Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-04-25
BEGINNING OF THE DEFICIENCY.

BEGINNING OF THE DEFICIENCY.
Eject Of the McKinisy BIZ ON the No
tlon's Finances.
Our republican friends are fond Of
| talking about the deficiency in treas
ury receipts. They unhesitatingly as
cribe all this to the passage of the new
tariff bill They say that it is not
yielding revenue enough. and they hold
on. the idea that it win never afford
sufficient money to pay the expenses
Of the government.
Is is an odd proof of the rapidity
with which everybody forgets former
conditions that comparatively few
now remember that after the last
presidential election practically every
body recognized the need of changing
the tariff laws, because the Mckinley
bill was not affording revenue enough.
As to the republicans, they were so
hot for revision of the tariff that
they insisted that special session of
congress should be called for the Pur-
pose in March or April, 1893. They ex-
pressed the hope that the revision
not to destroy American industries,
but, at all events. they wished the
work done at once. In February, 1873,
Secretary Foster prepared to issue
bonds, but was stopped by the presi-
dent. who preferred to transfer
bankrupt treasury to his successor
Everybody understood that a revision
of the laws was necessary in order
that the government should have the
means to meet the enlarged scale of
expenditure, rendered necessary by the
legislation of the Fiftv-frst congress.
Some remarks submitted by Senator
German near the close OF the recent
session of congress, with reference to
the present deficiency of revenue, have
often been gleefully quoted by the re-
publicans- This speech of Senator Cor
man was withheld for revision, and
has only recently appeared in the sup
plement to the Congressional Record.
An examination of the full text of the
speech shows that it contains a good
deal of matter which republican news
papers do not care to quote. As they
have made Senator German their own
witness by introducing what he had to
say about the present administration,
we will undertake to give some of the
results of cross examination.
In one of the tables submitted by
Senator German he shows that on the
Goth of June. 1890, during the admin
istration of Mr.. Harrison, there was a
cash balance, excluding the gold re-
serve and available cash for current ex-
penses, of nearly 800, OOO, 600. This was
IL wi
sideration, but before it's passage.
From that date to the close of last
year the expenditures exceeded the re-
ceipts and available cash by $50, Sl6.-
1888.
Later on, abiding to the excess of ex-
penditures, MIR. German said:
Mr.. President that was the case before the
present administration came into power.
During the last administration the very Ques-
ton was presented here. and stated the views
then as do now. that the revenue laws up to
that date had failed to produce a sufficient
amount of money by s150001.0)l 1t was nearer
s250O 100000 When the present administration
came into power they were interfered with by
the commercial conditions that no legislation
of congress was responsible for. They have
been intensified in the last two years The
revenues have fallen OF and the expenditures
have increased year by year
Mr.. German then proceeded to give
figures showing that the revenues for
the two fiscal years from July 1, 1890,
to June 80, 1892, amounted to $747, $780,
231.55. and the expenditures for the
same PERIOD to S792, 81, 527.2s, showing
a deficiency of S44,s37, 295.73. ALI of
this period was under the Harrison adj
ministration, and all but three months
of it under the Mckinley bill For the
fiscal year 1898 the figures of SENATOR
German show an excess of expendi-
lures over receipts of between four and
five millions. The fiscal year 1898 was
mostly under the administration of
Mr.. Harrison and wholly under the
Mckinley bill. Thus in these three
years the deficiency of revenue, as
compared with expenditures, amounted
to nearly fifty million dollars
The fiscal year 1894 was wholly under
the Mckinley bill, and showed de-
ficiency of SIC, OOO, 900 in revenues as
compared with expenditures. The last
six months of 1894, forming part of the
present fiscal year, showed deficiency
of some S27, OCO. COO. Two-thirds of this
period was under the new tariff, and
one-third under the Mckinley bill.
Of the total deficiency of s146, sos, a24. O3,
between July /, 1890. and January 1,
1895, only sa7.OOo 900 occurred in the
last six months of 1894, and only two
thirds of this time was under the new
tariff bill. Thus, of the deficiency up
to January 1. 1898, the Mckinley bill
produced $685. 900.
In view of these statements, what
amount of wisdom is there in the
current proposition to reenact the Nc
Kinley bill in order to produce suffi-
cient revenue? - Louisville Courier
Journal
Income Tax Revenues.
Though the central principle of the
income tax remains, the division of the
supreme court invites further attacks