Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1893-12-02
DEFICIT IN INCOME
Wilson Figures 1t at About
1..s.. Thirty.hve Millions, -
OWING TO STIMULATION Of IMPORTS

Can BE Raised without an Individual
Income Tax; White Holman Presents
Three Plans. One Being Economy,
Which the Indiana Statesman Thinks
the Dosideratum at Present.
WASHINGTON. Dec. 2-The meeting Of
the ways and means committee was brief
The estimates 20 5e submitted showing
the probable difference in revenue that
would result from the new bill were not
complete, and the committee adjourned un-
til Monday to give Clerk Talbot and his
assistants further time. The labor OF es
timating the revenue that would be de.
rived under the new tariff bill is very
great. but Ii has progressed far enough
TO warrant the statement that on the
Gasr,s OF the imports of is3? the loss of reve-
nUe resulting from the enactment of the
new bill and the repeal of the Mckinley
would h. about $G),01),a ,a0) per annum.
Superstition That Is Not Conceded.
or course this estimate il On the suppo-
sition tha; the imports under the new hill
Will b. 40 create: than Under the present.
law, asupposiiion which the Lending Demo-
Gratis by nn means concede. It i the COR
clusiOn Of Chairman Wilson and his
Democratic associates that importations
will be 20 Stimulated unGec the new BIZ,
that the loss Of revenue, despite the radi-
cal reduction OF duties. vii, not I've over
S2o, ,G0.CGn. Tarsncy does not believe the
deficit can BE- met except by an individual
income tax. Il don't think il can be done, -
salt. he, without making the tax Oh let
earnings of corporations excessive. Such
a tax of . per cent. would secure to the
governmen: not more than s., .oJo.
whereas the deficiency would be nearly
Sio,Oo0oo0. l can't see how tobacco can
stand any greater TAX. II the rate on
whisky is advanced 10 cents per gallon
from that source there will be about ~,
o00,CG0 more, which is stil. short CT The
amount required"
The Way Holman Could I:o 1t.
Representative Holman said: There
are practically three modes by which the
tietici: could be made up: BY issuing
bouds, and thus increasing the public
debt; by an income tax, which wouid re.
al.ze from $50. 0.C0c 600 TO SO, ,0U0.o90, or by
"a reduction &C expenditures. In rega:d IL
the bond issue do not believe any polit.
ical party would survive a material en-
largement OF the public debt in time o:
peace. l hope that that viii not be at
tempted At this time, for am confident
that the great masses of our people be-
ileve that the enharIas sments OF our
Treasury are attributable not TO INSULT
cient revenues but an indefensible and
lavish expenditure of public money.
Cut Down the Appropriations.
'lf the expenditures Of our government
are kept up TO the present rate think the
increased revenue required should be pro.
v:ded by an income TAX. II Is Il Just and
equitable method of raising revenue. II
the present Democratic cong Eres> which is
how wholly responsible for the expendi'
tures OF the Sovernmen;,w would go earnest.
L. to work II would lind no difficulty in
reducing the expenditures of sthe govern
meut 20 that the present rate of internal
revenue and proposed reduction OF tarif,
taxation would furnish ample means Il
support the government and meet the re.
Quirenents OF the sinking iu2d.
Principle of the sinking. Fund.
I'VE cannot with honor abandon the
sinking fund. II WAS no, intended as a
guarantee TO the holders of public secur:
ties, but : solemn engagement Of congres.
to the people that the public debt should
not be permanent, but should be eytin
guished on the reasonable basis provided
by the act Of lSC2. under which the deL'
would be paid OF within a reasonable
period of time. Exemption from debt j.
one of :Ee guarantees OF truca, govern
ment'