Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-11-14
POSSIBLE TARIFF CHANGES.

POSSIBLE TARIFF CHANGES.
| NEW YORK, Nov. 13.-Under the caption,
"Possible Tariff Changes" Matthew Mar
shall writes as follows FOR to-morrow's Sun:
The general course of the stock market
since the Presidential election has shown no
wavering on the part Of the public in the
confidence it had evinced previously that
the success of neither party would injure
| the country's commercial and financial
| prosperity. An attack upon prices Wednes-
day morning produced little effect and soon
| ended. Later in the week, however, q con-
| siderable decline took place in the stocks Of
| the American Sugar Refining Company,
based upon an apprehension that the advent
| OF the Democrats to power will lead to the
abolition of the duty on refined sugar, and
| thus materially reduce the company's
| profits. The stock of the National Cordage
Company also suffered from q similar fear
that the duty may be taken Off of binding
| twine. Otherwise the week may be said to
| have been uneventfuI, not even the final
declaration of the long expected stock div
| idend by the Western Union Telegraph
| Company having caused any more excite
ment than did the Presidential election.
Whatever the Democrats may ultimately
attempt in the way of reducing or abolish
| ing the duties on sugar and on binding
twine, or on imported goods generally, there
| is little probability of such action on their
part for good while to come. Apart from
the fact which pointed out last week, thai
any proposed interference by Congress with
one vested interest benefited by protective
duty calls forth Immediately the opposition
of the representatives of all other interests
in simier condition. the necessities of the
Treasury are such as to forbid at present
any reduction of the customs revenue, and
fra q n
The Outgo Greater Than the Income.
1t is pretty well understood, though not
| formally acknowledged, that the national
income during the current year has fallen
short of the demands upon it, although by
an ingenious system Of postponins the pay
ment of claims and appropriations "a palp-
able deficit has thus far been avoided. We
may expect in the Forthcoming report of the
Secretary OF the Treasury, a statement to be
made which will imperaIIvely call for leglS-
lation to relieve his pressing needs. Under
the tariff now in force raw sugar is admitted
Tree OF duty, while upon refined sugar q
duty is imposed of half q cent per pound and
upward. The abolition OF the old duty OF
three cents per pound upon raw sugar
caused at one blow a loss of revenue to tire
country of from 5O,000,0OO to 500, 600, 600
year, beside requiring the payment of boun-
ties on homegrown sugar to the amount of
SIS, 900 900 year. return to the old duty
and the abolition of the bounty constitute
amount demanded by the necessities Of the
moment. A duty upon raw sugar would in
volve readjustment of that upon the re-
fined article and in that readju tment the
margin of profit which the American Sugar
Refining Company now enjoys might be
diminished, but only in this way could the
value Of its stock as an investment be seri-
ously impaired.
The duty on binding twine is unimportant
as an item of revenue, and its repeal, being
clamorously demanded by every farmer in
inn htldI
his sheaves of grain, may be accomplished.
How far the repeal will diminish the pi otits
of the National Cordage Company only those
familiar with the company's affairs can COM
pute, but the making of twine is not the COM
pany's whole business, and If it should be
given up altogether it would not mean utter
ruin.
Tinplate Duty Bound to Drop.
The duty upon tinplate, which is now
yielding several millions of dollars q year to
the Treasury, will also probably not long
survive the accession OF the Democrats to
the control OF the Senate, which is expected
to take place next March. In spite of all
the speakers and writer's have said in its be-
half, this duty has not yet demonstrated its
usefulness as q means of establishing the
manufacture of tinplate in this country, and
its repeal would cause no great loss to the
few enterprising persons who have en-
barked their capital in the business. If the
duty is to be repealed eventually, the sooner
the sake of the tinplate manufacturers and
that of the consumers of the article.
To compensate the revenue for the loss of
these duties, new ones might be imposed, If
necessary, on coffee and tea which are now
free, but which, as they cannot be grown in
this country, do not compete with any home
product. This measure could not possibly
be resisted as being in conflict with the
Democratic declaration against protection,
but it would be unpopular with the great
multitude of consumers and could therefore
only be resorted TO in the last extremity.
Perhaps wines and liquors would bear
heavier duties than those now laid upon
them, and if the internal revenue tax upon
whisky were correspondingly augmented
the resulting addition to the public income
would be considerable. The internal tax
and the customs duties upon tobacco might
also be increased.
Free Trade Not Anticipated.
These are the changes in the tariff that
suggest themselves as most likely to result
from the approaching need of an increased
national income. That a Democratic Congress
Will not revise the entire list OF duties in ac-
cordance with its Chicago ante-election dec
laration maintained before the election,
and maintain it still. If the declaration
were honestly carried into effect it would
involve the repeal of every duty which ut
present incidentally protects @ home indus |
try, and the levying of duties exclusively |
upon articles which, like coffee. tea and
this country. or of which, like sugar and |
hides and wines, the country does not pro- |
duce enough to supply its consumption. !
A measure of this nature would lead to an |
industrial catastrophe all over the country, |
and the magnitude of the interests opposed |
to it preclude its being even considered.
1t cannot be denied that the Democrats |
have before them a difficult task, and one |
which will require the best talent i'll the |
country to perform. They have to provide |
Tor an expenditure, enormous in amount |
and beyond their power Immediately to |
diminish. If th ey lower existing duties, so
as to stimulate importations and thus in
crease at the reduced rates the total amount |
collected, they will make enemies among
the home producers OF the articles which |
compete with those imported. Ii they in
crease the present duties, and add new ones.
they unavoidably, to some extent, make
that duty q protection to home industry.
Furthermore, the various articles upon
which duties may be collected have such
relations to one another that q
thoroughly scientific adjustment of the
tariff demands widespread and accurate |
knowledge of all branches of business hard
TO find in any man, and especially SO among
of Congress.
A Needed Reform Bound to Come.
The difficulty of the adjustment is en-
hanced by the separation which exists
under our system of national government
the administrative and legislative
In the constitutional coun-
tries of Europe the head of the adminstra-
tion Is also the director of legislation. The
Minister OF Finance makes up his budget for
q year to come, devises the means lor OBJ
tanning the revenue. he will require during
that year, and hds the necessary laws
enacted. With us the estimates of the
of tho t,I