The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-01-04
BANKnUPr treasury ccnraIs

BANkEUPr TREASURY CERTAIN
II the Wilson BIN Dooomes a Iaw-ao
Escape From 1t.
PhhGdstchta Evenfno 7elS5TapG
One OF the alleged reasons for deiayin
transmitting to Congress needed infdr-
nation as to the prospective financial
needs OF the government has been the
d%it1cutty of preparing estimates as 70
the probable revenues as affected by the
proposed changes in tariff legislation.
Inc President, in his message to Com
=pTess, referring to this matter, gaid:
= am satisfied that the reduced tariff
1utles provided for in the proposcd
legislation, added to the existing inter-
near future, though perhaps not in-
medlately, produce sufficient revenue
TO meet the needs OF the govern
ment. This has also been the view
OF chairman Wilson, and, AZ heretofore
stated, Secretary Carlisle had based his
future poiicyin the conduct of treasury
aualrS on the same %ption. Chair
man Wilson has 1T last prepared and
made public 4 statement giving the esti-
mates OF the public revenue under the
tariff bill which bears his name, these
OCALIS OLScu Oh LLlS CoLA % ybH+A
ing receipts OF the government under
existing legislation. This statement
shows that under the Wilson bill the
duties paid in 1892 would have been
S69,40I 800 less than they actually were
under the Mckinley bill. and, By the
same comparison, the duties paid III
1893 would have been S75. 7O7, 784 less.
Now, if the Wilson bill when eracted
Will produce sufficient revenue to meet
the needs OF the government" that re-
suit can only be brought about by an
increased importation OF foreign goods,
as indeed has been explicitly stated by
the advocates OF this measure Accord
ing to Mr.. Wilson's statement, the gen
erat average rate OF duties under his
proposed bill will be about 80 per cent
and 1t follows therefore that TO meet
his and the, Presidents expectations
with regard to the revenue receipts the
importations must be increased on the
basis of the estimates for the years
above given as follows: For the year
1892, $2lS,026 1873; and for the year 1898,
S253.359,2SO
There is nothing in the Wilson bill
which favors the increase OF exports,
that object not being contemplated by
the Democratic tariff reformers, unless
possibly by indirection o n the exploded
free rad assumption that the more
we buy Of others the more others Will
buy OF us-an assumption which re-
corded experience shows to be without
foundation in fact. The Mckinley bill
provides for the repayment OF W per
cent OF ali duties on imported material
entering into articles which may be
subsequently exported from the coun-
trv. and to this important extent the
presents tariff directly encourages our
foreign export trade; but under me
| proposed Democratic legislation, the
export of materials, whether crude or
manufactured, will be distinctly DIS
tinctlv discouraged. If the Wilson bill
becomes n law, we cannot hope for any
increase of trade in any OF the articles
we now send abroad. Cotton, oil.
brcadstuns, etc., have now to meet
serious competition from India n
from Russia, and I'VE shall do well1n-
deed if, under legislation tending to-
wards free trade, we can maintain these
exports at the level OF the past two
yevrs.
1t is evident from these considera-
tions that if the imports are not III
creased by at least S~250,OOO,OO0, the
revenues therefrom will not be "suth-
| Gent to meet the needs o. the govern
ment," and there will be an annual
deficiency OF not less than S70,OO0,OOO.
| On the other hand, if h imports are
increased SO that they will yield an
amour "euticient to meet the wants
of The government" the balance OF
trade against US will necessarily be paid
in gold, since, as shown above, there ls
no prospect that the exports will in
crease above the present figures under
the operations of IN proposed law:
Therefore the country will be required
to furnish for payment of foreign cred
itors IL sum approximating o U
in gold, on the basis OF the estimates
given in Chairman Wilson's state
ment. The question naturally arises,
Where is this gold to come from, and
what will be the consequences OF such
AN enormous increase OF export OF the
precious metal? On December l, 1898,
| the United States Treasury had on
hand only $50, $50, O49 net gold, and on
the same date the New York banks
held in specie Sl04. 36S, 500. Assuming
that the injury to the industrial inter.
ests of the country by an increase OF
$3.50, 900, 600 in our importatlons will not
affect the general prosperity-an as
sumption maniIestly impossible-lt is
plain that, whether such increase OF
imports and increase OF Is
realized or not, the operation OF the
the Wilson bill either one way or the
other will be to bankrupt the United
States Treasury.
To restore gray hair to its natural
color as in youth, cause 1t to grow