Waterbury evening Democrat., 1888-01-26
THURSDAY, JANUARY s6, 1888.
THOUGHTS ON THE TARIFF.

It has been suggested to us that it is not meet for the only Democratic daily paper in the Naugatuck Valley to remain silent on the great question of the coming day in fact of the present day. The modesty investing the youth hood of our journal made us hesitant to enter thus early on the field of controversy; but we shall now try tour prentice ham" in a word or two for consideration of protectionists. We suggest to them whether it is for their in terest to oppose, as they have hitherto done all reductions of tariff taxation.
 In 1884 they struck out the enacting clauses of the Morrison bill. Having the power to defeat it, they of course, had the power to amend. But they were un- willing to make any reduction whatever in the taxes, and so they defeated the bill In 1886 and 1887 they refused even to con- sider questions reducing taxes. What would now be the condition if the Morri son bill had become law and gone into effect July 1, 1884 It was expected that this bill would reduce the revenues about $40 10000 per annum. Had it fulfilled this expectation there would have been taken from the people in the four years, ending July 1, 1888, S160 000 900 less than under the taxes now existing. Such de- crease of revenue would have changed the whole situation. The three per cents would not all be paid, and the Treasury would still have power to relieve sudden al Df +. There would not be surplus in the Treas ury threatening commercial disorder, and making necessary a reduction of taxes to the amount of O,OOO,OO year
 The protectionists in 1884 secured a re- spite for four years; but they paid high price for it. They avoided reduction of 40,0O0,00O; but now they must encounter one of S80, 1000, ,O0O Let us consider what the situation will be if the protectionists shall again prevent reduction of taxation. there was applied to the payment of inter est on the debt and to the retirement and purchase of bonds the sum of $175, ,66S, ,395. All the bonds the repayment of which was at the option of the government have been retired There is no way now to retire bonds except by purchasing them in the open market. If there shall be no reduc- tion of taxation, and if the amount now in the Treasury, and all the surplus moneys as they accrue in the future shall be ap- piled to the retirement of the debt it will all be paid by the 1st day of July 1895; so that the Congress which shall assemble six years from this time will have to face the necessity of reducing the revenues to the amount of at least $175, ,000, 900 year. The protectionists, therefore, if they are able to defeat @ reduction of $S0, 900, GOO will be forced to encounter a reduction of more than twice that sum.
 On the other hand if they accept the measure which will be offered them the bonded debt will not be paid until about 1904. They will thus have sixteen years of such protection will be afforded by bill which taxes foreign manufactures minimum of 40 per cent ad valorem. It is for the protected industries to detef- mine on the course they will pursue. They may be able to defeat tax reduction now. If they do they will have to make the in evitable descent; not by gradual and easy decline from which no serious injury can come; but by sudden fall down the whole distance. This might give a shock that would hurt all and be fatal to many.