Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1886-12-03
rnE REyESUE CRISIS.
Reform Imperative 20 Prevent Oaiamitous
Contraction ~ tho Circulation.
Iouisvllle CouFicT J0uTnal.

Contraction OF the tifcniaiton'
Louisville Courier journal.
The present relations between the roye'
nues and the money market will neccs-
sarily compel, within few months,
either large reduction IN taxes or a sys-
tom Of government expenditures OF un-
psralloled magnitude. Unless one or The
other Of these expcdlenia be adopted
there will be 1T least si0O,0OO,O 900 OF the
money Of trade Withdrawn every year
from business channels and locked up for
an indefinite period ia the puzzle treas
ufy The latter process would have 20
continue for i've years aud would absorb
say $500, 900, 600. This " an al
formative which cannot be conaid-
cred, o. II would mean simply universal
commercial collapse. Another alterna-
tive that might be thought OF by some
wonld be the purchase Of nnmaturcd gov
crnment bonds In the open market at
high aud constantly Increasing premiums
upon their face, or upon the sum
which The government really owes upon
them.
The only two policies which could have
4 strong support IN congress are either a
large reduction Of taxes or an enormous
AAAfNHo' - IN'AlN "a HNAfiNAulfbf AfNN VIZ
Argument 0f the latter would Of Itself be
sufficient 20 condemn II In any Intelligent
and unbiased mind, US its object would
bo coniessedly 70 dispose Of or
spend, or waste rather, say 800, 900, 600
per annum taken from the
people ~ilhout a use for II or any leglt.
innate means Of spending II. The primal
evil OF frst extortlng from the country's
annual wealth production that large pro
portion Of Us earnings would thus be sup.
plementcd by the still greater evil Of
wasting IL on unnecessary Outlays for
which there IL no recognized demand.
snort study Of the resources OF retrenCh-
ment may be useful
An analysis OF the tnrlh revenues OF
lBsB'8G shows that the duties collected
upon Imports OF raw material amounted
TO sH,0iG,b0S, and on articles partly
manufactured bat Imported for the use OF
American manufactures TO sl0, lDi $50,
on articles manufactured ready Tor uqs
sB8, go 1923, on articles OF luxury $40 ,80G,-
82G, and on articles Of food and live a a
mails G0,2D2. 0B8 Luxurles Ough. 10 be
highly taxed, built would appear obviously
necessary that tariff reductions should fall
upon the three other Glasslcatlons, IL
IL evident that the taxes on the hist two
classes arc necessarily nm addition 10 the
r0st OF American manufacture, and that
tho Adjustment OF those taxes would DO
hlnoss equivalent 20 bounty OF S33,-
OOO,OOO Tor homo m ,nufactures. The
latter therefore could afford 20
without dotrlmont CORE
spending amount Of duties on finished
articles Imported ready for con-
the revenue on which, in
1885 sGi amounted To- sos, 270, s2S. AS
sumlnR that cutting down tho duties one.
hall on this class lthc Averagead yalorem
fate 10 1885 80, being i7.b2 per ccnt)
would reduce the revenues by g3l 900.
000 this added 20 the duties romltted ON
raw material, which would about balance
the amount OF protection taken from
finished manufactured articles, would
amount together 10 Il reduction of sGl,
600, 600 In tb surplus revenues which are
creating all the trouble.
Tho coat Of eG8, 900 900 In taxes on
necessary articles Of raw mstarlaI i'm
ported for the use OF American manufao.
Jurors Is n purely artificial addition 10 the
burden under which they labor In com
potiDg with Europoj and, consequently,
II their especial protection were reduced
onc-hali, or by about S3l 900, 900, they
would stand about ns well as they do TO.
day while SGi 100000 would no saved
tax payers, and the sum OF idle money
locked up In the treasury would Of course
be proportlonately reduced
These remarks are designed to suggest
In broad lines tho apparent policy OF
revenue reform, and they would be prob.
ably subject 70 Incidental notifications
under a close analytical examination Of
tho details The main scope Of this
sketch IL TO Indicate theory Of retreuoh.
menta where they Will bo most beneficial
aud least disturbing to existing interests
as they fall under tho inevitable operation
OF reform In behalf OF the whole people
s-s---------.--.-ul---------.