The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-10-15
THE DEFICIENCY IN REVENUE.

Will the President and Secretary Car
when Congress met a year ago? The
Boston speech of the Secretary indicates
that they will. A veal ago ii was evil
dent to most people who gave attention
to the matter that the German tariff law
would not supply the treasury with the
required revenue. Senator German made
such a prediction in effect in that notable
speech in which he assailed the admins
tration. Such men as Senators Sherman,
Allison, Cullom and Aldrich showed by
demonstration that the German law
would not afford the needed revenue. A
years experience has demonstrated that
they were right. and that the confident
predictions of Senator Voorhees, that 1t
would produce a surplus were those of
a man who has no more idea of the
sources of revenue than the alleged man
in the moon.
When Congress met last December
there bad been a deficit in the revenues
at the end of every month for nearly a
year and a half. and yet the attention
of that body was not called to the fact.
1t appeared in the official figures. but
the President and his Secretary treated
1t as a matter Of little or no Importance
as a sor. OF natural result of a Demo-
cratic President and Congress. Instead
of urging the Importance of legislation
which would insure a surplus Mr.. Cleve-
land and Secretary Carlisle pushed their
currency plan to the fore. With reve-
nues short of expenditures six or seven
million dollars a month, the administra-
ton induced the managers of the House
to a up a measure the most con-
spicuous feature of which was the re-
peal of the tax on State bank notes un-
der conditions which would have forced
the retirement of national bank currency.
Six weeks or more of valuable time was
devoted to this measure in committee
and the House before it was brought TO
a vote and beaten. Did the President
and his Secretary imagine that through
some mysterious avenue the new issues
of State bank notes would reach the fed
eral treasury and Danish its monthly re-
curing deficits? 1t seems that they did.
When Congress shall nave assembled
III DCtcuioCA n Iioiitiiy utntlt Will lave
occurred every month OF the preceding
year with a single exception. The aggre-
gate of such deficits will reach and prob
ably exceed $50. 0OO, 900. Judging from the
Secretary's Boston speech, the admins
tration will recommend Congress to de-
| wise some plan for the retirement of the
greenbacks and treasury notes and ig-
more the deficits.
There are rumors that the President
will recommend an increase Of the tax
on beer so as to derive thirty millions
| from that source. 1t Is hoped the rumor
will come true. but it must be evident
that thirty millions are not enough. To
put the treasury on a footing to resist
the raids upon the gold reserve a sur
plus of thirty or even fifty millions may
be needed. But. whatever the President
recommends or does not recommend, the
Republican House should be prepared to
pass a bill at an early day which will
put fifty or seventy-five millions of
money into the treasury a year in e1-
cess Of the present receipts. This, while
it cannot check the outflow of gold to
pay for foreign merchandise rushing into
the country under the Democratic tarir,
will stop the deficits and afford a means
Of protecting the gold reserve.