Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1888-12-05
FAlRCHILD'S REPORT.
Tho Necessity OF Tariff Reform Greats
Than Ever.

The Necessity OF Tariff Reform Grsatsr
Than Ever.
WASHINGTON, December 4.-Secrstary
Fairchild has presented his annual report
Of tie Treasury Department Hesays the
total receipts for the fs:al year 1888
amounted to 1878, oct. .o74.7l, OF which
S2l9, ,0s1, 1888 were collected from cus-
tsms duties and Sl24, aS5, s71.ss from the
internal revenue. The ordinary eIpendi-
tures for the same time were $3.50 $50. :
95s 67, leaving Q surplus Of $ll9,6l2, :
1l6.09. As compared with the fiscal year
1887, the receipts for 1888 have increased
81, s62, ,797 10. The ordinary expenditures
decreased S. 27S, 22l. 40.
OF THE PURCHASE OF BONDS
the report says:
Since the last annual report and after
the completion of the sinking fund require.
ments for the year erded June 80, 1888,
no bonds were bought until there had
been an expression Of opinion by resclu.
tionI in both Houses Of Congress, that Il
was lawful and prore' to invest the eur
plus in boads at the premium necessary to
obtain them. Ninety-four millions Of dol
lars Of bonds have beea secured under this
circular, and premium paid for the priv.
ilege of buying them of about Sis. 900, 600;
the net rate Of interest realized from
this investment is about two
per cent. aud the saving in tie total
amount of interest which would have been
paid had the bonds been allowed to run TO
maturity, is about S27, 10000 Had tax
alton b.en reduc ID 30 ss 70 leave this mon.
ey with the peo lie, and If it is worth In
tneir business per cent. per annum.
the total valns Of money to them during
the term which these bonds had TO run
would be about Ss3. 900, 900; thus. there is
q resulting loss to the people Of $50, 0OO. 900
upon this transaction alone; if tais over
taxation is not stopped, and If the Govern
ment is forced to continue TO he pur-
chaser of its own bonds at the holders
prices, the loss 10 the people, ss could be
shown by like calculation, must be hun
dreds Of millions OF dollsIs.
REDUCTION OF TAXATION.
cannot too strongly repeat my rsc,ni.
mendation of last year to reduce tax alton,
and as far ss possible, without too sudden
disturbance Of existing interests, to make
this reduction in customs taxation, TO the
end that the people may get the greatest
possible benefit from the reduction.
Beside the vtxed economic question a. to
whether c1uutry cin make itself pros.
perou, by q tariff, whether il can increase
the relative average comfort OF its whole
peop'c by divertipg portion of its labor
and capital from the employ ymerts which
could be most pro6tably fIllowed under
natural condition., thereby makipg csrtain
of the necesss ries Of life more costly than
they would be otherwise, there is higher
moral question which may well be asked,
and that is, can q government be kept pure
and free which through the agency Of ita
laws, offers vast pecunisry temptations to
some kinds of business?
There are many indications that this
question must be answered in the negative.
There are many proofs that large classt $
of our business men have come 10 depend
for success upon their skill IN manipula-
ting government agencies rather than upon
industry, intelligence, and honorable COM
petition.
Is it not possible that eageraess for the
money which men assume comes 10 them
only through government, may lead them
to use an ever growing proportion ofthtir
gains to possess and influence the sup.
posed source of the'r wealth?
And will not the endeavor to make men
rich soon become the chief function Of oul
Government? Is not this already the ca&i
If these dangers exist, If they are not over.
estimated, and they do exist and are NOT
oyerestimated, then can il be doubted tba,
the true welfare Of our people calls for the
rescue Of the Government from them q,
speedily as may be?
This can only be done by sevsriog gov
ernne1t from private business; steps
should ut once be tiken in that direction,
always, however, let me repeat, bearing In
mind interests which have become estab'
lished under present laws; TO the end that
they msy not suffer unduly while benefi'
O. ant reforms are mad3