The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-01-06

monthly deficiency was $i,by5,603. III tne
Mckinney law was, in the opinion of the
president. inefficient for revenue. he
should have said of the Wilson law that II
was bounteous in deficiencies.
Truths About the Tariff
The agricultural imports during the first
year of the Wilson law TALL of which are
| such as are produced in the United States,
| were of the value of $lO7. .32.522. During
! the last year of the Mckinley law the i'm
| ports of the same farm products We're of
| The value of S5l.4l4s44. Notable during
| the same time were the Importation or
! two articles chat We can produce in the
! United States) under the Wilson law, wool
| valued at So, 5Sy73l, and hides valued at
| $40, 0,iSO5G2 We're imported. lnportations Of
| wool We're increased under the Wilson
law six-fold, and of hides two and one
! half fold. The American farmer was thus
deprived Of his home market.
Other importations made during the year
under the Wilson law OF articles which
we can readily produce in this country
were valued ut S96S.6Si5l3, while under the
Mckinley law the value of the same ar
ticles imported was I12, 7i3,Glo. The enor-
nous importations under the Wilson law
for which We had to pay gold necessarily
! diminished the exports of the United
states. our chief reliance in our foreign
trade Is TO export products. mainly agri-
cultural, in sufficient quantity or more 10
| pay for our imports, so that the balance
! of trade shall be In our favor. Under the
I w llSOH law We tNpolttN III year
tural productions valued at S3Ol.jlS,Sy,
while during the last year of the Mckin-
| lew law we exported similar productions
! valued at S7l. l.l25299.
! | could pursue this analysis of these two
| laws further. but have said enough to
explain the preference by the president
of the Wilson bill. He believes in large
importations at the lowest cost without
! regard to the indus tries and labor of our
countrymen. while | believe in a careful
/ discrimination and the imposition of such
! duties on articles that compete with home
! production as will diversity our employ
/ ments and protect and foster mpart.aly
| all industries. whether of the farm. Of
| the workshop. the mine, the forest or the
| sea. | have not been satisfied with any
tariff law made during my public life
| though | have shared In framing many.
| | prefer law that will impartially pro-
! tect and encourage all, home industries.
and regard the Mckinley law as infinitely
| better than the Wilson law. which ] be-
lieve is the cause of all the evils which
we now encounter by adverse balance of
! trade. by expectation of gold and de-
| rangement of our monetary system. The
| Wilson law has produced a deficiency in
every hour and day that it has been on the
statue books, while the Mckinley law has
! always produced Il surplus until after the
| incoming of this administration. and If add
mnistered since that time by friendly
agents would have furnished the goveici-
ment all the revenue needed.
! kOOt OF the lrOuDIc.
The deficiency of revenue was the pr-
mary cause of the demand for gold for
the United States notes. The gold hoa.',-
ed for redemption purposes was not sep
arated from the money received for cur
rent revenue, and this revenue being
accumulated for redemption purposes
! was drawn upon to make good deticien-
cies. This created doubt of the ability
of the government to maintain the par
| ity of United States notes with coin. and
| led to their presentation for redemption
| in coin. The draft on the treasury for
coin during this administration has been
greater than the amount of deficiency of
revenue during the same period. In every
aspect In which the subject presents it,
self to my mind | come to no other con-
clusion than that the deficiency of rev.
enue and the consequent encroachment
our present financial condition. and that
the only remedies are either Il radical re-
duction of expenditures or an increase of
taxation and perhaps both, | do not be-
lieve that the condition requires a suspen-
sion of public works or II postponement
of measures now in progress to strengthen
the army and navy.
1t is strange that the president in
dealing with our financial condition,
controlling fact that during his term OF
Office thus far three issues of bonds have
been made, amounting in the aggregate to
| SlbZ1lJ, ,4OU. 10 meet current expenses III
time of profound peace. He attributes all
our financial difficulties to the continued
circulation of United States notes and
treasury notes. debts bearing no interest
amounting to nearly $500, 900, 900. His state
ment of the origin and history of the
United States is strongly tinged with
prejudice, for though these notes were ir-
reemable for a time, they were convertible
into bonds bearing interest payable In
coin. They replaced notes issued by banks
| chartered by the several states.
They were the best possible substitute
for coin. and in connection with the bonds
of the United States they furnished the
means by which alone the army and navy
could have been sustained during the
war. After the war was over the question
of the retirement of the United State
notes was mOoted. but no party or section
of our country demanded a cancelatio
of these notes, but differed as to the
amount to be retained i'm circulation. Th,
Democratic party then demanded the larg
est, amount named, while II new party
called the "Greenback party" demandeC
an unlimited issue without any provision
for their redemption in coin. The Repub
lican party provided by the resumption
act of 1879, for the reduction of Unite,
States notes to the maximum of $500, 900 Ols
and their redemption in coin on and after
the first day of January, 1879. This re.
ductiOn was arrested by congress wheT
the amount of the United States note.
had been reduced 10 $3i6, tSl ,Sl6 when botl
houses of congress had Democratic ma jor
tiles. Provision was made for the reduc
tion of the United States notes by coli
. on demand and for their reissue. and au
thOrity was given TO sell United State.
bonds for that purpose.
Fourteen Years Record.
From the first day of January, 1872 &
the election of Mr.. Cleveland in Novem
her, 1892, there was no disturbance of tn,
orderly receipts and exchange of gol,
ana currency. The gold deposited in tn,
treasury in exchange for gold bonds II
the summer and fall Of 1878 amounted t,
$95, 800 900. The ordinary current reNenu,
in the treasury conducted the vast opera
tions of the government without friction
or trouble for nearly fourteen years
United States notes were at par will
coins, not only In every part of the Unite,
States. but in every country in the world
!. During all that long period United State
notes We're presented for redemption, bu
in amounts comparatively insignificant
have here a table prepared by the treas
: ury department, by which. from the Is
of July, 1879, to the lst of July. 1892 tn
. redemption OF United States notes in gol'
! averaged less than S,O0O,OD year, Will
! during the last three and one-half year
the redemption of United States note
and treasury notes exceeded $40. 90
: for each year During the first thirtee,
, years gold was exported in large quaint
ties. but 1t was not drawn from the re
serve; but during the past three and
half years coo was drawn from tn
reserve ana SJUJVoV,VU exported. Inc Dai
ance. with the domestic supply of gold
was boarded in the United States.
The recent report of Secretary Car
, Isle shows that prior to 1891 the deman
l for coin for United States notes durin
, a period of thirteen years, from July
1879. to July /. 1892 was only $i3,3lO.S .Sgt
e while the receipts Of gold for Unite,
l States notes during the same perio
g amounted to $160. 100000 The withdrawal
from the treasury from July l, 1892, t
Dec. ]. 1895. have amounted to 1850 266. 5l2
During the first term of Mr.. Cleveland
e when he was powerless to affect on
c currency and tariff policy. the senate be
ing Republican. the gold increased fron
$2i0. 10000 on the lst of April. 1885. I
a $500. 100000 on the LIST of April. 1889. Thi
I gold came into the treasury without cos
D in exchange for United States notes o
: gold certificates.
I 1t is Just to Mr.. Carlisle to say tina
= he attributes the Withdraw wal of gold (