The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1888-04-27
THE SURPLUS.


Prob ably history does not record
more remarkable incident than tina
of a whole people struggling in vail
to stop the flow of money into it.
treasury. Perhaps the fact that til,
flow of money to the public treasur!
does not mean its flow into the pocket:
of Il king OF emperor. or so to support
Il huge standing army is one grea
reason why we have this surplus. am
why no parallel can be found in his
tory.
During the late war heavy taxes
and duties were laid upon the peopl,
to pay the expenses; immense loans
were raised. and heavy debts contract.
ed; at the end of the war our debt was
50 great that the political economist
of the day settled down to the cOnclu.
sion that il was so great that we
would never pay 1t, and the best we
could do was to reduce the rate OF i'll.
tercSt to something like that of Eng.
lish consols and leave it us legacy to
our children. Contrary to these con.
illusions, however. long before the
plans of consolidating the floating in.
|debtedness had been consummated, it
was discovered that it was possible
with our then revenues to pay large
amounts of the debt. and now, when
half the war debt is paid. and all, OF
nearly all the bonds are funded at
long time. SO that they cannot be paid
except by going into the market and
buying them at premium, still the
surplus rolls up. Besides the i'm.
mensc payments made, the sources
from which the revenues have been
collected, both external and internal
revenue. and particularly the latter.
have been largely reduced. And it is
probable that, if the volume of trade
was 10 greater now than before the
war, that there would be no greater
surplus than should be for IL good
credit. But the country has increas.
ell in wealth, manufacture and volume
of trade. and the fact is patent. that
more money is coming into the Ma.
tional treasury than we know what to
do with.
How shall we reduce it Either of
two ways, by spending the money in
public improvements. Or Ivy cutting
off the source Of supply. 1t needs hut
tn he said that the first method is not
the best. The second is the universal
verdict of the people. But here comes
il difficulty. The raising of revenue
has been made protection to manu-.
features. and not il little of our pros.
perity is due to that protection. And
while abuses of that protection have
crept in, there is nothing more GER
tain than the sudden and complete re.
peal of the revenue laws would strike
Il blow at financial prosperity from
which it would take years to recover.
Up to this point the bulk of the
people are agreed; but on what the IT,.
auctions in tariff shall be made. and
how much. are the great questions.
The republican party, as Il party,
wants such reduction to be made
gradually and with the idea of protcc.
ton to be used us a guide; while the
democrats, us cxelnplitied by the
Mills bill, want Il reduction by local.
| ity. y reduction that will favor the
south and hurt the east: one that
helps them politically and gives them
prestige in their own >tronyholds.
So far the democrats have held the
reins of power for nearly four years.
but the surplus keeps OH increasing
just the same. President Cleveland
issues messages. but the representa-
tives in Congress simply quarrel.
They claim the reduction Of the sur.
plus rs their platform and cry free
trade, but that is all they have ever
done to show that they mean ii; and
we believe that the tariff will never
be reduced by the democratic party
while they are i'll power. for the real
son that there is too great differ.
encc in the extent and methods of re.
duction existing within their ranks.
We also believe that the republican
party are much more likely to make !;
reduction, for the reason that they
are very nearly all agreed to u gradua
and reasonable reduction of the tariff
their extremes are not so far apart
and their policy is better defined.
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