The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-03-08
SIX MONTHS OF TARIFF REFORM.

On the saxt day Of February. 1855. the
Hayemeyer sarfzT law had been In opera
ton six months. IL became law on Au-
gust - fssfs without executive approval
Having all the advantage which a reduc-
tsom Of tariff gives TO the first months OF
iss operation, because Of prospective ina
ports being acid UP 10 take advantage OF
lower duties, ~ certainly should make
better showing than later on. when ware
houses and shelves have been filled by TIM
ports Yet with this fact In IT'S favor the
new law is not producing as much rev.
enue as did the Mckinley act during the
pauic Of 1859. under more depressing con-
eifienz Of trade than the country has seen
Ia over thirty years. During the past ten
years there has not heen q six months
period In which she receipts we're 20 small
as those I'm the first six months Of the
Havemeyer bill
The balance sheet for the first half year
under this tariff for deficiency shows
an excess Of expenditures above receipts
of s4a,siass4. figures that surely cannot be
coHpsacently noted by those statesmen
who insisted that. under any efrcam-
stances 1t would produce more revenue
than It's predecessor. Every month since
IL went into operation has added millions
TO the shortage. Including February.
which Mr. Carlisle. with his accustomed
inaccuracy. declared confidently would re-
verse the rule and sno~ a comfortable
surplus" Instead. however, the most
strenuous efforts of the treasury to force
a credit balance for last month have re-
suited only In cutting down the average
monthly shortage from about s.. 600 eco to
$2yN.oco. This. al New York Tribune
correspondent shows. has been achieved
BY the familiar method adopted by pro-
crastinafing debtors who. when sharply
pressed by creditors. stand them OF by
saying. Firing in your bill next week.
During the last ten days of February the
expenditures, instead Of being at the nor
NAL and average rate OF 100000 day.
were cut down by postponement To about
half that amount. Had this scheme not
been adopted. the deficiency in February
would have been about $s.ooe.o o0 instead of
less than half that amount.
Not within the last thirty years. IL In
deed In the history of the government.
has such record OF deficiency in receipts
compared with expenditures bean made
as that shown during the first six months
operation of this bungiing tarifY measure.
The receipts for the half year since Au-
gust last have aggregated less than s1s5.-
0,o.o1. while the expenditures during the
same period have been over SITS. ooo. 900.
Even in the darkest days OF the panic
which followed the election and meeting
OF this congress-" says the Tribune. ''the
receipts under the Mckinley law did not
fan TO so low figure as those of the flrst
six months under the wiison-Gorman
law No one can fruthfuIIy deny that
the six months ending March !. 1884. were
far less favorable fer importations than
the six months Just ended, yet the receipts
during the first period named. while the
Mckinley law was yet I'm force. were near
~ 100000 In excess or those for the last
period under the Havemeyer law
There Is not the slightest apparent pros
pect that tho deficiency for the current
fiscal year can he scaled down much be-
low that OF last year SIN less does there
seem to be any substantial ground TO
justify MIR Carllsies prediction that the
current calendar year will show surplus
of sao.oa,auo or more. The expected re-
ceipts from the income tax law, should
they materiaiize as hoped for by treasury
officials. viii not he moro than sufficient
20 offset the deficiency i'm tariff revenue.
50 that receipts and expenditures may
balance for the last half Of 1896. This
would leave the shortage for the first six
months Of the current year still unpro-
visied for and instead OF surplus for the
twelve months ending December 81, ISas.
OF ssa,ese.0n0. the actual result will be a
deficiency Of not less than $50. 900 900 II
may safely be predicted that before q Re
publican congress car SO raise the tariH
as TO provide revenue sufficient 10 meet
expenditures. this Democratic administra-
tlon will have plunged the nation into
debt somewhere about ss60. ooofsa on &C
count of current expenditures and with.
out reference 10 the sacrifice of credit In
eond sales to protect the gold reserve. nor
the vast annual interest charge sadalesi
upon the country for thirty years to
come. Never during the existence of this
government has II been called upon 20
bear a burden at once SO heavy aud un
necessary as What precipitated In time OF
profound feaee by a party of ignorance
and imheelltt