The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-12-22
HE PLEADS HIS LAST
Continued from First Pase.)


abroad for gold whenever in his judg
lisnt 1t might be advisable to do so and
using the gold thus obtained in making
redemptions Of outstanding notes. Ht
gives in detail his reasons for carrying
this plan into effect
Whatever plan may be finally adopt
ed for the retirement Of United State:
notes and treasury notes." says the Sec
| rotary, sit will fail 10 afford complete
protection to the government against de-
mands for gold in the future unless it In
cludes a provision relieving the treasury
from the obligation TO redeem national
bank notes, except such as are worn, mu-
tilated, or defaced, and the notes OF failed
banks, or require these institutions to
keep their 5 per cent redemption fund
in gold and to deposit gold coin for the
withdrawal of bonds when circulation is
to be surrendered or reduced"
| NATIONAL BANKING LAWS.
| Secretary Carlisle also renews his re-
commentator for such amendments to
the national banking laws as would per-
nit the issue of circulating notes eQua,
in amount to the face value Of the bonds
deposited and reduce the tax on notes
TO one-fourth of per cent, per annum,
and that authority be given to establish
branch banks for the transaction Of all
kinds of business now allowed, except
| the issue of circulating notes.
| REVIEW OF LEGISLATION.
| Continuing, the secretary says:
| 1T is believed that a careful considera-
| ton of the existing situation and a con-
sentative reliance upon improved bust
! ness conditions in the future, fully justi-
| fy the conclusion that the estimated de-
| hciencies for the current year and for
the year 1898, will not be realized, I'M
less our public expenditures shall be very
materially increased by acts of congress
! and that, with proper economy in adj
| miniStration and such reductions in ap-
preparations as might be made without
detriment to the public service, the re-
eeipts will be equal TO the disbursements
| In 1898. But however this may be, the
condition of the treasury is such that no
revenue legislation is Immediately neces-
sary or can become necessary for con-
siderable time, in order to enable the
| government promptly 10 meet all its ordi-
! nary obligations. Although the receipts
from the ordinary sources of revenue dur
ing the last three fiscal years have been
less than the expenditures, there have
been AZ all times sufficient available cash
| in the treasury TO maintain an efficient
public service and discharge the current
obligations Of the government, and no
pubic creditor has been delayed in the
collection of his claims nor has the bust
ness of the country ever been disturbed
by doubt concerning the ability of the
government to defray its ordinary ex-
penses.
ECONOMY NEEDED.
What is most needed at present Il
not more. taxes, but more economy in ap-
preparations and expenditures.
THE great increase in the ordinary ex-
Of
last seven years has been without prece-
dent in our history, in time of peace. and
presents subject which imperatively de-
mandS the most serious consideration OF
congress.
In my opinion, we have reached a
situation which not only forbids the IA
vorable consideration of measures calcu-
lated TO augment our annual outlay, but
Which obviously demands thorough re,
vision OF. our. permanent appropriation
laws and the enforcement Of strict econo-
my in future annual legislation upon this
subject
''But, unless our annual receipts are
increased, by improved business condi-
tons. or our annual expenditures are re-
duced. a. time will arrive when provision
must be made for additional revenue and
i the expenditures of the government
shall be increased by acts Of congress
the necessity for such a measure will
arise earlier than the present situation
seems to Indicate"
PROTECTION AND REVENUE.
On the subject of protection in this
connection, the secretary says, in part:
so long as the income of the govern
ment from customs and internal taxes
exceeds its expenditures, the fact that
protective duties were destructive of reve
althnIIOh or1v- 20 oil
observed the practical operation of the
system, did not attract the attention of |
the public generally, but the situation |
has been materially changed since 1892, |
and hereafter it will not be possible to |
sacrlf1ce revenue to protection without |
seriously embarrassing the fiscal affairs |
OF the government, by depriving il of |
an income sufficient to defray its ex-
pc mixtures. If the usual proportion OF |
this income is hereafter TO be derived |
from taxes on imported goods, the pro- |
tectiVe theory must be abandoned as the |
basis OF our legislation upon the subject |
and well considered and consistent reve
nue. system must be substituted in it's |
place; and IN my opinion, this can be |
cone without material injury TO any trade |
or industry now existing in this country.
THE danger of a large foreign compe-
tition in our home market and the alleg-
ed injurious effects OF such competition
upon the interests of domestic labor.
have not only been greatly exaggerated
in the past, but are now less than at any
time heretofore, and must continue TO
grow less hereafter.
In view of the comparatively small !
and constantly decreasing part OF our
laboring population that could be er-
fected even by repeal OF all duties a |
movement for the imposition of higher
duties on imported goods cannot be re-
sarded as justifiable upon any of the
usually urged in support OF such
measures by the advocates OF the pro-
tective theory
After furnishing long AIRY OF figures
10 bear our his statements, the secretary
continues:
IF this view OF the subject IS correct.
{ is evident that new objects of taxation
must be included in our tariff schedules.
'r the attempt 20 secure the usual proper
ION or revenues from customs be abar- .
Toned, and some other method OF rails
ng means to support the government
must be adopted.
Nhen the true principles OF taxation
ire recognized and applied in our fiscal
eglslation, there will be no difficulty in |
an ample revenue for the sup ;
'ort OF the government in the exercise
Il all Its proper functions, without sub :
Getting our industries 10 Injurious and
burdens. or our trade to IN
urious and unnecessary restrictions"
THEY ARE PARTIAL TO DIPLOMAS