The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-06-05
The Treasury Situation.

The Treasury Situation.
The receipts of the government dur
Ing the first nine months of the pres
ent tariff law We're just S212, ,46S .6i6 81.
During the first nine months of the
Mckinley law they were $2S6S5 776.
S74,SS5,129,73 larger than the receipts for
a corresponding time under the present
law. The receipts from customs under
the present act for that nine months
were s12O,SS6 7O9.59. and under the Nc
Kinley law $153, ,217, ,6Ol.31, the Mckinley
law producing 2,S3O, ,S91.72 more than
the present law. Internal revenue re-
ceipts during the first nine months of
the Mckinley law were sos, 7aG. 19S 80.
and for the same period under this law
only s7S,995S11.13, a difference in favor
of the former act of $29, 500, SS7.2G. The
miscellaneous receipts during the first
nine months of the Mckinley law were
S24,SS9,976.3o, and during the time this
act has been in effect, only S13. .0S6, ,625. So.
a difference in favor Of the Mckinley
act of s11,75S,35075.
Assistant Secretary Curtis, Of the
treasury, in an interview furnished the
other day to the New York Times. COM
putes the deficit for the fiscal year end
ing June 80 next, at s53.O0O,OOO. and
reckons upon a further deficit Of $685.
100000 for the five months from June 50
Il Nov. 80. on the basis Of these
figures, E. ]. Gibson. the Philadelphia
Press able Washington representative,
figures that the new congress. when II
meets in December, will be confronted
by a deficit of sSS 600, 900 in the seven
teen months from July /, 1894, to Nov.
80. 1895, and of this formidable shortage
$780, 900 will have been incurred in
the eleven months of the calendar year,
and $35,00OOOO in the five months i'm
mediately preceding the meeting Of
congress. Senator Aldrich and Senator
Sherman agree that the proper way to
raise revenue to meet this immense
deficiency is to restore the tariff on
luxuries. to the rates that existed under
the Mckinley act. By reducing the
rates on wines, Scotch whiskles, laces.
fine gloves, diamonds, velvets, cigar
cites, cigars and tobacco, and other
luxuries of that kind, the Democrats
sacrificed over s42, ,00O, 900 Of revenue.
Mr.. Gibson thinks It would be wise
and proper legislation to restore those
rates, and also to put sugar. raw and
refined, on the free list, and restore the
old rates on manufactured goods which
are now being imported to an enormous
extent, to the detriment of American
workmen and employers" That, he
says, will be the Republican policy, and
1t will be carried out, or else nothing
will be done. If Mr.. Cleveland desires
TO usurp the entire power Of the govern
ment, and to refuse to permit OF any
increase in revenue in that way, then
there is nothing to be done excepting to
carry on the government by the issue
of bonds. 1t will not be easy to get
any legislation through congress au-
thorizing an issue of bonds OF any kind,
and perhaps impossible. And If the
president continues to issue bonds with
out further authority from congress,
simply because he will not agree to con-
gressional legislation to increase the
revenue, there will be trouble. Dem
ocrats as well as Republicans are op-
posed to increasing the national debt to
pay current expenses. Impeachment
proceedings may result If more bonds
are issued.