The Somerset reporter. [volume] (Skowhegan, Me.) 1868-1909, 1896-03-19
Not Republican Dereliction.

@'DN ~ PAaoiASsaA III 8AASNlOhs
Congressman Dingley, of Maine, than
whom there is not better posted man
on financial and revenue affairs in the L.
>. Congress, has notably able article in
the Boston Journal relative To the fail
ure of the 54th Congress to enact into
law measures to relieve the business
straits Of the country.
Mr.. Dingley pertinently points out the
status of the finances of the country, its
deficiency of revenue under the Demo-
cratic tariff act, to meet the necessary
expenditures of the government so that
on the 3lst of December last this de-
ticiency had reached Abe enormous sum
of $l30, 205 of which $l27 ,43G, POS
were for current expenses in excess of
revenue since July 1898, and 1850, 900
matured and redeemed Pacific bonds.
This deficiency has been met by pay
ing out $3.50, 9l6,205 L. S. legal tender
demand notes which had been obtained
for gold secured by the sale of bonds.
such notes having thus been placed in Il
position to be again presented for re-
demption. The House, says Mr..
Dingley, on assembling regarded it nee
cessary TO provide means TO meet current
liabilities, "and on the 10Th of December,
within five legislative days after the
Presidents eXlgency message was re-
ceived, The House, by united Repubi-
"a and aUuip. n solid IN,
and Populist opposition, passed an ext
gehcy tariff measure, to continue for
only two years and a half. which it was
estimated would yield about 100000
of annual revenue. This measure, fran
ed so as to incidentally encourage our
stricken industries while raising needed
revenue, was sent to the Senate on the
9th of December, and, after long de
lay, that body defeated it by refusing to
even take it up for consideration, every
Democratic and Populst Senator (these
together constituting Il majority Of the
Senate) aud five so-called silver Republic
cans from Montana. Colorado and Utah
uniting TO defeat it,
Mr.. Dingley thus lets daylight in on to
the statement prominently made that
the revenues for February were suflci-
ent:
''Those papers which assume that be-
cause the statement of the condition of
the Treasury on the last day of February
showed an apparent surplus for that
month of $l27 $40, therefore revenue has
at last risen to the point of ordinary
current expenditures, have overlooked
the fact that the average daily expenses
N rho IrnuprnIpnpt a uhnnf al 0n0 D0D
per dav, including sundays, whereas in
the % days of February the expenses
actually paid were little less than
SIG 200, 900. This simply indicates that
nearly $4,000, 600 of the actual expenses
of February were not paid in that
month
Mr.. Dingley refers to the other meas
ure of relief passed by the House, the bill
providing for the issue of ID year per
cent bonds for the purpose of maintain
ing the gold revenue. This bill provided
that the proceeds of the bonds sold
should be devoted exclusively to the re-
demption of L. s. legal tender notes,
and that any temporary deficiency of
revcnue should be met.by sale of short
term certificates of indebtedness to be
paid from surplus revenue within 3
years. This would have prevented the
use of the gold revenue and redeemed
legal tender notes for current expenses.
which improper use has created the
'eniless chain complained of by Sec
rotary Carlisle, and made possible a con-
tinuous run on the Treasury gold.
From action of late in the Senate, Con-
gresham Dingley justly concludes that
no revenue or financial measure accept
able to the business men of the country
can come rs that body is now constituted
and further attempts in that direction
by the House would be useless.
The work of the House, he says, is
all that can be reasonably expected in
the face of an anti-Republican Senate
and Democratic President and it has
been done with promptness which
must meet favorable recognition from
the country. Had the measures passed
in the House been enacted into law they
would have gone far to restore conf
dence.
Mr.. DiDgley closes his com nunication
by abiding to Speaker Reed as follows:
"ro Speaker Reed, under whose effici-
ent leadership the House has promptly
done whatever was in its power to do.
great credit is due. He has again dem
onstrated not only his great ability and
exceptional leadership, hut also his wis
dom and practical grasp of public affairs.
in so marked manner as to commend
him to the people for the highest posi-
ton in the nation
Frog iu-the-T hroat'-the popular
cough tablet, may be found at SIMPSONS,
the Corner Druggist.
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