The Washington bee., 1888-04-28

complying With the annual require
ment OF the Sinking Fund act, was
81. $50, 1854. During the year
ending June 80, 1886, such excess
amounted to $40, ,105, $40 20, and
during the year ending June 80,
1887 it reached the sum of 500 567
849. "a. While the expe.
dients thus employed to release to
the people the money lying idle
lu the treasury served to avert im
mediate danger, our surplus reven-
ueS have continued to accumulate,
the excess for the present year
amounting on the 1st day of Dec
ember to So, ,25S, ,70l.19, and es-
timated to reach the SUN of $I13,
900, 900 on the 30th of June next,
at which date it is expected that
this sum, added to the prior ac-
cumilations, will swell the surplus
in the treasury to $40, 900, ,000."
The responsibility tor this b; s
been stated by high Democratic
authority-the New York World,
o1 September 5, 1SS7--as follows ::
"For twelve years now the Dem
ocratic party has been demanding
reduction of the war taxes, and
pledging itself to stop the surplus.
For the greaStest part OF this time
it has had control of the lower
House of Congress-, in which rev.
enue measures must originate
ConSt. U. S. Art.1., Sec. z and
not once has it passed d bill
through that House reducing the
taxes. In the last two Congresses,
though having large majority, it
was unable even to secure con.
Sideration for the subject. :.
If the Democratic leaders wish the
country to believe that they mean
TO stop the surplus by reducing the
taxes, they must pass a bill for that
purpose. Talk will not do"
After the close of the war, and
with a large reuuction in the nat
lonal debt, it became necessary to
lessen the revenues by reducing
taxation. Accordingly Congress,
with Republican majority in both
branches, passed three acts of July
IA, 1870, June 6, 1872, and March
8, 1888. voted against by the Dem
o;ratic members-largely reducing
internal revenue taxation, and so
adjusting tariff duties as to dimin-
Ish revenue from that source.
Much Of this Legislation was Sc
cured through the agency Of Mr..
Sherman as Chairman OF the Sen
ate Finance Committee.
As early as September %, 1884,
Mr.. Sherman, with his usual sa
gacity, foreSeeing the necessity of
further reductions, in a speech at
Columbus, o., on the Distribution
of the Surplus" said:
Il .-.-- s-.-~Hs tLo-e Who h~-->
always favored the gradual and
careful reduction of taxation. so
that the surplus revenue may be
sufficient only to meet the expenses
Of the Government economically
administered, and a fur;her sum :.
to cover the sinking fund and
have some leeway against a reduc
tion Of re; pts"
And referring to the act of March
3, 1888, lie said:
SIN the main the general features
of that law were wise and useful.
1t repealed all the internal reven-
ue taxes on proprietary medicines,
on bank checks, on friction match
es and multitude of onerous and
offensive taxes. 1t largely re-
duced the tax on an important
agricultural staple tobacco"
He added that he felt bound 'sto
say i'm candor that the reductions of
tariff taxation have not al
ways been wise," and he vigorously
maintained the necessity of giving
full protection to all American in.
dustrieS.
Since the act of 1888 no further
reduction of taxation has been
made, because the Democratic par
ty, having a majority in the House
of Representatives, failed to pass
any bill and although the Sc ate
can, under the Constitution, "pro.
pose or concur with amendments"
on such bills, yet ''all bills for rails
ing revenue. shall originate in the
House," Constitution, Art. l., Sec.
~
In his Wilmingt (Ohio) speech,
September 10, 1887, Mr.. Sherman
said:
1.-The money of the people should
not be Withdrawn from the channels
of circulation except to meet proper
national expenditures, and when
collected it should be paid out as
rapidly as it's proper application
will admit. Whenever the reven-
ues are i'm excess of the public