimates submitted to Congress were for appropriations, whereas the estimates which were submitted for the purpose of this discussion were for expenditures, without taking into consideration whether chargeable against new or old appropriations. In these were included over $22,000,000 of estimated expenditures in excess of estimates for appropriation, without taking into consideration $7,000,000 to be accounted for by the fact that in the Book of Estimates the item for the Reclamation Service was shown as $7,000,000, whereas the officers in charge of this work estimate the expenditures at more than $14,000,000. This service is financed entirely out of revenue appropriations; the difference in estimated expenditures would make a net difference in the demands on the Treasury only to the extent that it was not corered by reclamation revenues and repayments. These and other elements of difference, which are more fully explained in schedule 5, supporting budget statements, account for the large discrepancy between the deficiency as shown by the statement on page 12 and as estimated by the Secretary of the Treasury.

The difference between the estimates of expenditures reported to the President for 1913 and the estimates shown in the report of the Secretary of the Treasury for that year is about $55,000,000. This difference, in so far as it can be analyzed, is partly accounted for by an estimated difference in the expenditures for the Panama Canal, amounting to $13,000,000, and the other elements of difference, not having been disclosed from the analyses which were made as the basis for the Secretary's estimate, are not stated in his report.

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