Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1893-05-19
SFrsCAI. PRoBLEMs

without levying now taxes and with
out mourning new debt has been a
subject OF serious study to MIR.
Springer and the leaders of the AID
ADMINISTRATION of late, and they are
hopeful that they will bs able to find
ouch solution.
Mr.. Springer has been working
lately upon plan suggested by Mr.
Edward Atkinson on the occasion of
his recent visit to Washington, which
promises TO permit reduction of
$50, GOO. O0O TO S40.000,OGO in the du
tirble list Of the Tariff without caus-
ing o deficit.
The Treasury experts are inclined
to the opinion that the revenue for
tho next fiscal year, ending Juno 30,
1884, will come fully up to the esti.
mates of Secretary Foster last No
ve:nber, and will suffer no serious re-
duction from impending tariff
changes. The proposition will un-
doubtedly be adopted to allow nm ill.,
tervnl oil SIX months between the TAX
ing effect OF reductions OH raw ma
terinls and tho reductions on manu-.
featured goods. This interval will
permit the working of of old stock,
of goods BY American manufacturers
and will enable them to come upon
the market when reduced duties ON
goods take effect with goods made
irom FREQ raw materials.
Most goods are sold one season in
advance, and if the reduced duties on
manufactures do not take effect until
October or November it l.; believed
that there will be no serious falling
oil OF importations prior to June 30,
1854. Secretary Fosters estimate of
appropriations for the next fiscal
year was S3I3,G0O,0O0, of which
Sl67, 100000 III for ponsions, leaving
S206. 100000 for int crest on the pub
lie debt and all the ordinary expendi.
lures of tho government His esti-
mate OF revenue is S105, 000,O of
which S2l0, 0OO.030 is 80 cone from
CUSTOMS dutirs, $4,000, 001 from in
ternal revenue receipts and $4,000,
900 from miscellaneous sources.
STRIKING FACTS.
The striking fact in these figures
IS that the internal revenue and mis-
oellnnoous receipts, with tho 800.
100000 OF duties on liquor and TO-
bucco, more than pay every expense
OF the government except pensions.
The tariff problem, in it's simplest
terms, is to obtain money enough
from customs duties TO meet the pen
sion drain. This Mr.. Springer be.
lieves can bo done next year, und.r
the old inriif, and in the years which
follow With tho transfer of many az.
,ries TO the free list and large ro
dnciiona of duty on other articles. If
the old tariff yielded $3.50 000, 600,
exclusive of liquors and tobacco, it is
argued that u reduction of $4,000
600 can be safely made without lenv-
ing deficiency in pension payments.
Tho annual value Of tho pension
roll is now about S125, coo. 0O0 in tie
future. Mr.. Atki IN believes That
the big arrears on new pension GER
tiiicatcs, which now adds $40 0uO
|0OO year to the pension payments,
Twill soon dNindle To very small
Ni.nro and that tho customs receipts
under revised tariff will amply
|neet the p&nsion payments. Even
more money is required than now
DEEMS likely, it will be provided by
hcrensed importations under rcve-
4ue tariff. \ great increase in i'm.
ports with tho removal of excessive
d7tios WAS The experience with the
Walker tariff and has been the expe-
rlmce Of every country which has ro-
daied duties 10 n revenue basis. Ii
tai problem can be worked out on
the lines on which Mr. Springer is
nov working there will be no necos.
sity for levying duties on e, ffe or
sugar, for imposing an income Tux,
or i'r negotiating new lonn. The
mott that is contemplated is the
grait of authority to the Secretary
of he Treasury to Issue Treasury
bills in anticipation o; The taxes. to
be paid when the necessary money
CONES into the Treasury, Just as
neary every municipality in many of
tho States is allowed to borrow
money in anticipation of the collec
ton q taxes while living within its
income and incnrring no permanent
debt,