The times. [volume] (Richmond, Va.) 1890-1903, 1894-01-17

AN UN rLEAsANT OUTLOOK.

The statement which Mr.. Carlisle has
made Of the financial condition OF the
government is one which demands the
most serious possible consideration. 1t is
striking fact that the gold reserve is
reduced to SlloS.lis and that the drafts
he win be compelled TO make on it for
want of other resources will reduce it.
by February 1st, to about $4,000, 900; and
yet there is no real cause for alarm In
this fact, because the country is rich.
money is seeking safe investment, and
Mr.. Carlisle has happily reached the
conclusion that the present law confers
on him power to sell bonds TO replenish
this fund and he very positively informs
Congress that he shall exercise this power
just as soon as he concludes that the
public interests demand IL OF him.
This announcement will probably allay
at once, as II should do, any tendency
towards alarm which the other facts.
stated markedly and alone. would probably
arouse. But another fact which MIR.
Cariisie's statement has forced upon pub
lie attention is one Of most serious i'm
port. He makes II known that the diff
ference between receipts and expendi-
lures at the end OF the present fiscal
year. which will be the Goth of June next,
will be more than S7J 100000. That is. we
are living at rate of expense which ex-
ceeds our income each year more than
N5.coo.oO0 which would certainly be an
s,,
the world. and is far from being a trifie
even with this government. The scale.
too. upon which this surplus of expense
over receipts has been adjusted. is not
one that has caused the present deficiency
OF revenue to be accidental and temporary.
The appropriations that produce the de-
fciency are for the most part perrna-
nent In their nature, and we shall have
the same deficiency in each succeeding
year, unless a great change is made in
the permanent appropriations for pen
sions OF which there is little possibility.
OF great increase in the revenues are pro-
vided for. What are the probabilities In
respect OF this increase Of revenues? Mr..
Wilson's bill has exempted from taxation
many subjects which have heretofore pro-
duced a large part OF our revenues, so
that that part OF our income Is to be
considered as wholly lost and ended. Has
the scale applied by him to the other old
subjects raised a reasonable expectation
that they will yield what they have here
tofore yielded aud also what is lost from
A.
most unreasonable expectation TO look
for this result. Those articles will proba-
bly, yield very little. IL any more. than
they have heretofore furnished. The
duties on them are left at u point which.
though they are considerably reduced. is
sim practically prohibitive. so that they
VIII actually yield less themselves and
viii still keep out their foreign COMPETE
TONS
MIR. Wilson therefore offers us nothing
OF our expenses but the income tax and
the tax on sugar. The latter tax should
be imposed the former should not. un-
less II Is made to bear equally on all
incomes. On the whole. then, when we
measure Mr.. carlisles statement along
side OF Mr.. Wilson's scheme OF finance, we
have prospect laid before us which II
is anything else than pleasant to contem-
plate.
This whole business should be promptly
revised upon the basis OF true Democratic
principles. The free list should be strick.
en- out absolutely. except in matters Of
charity. reiisfon. and virtu. and SUM-
Giant duty should be imposed on ali inn
perts rstably and equally. to produce the
revsnua which tariff taxation is required |
- ytdd THIS u Democracy. and this Is