Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-10-15
NOT A WANT OF REVENUE.
The False Pretence of the Repubii-
cans Exposed.

Ex-President Benjamin Harrison, when
he spoke In Richmond last week
charged that the present distressed con-
dition OF the country Is caused by the
failure OF the Wilson bill to produce sum
cient revenue TO support the government
and that the remedy for the hard times Is
to collect more money from the people
that more taxation Is what we need. tie
did this because in an era of continually
falling prices. which show no signs Oh
stopping, in the face OF a continually con-
tracing currency and almost absolute
dearth OF money during a period OF totai
collapse in business enterprise OF every
kind, the highest craftsmanship in the
Republican party finds expression In the
suggestion Of a return TO the prohibitiYe
schedules OF the Mckinley bill.
Mr.. Harrison told the people this, but
he failed 70 tell them two things-viz. l.
That IL Is impossible to pass any such
tariff bill during the next four years (the
Senate being absolutely against III, and
therefore, that no relief can be hoped Tor
from his party, even on his own showihS
3 He did not tell them how IL is possible
Now. It is well to point out that
want of revenue is not the trouble.
No doubt Mr. Harrison will, under
present circumstances, gladly accept the
evidence of his friends, Cleveland ana
Carlisle Mr.. Cleveland said in his last
annual message;
1T cannot, therefore, be safe to rely
upon increased revenues as cure FOR
our present troubles. II is possible that
the suggestion of increased revenue as a
remedy for the difficulties we are con-
sidering may have originated in an intl-
nation or distinct allegation that the
bonds which have been issued ostensibly
TO replensh our gold reserve were really
issued 20 supply insufficient revenue. NO
thing can be further from the truth.
Bonds were issued 10 obtain gold for the
maintenance of our national credit"
Mr.. Carlisle, in his rep@t as Secretary
Of the Treasury, says:
'"The cash balance in the Treasury on
the list of December 1895, was Sl1.fO6,-
1862. being SIS, 072. 5000 in excess OF ac-
tual gold reserve on that day.
While the situation does not require any
legislation for raising additional revenue
by taxation at this time, it is such as 10
require the strictest economy in appro-
priations and public expenditures"
Now. since the only weapon which the
Republicans have land that weapon is no
more dangerous than the Chinese gong,
and is used for the same purpose-to di-
vert attention. is their attack on
the Wilson bill, it will be in
terestlng, though annoying, to
them to be reminded that their paragon
of legislation. the Mckinley bill. also
failed to produce sufficient revenue. For
this statement l will vouch one OF their
own witnesses, Senator Teller. In a
speech made in the Senate on April %,
1885, he said:
Mr.. President, before / go into the
question whether these bonds have been
issued because of q lack Of revenue |
want to so back TO 1890 when the Demo-
cratic party was not responsible for lesis-
lation and the Republican party was. We
passed then what has been known as the
Mckinley law, a law which seems just
now to be I'm great favor and very popu-
lar, although, l believe, ii cost us the
following election.
THE Mckinley law did not provide a
sufficiency OF revenue; everybody knows
that ii did not, and | think it but fair
and honest to say that II there had been
no change OF administration there would
still have been a deficiency Of revenue
under that law. The condition Of the
country was such that II was impossible
that there should not have been def
ceding the incoming administration Of MIR.
Cleveland there was a deficiency in the
government receipts amounting on an
average to over q million dollars a month,
and We got through that fiscal year, which
ended in June, 1893, with surplus OF
S2.500.O00.
Then came what is known as the panic
OF 1898. In which the consumption and
consequently the importation OF foreign
products fell off, which OF course. pro-
f.lNf
must be borne in mind. which the Senator
from Ohio (Alr. Sherman) never stated
i believe until yesterday, that from the
time that this administration came into
power, and before they had had an op-
portunity to DO the damage that we on
our side recognize they did in the passage
of the Wiison-Gorman iaW-there had
been a failure of revenue I'm nearly every
month after the administration came in.
If there was any month in which there
was not a deficiency, IL was i'm the first
months in which the administration took
Office"
And Mr.. Teller went on to tell Mr..
Sherman and the people of the country
some truths about these questions that
we are all now discussing. which are in
teresting reading. especially in view of
Mr.. Harrsons visit and his set speech In
praise Of the Republican gold god. 1t is
we'll that some of those who went 10
remarks Of the honest and fearless Mr..
Teller. After speaking of the deficiency
I'm the revenues and the great sum in the
Treasury, he said:
Il do not know what the deficiency
Is going 10 be this year but / do know
that the deficiencies on the 18th day Of
April for the year were S242i7 5l7.S3. on
that day we had 1913. 33S in the Trea
sury. | repeat, there is not a nation
on the face OF the earth that holds s273,
100000 in its Treasury for ordinary pur-
poses. If there is such a nation at all it
is Russia, that is stated TO have ac-
cumulated large amount, nobody knows
how much, for war purposes-not TO be
used, except in case OF an emergency for
war There is more money in the Trea-
sury than the people Of the United States
are willing should be put there and tied
up. Every dollar of money that is put
into the Treasury comes out of the circu-
lation that is necessary i'm this country
TO maintain even the present bad condi-
lions of commerce and trade. Inside of
twenty-seven months you have put into
the Treasury $500 100000 that had been in
circulation. You drew out of the circu-
lation of this country $2l0,000000. and put
II where II Is OF no more value TO com
merce and trade than it would be If 1t
Were in the depths of the sea.
And, yet. Mr.. President senators rise
here, and wonder why IL is that BUSH
ness does not revive, why II is that
prosperity does not come to us. We have
had contraction at the rate of 500 100000
q year; contraction since the 1st of Feb
ruary this year Of 800 1900. apparently
in ignorance OF a well-known and we'll
settled principle OF political economy.
that when you decrease the circulation
of the money you destroy prices, and
you discourage enterprise and retard all
movements toward production.
Mr.. President, If there ever was a
nation in the world that seems to be
governed by imbecies and men without
thought, or men without reason II is fair
TO say we ere now in the hands of that
class of e. The history of the world
dces not SNOW such contraction as we
have voluntarily and deliberately and