New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-12-21
TIE TREASURY REPORT

TIE IKE SCHi NEI CN1.
Secretary Carlisles report was delayed be-
yond all precedent and now that it has ap-
peared the reason for delay cannot be per-
ccivcd. 1t was supposed TO be in order that
his recommendations might accord with the
bill reported by the Ways and Means Commit
tee But the recommendations Of the Secretary
on the tariff are SO vague and general that no
delay on that account would seem desirable
and somewhat curiously he is much more
definite and positive in recommendation as to
internal revenue, upon which the committee
has neither reported nor as yet decided. Inc
Secreary's report embraces two parts of widely
differing merit. The part relating TO tariff ana
taxation is eminently calculated 10 increase
public apprehension, Is suroharged with Free
Trade theories and prejudices, and does not
bear the test of comparison with facts. But
the part relating to National finances and cur
rency, and to economy in expenses, is in the
main conservative. distinct in statement, ana,
excepting as TO coming the segniorage, Is like
" TO strengthen the public confidence.
The Secretary estimates that the deficiency or
revenue for the current year will be $4,000
900. There is reason to doubt, judging from re-
turns to this date whether the revenue will
J
in the last two months has been large, and
there is no evidence that it will diminish until
| business has fully revived. The revenue under
existing laws for the year 1890 Is estimated M
S454 427, 74S. and the expenditures excluding
sinking fund. at S440403,7S9 showing n small
surplus for the year. But it is estimated that
under the proposed tariff, if adopted. the Gus
! toms revenue on importatons equal to those
Of 1893 would be reduced TO l22OOOOOO This
statement. 1t will be seen. implies deficiency
for the next year larger than the Secretary
actually estimates, namely. S50OO0OOO because
ON the basis OF existing. law the imports are
by no means likely 10 be as large, V tie manu-
features and business continue prosr.1tcd, as
they were in the fiscal year 1899. A decrease
owing 10 the continued depression would add
greatly 10 the deficiency for which Congress
is asked to provide Yet Mr. Carlisle thinks
an addition Of S5OOO0000 TO the internal rcve-
nue. will suffice to supply the needs Of Govern
mcnt.
He proposes to raise the tax on spirits 10
cents which would be a clear gift Of many
millions 10 the combination Of distillcrs. and
their influence over the judgment Of the Sccre-
tary appears to have been greater than the
deliberate opinion Of Mr.. David A. Wells. that
an increased tax spirits would be undesirable
and Improbable. The Secretary advises fur
Their tax on cigars and cigarettes, and on play
ing cards and perfumcrics. The greater part
Of the additional revenue he expects to derive
from taxes on legacles and SUGGESTIONS and
on incomes from corporations and companies.
Such taxes he pronounccs less Objectionable
in nature and method of collection than any
other excise competent for the United States
TO impose" an opinion with which few experts
Of Mr.. Carlise's own party will agree. His
reasoning is that these taxes would fall upon
incomes not earned by labor or skill. but de-
rived either from gratuitous requests or from
the naked earning power Of capital. The
spirit Of prejudice against invested savings
which these recommendations betray is not
worthy Of the chief financial officer Of the Ma
ton, but the objections TO the tax will need
separate consideration.
Secretary Carlisles discussion Of the tariff
question starts with the erroneous assumption
that the people do not want any form Of taxa
ton which makes one citizen pay more than
another, and that any such tax Is contrary 10
public policy. He thinks that n man who
pleases 10 buy fancy foreign wOolcns instead
Of equally useful American products should not
be taxed for his choice; and 1t is unjust. ac-
cordng 10 Mr.. Carlisle, that duties should be
levied or adjusted with any intention to
courage home industry and thus to benefit the
whole people. This he calls taxing one man
for the benefit Of anOhcr-a crude Frcc-Trade
notion which most Of The competent students
Of economy on his own side have OutGrown.
1t follows that his suggestions looking toward
extreme and radical changes of the tariff are
cmincn,ly calculated TO Increase the apprchen-
sion which is now dcprlving millions Of en-
ploymcnt. His whole argument against specific
duties is Of the same nature and is in glaring
contrast with the urgent recommendation Of
President Clcvclands first Secretary of the
Treasury, Mr.. Manning. which was sustained
by an overwhelming mass of testimony from
experts. Mr. Carlisle thinks that more than
n third OF the duties on imports would be re-
moved by the proposed bill, and that it would |
encourage importation to Il very considerable
extent; that is, It would deprive more Amcri- |
cans Of their livelihood
In order TO meet the deficit this wear. and |
the one not estimated but evidently forcscen |
for the coming year, the Secretary proposes to |
borrow money either on ; per cent fveycar
bonds or by issuing S50.Oo00OO Of Government
obligations payable after one year. Evidently
he prefers the former course, and reasons that
bonds for SD or multiples thereof would be
taken largely by the people. His objections TO
a mere continuance Of the authority given by
the Resumption act are entirely sound. and II
1t is a necessity that Democratic Adminstra-
ton should begin, as the last Administration Of