The Portland daily press., 1895-11-26
CONGRESSMAN DINGLEY.
Addresses the Portland Club Last
Evening.
WHAT THE LAST TWO YEARS HAVE
TAUGHT THE COUNTRY.

A Deficiency of S133 ,o0O,0 900 of Revenue
ARun on the Treasury Deficiency Fund
An Increase OF Interest Bearing Dept
Increased Imports to Detriment of
Home Industries Other Things
That Are Remembered.
The Portland Club held their weekly
clam dinner last evening and entertained
Congressman Dingley as their guest. 1t
is always "a pleasure to the Republicans
of Portland to meet Mr. Dingle who
is recognized all over the Union as one
of the great leaders in the National
House
Col. Dingley arrived on the g. 80 train
from Lewiston and wasemet at the train
by Col. Fred n. Dow and escorted direct
ly to the club where the members had,
gathered in large numbers to greet him.
AS the parlors as well as the dining
room were all in use ror.the dining tables,
Mr. Dingley received gin the large room
over the from drawing room. From the
time of his arrival until the great COM
pany sat down to dinner the honored
guest was kept busy greeting the men,
bers who passed before him. President
Henry P. Cox assisted in the receiving,
andspresided at the dinner with the guest
ley on his right. After dinner President
Cox gracefully introduced Mr.. Dingley,
who spoke as follows:
Mr.. Dingley, after thanking the MEM
bers of the club for their greetiDg-a
greeting, he said, all the more appreci-
ated because from the neighbors ana con-
stituents of his distinguished colleague in
the National House, whom we all hope
to see elevated to the high office OF Presi-
dent-said that not only the introductory
remarks of the president of the club, but
also the serious industrial and financial
difficulties of the past two years and
half, followed as they have 81 years OF
almost continued prosperity, with the
emphatic comment thereon, of the people
OF the country in the elections Of the
past two years, seem to indI cate the
topic on which he was expected to make
some observations.
1t is evident, said Mr.. Dingley, that
many people are much wiser today than
they were in 1892. They have bean attend
ing kindergarten with object lessons on
q gigantic scale the past 80 months. The
tuition has come high, but no people ever
ledrn6u SO nluCQ III So DrlGl d t1lIos
The learned, Josh Billings quantity
| observed, that it is better not TO know
so many things Gas some thought they
knew in 1929 than it is to know SO many
things that amt SO.
| Among the object lessons which have
confronted the people the past Two years
and q half and are still confronting
them / will refresh your memory by call
| ing attention to the following:
| First-A continuous deficiency of reve-
nue. since July /, 1898 aggregatjng 1873
millions up to the present time which
has been met by using that amount (all
| but 40 millions) of the 1S3 millions OBJ
tanned by selling bonds ostensibly to
maintain the redemption fund-a chronic
| deficiency all the more noteworthy be-
cause the revenue from the close OF the
war mp to 1898 had been every year ample
| to meet current expenditures and leave
surplus to be applied to the reduction
OF the war debt. For it must be borne in
mind that Notwithstanding the revision
| of the tariff of 1890 under the Gpur OF tine
| Democratic demand of 1888 for reduc-
| tion of the surplus, so as to surrender 6O
millions of revenue, yet the revenue from
1891 to 1898 was ample to meet all expen-
ditures. The surplus from 1899 to 1893
was 154 8 millions.
! 4 Second-A deficiency of revenue to the
extent of 60 millions in the first IA
months of the existence of the Wilson
German tariff which has proved to be
tariff for deficiency only; and which will
for many months at least continue to pro-
vide Insufficient revenue to carry on the
government. Even # the income tax
which was added to the Wilson tariff
bill by vote of the House against the
wishes of Mr.. Wilson, has not been pro-
nounced unconstitutional, the deficiency
would still have been over 80 millions.
Third-A run on the Treasury gold
redemption fund, which has kept it al.
most constantly for two years and a half
below the minimum of 100 millions
above which it had been steadily MAIN
tained from the resumption of specie pay
ments in 1879 up to Observation-Disclosures
ing 1S2 millions of gold have been bought
! by the sale of 162 1-3 millions of bonds.
/ Fourth-An increase of the interest
bearing debt in the last two years in
| time of peace to the extent of 162 1-3 mil
| lions, after continuous reduction of the
war debt from the close of the war to 1899
| by the amount of over 1000 millions;
and the sale of per- cent 30-year y. S.
bonds for 104 1-2, which in 1892 would
have been worth 1876
! Fifth-Such an increase, under the
new tariff, of imports of goods which, we
had previously made for ourselves and
such reduction, of exports as to change
the favorable balance of foreign trade
| that had existed with immaterial ex
ceptions from 1875 to 1898 into balance
of 46 millions against US in the first eight
months of the present calendar year. For
example the imports in October were ten
millions moresand the exports three mil
| lions less than the average October I'M
ports and EXPORTS for the past seven years.
Sixtth-A demand for gold for export