Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1896-01-12

NV FitoAhthN iliukth nl mention In HIS
message OF these deficiencies, no mention
OF tho Issue OF Interest bearing bonds to
meet them. The secretary Of the treasury
Is more frank In his statement. lilo reports
. deficiency o: tdg, 500, eco. IS during the
fiscal year ending June 80 1894, and for
the year ending June go 1895 so, $685.
223.l Is, and for tho six months prior to
Dec. !, 1895, si7 1918, b3eel, In all $780,.
2pl 0pa.
No complaint was made that tho Nc
Kinlcy law 'was inefficient for tho pur.
pesos OF revenue" WHOM tho Wilson bill was
pending. The objection TO the MCKINLEY
law was that it was protective tariff
and the Wilson bill was IA "reyenuo tariff
have statement showing the receipts
and expenditures under each law each
month, the Mckinley law from its passage
to the election of Cleveland eiA the vii.
son law from Its passage to Zoe. 1, 1895.
During tho 90 months of the Mckinley
law the average monthly surplus was
sl,1e9,sel. During the existence of the
Wilson law tho average monthly deficiency
was ai,609,608 II the Mckinley law was,
In the opinion OF tho president insufficient
for revenue, no should have said Of the
Wilson law that II was bounteous in de-
nolenoies.
Attack on the Wilson Tarifr Law.
Tho agricultural imports during tho
first year Of tho Wilson law (all OF which
nro such AS ara produced In the United
Statos) wefo OF the value Of yl07, nag, be2
During tho last year Of the Mckinley Inv
the imports Of tho same farm products
were OF the value of 5i,4l4,8i4.
Notably during tho sAmo time tho Inn
portation OF the two articles (that we eau
produce in tho United States) under the
Wilson law were woul, valued Mt s3g, $780,
791, and hides, SEA G99, 300. Under tho
Mckinley law wool valued nj $1,000. 034
and hides valued at $40, is0, 56n were I'm
ported. Importntions OF wool wore In
creased under the Wilson law skiold, nnd
Of hides two and Ono.haf fold. Tho Amer
lean farmer was thus deprived OF his home
market.
Other importations made during tho
year under the Wilson law Of articles which
wo oan readily produce In this country
wero valued ut SEGA, Osl, 6l3, willis under
the Mckinley law the value Of the snine
articles imported was el7l, 1900.
The enormous importations undor tho
Wilson law for which We had TO pay gold
necessarily diminished tho exports uf tho
United States. Our chief reliance in our
foreign trnde is TO export products, main
ly agricultural, in sufficient quantity or
more TO pay for our imports, go that the
balance OF trade shall 10 In our favor. I'm
dor the Wilson law wo exported IN q yenr
agricultural productions valued at SJOi-
b7s, $50, while during tho last year Of tho
Mckinley law wo exported similar pro-
ductions valued Mt S87l, 1875, goo.
could pursue the analysis Of these two
laws further. But have said enough to
explain the preference by tho president of
tho Wilson bill He believes In large Inn
portatlons at the lowest cost without ro-
gard to tho industries md labor OF our
countrymen, while believe In q careful
discrimination and the Imposition Of such
duties on articles that compete with homo
productions ms will diversity our employ
inents and protect and foster irnpartinlity
In all industries, whether OF the farm, of
tho workshop, the mine, tho forest or the
sea. l have not been satisfied with any
tariff law made during my public life,
though have shared In framing many. /
prefer q law shat will imphrtiAlly protect
and encourage nll home industries and
regard the Mckinley law as infinitely bet
ter than the Wilson law, which l believe
Is the cause Of all tho evils which we now
encounter by adverse balance OF trade, by
deportation Of gold and arrangement Of
our monetary system. Ths Wilson law has
produced n deficiency In every hour md
dry that II has been on the statute book,
whilo tho MCKINLEY law has always pro-
duced surplus until after the Incoming
OF this administration, and II administer
cd since that time by friendly agents
would hnvo furnished the government NIL
the revenue needed
Cause of Our Financial Condition.
The deficiency of revenue was the
primary cause OF tho demand for gold
for the United States notes. Tho gold
boarded for resumption purposes wns not
separated from the money received Tor
current revenue, md this revenue being
insufficient to meet expenses the gold nc
cumulated for redemption purposes was
drawn upon TO make good do6clenoles.
This created doubt Of tho ability OF the
government 10 maintain the parity OF
United Statos notes with coin and led to
their presentation for redemption In coin.
The draft ON the treasury for colin during
this administration has been greater than
the amount of deficiency OF revenue dur
Ing the same period. In every aspect In
which tho subject presents ITSELF 20 my
mind come to no other conclusion than
that tie deficiency Of revenue and the con
seauent encroachmentu upon tho redemption
fund arc the causes OF our present. Imam
cial condition and that the only remedy
Is either radical reduction OF expenui-
lures or an increase OF taxation, or por-
baps both. ! do not believe that the con-
dition requires suspension OF pubic
works or postponemento OF measures now
in progress to strengthen tho army ana
navy.
IL Is strange that the president In deal
ing with our financial condition should
ignore entirely the pregnant ana control
ling fact that during his term OF ONCE
thus far three issues Of bonds have been
made, amounting In the aggregate TO Sios'
an. 400. to meet current expenses In time
of profound peace. He attributes MI our
financial difficulties to tho continued CIR
culntlon OF United states notes and treas
ury notes, debts bearing no iiiVcr, KY,
amounting to nearly $500, 600 OoO' ms
statement OF tho origin and history OF the
United States notes IS strongly tlngeu
with prejudice for though these notes
,yerp irrotleeinable for a tlmo they were IN
convertible into bonds bearing intorcsp
nayablo In coin They replaced notes is,
etied by banks chartered by the soverai
states.
Our Financial History
Tbcy were the bost possible substitute
,o. ri, and In connection with the bonds