Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-12-27

washington. d. c., December 20
Chairman D.rgley, Of the Ways and
Means Committee, to-day reported TO
The House the tariff and bond bills
agreed on by the majority Of the com
miaee. They were accompanied by re
p9rts. in which the committee expressed
is appreciation Of the seriousness Of the
situation and the Importance Of prompt
remedies so far as Congress can give
then. ara continues:
Your committee regard the chronic
deficiency OF revenue for the past two
wears and a halg as a most potent cause
of the difficulties which the treasury
has encountered, and an important fac
TOR .n the creation and promotion Of
tsa. serious distrus, which has para
rzsI bus. ness and dangerously shaken
confidence even iu the hnanc.al opera
Tons of the government. X 8 as m
r,sble for a government 10 nave
continuous deficiency Of revenue LOT
two years and a half without affecting
f-- financial standing as ir is Tor an IN
div.tual &c is impossible also FOR
government % continue IN this condl-
ION without, causing q shadow OF DOUBT
and d.scouragemeuc over all business
CDa~ations within it's borders.
..r1o serious fact which we are called
7rDon 10 confront Isl that IN u1S TWO ana
q half years that have elapsed since
Teruarv 1893. this government has
had an insufic.eucy Of revenue q meet
current expenditures. announcing III lne
aggregate t1 about Sl33,o0O.oOu- ANA
even I'm Hhe first half of the present nscal
ve9rth deficiency VIII reach about W.
600 600 and about S3,000O0O in tn.s
n-csent month. And mp to the present
time there IS not sufficient ground LOT
Ginning that .his insuthcency or reVe-
n1a wiz not continue during the re-
ma.nder Of the fiscal year; and now
nlueh longer no one can safely predict.
'.If the consequences OF such a chrome
deficiency were only the necessity or
borrowing money 90 meet current eX-
D-reas IN time Of peace. even this would
afford abundant reason for increasing
the revenue But the consequences are
more wide-re3ch.ug than that. lnsuHlc-
fercv Of revenue has made 10 necessary
In uso the redeemed United states legal
tender notes 20 pay current eNpendi-
lures. and thus % supply additional
means To draw gold from the greenback
redemption flud-in short 20 create the
endless chain of which the secretary
Of The treasury complains, and which
has made tt necessary 20 sell issue after
issue Of bonds to repleniSh the reserve.
This viii De clearly seen when II IS
remembered that the secretary OF the
treasury has issued and sold a little
over S162. 000. GOO If . per cent 1O-year,
and 2 per cent 30-year bonds. from
which ne had realized about SlS2OOO,-
600 of Of United States legal tender
notes with the proceeds. he has been
OBI gei 10 Immediately pay cut Sl33.-
coo COO of these demand notes % meet
current eNDer ditures. and thus has furn-
ished Sl33 000O00 Of governmental de-
m8r1 notes 20 be- again and again used
tC draw sold from the treasury. IL is
evident that so long as there IS inSutiic-
lent revenue This performance viii go on.
arl bond sale after bond sale Will be re-
CIirei IL is also evident that II taere
had been o sumc.ency Of revenues these
redeemed legal tender notes would not
have been paid out at once and there
would have been so much the less Op-
D1r-ur.tv % draw gold from the treas
urv. Indeed there IS go0d reason to be-
lteve that f ,n the first six months of
the j.st~Ust which in3ugurate1 the run
on the REDEMPTION fund. the treasury
had been wing revenue more ade-
quate to meet he expenditures, 50 as 10
temporarily hold The redeemed govern
ueut notes. the disposition 10 present
these notes for redemption would have
soon been overcome. That would have
undoubtedly been the case If the re-
dzuo-on fund had been increased in
the spring OF 1898. and never allowed 70
fan below me 500 o00. o00 minimum.
"The necessity for moro revenue from
the point OF view of the maintenance Of
the redemption fund is not taken away
by the fact that We have S5000000 of
cash I'm the treasury. i'm addition to the
100000 600 part Sold required for the
redemption fund. and the Jwenty-Odd
million required as a working balance
This S500000o0 represents $4,000. 600
of redeemed United States legal tender
notes. for which redemption We Dor
rOwed $4,000 coo I'm gold. IL We con-
tiuue 20 pay them ont 20 meet the de-
fcIency OF revenue, then presently they
Will come back again 20 draw $50. 600. 600
more from ,he treasury. which we must
supply bv selling $7o.0oOO00 more of
bonds. The suggestion. therefore. that
IN nH I'd
have a cash balance of 500 OOO. GOO of
government notes i'm the treasury that
can b. used 20 pay any deficiency for
the next six or twelve months. is. In
eject. "a proposition Co issue more
bonds TO meet a deficiency which should
Be- met 40 once by providing more reve-
nue.. I'm other words. those who on
pose raising more revenue In such q
situation. iu CfiCct-whethCr they in
tend Co DO so or uOt-f3vOr borrowing
i'm preference 90 paying as we so along
Two i7CtS have led your committee
So look 90 am increase Of customs duties
as the most appropriate source OF addi-
tionai revenue. They are first. the fact
that wo are already raising q disprO-
portionate amount from internal rove
nue. which has always been REGARDED rs
@ war resort. Indeed. jefferson took
tfe ground tha- excise taxes should not
be resorted To- by the federal govern
ment as revenue in slime OF peace. and
the Democratic national convention
maintained the same doctrine I'm 1854
And. secondly. the fact that by iucreas-
ing customs duties and imported arti-
c.es which wo can and ought 90 make
ar home. for revenue purposes. We can
a- the s1me time incidentally encour-
ase stricken industries and materially
ava in turning in our favor the balance
o. trade which has hrnu en haa,ff,-