The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1896-11-28

Extra Session and Revenues.

LAtEd ot3SlOu anu hcVtm0cSs
If it can be avoided, we may be sure
the incoming president will not con-
vene Congress in extra session. He
would naturally prefer to have the
summer for preparation and investiga-
tion to catch "the hang Of the school
house." and TO await trade and flnan-
cial developments before meeting Con-
gress with new policy on which the
administration must stake its success.
The assured necessity for an extra
session is that the revenues do not
equal the expenditures. This is true.
For the last three fiscal years the ex-
penditures have been in excess of
revenues. In 1894 the deficiency was
500, 500, 900; in 1895, $42, so5, 900, and
in 1895 it fell to $26, 040, 900. But the
deficit for 1896 will be much greater
the current year, because of the ex-
trayagance of the present Republican
Congress at its first session. The de-
ficiency up to the middle OF Noyem-
Der was $3S, l73, 900, covering only Al
months of the fiscal year. This is at
the rate of over 100000, 900 for the
year. 1t will require large revival
OF business to increase the government
revenues to cover this deficiency, but
so far in the year the revenues instead
of increasing have diminished, falling
off some 50, 100, 900 since July, COM
pared with the corresponding period
in 1895. Under the most favorable
conditions the deficiencies for the
year will range between $50, 600, 900
and 500, 900, 900.
But this does not mean that the
treasury will be bankrupted and I'M
able to meet its obligations, fer on
Saturday last the net available bal
ance In the treasury was 1928, 516, S24.
This includes the 800, 900, OC0 gold
reserve held as greenback redemp-
tion fund. So that the treasury has
a net surplus aside from the reserve
of $l28, SIG, 824, of which $22, O40, 5SS
is gold. While this is ample to tide
over the year at the present rate of
deficiency, which is something over
So, 900, 900 month, it would be run
ming the government on borrowed
capital, as the surplus of over $685.
900, 900 stands for money not gathered
by ordinary sources of customs and in
ternal taxation, but is the inflow from
the 1882, 900. 900 of bonds issued since
January, 1895, to maintain the gold
standard. The situation is simply
this-the government is running be-
hind, in its regular and legitimate
sources of revenue at the rate of $780,
900, 900 year, but can meet all its
obligations the current year by the
use of 1928, 900, 900 borrowed money,
aside from the 800, 900, O90 of the
gold reserve.
OF course no intelligent or patriotic
citizen will accept this as any other
than deplorable and exceptional
financial condition, to be remedied at
the earliest practicable period. 1t is
not probable any revenue legislation
will be passed at the short session,
commencing next month. The Ding
ley makeshift is pending in the sem
ate, but it will not provide the need
ed revenues, is revival of some of the
worst extortions of the Mckinley law,
and even should it pass the senate, we
do not believe President Cleveland
would approve it. The Dingley bill
was not framed originally with any
notion it would become law, but
merely as bit of political strategy.
A law of ten lines imposing half a
dollar barrel additional tax on beer,
with customs tax Of 10 cents pound
on tea and coffee, would bring in over
$65, 900, 900 year and would meet the
emergencies of the financial situation,
but it is doubtful If such taxes will
be approved by this or the next con-
gress. They would be very unpopular.
How convenient would be the in
come tax at this juncture the Repub-
lican leaders, from Mark Hanna down,
probably appreciate to much greater
extent 6nan any anarchist" in the
land. Such tax, so easily modified
by increasing or decreasing the per-
centage rate of taxation on surplus
wealth, as in England, could be made
to adjust itself exactly to the financial
wants of the government. But the
supreme court, reversing itself within
a few weeks and setting aside the pre-
cedents and decisions of a hundred
years-and yet we are asked to reyer-
ence the court as Hindoo does his
god-said no-that the income tax,
the fairest tax ever devised by the wit
of man--was in conflict with the con-
stitution, and therefore null and void
Said the court, virtually, you may tax
the people out Of house and home to
pay bounties to corporations and
trusts, but to tax these capitalistic
combines or the multi-millionaires of
the land ON their vast accumulations,
for which they demand government
protection, is monstrous and not to be
tolerated.
If there are two men in the land
who more than all others wish they
had the income tax to fall back on at
this time, they are probably the presi-
dent-elect and his reported secretary
of the treasury, Mark Hanna.
1t Will Do You Good!
Are you constipated? Do you have
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